A man and woman embrace joyfully in a sunlit room with large windows..

First-Time Home Buyers

Are You Ready for Home Ownership?

Owning a home in Colorado may be your dream, and for the purchase to be the happy and satisfying experience it is meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.

Some people believe that homeownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes, and home maintenance. Preparing for homeownership requires you to take critical stock of your finances and your expectations. Search now for homes in the area.

Questions for Prospective Homeowners

Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of homeownership with a realistic expectation of the rewards.
How much can you afford?
It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make homeownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In rural areas, for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas, however, it may not even buy a 400 square foot studio.
What do you want?
Do you like the idea of cleaning your gutters? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is "just so?" The answers to these questions can help you narrow down the search for the right type of property for you.

We Can Help

You need a good agent who will work hard for you. Our highly trained and experienced agents are dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and ensure you get all the value that home brings—not just in your first home, but year after year, home after home.

When you work with a Forever Agent to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a new home that you'll enjoy owning.

Keep your goals in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.

Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be complicated, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees, later on, might make this a good expense.

Make the offer. This can be a maze of "buyer," "seller," "earnest money deposit," and "completion." We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own.

Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint, and mold. They'll also check for evidence of pests, faulty wiring, and leaks. Depending on the property, sewer inspections and radon testing may be needed. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with badly needed repairs and no recourse. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.

Do a final walk-through before the closing. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!