LET'S FIND YOUR DREAM HOME

A COMPREHENSIVE GUIDE TO BUYING A NEW HOME

Is it time

IS IT TIME TO BUY?

Thinking about buying? Have you gone through the process before or is this your first time? Buying a home is a huge financial decision, but it's also an emotional one. There are steps to determine whether you're financially set, but the emotional side of buying a home is often overlooked. To gauge whether you're ready to stop renting and buy, think about these below-the-surface questions:

IS THERE A "WANT" TO BUY A HOME?

You should never buy a home because others are doing it or because you think it's what you're supposed to do next. You've gotta have your own "want" and desire.

ARE YOU READY TO PUT DOWN ROOTS?

Buying is a more long-term decision than renting, so you want to be sure you're ready to plant roots for at least a couple of years before signing on the dotted line.

RELOCATING TO COLORADO

DO YOU DESIRE MORE PRIVACY AT HOME?

If you're exhausted by noisy neighbors and no place to stretch your legs, it may be time to buy.

ARE YOU CONTENT IN YOUR CURRENT JOB?

Lenders want to see job stability, so if you're thinking of buying, evaluate your long-term employment plans.

IS YOUR DEBT-TO-INCOME RATIO HEALTHY?

Your DTI ratio is an important factor when applying for a mortgage. Getting debt under control before purchasing is always a wise decision. Let's determine your DTI with the formula below:

DETERMINE YOUR DEBT-TO-INCOME RATIO (DTI)

Gettin Prepared

THE HOME BUYING PROCESS

1. FINANCIAL PREPARATION

Gain Pre-Approval

Most Pre-Approvals are Valid for 30-90 days
Work with a Local Lender

Ask Questions if You Need Clarification. Examples Below:

What Type of Loan do You Recommend?
Will my Down Payment Vary Based on the Loan Type?
What is the Interest Rate and APR?
Can I Lock-in an Interest Rate? If so, For How Long?
What Will My Closing Costs Be?
Can You Estimate My Expected Monthly Payment?

Locate Down Payment Funds

Prepare for Additional Costs

2. OUTLINE NEEDS/WANTS

Make 2 Lists

MUST HAVES (Beds, Baths, Location, First Floor Primary Bedroom, etc.)
WANTS (Pool, Fenced-in Backyard, Den, etc.)

As a first-time home buyer it may be difficult to locate a home with all of your "wants" but it is important to keep track. "Wants" are always something that you can add or change to a property down the road.

3. SEARCHING STRATEGICALLY

Representation by a Professional

Consider Hiring a Licensed Real Estate Agent to Represent our interests (the buyer) and not the interests of the seller

Evaluate the Market

Are most homes selling for Above, At or Below List Price?
Does that Change your Budget/Search Criteria?

Online Searches

Popular sites include Zillow, Realtor.com, Redfin, Trulia, etc.
Use Search Filters, but not too many
Good filters include min. beds, baths, as well as location and other criteria on your 'must haves' list (Pay attention to the number of homes each 'filter' removes from your search)
Utilize Google Street View
Don't Eliminate a Home because it's 'Pending'
Pending contracts do fall through and many sellers will accept backup offers.
Pictures may not tell the Full Story

Finding A Neighborhood

When possible, Drive through a Community you're interested in (Mornings, Rush Hour, and Evenings)
A few things to consider:
- Average Home Value in Neighborhood
- Year-over-Year(s) Home Value Appreciation
- School Districts
- Proximity to Work
- Access to Highways
- Proximity to Parks/Walking Paths/Dog Parks
- Safety
- Dining/Nightlife
- Relocating? Ask a friend, family member, co-worker, or your realtor for Neighborhood Recommendations