First-Time Homebuyer Tips to Make Shopping for Englewood Homes a Breeze
As a first-time homebuyer, it’s normal to feel a combination of excitement and worry when starting the search for your new home. But transitioning from renting a home is one of the best investments you can make. You just need to be prepared and get the search for the best Englewood homes started off on the right foot. Here are a few simple tips to make the process as fun and easy as possible.
Pay Down Your Debts
Unless you’re planning on paying cash for a house, you’ll want to take out a mortgage to finance the purchase of your new home. Home lenders look at your credit score and your total debt-to-income ratio when deciding if you qualify for a home loan in the first place. The lower your debt levels are and the better your credit score is, the more likely you are to get a home loan. Before you start looking for Englewood homes, do what you can to pay down your existing debts. The more you pay off, the better your credit score will be and the better loan terms you’ll get.
Speaking of mortgages, it’s always a good idea to get pre-approved for a home loan before you start shopping. Why? Because it gives you an idea of how much you can and can’t afford and helps you close on a house more quickly. When you know your budget, you’ll be able to narrow down your search more quickly.
Start shopping around for home loans. Compare rates with multiple lenders and go with the lender you feel most comfortable with. Once you’re pre-approved, you’ll be able to put an offer on a home as soon as you find the right one for your needs.
Save Up for Down Payments and Emergency Expenses
Though the mortgage will help you finance the bulk of the price of the house, you’ll still need to have money up-front before you can close on the home. This is called the down payment and helps show lenders that you’re serious about buying a home. For most people, the down payment comes to about 20 percent of the purchase price.
But the down payment isn’t the only thing you need to save for. You also need to save up for closing costs, homeowners insurance, and any repairs you want to make to the house after you buy it. Keep in mind that you can always negotiate repairs with the seller and may be able to save money by getting them either make the repairs themselves or lowering the sale price.
Find a Realtor
There are tons of free resources online to help you start looking at Englewood homes, but relying on websites and trying to navigate the buying process on your own is tough. Instead of trying to do everything on your own, find a realtor you can trust. This way, you’ll have someone to ask questions and bounce ideas and concerns off of. Keep in mind that the realtor or real estate agent you choose doesn’t have to be the same real estate agent that the seller is working with.
You’re free to work with any real estate agent you’re comfortable with. Remember, they’ll be representing your interests during the buying process and can help you prepare for negotiations. Choose someone that listens to what you’re looking for and asks questions to better understand your needs. Don’t get discouraged if it takes a few consultations before you find someone you’re comfortable working with.
Plan for the Future
It’s tempting to look for a home that fits your needs right now. But remember, things change and the house you love currently may not be the right fit in a few years. When you start looking at and touring Englewood homes, think about the future. Look for a property you can grow into. This way, you’ll be able to stay in the same home longer. And the longer you stay in your home, the more equity you’ll build in the property.
Pay Attention to the Location
It’s no secret that the traffic in the Denver Metro Area can get crazy during those peak commuting times. Getting stuck in that traffic because your home is too far away from work is both frustrating and inconvenient. When searching for the perfect home, pay attention to its location, the neighborhood, and the proximity to the places you frequent.
If you rely on public transit, make sure you’re close to a bus stop. If you want to be close to a particular park or shopping center, narrow your search to those neighborhoods. Whatever you do, buy a home that is in a location that works for your needs and be sure to communicate those needs to your real estate agent so they can better help you find homes that work for you.
Stay On Budget
It’s easy to fall in love with a house. But if you fall in love with one that’s too far out of your price range, you’re in for some serious disappointment or some incredibly expensive mortgage payments. The last thing you want to do is find it hard to make payments every month.
When you’re looking at Englewood homes, let your real estate agent know what your budget is and avoid looking at homes that are priced higher than that number. When you only look at homes that are within your price range you won’t end up falling in love with something you can’t afford and you’ll be able to avoid feeling like you’re settling on a “lesser” house.
Get Started Today
Buying your first home is exciting and you don’t have to navigate the process on your own. Our dedicated agents will work with you to understand the types of homes you’re looking for, your needs, and your budget. If you’re ready to start looking at Englewood homes, don’t wait to get started. Contact our experienced team and let us help you find the perfect house for your needs, both now and in the future.