Return To Blog

Tips for First Time Home Buyers Looking to Invest in Colorado Springs Real Estate


June 21, 2017

Purchasing a home is an exciting time—even more exciting when it is your first home. Becoming a homeowner is an accomplishment to be proud of! Many are happy to have a place that they can call your own. As you prepare to make this next step in your life, there are a few top considerations you must begin preparing for. From financials that you must get into order and tips for finding the perfect home to how your local realtor can help you find Colorado Springs real estate, learn what steps you need to take.

Financials to Get in Order

As soon as you think you will be ready to start considering purchasing your first home, it is time to get your financials in order. First time homebuyers can take advantage of a FHA loan with low down payment percentages that can be as low as 3.5 percent. Let FHA loans help you accomplish your goal. You will want to begin saving for this amount as soon as you can. In addition, some other costs to begin saving for include closing costs, inspection fees and homeowner’s insurance. In addition to ramping up your savings, you might also need to do some work on your credit. Lenders will review your credit and financial situation to be able to see what you can afford. One of the areas they will look at is your debt-to-income ratio. This will be the amount of debt you have compared to how much your family brings in for income. Ideally you want to keep this ratio at a healthy percent of 30 percent. If your ratio is higher, don’t fret. Just discuss with your lender what your options are.

Finding the Perfect Home

When preparing to begin your home search, it is best to think ahead to the future. You don’t only want to buy a house that works for you and your family now, but that you can see yourself in years down the road. Typically, it is ideal to live in a house for around seven years. Ask yourself and anyone else you will be moving in with a few key questions such as will you need additional space down the road for family? Do you have pets? Are there any needs for the home, such as extra space for a home office? Next, make a list of some must-haves and list them out on areas you can be flexible in. There are items that you won’t want to compromise, while others you might have to depending on your budget and availability in the area you are looking in. These can be things such as the age of the home, neighborhood, flooring, layout, and more. Keep in mind that some changes are cosmetic and are changeable. So, if you aren’t happy with the paint colors in a room—don’t let that be a deal breaker.

How a Realtor Can Help

Working with a premier realtor will help you every step of the way during your home search. You can use them as your go-to guide with everything, from the loans to your search. By allowing a realtor to be your guide, you can count on being able to find the perfect home with the quality you are looking for. Your realtor will do all of the heavy lifting and will be able to negotiate the final price on your behalf.
 
For a realtor that you can trust to help you find your first home, Marianne Farrell has you covered. As you look in the Castle Rock, Colorado Springs, Tri-Lakes, and other Colorado Front Range areas, she has the experience to help. Review important buyer info and contact Marianne today to get started.