The Denver real estate market is hot but owning a home remains a key element of the American
Dream. In fact, a recent survey by TD Bank revealed that 84 percent of young
renters (ages 18 to 34) intend to buy a home in the future. While it is
exciting, home buying can be overwhelming and complicated if you don't have a
general knowledge of the process.
with the right tools will allow you to navigate the complexities of the
home-buying process in Denver and around the country. Here are five helpful
steps to follow on your way to homeownership.
Step 1: Learn the
home-buying ABCs: Build your homeownership knowledge by finding the right
Realtor. The right Realtor will help
navigate you through the buying process by decoding the language of real
estate. Staying well-informed will help
you feel confident and in control of this major financial decision. Selecting
a Realtor - before you start looking, will help make finding your perfect home
much less time-consuming. In addition to being able to answer any questions
that come up during the process, a Realtor will work on your behalf to
pre-screen houses and guide you through negotiations.
Step 2: Get out your calculator: Owning a home requires a large
investment of time, energy and money, so make sure you are careful when making
the decision to buy. If you're like 43 percent of survey respondents, staying
within budget is the top consideration. It is important to determine how much
you can afford - you don't want to fall in love with a house out of your reach.
When applying for a mortgage, the bank will assess your debt to income ratio.
By looking at your income and current monthly debts, you can determine your
ideal monthly payment. From there, you'll be able to narrow the focus of your
house search to homes in your price range. Be sure to include down payments and
other upfront costs in your calculations.
Step 3: Shop wisely:
Condo? Single-family home? A fixer-upper or new construction? Once you know how
much you can afford, determining your housing needs. Do you enjoy yard work? Are you okay with
shoveling the sidewalk after a heavy snow in Denver? Before you start shopping for a home it is
important to consider the type of lifestyle would like in your new home. If yard work and shoveling is not your style,
then low maintenance living may be a better option. Step 4: Pick your
perfect match: According to the survey, acquiring a mortgage and making a down
payment is the most preferred method of payment for those who intend to own a
home. With the variety of mortgage products that exists today, it's essential
you choose the right one for your needs. How long do you plan on living in this
house? Do you plan on making improvements to the home? Answering these types of
questions will help you hone in on your financial strategy. Finding the right
mortgage is about more than a rate and terms - it's about finding the right
financial partner. Don't get led down the wrong path by choosing a bank that
doesn't provide flexible options. Look for a bank that offers a hassle-free
mortgage guarantee to ensure your first home purchase is as smooth and
worry-free as possible.
Step 5: Sign on the
dotted line: Once your home has been inspected, your contingencies have been
met and your mortgage has been approved, it's time to close the deal. In most
cases, a closing officer and your attorney will be present during closing. As
the buyer, you should make sure to bring a binder for homeowner's insurance
(document proving you have adequate homeowner's insurance), a paid receipt for
the first year's premium and a certified or cashier's check for your down
payment and closing costs. Before the closing begins, review your mortgage,
mortgage note and settlement statement documents to ensure there are no errors
or red flags. Remember to ask questions during the closing, as the closing
officer is there to help.
After you've signed
all documents and paid your closing costs and down payment, the closing is
finished. Congratulations and enjoy your new home.
Venier is a Broker Associate at Keller Williams. She is a part of Carr Peck
Group which has been recognized locally and nationally as in expert in real
estate. Locally they are 6th in Denver Metro home sales out of 5,000
agents and have been recognized by the Wall Street Journal and Real Trends as
one of the top selling agents in America. For more information feel free
to contact heror call 303-908-9584.
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Author:Jason Peck Phone: 720-446-6301 Dated: March 19th 2014 Views: 9,928 About Jason: ...
Recognized as a top selling team in Denver Metro area. Nationally recognized for homes sold by the Wall Street Journal, Real Trends and Top 5 agent by RIS Media. Our goal is simple and that is to exceed our client's expectations by providing professional service, expert advice and exceptional results.
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"We worked with Karen Venier for a relatively short time for a good reason: our home sold at full price within hours of hitting the market! While it’s true that the Denver housing market is “hot,” credit for the speed and ease of our transaction belongs to Karen. She was great to work with, giving us perfect advice about readying our home for sale and then expertly guiding us from offer to close. Along the way, we came to appreciate Karen for her skillful blend of professionalism and personal touches – like dropping off our favorite beverages during a particularly stressful time in our move or shoveling our driveway in subzero temps after we’d left the state (way beyond the call of duty!). Now that we’ve relocated to Wisconsin, we keep saying that we wish Karen could be our buyer’s agent here. Since that’s not possible, we’ll shout her name loudly to whoever might be looking for a home in the Denver area.
Thanks for the great work, Karen!