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For renters in the Denver metro area, this fall is a great time to buy! Competition is dying down which allows more “wiggle room” for negotiations and inventory has remained fairly steady.
But when it comes to buying your first home, there are some big insights which can make your journey less daunting or surprising. Realtor.com recently published some great tips we couldn’t help but concur:
#1 Your mortgage loan can change
Right up to the closing table, the mortgage loan you were approved can shift. There are a lot of different reasons for this: the originating bank may not like the purchase price, you’ve changed jobs or needed to buy a new car. Nothing is final until you’ve officially signed the sales documents and are handed the keys!
#2 Go through your closing costs in detail
When you are approved for your loan, it’s easy to forget about the expenses you’ll be responsible to pay when the transaction occurs. Be sure you keep understand the closing costs. They will be updated every time you receive new loan documents.
#3 Plan to spend time and money on repairs
During the home inspection, you will receive a list of problems and repairs. Consider how hot Denver metro’s market has been, sellers have been less inclined to pay for these costs. This means after purchasing the home, you’ll need money to handle repairs (especially for any possible structural or healthy-related concerns). If the sellers’ offer is simply beyond your comfort zone and budget, you need to prepare to walk away from the deal.
4# Visits the home more than once
While the best deals on the market will go fast, as a potential buyer it is still your right to see a home more than once. After all a second look can help you make important decisions when you are negotiating.
5# Neighbors can make or break your homeownership
Especially if you are looking at purchasing a condo or townhome, neighbors and the surrounding community can have a major impact on of your life. So take extra time to look at the neighborhood or building. Feel free to ask residents questions. These people maybe a part of your world for years!
Check out our blog for more tips or contact us for advice:
Windermere Metro Denver Real Estate
Source: http://www.realtor.com/advice/buy/5-lessons-from-first-time-homebuyers/?identityID=11183981&MID=2015_0710_WeeklyNL&RID=1868787102&cid=eml-2015-0703-WeeklyNL-blog_1_buying_lessons-blogs_buy
