5 Tips for First-Time Homebuyers in Parker, CO
- Figure out what features you want or need in your future home
You’ll want to be at least somewhat flexible in what you are looking for. Homes for sale in Parker, Colorado can appeal to many, as they offer a wide range of features and lifestyle fits. Think of a few aspects you can’t live without and focus on finding a home that fits those basic needs. Having too long and too specific of a list can make home buying a nightmare.
- Check the selling prices for multiple houses in the area you are looking to live
You’ll want to check out and assess multiple homes for sale in Parker and their price points. Use a mortgage calculator to determine the prices of comparable homes in Parker to determine the range and average your mortgage will fall into. This will give you an idea of what you will be paying for homes that fit what you are looking for.
- Get in touch with professional and reputable realtors in your area
There’s a few reasons why over 90% of homebuyers use a real estate agent. The home buying process is complex and dynamic. It changes regularly and the knowledge can be very location specific. Real estate agents must stay up-to-date with everything that goes on in the process. It is not something you could learn to do in a day.
Realtors can also help you find fitting homes for sale in Parker, CO that fits your price points. By working with you, they’ll learn about you, your needs and what you’re looking for. They’ll be able to help you find a great fitting home for you and your family.
- Find lenders to get pre-approved for a mortgage
Taking this step prior to your house hunting endeavors gives you leverage for getting the best bang for your buck. This is a necessary step which evaluates your qualification for a home loan. This shows sellers that you are qualified to obtain financing and helps you to determine what financing options and budgets are available to you.
- Be sure to account for other fees
If you’ve only ever rented a place, then you’re likely just used to paying one sum of money for the home- the rent. Perhaps you even had renter’s insurance too. When you are looking to buy a house, there’s quite a bit more fees to consider.
Besides a regular mortgage, you’ll have to make room to pay closing costs: These are a combination of fees associated with the purchase of your home that you’ll pay at the end of your transaction. There’s a long list of fees associated in the closing costs such as transfer taxes, home inspections, property taxes and the application fee. Typically, a homebuyer can expect to pay anywhere from 2% – 5% of the home’s purchase price.