Most new homeowners are proud and happy about their dream purchase when they buy homes in Denver, Colorado. A survey by Lemon Tree shows that 80% of recent buyers are satisfied when they move into their new homes. But that does not mean that you have made all the right moves in the buying process.
Look back and you will find a few wasted opportunities and processes that you could have avoided. An Anytime Estimate survey shows that 3 out of 4 buyers wish they had done things differently when looking for houses to buy in Denver. Some question their decision to move to a neighborhood they still do not love. Others wish they had been less picky about where they lived so they could have paid less.
In this post, we will discuss 7 don’ts to avoid when you search for Denver homes. Please take a moment to review our video first then read on. Oh, and when you are ready, book a meeting so we can strategize together to get you into your dream home in Colorado.
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# Don’t 1: Overspending on a new home purchase
Why should you spend more on a house when you can get it for less? The problem is that even if you think that you have got the right price, you may inadvertently spend more. Luckily, if you get real estate professionals to guide you from the beginning of your home-buying project, such an issue can be avoided.
While you may think that you are buying the house at the average house price in Denver, there are ways that you can still make a substantial saving.
In fact, in today’s higher-rate environment, we negotiate with the contract offers that the seller pays to buy down our client’s interest rate! This happened with one of our deals just last month. The seller was more than happy to pay for that because their home was listed for sale for almost 45 days when the client went for his initial tour of the property. He saved almost $52,422 in interest in the first five years alone!
Lesson Learned: Before you invest in a home, compare financing options, and look around for the best deals. Our experts will take you through the process and get you the best price on your desired home.
Please enjoy our video and then continue on to the rest of the article. If we can help you, or if you have questions or need a plan…fill out the contact form at the end of the article and we can chat!
# Don’t 2: Rushing to buy homes in Denver, Colorado
When you search for Denver homes, don’t rush into getting your hands on one at the earliest. While acting quickly is the essence of a home purchase, you should not make an offer unless you have vetted a new property.
Rushing into a purchase is not just risky as there may be lapses in paperwork and documentation, but you will also overlook details of repairs and renovation required. This might cost you dearly later when you buy a home in Denver, Colorado. Do not let emotion get the better of your logic, have a professional beside you to advise you about the pros and cons of a particular home.
Lesson Learned: Do not act too impulsively during buying a home as it will lead to poor choices. Decide what you want and check out the average house price in Denver before taking the plunge. We can help you set priorities so you’ll be able to move forward with confidence when the time is right.
# Don’t 3: Miscalculating the costs of homeownership
Though real estate is a great long-term investment, it can be pricey in the short term. For example, annual maintenance could cost as much as 1% or more of your home’s purchase price. Some buyers also forget to factor in additional ownership expenses such as property taxes, insurance, and repairs.
However, some homes cost more to live in and maintain than others. Older homes require more annual maintenance than newer homes even though both might be in the same price range and fit neatly into your budget. Similarly, homes with high HOA or condo fees could also eat into your monthly budget.
Lesson Learned: A home should help you build your wealth, not drain it. Hence factor in all the potential costs of a home and not just the obvious ones like mortgage payments and taxes. We can help you with these estimates—and, if needed, present you with some less-costly alternatives.
# Don’t 4: Underestimating the time required to maintain or renovate a home
One of the most joyful aspects of homeownership is getting to relax in a home that’s all your own. Many homeowners love to spend their weekends puttering in their gardens or undertaking home improvement projects. But if that’s not your cup of tea, having high-maintenance features like a big yard or a swimming pool on the premises might not suit you.
Similarly, buyers who purchase fixer-uppers are often surprised by how much time it takes to rehab their new homes. Although buying a fixer-upper is a great way to save on the purchase price, you could come to resent it if it eats up all your free time.
Lesson Learned: Renovation and maintenance projects are often time-consuming and stressful. So, beware of committing to a property that requires too much of your attention if you don’t have the time or patience for it. With our experts guiding you, go through the joys of homeownership with a laid-back lifestyle if you so desire.
# Don’t 5: Ignoring or skipping a home inspection
In the excitement of owning your dream home as soon as possible, do not ignore or skip home inspection, especially when your outlay on houses to buy in Denver is substantial. You will come to regret it later.
When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems before you buy it. It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers.
Make a point to be present during inspections and appraisals so that you can observe first-hand the state of the house and clear your doubts on any issue. Before moving in, ensure that all the repairs have been completed by the seller to your satisfaction.
Lesson Learned: A home inspection can reduce your risk and save you money in the long run. But to maximize its effectiveness, you will need to be an active participant in the process. We’d be happy to share a list of experienced and trustworthy home inspectors in our area. When the inspection report is complete, we will help you decide if the purchase is worthwhile and negotiate any relevant seller concessions and repairs.
# Don’t 6: Choosing a home that doesn’t fit
If you are looking for houses to buy in Denver, you get value for money only if what you choose meets all your requirements right down to the smallest detail. But if your newly purchased home isn’t a good fit, then you may not want to stick around for long.
Simple things matter here. You might have bought a house after falling in love with a beautiful kitchen while what you needed was another bedroom or an extra washroom. Making such compromises can alter the quality of life and not give you the happiness you deserve in your new home. Make sure you set some guardrails during your home purchase so you don’t over-compromise or accidentally prioritize your wants over your needs.
Lesson Learned: When you’re dealing with limited inventory or a fixed budget, it may be necessary to sacrifice some items on your home wish list. But if you fail to secure your must-haves, you could come to regret your home choice.
We can help you avoid an ill-fitting home purchase by working with you to set priorities and parameters before you begin your search for Denver homes.
# Don’t 7: Purchasing without professional help
Do not invest your life’s savings without taking help from a professional in the field of real estate. Only a licensed real estate agent can offer the expert guidance, market insights, and average house prices in Denver that you need when you search for Denver homes. This is because the real estate market is very volatile and fluid and only an expert can advise you optimally on the home-buying process.
We can help you avoid expensive mistakes that could lead to buyer’s remorse, all while making your home purchase as seamless and stress-free as possible. And since the home seller typically pays our commission, there’s no added expense for you!
Lesson Learned: When you work with a real estate agent, you benefit from a wealth of expertise and on-the-ground insight that you can’t get anywhere else. We’ll help you steer clear of the missteps that so many homebuyers make, so you can focus on enjoying your new home instead of questioning your choices down the road.
The best part? Since most home sellers pay us a commission at closing, in most cases, we offer our invaluable guidance and assistance at no additional cost to you!
BOTTOMLINE
No one wants to look back on their home purchase and realize they made a big mistake. We can help you avoid the pitfalls so you can buy with confidence. To learn more about how we work to ensure our clients’ satisfaction, reach out today to schedule a free consultation.
The above don’ts when you buy homes in Denver, Coloradoare for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
Sources:
- LendingTree –
https://www.lendingtree.com/home/mortgage/homebuying-process-survey/ - Anytime Estimate –
https://anytimeestimate.com/research/american-home-buyers-2022/ - Zillow Home Loans – https://zillow.mediaroom.com/2022-11-18-Prospective-home-buyers-spend-about-as-much-time-researching-new-TVs-as-they-do-mortgage-lenders
- LendingTree –
https://www.lendingtree.com/home/mortgage/mortgage-shopping-study/ - CNBC –
https://www.cnbc.com/2022/05/01/survey-majority-of-homeowners-have-regrets.html - Hippo – https://www.hippo.com/blog/2022-hippo-housepower-report-how-homeowners-are-responding-essential-maintenance-during
- com –
https://www.realtor.com/advice/sell/how-soon-can-you-sell-a-house-after-buying/ - National Association of Realtors – https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers
