It’s exciting to buy your first piece of real estate in Colorado Springs! However – don’t act like a rookie. Many first time home buyers in Colorado Springs make mistakes that have negative results and cause a ton of frustration.
Given this is probably the biggest financial commitment you’ll make, it is important to avoid these top three most common mistakes.
1. Don’t buy more home than you can honestly – and comfortably – afford.
The bank may tell you that you qualify for some amount – but that doesn’t mean you have to pick a house at that price! Too often, first time home buyers get carried away and purchase the most expensive house that they can. And then something unexpected happens, and all of a sudden that monthly mortgage is really hard to pay every month.
Remember that you may also have student loan payments, car payments, credit card payments, health insurance payments, restaurants and groceries, retirement savings – not to mention things like paint, carpet, furniture, window coverings, landscaping…
Make sure the house payment fits your lifestyle and budget. Just because you can qualify for an amount doesn’t mean you SHOULD purchase a home for that amount!
2. Don’t skip – or skimp – on the home inspection.
You always always always need a professional inspection done as a first time home buyer. You may need several professional inspectors to look at the property before you are ready to commit – a termite inspector, a mold inspector, a home inspector, a roof inspector. Getting the house fully checked-out lessens the risk that you’ll have surprises later on. Don’t skip the home inspection, and don’t skimp on inspections!
3. Don’t forget to think about the future…
The perfect little bungalow that is so amazing today might be too cramped once you start a family. What do you needs look like in five, ten, twenty years? Think about the neighborhood and school district and historical trends. Will this home meet your needs just for now, or will it suit you for many years to come?
Your Next Steps…
Let’s get your first home while avoiding costly mistakes! We’ve helped over a thousand people buy and sell real estate in Colorado Springs. Let’s talk to see if we’re a good fit for you – no obligation, no crazy sales pitch. Pick a time and we’ll chat.
And if you need to find a trustworthy lender, we can help you there too!