The real estate market in Colorado Springs is always changing, and lending rules can change quickly too. The rules and inventory can change overnight too. If you want to buy a home in Colorado Springs, don’t sabotage your chances!
The Top 5 Ways to Sabotage your Chances of Buying a Colorado Springs Home
1. Try to go it all alone
Don’t do it alone. There are many licensed and respectable real estate professionals in Colorado Springs that can help you find and purchase a home! You’re on a well-respected and expert real estate agent’s website RIGHT NOW, in fact. 🙂 There are so many benefits of having a professional on your side. The two professionals you need are:
- A professional Realtor. A REALTOR is held to a high Code of Ethics and should have the experience, negotiating skills, and market knowledge to help you find your home with the minimal amount of stress and difficulty. We would love to help you – schedule a call with us today!
- A trustworthy and knowledgeable mortgage broker or lender. A good lender can help you understand your options, help you determine what you can afford, teach you about the types of loans and how they can impact your future – and your future payment amounts. A good lender makes you a powerful buyer. Sellers want to take offers from Buyers who have solid financing in place. If you need help finding one, we can help you there too! Tell us how we can help.
2. Let your emotions rule your decision making
Buying a home can be exciting – as well as stressful. Don’t let your emotions run away with you! Let your real estate agent and your lender protect your interests and advise your choices. Experienced professionals can educate you to make sure you are in the best situation possible.
3. Don’t worry about your credit after you’re pre-approved
This is a super fast way to tank your chances of buying a Colorado Springs home! A pre-approval is not final, it just states that as of today, you’re probably worthy of a mortgage. You are NOT in the clear. Your lender will do a final look at your credit right before the transaction closes. If anything has changed, you could be disqualified at the last minute. Making major purchases while buying a home could impact how much you qualify for – which means you may no longer be able to afford that loan. Please – discuss any major purchases or new lines of credit with your lender BEFORE you make them.
4. Expect no costs while under contract to buy a home in Colorado Springs
Sorry, Charlie. There’s usually several things you’ll need – and WANT – to pay for while under contract to buy a home. Your Colorado Springs Realtor should prepare you for those common costs. These are things like a termite inspection, home inspection, appraisal fees, moving costs, sometimes even unexpected items like mold inspections or rent extensions if your closing goes longer than expected. It’s always a good idea to have a little extra money in your savings to cover these costs. It can only make the process easier.
5. Pick your home based on the current owner’s decorating taste
Don’t pick a house based on the decor – good or bad! Although great decorating can make a house look great, that’s just the “stuff” that doesn’t even come with the house. Paint color is very changeable. Flooring can be replaced. Pick the house with the right location, floorplan, and solid structure. Remember to evaluate the house based on what you CAN change, and what you CAN’T!
Buying a home in Colorado Springs is a process, and there are many ways for the process to go wrong. Don’t sabotage your chances of getting into a home you love! Your Realtor and lender should help you make good choices along the way, ensuring that the process goes as smoothly as possible.