Tips for First-Time Home Buyers
Buying a home will likely be the biggest investment you can make – and for the first-time buyer, the home-buying process can be daunting. And no one wants to make an expensive mistake. But first-time buyers can enjoy some special advantages that have been created to encourage homeownership, so if this is “your first rodeo,” consider these tips as you explore owning your own home.
Things to Consider Before You House-Hunt
Before shopping for a home, it’s important to set your priorities and decide which is more important to you: space or location. If you settle on this in advance, you can make thoughtful decisions during the home-buying process and avoid even a smidge of buyer’s remorse.
Don’t consider buying a home before you have an emergency savings account with three to six months of living expenses stockpiled, counsels Investopedia. You’ll want money accrued to cover unexpected costs and to fund emergencies.
Owning a home is a huge commitment — and a more expensive proposition than some home buyers realize. Before buying a home, make sure you know what your monthly expenses will be so you can decide if you’re financially ready to cover all the costs. In addition to your monthly mortgage payment, figure out how much you’ll be paying in property taxes, homeowner’s insurance, HOA payments and the other monthly expenditures of owning a home like utilities (gas, electricity, water, trash, sewer, etc. — if not included in HOA fees).
Help with Your Investment
Putting a good chunk of money down is a worthy idea for any homebuyer because it minimizes your risk and lets you start off with a bit of equity. And as a first-time home buyer, if you don’t have the minimum down payment – 20 percent of the purchase price for a conventional loan — you’ll find state programs, tax breaks and federally-backed loans to help.
The Affordable Home Ownership page of the DenverGov.org website offers information and resources for homeowners who can maintain a house payment at or below 35 percent of their total household income. At this time, any home in Erie can be purchased through this program; the home must be within the incorporated city limits of the participating city. For more information about the program, income limits and ratio requirements, call them at 720-913-1634.
Future Considerations to Think About Now
Even if you don’t have kids, it pays to check out a neighborhood’s school district before buying a home. Living in an area with a sought-after school system like the St. Vrain Valley School District, routinely raises property values.
Another consideration before buying a home is to find out if there are any building plans nearby that might result in shocking news about future commercial enterprises. In Colliers Hill, there won’t be any surprises – except the good kind that residents welcome! Like additional amenities, more variety and choices from builders, complementary landscaping, pocket parks and trails!
HOA Documents and Affordable Loans
Reading a big stack of papers may seem like a huge hassle, but carefully reviewing your HOA documents is important so you know how healthy and responsive the HOA is. Reading through the covenants, conditions and restrictions (CC&Rs), bylaws and annual budget will help you detect anything that could affect you in the future. Also, talking to residents in the neighborhood offers clues about interactions with the HOA and how they are handled.
Getting a loan through a non-profit organization that has agreements with several lenders can give first-time homebuyers more affordable loan opportunities – although rates are still so low right now, it’s hard to go wrong! But if you do need to wait to save for a down payment, options are out there; you just have to do a little research. Remember, you still have to be underwritten by the lenders, so be prepared to show your credit history and attend classes and workshops the non-profit group organizes.
Welcoming First-Time Homebuyers in Colliers Hill
The choices in the master-planned community of Colliers Hill for first-time homebuyers have multiplied! From the paired offerings from KB Home, to the Seasons product from Richmond American Homes – there are LOTS of options if you’re new to new home construction! Check out the amenities and the beautiful model homes three top builders. It’s still a great time to buy with rates so low and lots of possibilities from the high $300s.
