Ten things to do before you start house hunting
- Set a target price range before you start looking. A good rule of thumb is to look for homes valued at two or three times your annual income.
- Understand the costs of home ownership. Buying a home is a financial commitment that goes beyond the mortgage payment. Research average costs for insurance, property taxes, maintenance and any HOA fees.
- Explore your loan options. Determine how large of a mortgage you qualify for and get prequalified with a lender, if you can.
- Review your finances and savings. Do you have enough money for the required down payment and closing costs?
- Find out if you qualify for any down payment assistance programs or special mortgage programs. Veterans and first-time buyers, for example, may qualify for special programs.
- Know your credit history. Obtain a copy of your credit report to be sure there are no potential issues.
- Identify your target neighborhoods. Choose an area that fits your budget and lifestyle. Keep in mind schools, parks, recreation and other features that matter most to you.
- Create a wish list for your dream home. Do you need four bedrooms? Is a view important? Do you want to be on one level? Make a comprehensive list, but prioritize the items that are truly must-haves.
- Keep an open mind. While you might have your heart set on a specific neighborhood or style of home, your ideal home might not fit that original vision. Work with your realtor to discuss your options and your budget.
- Work with an experienced real estate team. A real estate pro who knows your target area is an invaluable resource. He or she knows the market, and hidden gems, and can walk you through all the steps of the home-buying process.
If you are looking for a home in Steamboat Springs, Colorado, contact us with your questions. We know and love this beautiful area, and we are dedicated to helping our clients find the right fit for their needs.