Questions to Ask Before Buying Your First Home
Buying your first home can be a huge step in your life, and the Mike MacGuire team is here to help you every step of the way. From getting approved for your mortgage to learning how to negotiate with a seller, there are many tricks of the trade that an experienced real estate agent in Colorado Springs can help you with. Before you start the home buying process, you may want to ask yourself a few questions to see if you're ready for this next step in life.
Have You Saved a Down Payment?
Your down payment can be substantial, and in many cases, you can't borrow your down payment. You can, however, come up with the money in many other creative ways. If you are newly engaged, instead of asking for wedding gifts, you can use websites like Hatch My House, and suggest that friends and family help you with your down payment or mortgage in lieu of gifts.
How Much Can I Afford?
This is a very important detail to figure out before choosing a specific home. We suggest that you go through a pre-qualification process to learn if you can qualify for a certain amount. If you don't know which mortgage agent to work with, we can help direct you toward someone who you can trust. Once you've determined how much you can afford, it can make house hunting much easier.
What Will It Cost To Live in Colorado Springs?
If you are planning on relocating from a different town or state, you may want to do research on the cost of living in the new place you'll be living. This can play a role in the house you choose. For example, if you'll be moving from Knoxville, Tennessee, the cost of living is 11% more in Colorado Springs, and you may want to choose a smaller home in order to compensate. On the other hand, if you'll be moving here from Los Angeles, California, the overall cost of living in Colorado Springs is 27% less than California, and the housing market is 52% less. In this case, you may be able to choose a larger home with more perks.
Am I prepared to be a Homeowner?
When you rent an apartment or home and something breaks, most of the time you can call the landlord to get it fixed. Knowing what to do when your refrigerator quits working, you have a water leak, or you suddenly don't have hot water will be important when you own the home. Another thing to consider is if you have the correct furnishings for a new home.. In fact, there could be many unexpected costs that you'll want to budget for. You can check out my past blog, 7 Unexpected Purchases for a First Time Homebuyer to learn more about how to prepare for this.
Will This House Fit my Long-Term Goals?
If you don't plan on staying in one area for long, buying a home may not be the right thing for you. If you think that your job will be relocating you in the next two years, or you may want to relocate for a relationship, it may not be the right time for you. On the other hand, if you're looking to settle down in one area for a little while, and your job won't be moving you around, buying a home could be a wonderful investment for you and your family! Our team can learn more about your life situation and help you make the decision that is best for you and your family.
Hire the Best Real Estate Agent in Colorado Springs
When you're ready to start the home buying process, the Mike MacGuire team is ready to help you find the home of your dreams. When you have questions, we can help provide you with answers. Give us a call at 719-536-4324 today and we'll help you every step of the way.
Mike@BuyWithMike.com
Your down payment can be substantial, and in many cases, you can't borrow your down payment. You can, however, come up with the money in many other creative ways. If you are newly engaged, instead of asking for wedding gifts, you can use websites like Hatch My House, and suggest that friends and family help you with your down payment or mortgage in lieu of gifts.
How Much Can I Afford?
This is a very important detail to figure out before choosing a specific home. We suggest that you go through a pre-qualification process to learn if you can qualify for a certain amount. If you don't know which mortgage agent to work with, we can help direct you toward someone who you can trust. Once you've determined how much you can afford, it can make house hunting much easier.
What Will It Cost To Live in Colorado Springs?
If you are planning on relocating from a different town or state, you may want to do research on the cost of living in the new place you'll be living. This can play a role in the house you choose. For example, if you'll be moving from Knoxville, Tennessee, the cost of living is 11% more in Colorado Springs, and you may want to choose a smaller home in order to compensate. On the other hand, if you'll be moving here from Los Angeles, California, the overall cost of living in Colorado Springs is 27% less than California, and the housing market is 52% less. In this case, you may be able to choose a larger home with more perks.
Am I prepared to be a Homeowner?When you rent an apartment or home and something breaks, most of the time you can call the landlord to get it fixed. Knowing what to do when your refrigerator quits working, you have a water leak, or you suddenly don't have hot water will be important when you own the home. Another thing to consider is if you have the correct furnishings for a new home.. In fact, there could be many unexpected costs that you'll want to budget for. You can check out my past blog, 7 Unexpected Purchases for a First Time Homebuyer to learn more about how to prepare for this.
Will This House Fit my Long-Term Goals?
If you don't plan on staying in one area for long, buying a home may not be the right thing for you. If you think that your job will be relocating you in the next two years, or you may want to relocate for a relationship, it may not be the right time for you. On the other hand, if you're looking to settle down in one area for a little while, and your job won't be moving you around, buying a home could be a wonderful investment for you and your family! Our team can learn more about your life situation and help you make the decision that is best for you and your family.
When you're ready to start the home buying process, the Mike MacGuire team is ready to help you find the home of your dreams. When you have questions, we can help provide you with answers. Give us a call at 719-536-4324 today and we'll help you every step of the way.
Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793
Mike@BuyWithMike.com
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