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|Don't Make These Mistakes|
It is crucial that you, as a future homeowner, make wise decisions along your journey to home-ownership. Here are some helpful hints of what not to do, so you can make the most informed decision on your future home and investment:
1. Setting Unrealistic GoalsAfter you talk with a lender or mortgage broker and find out your price range, make sure you review your finances. Be smart. It’s human nature to want and to find the perfect house. Talk with your Realtor about Goal Setting. Contact Kathy or Zac to set up a Goal Setting appointment.
2. Not Getting Pre-QualifiedIf you are not purchasing a house with cash, it is important that you talk with a lender or mortgage broker. They can give you an idea of price range and the most current interest rate per Freddie Mac. Freddie Mac, the Federal Home Loan Mortgage Corporation, is a stockholder-owned government-sponsored enterprise started by Congress to keep money flowing to mortgage lenders. This money is used to support homeownership and rental housing for middle income Americans.
3. Waiting for the Market to Strengthen to PurchaseThis is a unique market right now. It’s been nearly 20 years since the last time foreclosure numbers were high, home prices declining, and interest rates ranging from 14 percent to 18 percent. Current interest rates are still historically low. This is the time to get in while the houses are “on-sale”.
4. Not Planning a StrategyThis is, quite possibly, the biggest financial investment of your life. It is important to set goals and get those goals accomplished. If you’d like help getting on the right path, contact Zac or Kathy, members of the National Association of Realtors (NAR), the Colorado Association of Realtors (CAR), and the Denver Board of Realtors (DBR).
5. Not Hiring a Realtor to Represent YouYou need to have an advocate, someone who will stand up for you, through thick and thin. Those who try to go at it alone, usually are looking for a deal on a property and save paying the broker co-op commissions. At the same time, these buyers are not fully protected for the “if’s” that could become reality. Leave that to a Realtor, that is why we’re here.
6. Falling in Love with a House that Looks PrettyIt’s amazing how much new carpet and fresh paint can give some buyers a warm and fuzzy feeling inside. On the flipside, that same house is 50 years old, has an old furnace, no central air conditioning. So, you hire a professional inspector, who will give you an unbiased view and diagnosis of the house’s condition.
7. Not Researching the NeighborhoodYou’ve got to find out if you can see yourself living in the new neighborhood. Sure, you live in your new house, but you also live with others in a community. Parks and lakes within the neighborhood, or perhaps a short casual walk to the nearest lake or park, are often considered the most desirable locations. Living in Colorado’s arid climate also means those lakes are few and far between. Drive the streets any weekday around 5-5:30pm and Saturdays anytime after 11am…this will give you snapshot of what it’s like to live there. At any rate, make sure that the area suits your needs.
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