You’ve been searching Denver homes for days, weeks, or months looking for the perfect buying opportunity. You know your price range, the size and style you want, and the neighborhoods you’re willing to consider. Also, you’ve listed your must-haves and your deal-breakers and you’ve been comparing every house on the market for a Denver home.
Then, you see it. The perfect Denver house. It’s beautiful, cozy, charming, and it seems to have absolutely everything (or almost everything) you’re looking for. Even better, it’s close to your price range and it’s on the market right now. But now you come to the critical question…. what next?
How do you go from falling in love with a Denver home to becoming the new owner? Here’s how to get started down that path with your best foot forward:
Contact Your Real Estate Agent
Your buyer’s real estate agent is your ally and guide through the Denver real estate world. They’re there not just to help you find a place, but also to help you make all the right decisions and moves in the process of making a Denver house your home. So when you fall in love with a house, call them.
If you don’t yet have a buyer’s agent yet, it’s time to pick up the phone and get in contact with one.
Do the Math Together
Next, it’s time to do the math to make sure you’re not potentially getting in over your head. The listing price is only the tip of the iceberg for the actual final costs of buying. You’ll need to pay a fee for escrow, for court document filings, for a title search, and for inspections. Not to mention the property taxes on that particular house, the interest on your mortgage, and the cost of mortgage insurance and home insurance after the purchase is complete.
These costs need to be weighed against your income, current debts, and the mortgage rates you’re likely to get from banks. Your real estate agent can help you get a realistic view of the costs involved with buying at the listed price to see if the home is effectively inside your price range.
Arrange for a Private Tour of a Denver Home
Next, work with your agent to schedule a private tour of the property. You want more freedom and less social pressure than an open house, with the ability to poke around in closets and utility areas to get a feel for the place. In fact, it’s best if you can get a tour with just you and the real estate agents present so that your view of the home isn’t colored by the seller’s presence or feelings.
Imagine yourself in the home and see if it feels as homey walking through as it did in pictures. Also, don’t be shy about opening drawers, rattling doorknobs, tapping windows, and testing appliances.
Schedule an Inspection
If you’re satisfied with the tour, it’s time to schedule a real inspection to get to know the house inside and out. An inspector will take a look at everything from the roof to the foundation to let you know how good of a condition the house is in and if you have any maintenance surprises lurking in your future.
The inspector is your first and best defense against maintenance money pits and lemons that have been painted up nicely.
List Your Pros and Cons
Now take a moment to double-check yourself. Falling in love with a house can lead to the same kind of emotional rush as falling in love with a person. You might be tempted to go too fast or overlook serious flaws. So take a deep breath and list your pros and cons. Are the bathrooms small? Are the appliances old? Do you love the entertainer kitchen but don’t really care for the breakfast nook?
Be honest with yourself and get your household members involved to get a really clear look at how close to your true dream house the home really is. This will also give you a good place to start in negotiations.
Get Your Mortgage Pre-Approved
When you’re really ready to move forward, visit your bank. If you don’t already have a pre-approved mortgage set up in the right range, start the process now. Pre-qualified is not the same thing and cal fall through when you least expect it, so make sure you go through the actual application and approval process before making your bid.
Make a Bid
Finally, make your bid. Base it on appraisals and inspections, the listing price, and the advice from your real estate agent. Do not low-ball, no matter what real estate tips you’ve been reading and never bid higher than you’re prepared to manage in a mortgage.
Prepare for Negotiations
Once your bid is out, brace yourself for the long and paperwork-heavy negotiation stage. If all goes well and there are no surprises, soon your dream Denver house will be yours.
Have questions or want to explore interior design ideas for your new Denver home? Contact me via phone 1-(720)-297-0340 or email or check out the #denverdyllan hashtag on Instagram. I’ll be glad to talk about how to perfect the look and feel of your Denver home for a great market showing!