6 Things to Consider Before Buying a Home in Denver
Buying a home in Denver is an exciting opportunity for couples, investors, and families alike! However, it’s essential to do your research and be prepared before making such a large purchase. Before you make your purchase, consider these pointers to help you find the perfect home in Denver!
1. Consider the Neighborhood in Denver
One of the most important things to consider when purchasing a home is its location. Like all major cities, there are many different neighborhoods in Denver that each offer something unique. It’s important to consider what kind of neighborhood you’re looking for before you start your home search. Do you want to be in the heart of the city? Or would you prefer a more suburban area? You’ll want to consider factors like the surrounding neighborhood, commute times, schools in the area, and more. Doing your research ahead of time will help you find a home in Denver.
2. Consider Your Budget
It’s no secret that homes in Denver can be on the pricier side. Consider that the median down payment for first-time home buyers is 7% of the home’s purchase price or $7,000 for every $100,000 purchase. It’s best to shop for homes well within your budget so that you’re not struggling to make ends meet. Consider things like HOA fees, mortgage payments, property taxes, and more when creating your budget for a home in Denver.
3. Consider Getting a Home Inspection
Before signing on the dotted line, it’s important to have a home inspection done. A home inspection will help you identify any potential problems with the home before you make your purchase. Home inspectors will look for structural damage, water damage, mold, pests, and more. Getting a home inspection is one of the most important things before buying a home in Denver since a home inspection will also affect your purchase price.
4. Be Prepared for a Competitive Market
Be ready to make an offer as soon as you find a home that you’re interested in. The housing market in Denver is very competitive, so it’s important to be prepared. Start by getting pre-approved for a mortgage and have all of your financial documents in order. Organizing your documents will show sellers that you’re a serious buyer and help you stand out in a competitive market. It would help if you also were prepared to move quickly when you find the right home. Consider bargaining with homeowners and try your best to give a great buying price if you find the home of your dreams.
5. Hire a Real Estate Lawyer in Denver
Everyone has a unique home-buying situation, so it’s best to get legal help to guide you through the buying process. There are many different situations where having a real estate lawyer can be beneficial. For instance, if you’re one of the 5.5 million U.S. couples living together unmarried and are buying a home with your partner, a real estate lawyer can help ensure that both of your names are on the deed. If you’re an investor buying a property to rent out, a lawyer can help review your lease agreement.
6. Prioritize Energy-Efficient Homes
It’s best to prioritize buying a home with lots of energy-efficient designs. Even small features, such as energy-efficient windows, are an important consideration for both new and existing homes. Heat gain and heat loss through windows are responsible for 25%–30% of residential heating and cooling energy use. Consider buying a home with ceiling fans, solar panels, and double-paned windows to help reduce your energy bills.
Buying a home is a big decision, so it’s important to take your time and do your research. Make sure that you’re considering all of your options and taking the time to find the right home for you. These are just a few things to consider before buying a home in Denver! Doing your research ahead of time will help you find the perfect home for you and your family.
