Buyer's Guide

It’s crucial to establish your budget for a new home in Colorado Springs—not based on the amount a mortgage company is willing to lend you, but on what you’re comfortable spending each month. Often, mortgage companies may pre-approve you for a loan amount that exceeds your comfort zone. Therefore, it’s essential to determine a monthly payment that fits comfortably within your budget before engaging with a lender.

This process likely involves creating a comprehensive household budget and considering the changes that will occur once you move into your new home in Colorado Springs. If you’re transitioning from an apartment or shared living situation, you might not be accustomed to certain expenses. Costs such as garbage services, water utilities, or Homeowners Association (HOA) fees are often overlooked but can significantly impact your budget. Planning for these expenses in advance can help ensure a smooth transition to your new home in Colorado Springs.

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

After choosing your ideal home in Colorado Springs, collaborate with your real estate agent to formulate a reasonable offer. This offer should be based on the market value of similar homes in Colorado Springs. The offer you make could be below, at, or even above the listed price, depending on the current real estate climate in Colorado Springs, which could favor either buyers or sellers. If a counteroffer is presented, your agent can assist you in negotiating to reach a mutually agreeable price. Once an agreement is reached, the home will enter into escrow. This is a crucial step in the home buying process in Colorado Springs.

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.