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Things You Have To Know Before Buying a House

Buying a house can seem like a daunting task. We are here to provide you with a few checkpoints to help alleviate some stress and hopefully, make this process a little easier!

Here are 5 tips to follow:

  1. Get a pre-approval with a lender before shopping.

Knowing how much house you can afford can help save you time. Why shop for a new home without the assurance of what you can afford and what your payment will be? Not to mention, knowing that magic number gives you confidence when bidding and having a pre-approval looks good to the seller, giving them more confidence to accept your offer. We recommend contacting Benchmark Mortgage in Woodland Park for all of your pre-approval questions!

2. Sell your existing home with a trusted realtor.

The LAST thing you want to do is to be stuck with 2 mortgages because your existing home has not sold. Be sure to choose a real estate brokerage with a proven track record. A reliable realtor will be honest about the market, provide accurate pricing, and market your home to ensure it sells as quickly as possible. Contact us at The Compass Team Real Estate Group to get your FREE market analysis today!

3. Make a checklist of your wants and needs.

Your real estate agent will thank you for this! By being honest with your wants and needs while shopping for your new home, you will save a ton of your time and hopefully, your agent will be able to find multiple homes for you to choose from. We suggest making this list into 2 sections. First, list your needs. These are most likely to be non-negotiable, such as number of bedrooms for your family members. Then, list (in order of importance) your wants. These may include things like a chef's kitchen, a large garage, or a fenced yard.

4. Get a Home Inspection & Appraisal

Source: Quicken Loans

The home inspection is important, as it will identify areas where major repairs or renovations require immediate attention as well as any work that needs to be completed in the future. Be sure to hire a professional, third-party home inspector to examine the home you’re preparing to buy.

At this point in the process, your lender will require the home to be appraised before they agree to release any funds. A home appraisal estimates how much a home is actually worth based on comparable sales in the area, market trends, public records and a comprehensive inspection of the property.

5. Get ready for closing.

Another great reason why it's important to work with a real estate agent, is that the closing process can be daunting on your own. You'll need to sign legal documents and pay closing costs, but there may be some contingencies in the sell that need to be address. After all documents are signed and information is exchanged, your ready to move in your new home!

Contact us today if you're thinking of buying or selling your home in the Pikes Peak / Teller County, Colorado region. We are happy to help!


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