422 E Vermijo Ave, #314

Colo Spgs, CO 80903

719 345 2300

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The Home Buying Process

The Home Buying Process in Colorado Springs

Are you interested in buying a home? Or have you perhaps already decided to embark on the home buying process? Whatever your situation, you’ve come to the right place to get the information to make the entire process easier.

There is a certain structure that you will need to follow when purchasing your house. Take a look at the following steps that are usually involved.

If you are interested in receiving additional advice in relation to your home buying process, feel free to contact us at Buy Sell Impact for more information. We are happy to offer a free consultation, so do not hesitate to get in touch with us today at 719-345-2300!

1

Explore your financial situation

When deciding to buy a house, you need to be very realistic about your total income and other outstanding debt payments. Experts say that you should limit your mortgage spending to less than 28% of your monthly income. Once you have calculated your disposable monthly income and determined the optimal size of your mortgage, the next step is to determine how much money you have saved for the down payment. At the beginning of the process, you will probably want to use a mortgage calculator to determine what you are able to afford, but the best option is to consult with a mortgage lender about your options.

2

Find a realtor

Once you have determined how much you are able to spend, the next step is to find a realtor who is knowledgeable about the targeted neighborhood as well as the property type you are looking to purchase. One of the best ways to find the best possible realtor for your specific needs is by asking family and friends for recommendations. If you do not have anyone in your immediate circle of friends who have recently purchased a property, the best option is to interview several realtors and choose the one that has the most experience and the most relevant expertise.

3

Look for mortgage options

Once you have determined how much you are able to spend, the next step is to find a realtor who is knowledgeable about the targeted neighborhood as well as the property type you are looking to purchase. One of the best ways to find the best possible realtor for your specific needs is by asking family and friends for recommendations. If you do not have anyone in your immediate circle of friends who have recently purchased a property, the best option is to interview several realtors and choose the one that has the most experience and the most relevant expertise.

4

Find the perfect home

In order to find the best home at a good price, you should consult your new realtor on things like market trends, the conditions of the property and the like. At this stage, it is important to be open about your expectations with your realtor and to be upfront about the essential home features you require. Make sure you keep in mind your financial circumstances throughout the entire process.

The home buying process does not end once you have found the perfect home. There are a number of administrative steps to be taken once you have chosen a property and made an offer. Take a look at some of the essential steps that follow.

5

Get an attorney review

Once you and the seller have come to a verbal agreement, the next step is to draw up a contract. A common step in this process is for either the buyer or seller to have an attorney review the contract before it is finalized.

6

Purchase home insurance

Homeowner’s insurance is very important as it will serve to protect you throughout your time living in your home. Whether it’s theft or a fire, you need to make sure you and your home are well protected. Purchasing the right insurance is very important, so make sure you shop around.

7

Arrange home inspection

Once you have signed the contract, it might be a good idea to pay for a home inspection which will allow you to identify any defects or problems with your new home. Make sure the contract gives you several days after you have purchased the property to identify major defects.