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Buying your first home is one of the biggest and most exciting things you can ever undertake, but it is also one of the most stressful and daunting processes you can embark on. The process involved in buying real estate can seem so complicated that it's hard to know where to start. With that in mind, here is the ultimate guide to the process involved in buying your very first home.
Save a deposit
Before you can even begin searching for your dream home, the first step you need to take is to save a deposit. There are myriad advantages to having a sizeable stake in place before you try to buy Denver real estate but bear in mind that the minimum deposit required by most mortgage providers is 5%.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
Get a mortgage
The bigger your deposit, the better your mortgage deal will be. But if you've saved at least 5% of the potential purchase price of your new home, then it's time to secure a mortgage. Many realtors can help you ensure your mortgage or recommend an independent mortgage broker to help you get the best deal possible. When you attend your mortgage appointment, you must bring personal details, including your passport or other form of I.D., proof of income, paychecks, and household bills, to support your mortgage application.
Search for and select your home
Once your mortgage agreement is in place, the fun part of the process begins: choosing your first home! Finding the right home for you can feel like finding a needle in a haystack, so rather than conducting your search for homes online or independently, we recommend choosing a good Colorado realtor like Kenna Real Estate Group who can do all the leg work for you: they will be able to listen to your requirements, detail your property specifications, and put together a short list of suitable homes for sale for you. You need to know the essentials, such as your preferred property location, how many bedrooms you would like, and any other requirements, such as the accessibility of transport links. A good realtor will then be able to rule out properties that don't suit your needs, ultimately saving you time and money. Your realtor will also be able to attend property viewings with you, helping you cast an expert eye on your potential new home and ensure it suits all your needs.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
Make an offer and negotiate
Once you've found the home you'd like to call your own, it's time to make an offer and negotiate the purchase. It's unlikely that the seller will accept your first offer, so it's important to remember that this negotiation process may take some time: hold your nerve to secure the best price. Again, remember that your realtor is best placed to conduct this negotiation process for you, mainly as they aren't emotionally invested in how you are.
Other expenses to keep in mind
When budgeting for the cost of purchasing your first Colorado home, it's important to remember that you will need to have the money in place to fund more than just your deposit: you will also need to pay conveyancing and lawyer costs, home searches and checks and the costs of hiring a removal company to get your belongings into your home – all these expenses can add up to another 15% on top of your property purchase price that you need to have available.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
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Survey
Before fully committing to purchasing a property, you should have a survey conducted on it to know exactly what you're getting into. This survey will reveal any problems with the property, such as a leaking roof, dry rot, or electrical troubles. Once you have the study results, you will have all the information you need to decide whether to proceed with the property purchase.
Legal process
The legal process involved in buying a property can be incredibly complex and needs to be clarified, especially for a first-time buyer. The best advice here is to refrain from scrimping on the cost of your conveyancing lawyer (ask your realtor for advice on who is the best in your area). They will then be able to draw up and explain your contracts, conduct any necessary searches, pay all the required fees on your behalf, and generally take care of the process for you every step of the way.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
Exchange and completion
Once all these processes have been conducted and agreed upon, you can arrange the completion date for your new property: the day the contracts are signed and exchanged, you collect the keys, and your new home officially becomes your own! The home-buying process is complete.
By breaking down the process of purchasing your first Denver home into smaller and more manageable bite-sized chunks, the whole process seems much easier to understand and much less daunting.
