How To Buy A House in Colorado in 3 Steps

Looking for a fixer upper or something move in ready?

Trying to figure out how to buy a house in Colorado?

We usually don’t cover steps on how to buy a house in Colorado. This time we will! We usually write content for sellers but buyers looking for a personal residence need help too.

Yes, we want to help because you may be the next buyer for one of our newly renovated homes! If you’re not, that’s okay too of course. It can be very difficult getting an unfair advantage from the competition out there.

How To Buy a House in Colorado in 3 simple steps

1. Get Qualified For Financing
Let’s be honest here, before even looking for a house you need to know where you are. That’s the secret to all goals. Be very careful not to get pressured into working with the first lender you meet with. Look at quite a few and don’t rush it. This is a mortgage you’ll have for 15 to 30 years after all. There are quite a few programs out there, you can even find ways to get help with your down payment. Its hard to generalize on what will be best for you, everyone is looking for something different. Just be sure to do your research beforehand.

You’ll definitely need to consider how much you have as a down payment. Or at least know where you’ll need to be.  Do you have 20% for a conventional loan? Or 3.5% for an FHA? Buying a house includes the principle, interest, taxes and insurance. Make sure you buy when the time is right for you. Don’t buy a house if it’ll hurt you in the long run because you’ve spread yourself to thin. Some people even just start with a condo or townhouse just to get that first personal residence under their belt.

Mortgage lenders want your business. The more they help you with each step the more likely they’ll get your business. Make sure to ask them any and all questions you have. They are the ones lending you the money.

2. Begin The Hunt
Start researching the neighborhood you’re buying a house in between looking at home. To know what houses are selling for means to not get taken advantage of. A sellers asking price is not a no matter what guaranteed number. When you sell something, you can start with any price you want. One of the best times in how to buy a house in Colorado revolves around intelligence over emotions.

Before you make an offer, find out what is coming with the house. Is the seller including any appliances or furniture? One of the biggest upsets for a buyer is to find out the staging doesn’t come with the house. Now you know! You wouldn’t want to find out on the day you move in that you need the basic necessities.

Make sure you hire a professional inspector to take a look at the property. Even if your cousin just got started as a general contractor. Once you get an inspection, have at least 3 contractors (including your cousin) give you a bid for what the repairs will cost with your scope of work. This will be a way to justify why you came up with your offer. You’re not trying to low ball or just wing it.

3. “Make This Place Your Home”
If the seller accepts your offer and you have a purchase and sale contract in place, almost all mortgage lenders require an appraisal to be done to the house you’re looking to acquire. The house needs to meet the requirements of your lender to justify the loan. After this step is when you’ll finally get your closing documents in place if the seller still wants to go through with your offer.

During this time that the title company with be doing a title search and verifying any other documents needed for transfer of title, this will be the time to take advantage of your inspection contingency to make sure everything is up to par for you. Is there anything in the house you have objections to with the terms? Anything needing repairs?

If everything has worked out fine up to this point, it’s time to call the moving truck in!

Do you or someone you know have a house to sell in the Denver Metropolitan area? Give us a call at 303-997-2045 or click here to fill out the form to start the selling process today!