Denver is a big city, and Colorado is a fast-growing state. So, it’s no surprise that the housing market is booming.
If you’re planning to move to Denver, Colorado, you need to take your time researching and preparing for the purchase.
Here are some tips you should follow when purchasing a home in Denver, Colorado.
Tour the Area
Spend some time in the neighborhood of the house you are looking to buy. You may get friendly and talk to your potential new neighbors while walking or driving around.
You may also look at the houses online first to browse and get an idea of the type, features, and the area you’re choosing.
Consider Your Preferences
As you tour the area, consider your preferences and how the neighborhood meets them.
- Do you value proximity to restaurants, parks, and other attractions?
- Is square footage more important for you?
- Do you need a garage?
- Are there any good schools?
You may also consider things like shoveling snow during winter, cutting grass, and painting. For the last one, check out this residential painting company in Denver.
Pre-qualification means knowing whether you qualify for a certain price point according to lending standards.
Getting pre-qualified is extremely important now that the Denver housing market is growing. So, even if you’re sure you’d qualify, it doesn’t hurt to confirm.
Improve Your Credit Score
To help with getting pre-qualified, you must improve your credit score.
- A high credit score means you’ve handled debt well in the past.
- A low credit score means you’ve made some unwise financial decisions before.
Buying a house in Denver is a big business. If lenders and realtors aren’t impressed with your credit score, you will likely have a harder time sealing the deal.
For example, if your credit score is lower than the lender’s preferred level, you might incur a higher mortgage rate. Worse, your mortgage could be denied.
Check Payment Assistance Programs
If you lack the funds or don’t have enough wiggle room for extra expenses, Colorado offers down payment assistance programs.
The Colorado Housing and Finance Authority (CHFA) might be able to help you.
If you don’t qualify for such payment assistance, try other loans that the federal government supports. Monthly payments will include mortgage insurance. However, you could enjoy a lower deposit, as well as have a chance to earn equity.
Narrow Down Your Options
After finding the right house and payment option, you can start receiving property recommendations through Multiple Listing Services (MLS).
Real estate websites sometimes do not show new listings for days. MLS lets you receive recommendations as they reach the market.
Filter these recommendations by price, square footage, location, style, and other criteria.
Follow Your Realtor
Your realtor can help you a lot when purchasing a house in Denver. Always answer your realtor’s calls. This is particularly important when you want
Your realtor will also probably have an automated email system. Subscribe to the notification list so you know when houses in your target location go on the market.