Denver Realtor

Every Home Deserves a KILTED Closing

  • Buy
    • Search for Homes
    • Mortgage Interest Rates and Mortgage Payment Calculator
    • Renting vs. Buying
    • Relocation
    • Rent-To-Own
    • My Listings
    • Resources for Buyers
  • Sell
    • Request Home Valuation
    • Resources for Sellers
    • Divorce and Selling Your House
  • Rent
  • Invest
    • Rental Rate Analysis
  • Communities
    • Denver Neighborhoods
    • Search Denver Homes
    • Search Arvada Homes
    • Search Aurora Homes
    • Search Broomfield Homes
    • Search Centennial Homes
    • Search Englewood Homes
    • Search Greenwood Village Homes
    • Search Highlands Ranch Homes
    • Search Lakewood Homes
    • Search Littleton Homes
    • Search Lone Tree Homes
    • Search Parker Homes
    • Search Westminster Homes
    • Search Wheat Ridge Homes
    • Salida Real Estate
  • Blog
    • Buying a Home
    • Selling a Home
    • Real Estate Market
    • Denver Housing Market
    • Financing a Home
    • Real Estate Investing
    • Renting
    • Homeownership
  • About
    • Kilted Closings (photos)
    • Why Choose Scott
    • Client Testimonials/Reviews
    • eXp Realty Colorado
  • Contact
    • Join eXp Realty
You are here: Home / Buying a Home / Tips and Guidelines for First-Time Denver Homebuyers

Tips and Guidelines for First-Time Denver Homebuyers

January 28, 2018

denver first-time home buyer After years of paying rent, you’ve finally decided to take the plunge and buy your own home. Although this can be an exciting time, it can also be overwhelming. This can especially be the case for first-time homebuyer. However, it doesn’t have to be when you follow certain guidelines to make the job go smoother. Here are some important tips and guidelines for first-time Denver homebuyers.

Consider Location

Where a home is located should be one of your most significant considerations. While young singles may be more interested in an urban area that’s near their work and social life, most families prefer to be in neighborhoods that are close to good schools, parks and other family-oriented features.

Decide if a home you’re considering is located in a safe area in which residents aren’t afraid to walk around freely in a neighborhood. Is the property you’re considering close to a good commercial district? Or, maybe you’d love to be near a beach or lake. If this is the case, remember that the closer a home is to water, the more expensive it can be. Generally, you’ll also probably pay more for property that has stunning mountain views.

Determine the Type of Home You Need

There are several kinds of homes from which to choose with each type having their own advantages and disadvantages. These options include single-family or traditional homes, townhouses, condos, mobile homes and multi-family structures that contain two to four units.

What’s more, ask yourself if you’d prefer a one-story (ranch) home or a two-story or even a split-level house. If you’re a senior citizen and want a home with more than one level, just be sure that you’ll be able to climb stairs as you continue to age.

Size and Number of Bedrooms and Bathrooms

Consider how many square feet your house needs to be, keeping in mind any future needs. Many young couples intend to start a family, so they buy a home that has at least two bedrooms and more than one bathroom.

Do you frequently entertain overnight guests or enjoy having your kids or grandchildren stay with you? If so, you’ll need enough guest bedrooms. Consider if you need a garage and how much room you’ll need for storage, such as for housing vehicles and boats.

Type of Neighborhood and Activities Nearby

Find out as much as possible about the demographics of a neighborhood. Ask if a neighborhood consists mostly of renters or homeowners? If you have young children, you probably want to be in a family neighborhood rather than one made up of mainly single people.

Another consideration is if there are activities near the home that you’re considering buying, such as a community center. This may be huge bonus is you’re an older homebuyer who’s widowed and wants to meet other single seniors.

Financial Concerns (Mortgage loan, down payment)

  • Get your financing in order before even searching for a home. One way to roughly determine the amount of mortgage loan you can afford is to triple the amount of your annual income.
  • As for a down payment, most real estate professionals believe that home buyers need to save at least five percent, or more, of the cost of a home for a down payment. Of course, this amount can vary greatly.
  • When determining your home buying budget, keep in mind you’ll need to allow for closing expenses to see what you’re able to afford. Often, the closing costs amount to about 1 to 2 percent of a purchase price.
  • You’ll also need to consider property taxes, the cost of home insurance and expenses for upgrades or home improvements.
  • Find out if a development has a homeowners’ association and the amount of dues required for covering repairs and other expenses.

Mortgage Payment Calculator

Additional Considerations and Warnings

  • Although home inspections should be conducted on any home, it’s particularly crucial to have a home inspection on older houses. You need to look beyond the visible appearance of a house and thoroughly examine its infrastructure, including plumbing, waste lines, faulty fixtures, electrical systems, floor joists, foundation walls and other possible issues.
  • Consider the amount of maintenance a property requires. Besides house maintenance, you’ll also need to determine how much upkeep is needed for landscaping. If you’d rather not spend your weekends trimming bushes and fertilizing flower beds, then don’t buy a home with too many plants, flowers and trees that require regular maintenance.
  • Buying a fixer-upper, instead of a move-in ready home, is usually cheaper. On the other hand, fixer-uppers can involve considerable money and labor just to transform them into dream homes.
  • Consider how long you plan to stay in your new home.
  • If you don’t want to resale your home later, but are thinking about becoming a landlord someday, ask if a home has the potential to be rented out in the future.

The right real estate agent can make a huge difference in helping you find just the right home. Don’t hesitate to call a professional Denver Realtor. Please contact me.

SHARE THIS:

  • Email
  • Print
  • Pocket
  • Facebook
  • Twitter
  • LinkedIn
  • More
  • Reddit
  • Tumblr
  • Pinterest
  • Telegram
  • WhatsApp
  • Skype

Related

Topic: Buying a Home Tagged With: First-Time Homebuyers

SUBSCRIBE: Receive a Weekly Digest of This Blog in Your Email Inbox

/ ( mm / dd )
(No SPAM. Just good content. Safe unsubscribe anytime.)

DENVER REAL ESTATE & HOUSING BLOG

scott rodgers realtor blog Hi, I'm Scott Rodgers, a native of Denver and a professional Realtor serving the metro Denver metro area. In short, I help people buy and sell homes, and have built a bit of a reputation wearing a kilt to my clients' closings.

Follow this daily blog on the Denver housing market and real estate related topics for highly relevant information for home buyers and sellers.

And should you or someone you know be in the market to buy or sell a home, please reach out to me to discuss what you are looking to do. I adapt to all my clients' needs and strive to provide you with The Peak Results.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Find Your Next Home


Create Your Free Account
Get instant access to new inventory. Save searches and receive email alerts on new homes, price reductions, and status changes.
OR
Facebook
Google
Have an account?
Sign in

❖ Certified Luxury Home Marketing Specialist Designation Awarded 2023
❖ Million Dollar Guild Awarded 2023
Luxury Award 2023 - CHLMS Guild

Nextdoor.com Favorite Agent Cory-Merrill Denver

FIVE STAR PROFESSIONAL AGENT 2022 Scott Rodgers

Scott Rodgers 2021 Top Agent Award

Denver Real Estate Blog

  • Metro Denver Housing Market – March 2023 March 24, 2023
  • Top Reasons Why Homeowners Are Considering Selling in 2023 [INFOGRAPHIC] March 24, 2023
  • Why Buying a Home Today Is a Smart Decision March 23, 2023
  • Reasons To Consider Condos in Your Home Search March 22, 2023
  • The Role of Access in Selling Your House March 21, 2023
  • What’s Ahead for Home Prices in 2023 March 20, 2023
  • Here’s Why the Housing Market Isn’t Going To Crash [INFOGRAPHIC] March 17, 2023
  • What Buyer Activity Tells Us About the Housing Market March 16, 2023
  • Balancing Your Wants and Needs as a Homebuyer This Spring March 15, 2023
  • An Expert Gives You Clarity in Today’s Housing Market March 14, 2023

Search Homes on Your Mobile

Visit www.ThePeak.com from your mobile phone and click the button below to search the MLS for homes with the best mobile user experience: fast, accurate, and easy to use.
Download App

Giving Back

Join my team on Kiva.org and help communities grow and prosper at the most foundational level: the individual, the family, the local business. It’s our way of spreading goodwill around the world. Participating is easy and involves small $25 loans.

  • Loans: 350+
  • Total Lent: $9,000+
  • Countries: 61+

Scott Rodgers

Real Estate Broker, REALTOR®, MRP
Bungalow Living Brokerage Inc
303-242-8831 (m)

Welcome to The Peak Home Source at ThePeak.com

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
the peak home source with scott rodgers - denver realtor

Why Choose Scott Rodgers as your Realtor »     Write a Review / Recommend Scott »

20,287
Search homes in Denver, Centennial, Littleton, Lakewood, Englewood, Greenwood Village, Aurora, Lone Tree, Highlands Ranch, Parker, Wheat Ridge, Arvada, Westminster, Broomfield.
Copyright© 2016–2023 · The Peak Home Source with Scott Rodgers · Denver Realtor · MLS · Buy · Sell · Rent · Denver Real Estate Blog · Privacy · ToS

Marketing efforts are not intended to solicit properties listed under written agreement with licensed real estate brokers.
Website content is for informational purposes only. For professional advice or service, engage a licensed real estate broker, loan originator, attorney, or CPA under written contract.
Part of the real estate listing content on this website comes from the IDX program of REcolorado.