Are you interested in buying a home? Well, did you know that in many housing markets, it can be less expensive to own a home than to rent an existing home or apartment? This is why you should think twice & wisely before you make your next big step in regards to your flat or home, especially around the Colorado Springs area. Keep on reading and understand what are some crucial tips & tricks when it comes to your next big purchase.
Top 6 Tips To Understand When Buying A Home In Colorado Springs
1. Do a credit check
Good credit and a proper check-up are crucial when it comes to finding your new ”the one” home. You should have enough cash on hand for a down payment, along with a mortgage lender who is willing to provide you with a home loan that also has a good and affordable rate. Make sure that you consult with a team of experts regarding your credit, pre-qualification, and mortgage needs. Good financial advisor will help you with any future plans.
2. Understand your options
Choices for buying your new home in Colorado can be overwhelming. However, if you have good credit and can put down at least 20% of the purchase price, your options might be better than you’d expect! Know that your best choice is a conventional loan since you won’t pay private mortgage insurance. There is also the FHA loan that only asks of you for 3% of your deposit. Colorado residents can have a lot of help through their CHFA + there are exceptions for duty military or veterans, which means that you can easily find a solution that suits you.
3. Take your current job into consideration
What is your line of work? Do you work in the tech industry? Colorado is huge, and only some parts of it are specializing in your field & line of work. You don’t want to drive miles back and forth on a daily and spend your money on gas, right? For instance, Castle Rock and Highlands Ranch are well within proximity of the Denver Tech Center – perfect for tech. However, Colorado Springs and Littleton are aerospace hubs. Do a bit of research before you make up your mind about your chosen land/property.
4. You can look at it as an investment
It’s expected that Colorado will remain a real estate hot spot for years & years to come. If you want to buy something bigger & a larger piece of land – this is great news for you! In this economy, it would be a smart move to make your purchase at a given moment. Ask yourself if you are buying for yourself & in the long run, or if you plan on having a vacation home in the Spring area. These can also be a fortune to rent out during a busy season for tourists, in case if it is not your permanent residence.
5. The big picture
Make sure that you look at the big picture before you make your purchase. Buying a home is a great way to build wealth, and it can also come in handy for your future investment ideas. However, there are always some unexpected costs associated with purchasing a resale home that you probably didn’t think about beforehand. It is important to look into your landscaping, fencing, furnishing, as well as labor costs. The big picture might not be what you initially thought it was, so just a bit of a heads up.
6. Work with professionals
Purchasing a home isn’t for the faint of heart, which is why we highly recommend that you work with a team of experts and realtor agents who know their line of work. Venterra Real Estate is comprised of a team of local real estate professionals committed to selling some of the most desired homes in Colorado Springs. They can help you find your dream home in the shortest time possible, yet a home that will tick all of your boxes & meet your criteria. Find a property that is within your favorite part of town + something that is within your budget with this team of experts.
So, why live in Colorado Springs?
Since now you know the logistics part about Colorado Springs & some facts on how to approach your new property or your potential home, why not focus on the beauty of this place? Here are some reasons why locals love it + why you might fall in love with it as well.
1. Plenty of space + ideal for sporty people
Enjoy their city parks, walking trails, challenging hikes as well as rivers! Colorado is a go-to destination in the Summer + it is perfect for people who love to indulge in different activities. If you are a sporty person you will love it variety, as well as all that it provides.
2. Affordable living
Enjoy their metro that is affordable + their economy that continues to grow. When closing a deal for your home you will be surprised & amazed by its pricetag. It is a lot more affordable than LA, Phoenix, New York yet it can bring the same level of diversity and fun!
3. The temperature
If you love to experience all 4 seasons, you are going to love Colorado. Here’s what you can expect:
- In the Spring it is around 24-79° F
- Summer time can vary from 50-84°
- In the Fall it is around 34-74° F
- In the Winter expect to see 6-45° F
4. The city is growing
Colorado Springs is huge and is even forecasted to overtake Denver. Everything is coming to life + most of your attractions or getaway spots are only one 30-40 minute drive away.
5. Great economy
Enjoy their military outposts, colleges, and airports that are not too far away from your home. It is a great place for kids & busy families, as well as couples.
