Are You Ready For Home Ownership?
Owning a home in Breckenridge, Colorado may be your dream, but in order for the purchase to be a satisfying experience, you need to ensure that you are financially and mentally prepared for the responsibilities that come with buying your first home.
Some people believe that home ownership is like renting, but with the power to have pets and paint the walls any color you like. While these privileges are available to homeowners in most areas, they come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations.
Questions for Prospective Homeowners
Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards.
How much can you afford?
It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.
What is Deed Restricted housing?
Deed Restricted housing is an attempt by local municipalities to make housing affordable to the work force within a community. There are a variety of deed restricted units within the Town of Breckenridge. Specific Restrictive Housing Covenants outline the rules and regulations for each of the deed restricted units. These Covenants outline the employment, occupancy, and income restrictions, as well as the appreciation limits, regulations and procedures for Capital Improvements.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than a certain percentage of your income, and your housing debt will likely make up the largest portion of that total debt. Contact me today for a list of highly qualified local lenders who can assist you with determining your debt-to-income ratio and your purchasing power.
What do you want?
Do you like the idea of shoveling your own walkways and plowing your driveway? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? The answers to these questions can help guide you in your search for the right type of property for you. Single family detached homes generally require more monthly maintenance than a condominium or townhouse where some of the maintenance will be covered by a Home Owners Association.
I'm Here to Help!
You need a good agent who is knowledgeable and will work hard for you. I am a real estate agent who is dedicated to helping you find the right home, at the best price. I want you to find the home that will make you happy and will help you to create your own "Breck Life" here in Breckenridge.
When you hire me to help you buy your first home, I want to know two things: what do you hope to find and how much can you afford. Once I have that information, we'll work together to find just the right home or condo to fit your needs and get you on the path to owning your first home in Breckenridge.
Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical side, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. Once we've completed our tour of homes for the day, we can go over the pros and cons of each home together. I can help you stay on track while still keeping our eyes out for your first home in Breckenridge.
Make the offer. I am happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. I'll guide you about how much money to offer as Earnest Money and you'll have to write a deposit check to the Closing Company that proves the seriousness of your offer.
Get all necessary inspections done. A home inspector will check to verify the condition of the home is in good working order. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with serious issues and no recourse other than to pay for the repairs yourself. Inspections will cost a few hundred dollars, but this is more than worth it in the end. There are several qualified inspectors in the Breckenridge area that I'm be happy to connect you with.
Do a final walkthrough before closing the deal. I'm happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.
From the first interview that determines your "wish list" to the moment that you receive the keys, I am here to help you with the complicated process of buying your first home. Don't hesitate to contact me to find out more about how we can make the home buying process easier!
Contact me for more information about buying your first home or condo in Breckenridge.