8 First Time Home Buyer Tips for Douglas County, CO

Silvana Smith  |  October 30, 2022

8 First Time Home Buyer Tips for Douglas County, CO

Are you considering buying your first home in Douglas County, CO? Buying a first home is exciting, with many things to think about, from getting the finances organized to searching for the right home. Before you start packing in anticipation, you must ensure you are ready to buy. Read on for the eight best tips for buying a home that any first-time home buyer should know.

1. Know the full financial impact of buying a home


Even though you will be searching for luxury homes, you still need to know your budget. Work with your financial advisor, who can help determine how much you can spend on your home. Looking at your income, assets, and other investments, your financial advisor can set a price range that fits your lifestyle and the ideal type of home in Douglas County. Knowing how much you should set aside for your down payment, closing costs, and any other fees you might be expected to cover can prepare you for buying a home. After all, you don’t want to be caught surprised at the final costs. Knowing how much you can expect to pay on your first home can allow you to plan and better allocate your money towards the essentials you need, from new furnishings to amenities.

2. Get pre-approved for financing



There are many benefits to getting pre-approved for financing. By getting pre-approved, you will know exactly how much banks are willing to lend you to purchase your first home. While getting pre-qualified means that you might get financing, a pre-approval means that you will. By having a pre-approval letter, any offer you make on your first home has become less risky in the eyes of sellers. Sellers are more likely to trust you and even accept your offer. A pre-approval on a jumbo mortgage loan will thus considerably speed up the home buying process.

3. Keep track of the paperwork


Throughout the home buying process, you will accrue a lot of paperwork. There is a lot to keep up with, from purchase agreements and deeds to insurance policies and contracts. You might also want to keep receipts for all home improvement purchases, mortgage documents, and a home inventory for your records. You would need to keep other paperwork, such as closing documents and the title of your home, if you were to sell your home. Consider getting a filing organizer so that you have the vital documentation ready to go when needed. By keeping track of all of the paperwork, you can help speed up the process of buying your home. If you were ever to sell your home, having the documentation can make the selling process a lot easier!

4. Research the cities and towns


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One of the best tips for buying a home is to do your due diligence. You need to research the cities to determine which one would be the best fit for you. With a population of nearly 400,000 inhabitants, Douglas County consists of a variety of cities between Denver and Colorado Springs. For instance, you might consider Castle Pines or Highlands Ranch, located a few miles south of Denver, and feature many nice residential neighborhoods with picturesque landscapes, golf courses, and parks. However, if you prefer to live in a newer and modern city while still remaining close to Denver, then consider Lone Tree, which is home to the largest mall in Colorado. Adjacent to the upscale shopping oasis Cherry Creek community is the rural city of Franktown, which offers large homes across sprawling acres of land. Whether you prefer to live in a tight-knit suburban town with many amenities or a quiet rural town with plenty of open spaces, there is something for everyone in Douglas County, no matter your lifestyle.

5. Create a list of must-haves



With so many different luxury homes in Douglas County, it can be hard to find the perfect one. That is why it can help to know in advance what you are looking for in a luxury home in Douglas County. Consider making a list of the must-haves and want-to-haves that you would like in your dream home. Luxury homes in Douglas County boast many high-end amenities, such as gated communities, outdoor kitchens, walk-in closets, pools, hot tubs, sports courts, exercise rooms, and theater rooms. By having a list of the things that you must have and what would be nice to have, your real estate agent can better help you find the home of your dreams.

6. Hire a home inspector


Next to your real estate agent, the most important person you can work with is a home inspector. A home inspector will thoroughly inspect the home for any potential issues that could adversely affect the home’s livability. From examining the HVAC and security systems to ensure that they are working optimally to looking for cracks in the foundation, your home inspector can spot those issues that you might not notice at first with your naked eye. If there are any minor or major issues, you and your real estate agent can use that to negotiate with the seller on the financial impact of renovating the home. Having your home inspected can assure you that the prospective home can withstand the years while also saving you time and money.

7. Be informed about the Douglas County real estate market


Though you don’t need to be an expert on the real estate market, it can still be helpful to know how the market is performing. The real estate market in Douglas County is a strong seller’s market characterized by high prices and homes selling fast. The median home price in Douglas County is nearly $700,000. During a strong seller’s market, your real estate agent can expertly guide you on how to navigate the competitive market. From making an offer above the asking price to offering incentives, your real estate agent can make your offer stand out so that sellers are more likely to consider your bid on the home for sale.

8. Work with an experienced real estate agent


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The real estate market can be challenging to navigate, especially for first-time home buyers. That is why it can help to work with an experienced and knowledgeable real estate agent such as Silvana Smith, who can expertly explain in layperson's terms the home buying process. In addition, your real estate agent will use the exclusive Multiple Listing Service (MLS) to find your luxury dream home that meets all your requirements and is within your desired price range. Finally, with professionalism and friendliness, Silvana Smith will work with you to find your highly-desirable home in the gorgeous Douglas County area.
 
Want to know more tips for buying a home? Are you ready to buy your first home in Douglas County, CO? Then, schedule a consultation with real estate agent Silvana Smith, who can provide expert guidance from the initial meeting to the signing of the papers. Silvana can help you find your dream home in Douglas County!





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