High plains, thick forests, and some of the most beautiful mountains in America are what you can expect when you call Colorado your home.
Are you thinking about buying a home in Colorado? You’re not alone. Between the excellent ski slopes, low unemployment rate, and trendy breweries sprinkled throughout Denver, it’s no surprise Colorado is the place Americans want to be.
Get prepared for making the best move of your life by following our four tips to buying the home of your dreams in the Centennial State.
Table of Contents
1. Set a Clear Budget
First things first, know what you can and cannot afford before you start looking at Colorado homes. Sit down, study your finances, and determine a valid budget.
The easy part is determining a realistic budget. The hard part is sticking to it.
To ease your financial worries, try setting three budget levels. The first level is the lowest you want to go, the second is a solid middle ground, and the third tier is the highest you can pay without breaking your bank. Once you have an idea of what you can (and can’t) spend, start shopping.
2. Don’t Worry About Saving up a Hefty Down Payment
In Colorado, you don’t have to deposit a significant down payment to secure your home. The Colorado Housing and Financing Authority offers loans as low as $1,000 for down payments. You just have to meet their income and credit score requirements to qualify.
Another option for new Colorado home-buyers is an FHA loan through Fannie Mae HomeReady. They offer a 3% down payment for a loan, which helps many homeowners make their Colorado home dreams a reality.
3. Research, Research, Research
Once your finances are sorted, start doing your research. Colorado is a beautiful state, but there are key factors to consider before purchasing a home here.
First, pick a region that’s not only affordable but also makes for a reasonable commute. Boulder has become a hot spot for startup tech companies, so more and more neighborhoods are popping up around the city. Those in finance, oil, and gas tend to stick around downtown Denver apartments and surrounding cities.
Next, consider other factors such as the local school systems, taxes, and recreational activities. For instance, Aurora continues to rank high as an A+ school district.
Finally, check out crime rates and try to gather feedback from those already living in the area. Research the median age and income levels. Learn about Colorado’s climate, so you know what to expect once you settle into your new home.
Denver is the second-best place to call home in America, according to U.S. News Real Estate. This is due to its 3% unemployment rate, pleasant 70-degree summer temperatures, and over 100 breweries in metro Denver.
4. Hire a Realtor
Colorado is a hot place to move. Between 2011 and 2016, an estimated 150,000 people moved to Colorado. That means the Colorado housing market is competitive.
Hire a realtor to help you secure your dream home. A local real estate team helps you determine which neighborhood will be the best fit based on your employment, budget, and interests. Your realtor will get you into showings before other prospective buyers.
Doing everything on your own may save you some money, but it’s going to make buying a house in such a high-demand market very difficult. If you’re serious about moving to Colorado, let a professional realtor help you.
Before you meet with your realtor, glance at a few homes online. This will help you understand what kind of home you can expect based on your budget. Search here to check out today’s Colorado home listings.
Are You Thinking About Buying a Home in Colorado?
If you have been daydreaming about buying a home in Colorado, start making moves. Get your finances in order, start researching, and hire a professional realtor. Before you know it, you’ll be sipping coffee looking at the Rocky Mountains in the distance.
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