Renting can get tedious as your hard work is paying someone else’s mortgage. Owning your own home is one of the best financial decisions you can make, but it takes some work from you to get started. You might be on the fence of leaving the safe rental market and owning your real estate, but when should you pull the trigger? Your friends at The Wheaton Team have some tips to buy your first home in Colorado.
So, When is the Right Time to Buy a Home in Colorado?
When You Have the Budget
Remember the financial collapse of 2008? While there was blame on many sides, homeowners who chose to get mortgages without substantial financial backing are partially to blame. Don’t create a crisis for yourself by rushing into a home purchase at your first opportunity. You need money for a down payment, money to pay your mortgage, money to pay any involved companies, and a nest-egg for taking care of a home. Only when you have solid financial backing should you consider buying a home.
When You Know the Market is Right
Real estate markets rise and fall, and sometimes it’s better to be a seller than it is to be a buyer. In a perfect world, you should buy when it’s known as a “buyer’s market.” A buyer’s market means selection is extensive and homes are at reasonable prices. You may not always have a choice of big dips to purchase, but there are seasonal fluctuations even in hot real estate markets. Use the next step to help time your purchase.
When You Have the Right Team
You can try purchasing a home by yourself, but you’re up against many challenges. If you want someone to assist you in the home purchasing process including finding homes that meet your wants and needs, helping you to secure financial backing, and protecting your best interests, you need a professional real estate team to guide you. When you have a great, Colorado-based real estate team behind you, you’ll be ready to tackle the challenges that come with a home purchase.
It’s hard to gauge the best time to buy a home, but these three tips can help. When you have secure financial backing, when the market is right, and when you have a solid team behind – that is the right time to buy a home. Make the call to The Wheaton Team to get started. We will help you find the right time to buy in Colorado Springs and beyond.