Home Buying Tips
Home Buying Tips
Don’t buy if you can’t stay put.
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, or at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner — even in a rising market. When prices are falling, it’s an even worse proposition.
Start by shoring up your credit.
Since you will most likely need to get a mortgage to buy a home, you must make sure your credit history is as clean as possible. A few months before you start looking for a home, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-a-half times your annual salary. But you’ll do better to use one of the many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford. Agents here at Velocity can also sit down to discuss this with you at any time!
If you can’t put down the usual 20% on a home, you may still qualify for a loan. There are a variety of public and private lenders who, if you qualify, will offer you low-interest mortgages that require a down payment as small as 3% of the purchase price.
Buy in a district with high ranking schools.
In most areas, this advice applies even if you don’t have school-age children. When it comes time to sell, you’ll learn that strong school districts are a top priority for many homebuyers, making it easier to sell your property for a higher price.
Get professional help
The internet offers buyers a vast pool of home listings, however, most new buyers (and experienced ones) are better off using a professional agent. Let us be your expert when it comes to buying a new home. We keep your best interest in mind, while guiding you with strategies during the bidding process to ensure the best price and leverage all available benefits. Meeting guidelines throughout the buying process can be stressful, let our team carry out a smooth transaction from start to finish.
Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the home for a long time — say three to five years, or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.
We’re happy to discuss any of these points in more detail, so please reach out to us if you would like more information.
What our customers are saying
"Preston was phenomenal! My wife and I were coming from out of state and had a short time frame to find a new home. Preston guided us through a range of houses to assess our needs and hone in on a great home for us! In addition he facilitated a super easy closing process and helped us to identify a contractor to make some major renovations prior to our moving in. Many thanks Preston!!"
- Randy S.
"Our family had the privilege to work with Chris Lombardi, at Velocity Real Estate. He assisted us and our son, in both selling a condo in Boulder and buying a condo Fort Collins. Chris dealt with a variety of issues and personalities associated with both the buying and selling transactions. He was always very professional and mindful of our needs. He went above and beyond our expectations of a real estate agent. We highly recommend Velocity Real Estate for any of your real estate needs. You will not be disappointed!"
- Annette M.
"We just bought our dream home and Chris and Logan are top notch at their passion of making dreams come true. Chris helped us 11 years ago and and his customer service has only gotten better. Logan was Johnny on the spot with the sale of our home. We had zero hiccups and the sale and purchase were so easy. We cannot Recommend Velocity enough. Great agents and even better people."
- Stephanie B.