Return To Blog

What First-Time Homebuyers Should Know About Buying Goldsmith Real Estate

July 25, 2018

The decision to buy your first home can be a scary one. It’s a good idea to do your research when you are planning to buy Goldsmith real estate—or homes in any other Denver metro area. Most people spend time thinking about mortgage qualifications, location, and other items, but here are some items many people might not consider.
The home professionals at HGTV have also put together a helpful checklist for first-time homebuyers.

Plan to Own the Home for Several Years

Although Denver home values are appreciating quickly these days, it’s always best to stay in a house for several years when you buy. Owning a home should usually be considered a long-term rather than a short-term investment. The closing costs and the moving expenses should be considered. And even though things do look bright now, the crash of 2008 should tell us that you can never predict what will happen.

Buy a Home for the Right Reasons

You should purchase a home because it makes sense for your own personal financial reasons—not because owning a home in the suburbs is going to somehow change your life. You should also not purchase a home for investment purposes because it might not necessarily be the best investment. Purchasing a home should not be done for emotional reasons; it should be done for financial ones.

Buy Only as Much House as You Need

There used to be a trend toward buying starter homes with the plan to move up to a bigger house as family needs changed. But some people buy homes today based on future needs. Be realistic about your what you need today—and for the immediate future. For example, if you are married and plan to have a family, a two-bedroom, one-bath condo is probably not a good idea. But you may not need that five-bedroom, four-bath home either. You’ll have to pay for maintenance, taxes, and energy on that large home—and chances are, much of the home will be wasted space for many years to come.

Negotiate With the Seller as Much as Possible

You’ll probably use a real estate agent to purchase your first home, so find someone who will go to bat for you. If you aren’t a good negotiator on your own, find someone who is. Negotiate the purchase price, the cost of anything that needs fixing based on the inspection, and so on. Everything is negotiable, and you want to make sure the transaction is as much to your advantage as possible. (This is where emotions—or lack thereof—can come into play.)

Walk Away From the Home If It Makes Sense

Homebuying can be an emotional decision, but you should resist the urge to base your purchasing decision on your heart rather than your head. View the process as nothing more than a financial transaction until you sign on the dotted line and are handed the keys. Then, and only then, should you consider your newly purchased house a home.
We are experienced in working with first-time homebuyers. If you’re thinking about purchasing Goldsmith real estate, Elevation Realty can help. We can tell you more about the Goldsmith market and help you whether you are looking for a starter home or if you want to find your forever home. Contact us online or give us a call at 303-579-3566 to begin your search.