Five Things to do NOW if You Plan to Buy a Home Next Year

If you are planning to buy a home soon, there are steps you can take now to ensure your home buying process goes smoothly.

Learn about Colorado neighborhoods

When you purchase a home, you’re not only considering a house – you’re also looking for a neighborhood that fits your family. Whether you are looking for an active community, access to downtown or the mountains, or a quiet home for retirement, make sure you find a neighborhood that meets your needs.

Start by considering Popular Places to Live in Colorado. Or, if you have a specific area in mind, learn more about the cities and neighborhoods on REcolorado.com. Schedule visits to the cities and neighborhoods where you are considering purchasing a home. With an early start, you can scope out multiple areas and get to know the ones that will fit your lifestyle best.

Start Saving for a Down Payment

Make small changes to start setting aside more money for a down payment on your new home.

You don’t have to give up all your coffee, restaurant visits, or new shoes to save for a down payment. Making small changes at home can add up to big savings. Start here: How to Save for a Down Payment.

Most financial advisers recommend putting 20 percent down on a home mortgage, but there are many lenders that require less depending on the home loan. Talk to your real estate agent for a more accurate estimate and to connect with local mortgage professionals.

Get a Pre-qualified for a Mortgage

As you start looking for a new home, you’ll need to know how much you can spend. The best way to do that is to get prequalified for a mortgage. To do this, you’ll need to provide financial information to your bank and they will tell you how much they can lend you. Having a preapproval letter shows home sellers and real estate agents you’re a serious buyer, and can give you an edge over home shoppers who haven’t taken this step yet.

You can also use the mortgage calculators on REcolorado.com or consult with a real estate agent for a more detailed analysis on the price ranges of homes you can afford.

Connect with a REALTOR®

A local real estate agent is the best place to start your home buying process. Even if you’re not yet ready to seriously consider homes, your real estate agent can help you get to know the housing market in Colorado. They can also provide relevant resources about purchasing a home, recommend steps to take if you’re planning on selling your home next year, and set up custom searches based on your home wish list.

Working with a REALTOR® offers many benefits for home buyers. Find a real estate agent to start preparing to buy a home next year.

Start Your Home Search

Starting your home search early can help you learn about your preferences and prepare you when it is time to start seriously looking. Browse homes for sale on REcolorado.com or the REcolorado App and think about the features that you love (or can’t stand). Start making a “wish list” and a “must-have” list to share with your real estate agent.

Buying a home requires a lot of preparation. An early start and the right resources can make the home buying process less stressful when you’re ready to find your Colorado home. Before holiday festivities sweep you away, think about the things you can do now to prepare for buying a home in Colorado next year.