Things Every Durango Home Buyer Should Know
Being a Durango home buyer can be a confusing ordeal, but it doesn’t need to be. Knowledge is power and even more so when out in the real estate market. I’m starting a small list of a few things every Durango home buyer should know, hopefully you’ll find something new that you may not have thought of.
Create a game plan
The first thing that needs to occur when you are looking to purchase real estate in Durango is for you to make a plan. You need to look at your finances, lifestyle, and activities and determine what you can afford, what you want, and what you need.
Looking at your finances to see what you are able to comfortably afford as a monthly payment and utilize a mortgage calculator to see what price point you’ll be looking in.
Ask yourself what you want in a new home, is it more room or maybe you want something more secluded and private. Knowing what you want will make the search part of the home buying much easier on yourself.
What you want may not be what you need though, evaluate what it is that your lifestyle and activities need in order to be able to continue. Maybe you want a home with a large deck, but it’s not what you need and possibly not what you are able to afford.
Hire a professional
Even an experienced home buyer understands the need for an experienced real estate professional to guide you through the process, legalese, and the current market conditions.
Finding a good professional isn’t as easy as doing a quick google search, talk with your friends and family and get referrals. Attending open houses may be a great way to meet prospective agents as well. Conduct interviews with the agents you feel are good fits and select the one that you feel matches your requirements and personality. You’re the one that is the driver in this process, your agent will be there to navigate you through the process.
Real estate is an investment
It’s easy to be swept up in the moment while you are purchasing your new home, it’s quite possibly the largest purchase you’ll make in your lifetime. Make certain that you aren’t caught up in the “shiny new object effect” and purchase the home that first catches your eye. Logical thinking is crucial to the home buying process, Think about the local market statistics, sales history of the area and the resale potential of the home. How long do you plan on living in that home, will the home require need renovations or is it in good condition? Keeping to the plan you made and evaluating how the prospective home matches up with your needs with a level head will serve you well.
Obtain loan approval
Determining just how much home you can afford with your own budget is a key step in the home buying process as is getting loan approval. Consult with your real estate agent on who they recommend obtaining a loan from. Getting loan approval is important as it will tell you how much down you’ll need, the interest rate you’ll be looking at, as well as how much home you can truly afford. Clarifying your financial standing when purchasing a home is not only a crucial part of the home buying process but it will give you peace of mind while you are looking at homes. This isn’t always an easy step, be sure to consult with your financial advisor and certified public accountant as well, they’ll give you an insight into the financial aspects of acquiring a home loan.
Look at the tax benefits
Owning a home can have a huge impact on your tax liability, giving you write-offs that come along with home ownership. Mortgage interest, mortgage insurance, real estate property taxes, and discount points are all write-offs that you may be able to use.
Think location, location, location
Some people know right away where they want to live, others need to preview many neighborhoods before they find one that fits there. Think about your favorite neighborhoods and why you want to live there. Where do you work, is it close to by or would you be doing a long commute in? What amenities would you prefer to have in a neighborhood, trails for walks and hikes, maybe you’d like a park for dogs and or children? Perhaps none fo that is for you and you would prefer to be in a quiet and secluded 3 acre plot. If you are moving to a new city, research the city and find out about the suburbs that exist there. Think about the weather, you may have visited the city before in fall or winter and its was great, but does the city have scorching summers? The internet is a great tool with even remote rural areas having information showing up about them.
At this point you’ll be able to get a pulse on the city you are moving into as well, check and see what if any new construction is planned. Are companies moving in or leaving? These easy to find things can tell you if your home is likely to gain or lose value as time goes on. Check with the city’s chamber of commerce and city building department for this information.
Research the internet
Like it has been mentioned before, the internet is a great tool for finding out information. Delving into the Durango real estate market blind is ill advised, check up on a few recent articles relating to Durango real estate and get a fresh perspective on housing. Check out real estate related terms, peruse different real estate websites. Make notes on things that you come across that you don’t understand and ask your agent to clarify them for you.
Real estate mistakes can cost you big time in a truly short time. Having an experienced real estate agent at your side who can guide you through the real estate process is indispensable. I’m always happy to help with any questions you may have in real estate.
Give me a call (970) 335-8225 or you can email me at Sam@thegallantnetwork.com
If you are out and about looking at real estate, my real estate companion app can help!
Text “kwgallantrealestate” to 87778 or scan this QR code