7 Ways To Save Money When Buying A Home In Colorado

When you’re looking for  homes for sale, in Colorado you probably have a budget in mind. You know what you can reasonably afford and how much of a mortgage you qualify for. But what if you could save money on your next home purchase and help your budget go a little bit further? You can with Fixed Rate Real Estate along with getting 50% Cash Back at closing, here are a few easy ways to save money and get the best house possible without breaking the bank.

Tips to Save Up for a New Home

Buying a home is the American dream. Follow these tips to save up and make your dream a reality. 

1. Save Up Ahead of Time

It should come as no surprise that you’ll need to make a down payment before you can get into the house of your dreams. But the more cash you have up-front, the less money you’ll end up borrowing from your mortgage lender. Remember, every mortgage has an interest rate that’s based on your credit score, your debt-to-income ratio, and your overall credit history. The higher that interest rate is, the more money you’ll pay to the lender. If you borrow less because your down payment is larger, you’ll save thousands on interest over the life of your loan.

1. Hire a Professional Realtor

Unfortunately, some home buyers believe they can save a lot of money by trying to buy a house on their own. While it seems true in theory, it often adds thousands to the overall cost in reality. The best way to save money when choosing  homes for sale in Colorado is to hire an experienced Realtor. They understand the buying process and can help you avoid costly mistakes that could blow your budget after you close on the property.

1. Get the Property Inspected

Inspections are part and parcel of the home buying process. Without them, you have no way of knowing what’s going on inside a house. If that property has a bunch of hidden damage, you’ll have to pay to fix the issues yourself. The easiest way to save money on a home is to find out what’s wrong with the property before you close on it. If you find any issues, you can negotiate with the seller before you finalize the deal.

1. Negotiate with the Seller

Speaking of negotiating, you need to plan on doing it throughout the buying process. Negotiate the asking price, repairs, closing costs, and anything else that pops up. Remember, the asking price is rarely ever a firm amount. The seller wants to get out of their house and will often take a lower price, but you have to ask for it.

 When you’re negotiating with the seller, the main focus is making reasonable offers and requests while under contract.. The more reasonable you are about it, the more likely they are to accept your counteroffers.

1. Shop Around for Homeowners Insurance

You probably already have an insurance provider that you’ve worked with for years. That makes it tempting to buy your homeowners insurance policy from them right off the bat, especially if you’ve had a policy on your previous house. But this can cost you every month.

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4 Tips On Renting Out Your Home

4 TIPS ON RENTING OUT YOUR HOME

1. SCREEN YOUR TENANT. Your tenant will either make you, or break you. You need to do your homework upfront to ensure a great tenant.  You can have an agent do it or you can do it by placing ads, run a background check using rent prep or Cozy, and make sure they have stable income and no evictions. Don’t try to just use your gut or how you feel about them. This is not a hobby. This is someone will be living in your home.

2. SET CLEAR EXPECTATIONS WITH YOU TENANT.  Clarity is power. You need to lay out clear expectations on how this business relationship will look like. You need a solid lease agreement. Let them know what an Emergency is and is not., when and how they should contact you, what the expectations are for rent, and what happens if they don’t pay. Taking time to set expectations UPFRONT will save you years of headaches and any potential unfortunate events. 

3. HAVE A SOLID SYSTEM. Every successful business has one. How will you implement your system as a landlord? Do you know what to do when your tenant is late on their rent payment? What does this system look like? How will your tenant be paying rent? Develop a system so everything works like clockwork. 

4. KEEP RESERVES. Things break, roofs eventually need replacement, HVAC, Water Heater needs to be replaced, plumbing needs attention, etc. Do you have money set aside to fix these items? What if your tenant decides to stop paying rent and is still using your utilities? Can you cover those costs while you evict them? 

DELEGATE. Delegate the things you don’t like to do. Do you like dealing with tenants, making phone calls and scheduling repairs? If not, hire a property manager who will take that load off your back so that you can focus on the things that bring you more income. Focus on what you’re good at and delegate the rest.

If you have any more questions or need any real estate assistance, please contact us!
Sell your home for a flat fee of $1,995 and keep more profit in your pocket! 303-910-2552