If you’ve been keeping an eye on the Colorado Springs market lately, you know that now is a good time to buy. However, you may not know about some of the pitfalls you could become victim to. Today we are going to share with you some of our experience, by letting you know some of the most common regrets that home buyers come to us with. Hopefully after learning these, you won’t make the same mistakes!
“I wish I hadn’t financed every dollar the bank wanted to lend me”
Just because the bank will lend you $400,000 doesn’t mean you need to apply for that big of a loan. A good rule of thumb is to spend about 20% less than the bank will loan you, so a $320,000 loan, as opposed to a $400,000 loan, is a better option.
“I wish I hadn’t used all my cash”
This one is pretty common, as a lot of buyers don’t realize all the costs that go into purchasing a home. Money for a down payment isn’t all the money you are going to need. You are also going to need closing costs, money for repairs, and money for upgrades. The point is, when you get your keys, you want to make sure you’re not out of money.
“I wish I didn’t spend so much time looking at short sales and foreclosures”
Distressed properties aren’t the deals they once were. There are much fewer of them than there were in the past, and you can’t control the time frame with these. They might be slightly less expensive, but come with a lot more headaches.
To avoid these and all the other common regrets that buyers make in Colorado Springs, give us a call or send us an email. We look forward to hearing from you!