Are you ready to buy your home in the Vail Valley? Lots of people are very excited at the prospect of buying their dream home in the mountains! But I always think it’s interesting to see that lots of buyers still have certain misconceptions about the buying process. I want my clients to be fully informed and without any concerns or misunderstandings. My goal is to help guide my clients through this process, from searching for the perfect home to signing the papers on closing day. So, to start you off on the right foot, here are some of the biggest myths or misconceptions when buying a home in the Vail Valley!
You Need A 20% Down Payment
Are you worried that you will need to place a 20% down payment on the home that you are purchasing? Is this worrying that you don’t know where you will come up with this money? This is a myth-based on outdated information; it is based on the type of home loan you receive. This would mean that your upfront cost could be a lot lower than you were expecting! Having an experienced agent by your side can help you with these fears. FHA loans require a 3.5% down. Some more conventional loan programs offer down payments between 3 and 5%. There are also options if you are a veteran or a military member. Discuss all this with your Realtor upfront so you have an idea of what your down payment will be at closing. They may also be able to refer you to a lender that can guide you through this whole process and get you pre-approved.
You Should Spend The Maximum You Qualify For
Just because your lender has determined and qualified you for a certain amount to spend doesn’t mean you need to spend the full amount. You will know early on in your mortgage process how much you qualify to borrow based on your income, credit score, and assets. This assessment shouldn’t be confused with a personal budget. I would recommend talking to a financial adviser. This is a huge leap and can easily be one of the biggest purchases of your life. Making sure you can afford your payments and all your other bills is a huge step. Giving you and your family a little bit of wiggle room financially can help in un for seen expenses.
Home Inspections Aren’t Necessary
If you are financing a home, which more than likely you are, then your lender will require you to complete a home inspection on the home. A home inspection can also protect you as the buyer. A home inspection will show you all the “flaws” of the home and what fixes need to be completed before the purchase is completed. Don’t skip this step! Some buyers think it will save them some money and decide to ignore the home inspection. But if it uncovers one major problem, it more than likely will save you money in the future.
You Don’t Need A Realtor?
Have you chosen to do this journey of purchasing a home by yourself? Some buyers think that they don’t need to have professional help from a Realtor while purchasing a home. There is so much to know about buying a home; paperwork, mortgage, offers, and countless other things! You are dealing with very large sums of money here. Why wouldn’t you want someone there to advise you and help you through? The internet is a great place and there is so much information you can find online about purchasing a home. However, nothing beats the advice of an experienced professional who can respond to your specific and unique situation. I can educate you on the process, who you need to consult along the way, if an attorney is needed to complete a purchase, or when to have your down payment ready. Also, I give you great advice on the community you are purchasing in as I’m an expert in the Vail Valley area. I can show you the amazing perks of this town! Here is one of my previous blog post that will help you choose a Realtor that is right for you!
How Can I Help?
If you are needing more guidance when it comes to buying a home in the Vail Valley. Please reach out to me! I want to provide my clients with interesting and up-to-date information so they can make informed decisions. If you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me.
Would you like more information on the Vail Valley/Cordillera area or the real estate market specifically? To receive my detailed monthly market report immediately, click here!
Robert Schilling
Coldwell Banker Global Luxury Specialist
Coldwell Banker Distinctive Properties
(970) 390-0705
[email protected]