1. Decide you are ready to buy.
This can be the hardest step of them all. Many people, just like you, have been coming to Estes Park for years enjoying everything we have to offer in our small town in the Rocky Mountains. Soon, thoughts of purchasing a home or condo in Estes Park creep into your head. You think about it a while, browse the newspaper to see available homes for sale, return home and forget about buying until your next vacation. I have heard too many people say “I wish I would have bought property way back when I first started visiting Estes Park.” The first step is to decide you are ready to buy, and commit to it. Ask yourself whether you would regret not buying a property in Estes Park a few years down the road. Once you commit, you can move on to step number two.
2. Find a Local Estes Park Real Estate Agent.
Building a relationship with an Estes Park Real Estate agent early in the home search process will help you be more efficient in your property search and ultimately result in a more positive experience. You need an agent that knows the local inventory and the area better than you do. In Estes Park, relying only on pictures and virtual tours online can be deceiving because location can make such a huge difference.
Also, local agents tend to “hear” about possible new listings much faster and may be able to get your foot in the door first on a hot property – especially in a small town like Estes Park. Local agents are great resources for recommending which local service providers provide the most value and can get the job done. Using a local agency most likely won’t cost any more or less money, but they will provide you with better service.
3. Talk to a Mortgage Broker (Skip to #4 if Paying with Cash).
This step is extremely important in today’s mortgage climate if you plan to finance any part of your purchase. An experienced mortgage broker with a solid track record of satisfied customers can make or break a purchase. Knowing what you can and can’t afford will make the process 100% easier for all people involved. Beyond what the interest rates are and what your payments will be, there are many other decisions to make regarding financing. A good mortgage broker will help you maximize the benefits of the money you have on hand.
4. Narrow down your search.
Searching for properties is the most enjoyable part of the home search process. When inventories are high like they have been recently, there may be many homes on the market that satisfy what you are looking for. However, I highly recommend not being “too picky.” Too many people out there get hung up waiting for the “perfect” home to show up, and they end up waiting indefinitely.
If a house has absolutely everything that you could ever want in a home, it is probably more expensive than your price range will allow. You need to prioritize your wants and needs in a new home. This is another area where a local real estate agent can be a tremendous help. Online search engines do a great job at limiting quantifiable search parameters; however, it is usually the “intangibles” that create an attractive house. An agent should be able to tell you what may have been “left out” of the pictures.
5. Make the Offer.
You’ve finally found it! This is the house that provides the most amount of desirable features at the lowest price. Nobody likes to pay full price, but do keep in mind that you found this property to be the best value in your price range…otherwise you would be making an offer on another house. That being said, most sellers (but not all) in the Estes Park real estate market are expecting an offer to come in lower than the asking price. Negotiating is expected so be ready for a little give and take on both sides. A good agent will give you advice on how to negotiate most effectively. Your real estate agent should help recommend an offer price as well as how to incorporate other additional factors including special terms, inclusions, exclusions, and timing into the negotiations.
6. Do Your Research.
The most important part of buying a home comes after the purchase agreement is in place. Beyond inspecting a home to find physical defects, there are many less obvious events to coordinate including title searches, surveys, appraisals, loan conditions, property insurance, HOA documents, and more. All these things need to be satisfactory to you as the buyer before you close on the home.
7. Close, Move in and Enjoy!
Finally the day has arrived! Most people think of the actual closing as a big stressful event; however, by the time we get to the closing table, everything of consequence mentioned in number 6 should be resolved and out of the way. Sit back, relax, sign a few papers and collect your keys! Afterwards you can start creating memories at your new home in Estes Park.
