The Advice First-Time Homebuyers Truly Need
Buying your first home is exciting—and let’s be honest, a little overwhelming too. But it doesn’t have to be. When you’ve got the right team (think: a solid real estate agent and a trusted Colorado mortgage broker), the process gets a whole lot smoother.
We work with a lot of first-time homebuyers here at Colorado Lending Team, and there are a few things we wish everyone knew from the start. These tips aren’t just theory—they come from real conversations and real experiences helping people just like you.
Don’t Shop Without a Pre-Approval
Browsing Zillow is fun. Falling in love with a home before you know your budget? Not so much when reality sets in.
Before you get too far, talk to a lender and get pre-approved for your mortgage loan. This gives you a clear picture of what you can afford—and just as important, what your monthly payment will look like. It also makes your offer stronger when you find the right place.
Not sure where to start? That’s where we come in. We’ll walk you through the numbers, help you understand what’s realistic, and work with your agent to make sure you’re only touring homes that fit your budget. Be careful of that mortgage company you see on Zillow. They pay a lot of money to be there, and that cost is passed on to you with higher rates and/or costs.
Stick to a Comfortable Budget (Not Just What You Qualify For)
Just because a lender approves you for a certain amount doesn’t mean you should spend that much.
Owning a home comes with more than just the mortgage. You’ll want to factor in property taxes, homeowners’ insurance, HOA fees (if applicable), and maintenance costs. We’ll help you build a budget that includes all the “hidden” expenses, so nothing catches you off guard.
Our best advice? Focus on what feels right for your monthly payment, not just the price tag. We want your first home to be a blessing, not a burden.
Always Get a Home Inspection
When you’re in a competitive market, skipping the inspection might feel like a way to win the house. But waiving it could cost you thousands of unexpected repairs.
A home inspection gives you a clearer view of what you’re buying. If anything pops up, you may be able to negotiate repairs or even a credit at closing. It’s a small investment upfront that can protect you in the long run.
Your real estate agent will help coordinate the inspection and explain the findings so you can make smart, confident decisions. Pro tip: You should consider a home inspection, even for brand-new homes. While new homes have a warranty, it’s only for the first year, and a lot of problems don’t show up until later.
Your First Home Doesn’t Have To Be Perfect
There’s a lot of pressure out there to find the dream home right away. But your first place is just that—your first. Some even call it a ‘starter home’ as you need to start somewhere.
It’s okay to start with something that checks most of the boxes and fits your lifestyle and budget. Maybe it’s a smaller home, a townhouse, or even a well-kept condo. What matters most is that it’s a stepping stone toward building equity and creating stability.
We’ve seen so many homeowners start with a “good enough” first home and grow into something bigger down the road, including their dream home.
Let’s Make It Happen
Buying your first home should feel exciting, not confusing. Our team is here to help you understand the process, answer your questions, and connect you with the right Colorado mortgage options for your situation. What’s one thing that’s been on your mind during your home search? We’re happy to help.
