Follow These 7 First Time Home Buyer Tips

Colorado Springs First Time Home Buyers Follow These 7 Tips 

Housing inventories are high and mortgage rates low. Even so, it’s as easy as ever to overestimate

 how much house you can afford and underestimate how much it’ll cost you. 

Following are a few tips for making your home purchase as cost effective as possible.

Own or Rent?

Owning a home is expensive. In addition to the down payment and mortgage, 

you’ll have to pay for closings costs, insurance and maintenance. 

To figure out whether it’s financially smarter to buy or rent in your area, 

calculate and compare total home ownership costs to rental rates.

Consider Monthly Costs

Even if you can scrounge up a down payment, figure out before buying a home

 whether you can comfortably cover the full costs of ownership–including the mortgage, 

taxes, insurance and regular fix-up costs.

Aim For A First-Time-Buyer Tax Credit

If you’re buying your first home, the feds have a deal for you: An $8,000

income tax credit for those who sign a binding contract before May 1. 

Then again, it’s entirely possible that, like past deadlines, this one will be extended.

Getting a Government-Backed Loan

As of this month, mortgages guaranteed by the Federal Housing 

Administration got harder to come by. Would-be buyers with a credit score 

of 580 or less now must put up a 10% down payment. That too may change.

Consider Foreclosures

Foreclosed homes often sell at discounts–but you’ll have to act fast and often with help from a                                               real estate agent who specializes in foreclosures. It also pays to first get a mortgage pre-approval                                        letter from a lender. Among the best markets for foreclosures:

Factor in Property Taxes

Got your eye on a dream home?  Before taking the plunge, consider the thousands of dollars a year                                     you might save by moving a county or two away.

Cut Insurance Costs By Upgrading

 Security systems, smoke alarms and other upgrades can cut your insurance premiums.                                                            It can also pay to insure your home with the same company that covers your car, boat or other property.

Gail Sutton, Broker/Agent, owner of Gail Sutton Properties, has 20+ year experience                                                        helping home buyers & sellers with their their real estate goals.                                                                                                For more information call Gail at 719-362-9702 and go to www.GailSuttonProperties.com

For Sale: 5025 Farm Ridge PL, Colorado Springs, CO 80917 $242,000

Fabulous 4-Level Move-In Ready Immaculate Home

Fabulous, immaculate home is move-in ready and perfect for living and entertaining in desirable, established Old Farm subdivision. Super layout: 4 levels + finished basement. Walk-out from dining room & family room with glass sliders that both open out to an amazing, very private back yard with mature trees, gardens, multiple covered decks, relaxing hot tub and water feature. Property backs to open space for privacy with breathtaking Pikes Peak mountain views. Separate laundry room on lower level, RV/extra parking too!     

NOTE NEW ITEMS! New carpeting in 3 bedrooms, 4th bedroom has beautiful wood floors; new garage door and opener; new paint in living room, hall and bedrooms.

Watch the Video Tour

Call Gail Sutton, Gail Sutton Properties at

719-362-9702 for more information and to schedule to view this home.

Go To: www.GailSuttonProperties.com
Colorado Springs, CO 80906