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Buy2018-08-03T11:00:01+00:00

In today’s competitive market, having experienced, proven agents such as Team Vivi is essential. They will listen to your desired parameters for a home (your “needs” and “wants”); they will give you feedback to consider, and their expertise in the Denver metro area will guide you to and pinpoint the home that is right for you. Most importantly, they will ensure that you are comfortable with all decisions throughout the process.

Team Vivi understands your primary home is often the largest investment you will ever make. There are many considerations that will be presented to you; how much can you comfortably afford, how much your lender will underwrite for a mortgage, what your out-of-pocket expenses will be, and what contingencies need to be included in the offer to allow you some negotiating room. In addition, are you making a good investment with a strong potential for appreciation? This is especially important if you are a first time home buyer.

Steps of the Home Buying Process

  • PRE-APPROVE FOR A HOME LOAN

  • SEARCH & TOUR HOMES WITH YOUR AGENT

  • WRITE AN OFFER ON YOUR DREAM HOME

  • NEGOTIATE THE BEST POSSIBLE PRICE

  • INSPECTION OF THE HOME

  • APPRAISAL OF THE HOME BY LENDER

  • CLOSE ON PROPERTY

  • CONGRATULATIONS! MOVE IN!

How Much Will it Cost Me to Buy a Home?

  • PURCHASE  PRICE

  • HOME  INSPECTIONS:  $400  +  up depending upon the square footage of the house.

  • SEWER  SCOPE:  Approximately  $125

  • RADON  TEST:  Ranges  from  $60-$90

  • APPRAISALS:  Approximately  $500  to  $800

  • MOVING  COSTS:  Actual cost will vary due to the moving distance.

  • CLOSING  FEES:  Lender, Title  Company,  and/or  Administrative  Fees average  2%  of the loan amount.

  • PLEASE  KEEP  IN  MIND  THAT  IF  YOU  DECIDE  TO PURCHASE  NEW  HOME,  ADDITIONAL  COSTS  MAY ARISE:

    » Most new builds do not have completed landscaping;  it is important to factor the cost of landscaping into your budget when purchasing a brand new home.

    » Blinds and/or window coverings are also an additional cost to new construction.

  • *NOT PAYING IN CASH? IF YOU ARE PLANNING ONOBTAINING A LOAN TO PURCHASE YOUR NEW HOME, IT IS IMPORTANT TO CONSULT YOUR MORTGAGE LENDERON WHAT TO EXPECT FOR YOUR DOWN PAYMENT COST.ON AVERAGE:

    » FHA loans require a minimum down payment of at least 3.5%. Because an FHA mortgage is a government-backed home loan with more flexible lending requirements, interest rates may be higher the buyer will need to pay monthly mortgage insurance premiums along with their monthly loan payments.

    » Conventional Loans can vary, but typically require a minimum of 5% down. Keep in mind though, that Private Mortgage Insurance (PMI)is required any time you put less than 20% down on a conventional loan; however, we have an awesome way to put less than 20% down and not pay PMI.

  • * Loan requirements may vary: Consult your mortgage lender,  attorney,  or credit advisor for more information.

Owning VS Renting

THE  ADVANTAGES  OF  HOME  OWNERSHIP:

  • EQUITY – You can’t build equity in an apartment or rental property. ~  In your own home you CAN.

  • TAX  DEDUCTION – Your rent payment is not tax deductible.  ~  The interest portion of your mortgage payment is tax deductible*

  • PERSONALIZATION – When renting,  your landlord dictates how the home is to be maintained.  ~ Purchasing a home allows you to personalize it to your own unique style without restrictions.  Have the freedom to choose your own paint colors,  fixtures,  and updates, making it feel like home!

  • FIXED  PAYMENT – Your rent almost always increases when your lease is renewed.  ~ With a fixed rate mortgage, the principal & interest payments never go up.

  • APPRECIATION – Since  1971, on average Denver, Colorado has consistently appreciated over 6% each year.  In  2016,  the Denver Metro area appreciated an average of 8.1%  and  Denver Proper at over  10%!  The  Denver  Housing  Authority  (in  2012)  stated rents were to appreciate 10%  every year and they have been correct thus far.

  • PRIDE – Often times, renting can feel like a temporary place to stay.  ~  Purchasing your home allows you to always remain in control of it’s condition and to make it a true reflection of you and your family!

  • *Consult your tax advisor