Buying a home in Denver, Colorado is exciting, but it can also be overwhelming, especially if you’re a first-time home buyer. As a medical professional, your schedule may make dedicating time to buying a home even more difficult, so it’s important to go into it with your expectations set so you don’t waste any time.
How to Set Expectations as You Prepare to Buy a Home in Denver
Budget
The first place you need to start is with your budget. If you don’t know how much you’re willing and able to spend on a house, you won’t be able to filter the homes you look at to fit your budget. Keep in mind that while most of the cost of the house can be financed through a home loan, the median down payment in 2022 was 13%. However, if you’re currently working as a healthcare professional, you may qualify for MedicalPRO HOME’s zero down payment mortgage program.
Location
Where do you want to live? Are you looking for a condo in the heart of downtown, or do you want to settle down in a cozy suburb? Get an idea of what housing lifestyle you’d like, and find a Denver neighborhood that matches it.
Home Types
What style of home are you interested in purchasing? Maybe you’d want a single-family home if you have a family and need a yard for your kids to play in. If you’re single or a young couple, a condo in a lively, amenity-packed neighborhood might be more your speed. You should also think about what style of home you want (modern, bungalow, classic), although this is something you should prepare to be flexible on.
Wants vs. Needs
Think about the home-specific features you want and the features you need. Then look at that list again, and move some of those “needs” to the “wants” column, especially those that you can add on yourself, later.
Timeline
It takes time to buy a home, so prepare to spend at least 3-6 months looking at homes before you find the right one. In this time you may look at around 10-15 homes, with each one helping you get even closer to figuring out exactly what you need!
Setting Realistic Budget Expectations When Buying a Home in Denver
Because this is the most important expectation to set from the get-go, let’s spend a little more time talking about the budget. The average budget for buying a home in Denver was $554,990 as of December 2022, which should give you a good place to start. This budget can also vary by home type, often being lower for a condo or townhome and higher for a single-family home. Ask your Realtor about the current average budgets for the type of home you’re looking for to get a starting point for setting your own budget.
Another key piece of setting your budget is preparing to make a competitive offer. With the current housing market in Denver, you may need to pay more than the original asking price because of competitive bidding against other buyers. To account for this, reduce your maximum so you don’t make an offer that you can’t increase. For example, if you have a budget of $650K for buying a single-family home, look at homes listed for $600-620K so you have wiggle room to make a higher, more competitive offer.
What Home-Buying Expectations You Should Prepare to Be Flexible On
Approach buying a home in Denver with realistic expectations about the amenities you want, because odds are high that you won’t find a home that has them all! Some amenities that are nice to have but aren’t a necessity when living in Denver include a garage, A/C, or extra bathrooms. Decide what you can live without, such as a big yard or a luxurious primary suite, as this flexibility can help you stay within budget and find a home that has all of your priorities. While some amenities are difficult to add later, one area of flexibility that’s easy to upgrade is the condition of the home. Buying an older home can save you money and make for a fun fixer-upper project over time!
What Expectations You Should Be Firm On When Buying a Home in Denver
Just because you need to be flexible on some things doesn’t mean you need to be flexible on all things! Setting expectations when buying a home isn’t about lowering yours—it’s about having realistic ones. While you may have other amenities and essentials to add to this list, the one area every home buyer should stand firm on is their size requirements, including the number of bedrooms and square footage. If you’re too flexible on this, you may end up with a house that’s far too small for your needs, especially if you let less important amenities like a yard or A/C take precedent.
How Olivia and MedicalPRO HOME Can Help
Olivia Kunevicius has been helping the people of Denver find their dream homes for 15 years, and now she is bringing her expertise to our community’s healthcare workers with MedicalPRO HOME! We can help you determine your real estate goals, figure out your loan options, streamline the entire process, and even provide childcare during showings. Reach out to Olivia to get started today!