So you are considering buying an exquisite property in our beautiful state of Colorado? Perhaps your current home state has very high property prices and you need to look elsewhere to be able to enter the property market? Perhaps you realize the ROI might be substantially higher in our state?
As an out of state buyer you might be feeling a little stressed at the looming process. Firstly, you’re going to have to get to know the state laws that govern buying property here. You might have done extensive research on all of the laws and regulations and perhaps even the local codes and ordinances, but every day reality in our state can be vastly different to what is on paper. You might also be feeling at a disadvantage not being a local as you aren’t sure about which neighborhoods are most suitable for your needs. How on earth are you going to find a reputable real estate agent that can lead you through the property market admin of buying a home in Colorado?
Decisions over Distances
If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.
- Steve Jobs
Start off by finding a reputable buyer’s agent who is going to put your needs above a listing agent or seller’s agent. Ask around, seek referrals and go online and familiarize yourself with the top Colorado Springs real estate agents working in your neighborhood of your choice.
Your carefully chosen agent will then start the process of sending you daily emails highlighting the latest listings in the area along with any price reductions that might have occurred.
Make sure you have accurately explained your very specific requirements for your new home and where you are prepared to compromise. These allow the real estate professional to find many options for you to consider. You can sit in your living room, feet up, perusing the virtual tour and photographs of your potential new home. Most of the communication can be handled in this way.
Online Versus in Person
The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.
- Maya Angelou
There is nothing more comforting than stepping into the actual property you have earmarked and feel the energy of the space. Sometimes properties that look great in photographs don’t match your expectations in person. Sometimes you might lose out on your dream home because the online pictures didn’t do it justice.
Write down your criteria first and find matches based on your list before looking at the photographs. Visiting in person allows you to get a good sense of the neighborhood. You can cram in quite a few viewings over a weekend short stay.
Attend many Colorado Springs open houses to get an idea of the range of pricing in a particular area. It’s also a great way to get to know the different agents operating in that neighborhood. Obviously if it’s a time sensitive decision everything can be easily managed electronically without ever leaving your state.
Loans and Closings
Screw it, let’s do it!
- Richard Branson
Obtaining a loan out of state can be tricky. You might find you are in for a higher down payment or there could be a considerably higher interest rate. These are factors to consider at the outset of your process.
There might be the additional problem of orchestrating a simultaneous closing. (selling an existing property to buy a property in another state.) Don’t give up –it just requires a little patience, as things just take longer when you’re an out of state buyer.
Blowing Hot and Cold
He is happiest, be he king or peasant, who finds peace in his home.
- Johann Wolfgang von Goethe
Be sure you have all of the information for understanding the residential home resale potential in Colorado. It’s imperative to do extensive research. Look at areas that are known to be “hot markets” versus those that take a longer time to sell. This is important when considering how long you plan to keep the property. First time home owners tend to sell in the first three years of ownership and might lean to a property in a fast selling area.
Not Enough Colorado “For Sale” Signs
You can’t have everything you want, but you can have the things that really matter to you.
- Marissa Mayer
Currently there is the additional issue where there is a drastic shortage of properties for sale in the area. You will find yourself competing with a vast number of other buyers. It’s time to enthusiastically sell yourself to the home owner so that you stand out from the competition.
A personalized letter with pictures of your family can go a long way to forging a connection. Expand on the attributes you enjoy about the house and why you and your family simply have to live in it. Sellers love knowing that their beloved home is going to be in good hands and taken care of long into the future.
Our Colorado Springs real estate agency can help you find your ideal new home so you don’t end up buying a high risk property in an area you don’t know. We would like to welcome you to Colorado and show you around.
Home is the nicest word there is.
- Laura Ingalls Wilder