Your Guide To Buying A Property in Steamboat Springs, CO
The housing market can be an intimidating one for investors who are planning on buying a property in Steamboat Springs, CO, and the surrounding areas. With an extensive range of selections, it can be hard to know which investment properties will truly appeal to tenants. Analyzing the market is essential—but it can be time-consuming, and having experts to do free market research can be incredibly helpful. Below are steps on what to do when purchasing properties:
Steps to Buying a Steamboat Springs Home
Step 1. Look for an experienced Buyer's Agent. He/she will protect you throughout the entire process and look out for your best interests.
Step 2. Interview the agent. Set an appointment with an agent to discover if they have the skills, services, and professional attitude you're looking for.
Step 3. Discover if the agent is working "for" you or "with" you... client or customer?
Step 4. Clarify your wants and needs for your agent. Let them know your objectives, expectations, and timetable.
Step 5. Have your agent help you establish your purchasing power. This may include getting pre-approved for financing.
Step 6. Select the best three to five properties to see. I highly recommend visiting your top pick first. This gives you something to compare against as other properties are seen.
Step 7. View each property objectively.
Step 8. Have your agent present your offer ASAP...time is of the essence. I do this with every client's offer. Time is of the essence, and the worst thing I want to happen is that a client loses a property because an offer came in before ours.
Step 9. Handle all counter offers and negotiations with a win/win attitude. Have a BIG Picture Mentality.
Step 10. Avoid "Second Guessing Syndrome," also known as "Buyer's Remorse." Almost EVERYONE gets it in time. Let it pass.
Step 11. Finalize any loan details to get final approval. If you haven't been pre-approved, you need to get the ball rolling.
Step 12. Any inspections or due diligence that need to be addressed should be done promptly.
Step 13. Expect to have issues during the due diligence period. Your broker will help manage through them and keep focused on the BIG Picture.
Step 14. Do a "walk-thru" before closing...See "The Final Walk-Thru Checklist."
Simple Steps to Becoming a “Smart” Buyer
Step 1. Select the most experienced real estate agent you can find. It does not cost you any more money to hire a broker with decades of experience than it would a rookie. Look for one who will pass their knowledge and expertise on to you, as if they were buying the property themselves. You will want a broker who will protect your interests and offer a road map to success.
Step 2. For first time buyers: Look at rent vs. buy to decide if there are enough benefits to YOU to buy. Look at your goals, timetables, and desired lifestyle.
Step 3. Have your agent do an in-depth “needs analysis” for you. By specifically writing down your wants, needs, goals, timetable, etc., all parties will be more focused.
Step 4. Get financially pre-qualified and/or pre-approved. This will help you save time, energy, effort, and money in the home buying process, and if you are competing with another offer, it gives you a competitive advantage.
Step 5. Look at your marketplace, objectively. View properties and analyze data with an open but critical mind. Your agent should be a big help in keeping you on track.
Six Truths About Today's Marketplace That Will Help Any Buyer Be More Realistic
1. There is no perfect house. When you find a house/property consistent with your top few priorities - consider writing an offer. Seldom does a buyer find a property that has over 85% of what they want or need.
2. Popular properties priced right go quickly.
3. Package yourself and your offer, so both look good to a seller. You may compete with one or more buyers for the same property. See "How to Make a Great Offer."
4. The home buying process is complicated, so consider using professional service providers such as the most experienced real estate agent, attorney, inspector, etc.
5. If value and price are important to you, have an appraisal or Comparative Market Analysis (CMA) done on the property BEFORE buying it. To make sure the property has value, I will conduct a CMA for you before writing an offer.
6. Don't be surprised if you get buyer's remorse—an uneasy feeling about your buying decision. Most people question their decision to purchase during the process.
Protecting Against Unpleasant Surprises
1. Have your broker conduct a Comparative Market Analysis.
2. Include an Appraisal Contingency in the contract (even if paying cash).
3. Review the Seller's Property Disclosure Form.
4. Consider purchasing a Home Warranty/Protection Plan.
5. Obtain a Building Inspection.
Browse Our Buying Resources
- Home Buying Guide
- Are You Ready to Buy?
- Do You Need an Agent?
- Prioritizing Your Needs as a Buyer
- Important Buyer Questions
- Local Service Providers
- Selecting a Contractor
- Resources & Regulations of Buying
- Home Warranties
- Closing Costs
- Characteristics of a Healthy Neighborhood
- Things Buyers Should Avoid
- Common Hidden Home Defects
- Questions to Ask the Home Inspector
- Buying a Condo
- Mistakes of Home Buyers
- How to Make a Great Offer
- The Final Walkthrough