Tom Kalinski, RE/MAX of Boulder

Tom Kalinski, RE/MAX of Boulder

Real estate has its ups and down. Such is life, but statistics show that investing in a home in Boulder County is a good bet over time.   

But buying your first home is not so easy. Would be first home buyers often find the down payment and mortgage can be challenging financially. Real estate and financial professionals will tell you that to achieve homeownership, you’ll have to take decisive action.

Here are some ideas on how to get started down the path that leads to the purchase of your first home, as first published by Bradley K. Tuttle’s Real Estate Report.  

Don’t take shortcuts: Find the right professional help
Talk to real estate professionals, even before you are ready to buy. With their knowledge and experience, they can advise you on the most direct path to homeownership. The best starting point is to interview several Realtors in your area until you find the right person to help you.

Listen and take notes when this professional explains how to achieve your ownership goals. Ask about ownership options like cooperatives, condominiums, and other alternatives available in your area and price range. Ask how the purchasing process works.

Consider how to increase your purchasing power
Mortgage brokers can explain how much you’ll qualify for and how you may be able to improve that level of financing. Aim for the longest term you qualify for while maintaining purchasing power.

Ask about debt-reduction strategies to improve your mortgaging borrowing ability. You will probably need to stop adding to your debt by taking a ‘pay when you play’ approach to discretionary spending like eating out and holiday travel.

Explore making the property you purchase a ‘financial partner’ in your ownership. For example, you may be able to increase your purchasing power by proving that you have boarders who will move in with you and pay rent and share expenses.

Stay skeptical
As you research ownership ideas, ask for details until you understand the full range of responsibilities you are signing up for. Stick with professionals who have verifiable credentials and proven expertise.

Tom Kalinski is the owner and founder of RE/MAX of Boulder. Call 303.441.5620 or e-mail tomkalinski33@gmail.com. To contact a RE/MAX of Boulder Realtor, visit boulderco.com.