Planning to purchase a house in Colorado for the first time, and I need some recommendation(s) on what to look for prior to purchase.


There's a lot you will need to worry about when buying any home. First congratulations are in order, but make sure you are ready. Do your research and don't make a hasty decision. This is something you should not take lightly. I suggest you take a look at your financial situation before you even think of making this purchase. How much debt are you currently in? Although paying on a mortgage sounds enticing rather than rent, theres a lot of things many first time owners neglect to think about. They only focus on the costs of mortgage payment in comparison to what they were paying for rent rather than the whole picture. Numbers aren't the only precursor to worry about. I would suggest you find a reliable realtor in the area you are searching. Take special precautions in to find which realtor you use and pick their brains for something that can fit with in your budget. They may also have other ideas or know of deals upcoming that others aren't so privilidged to know. When researching what area you would like to purchase your home in, determine not only the property value of the home, but what the area has to offer and your current and future situations. Do you have kids? Will you have kids? How many rooms? The school district? How close to shopping areas? Crime Rate? Is the area booming or are there a lot of forclosures? Why is that? What style of living are you looking for? Etc... Next understand the costs of things. What type of loan are you searching for or are you paying it off completely. If you can do that then awesome job, but if you have to get a loan, understand what costs are determining factors for your loan. What type of loan are you looking for. Definitely looked into a fixed rate at a fixed term. It can be 10, 15, 20, 30 year term. The longer you make the term the lower your motnhly payments but the more you pay in interest. Can you get a preapproval and will this limit your purchasing power? How is your credit score? The better your credit score the better the rates you can recieve which down the road will save you thousands. May I suggest looking at your credit score at least 6 months in advance that way you can make necessary changes to increase it. How much are you putting down? Will it be enough to cover the PMI (Private mortgage insurance), which is roughly around 20% . PMI is the policy that allows lenders to recover part of their financial losses should the borrower fail to pay their loan back in full. Remember the more you put down, the lower your PMI will be and the lower your payments will be. Also take in consideration HOA fees and home owners insurance fees. Get an estimate of the closing costs. This is generally about 2 to 7 % of the costs of the property value. These include taxes, inspections, prepaid loan interest, title insurance, costs of lender or realtor, etc. Know what your property taxes may be. During the buying time, I would get a third party evaluator and inspector to come to the house to get a real idea of what you are about to buy. Is it overkill. Yes, but you are making a big commitment. During inspection of the home, make sure everything is thoroughly inspected from foundation to possible bugs (termites). Try to negotiate the cost down in your favor. Next think about the future. Utilize a savings for an emergency fund and rainy day fund. Definitely budget for costly repairs. No more landlord to come make the repairs for you. You're in a whole different world now. I hope you are handy with tools yourself. Another factor is to analyze what tax benefits you will get from this especially if its your first home. I know its a lot to consider, but the big picture is that you want to prepare for the worst and understand what you are about to get into. Don't be afraid. Home ownership for many is the biggest investment in one's life. Just make sure to prepare and you won't have as many ramifications that others face. Remember that you don't have to have the biggest and the best. Just buy something that fits your comfort level and your budget. Many over do it and make that costly mistake. 

I use to live near ft Carson in Colorado Springs I don't know what part but if so airport road is not a good area so try to stay away from that area pueblo is a nice area to live and reasonable price to