Denver is a beautiful, exciting city. If you’ve ever visited, you’ve probably considered making it a permanent move. While nearby spots like Fort Collins and Colorado Springs have their appeal, there’s nothing quite like Denver. Of course, with monthly payments rising and the difficulty of renting and buying in the Denver Metro area, it’s sometimes a good idea to build your own house.
Before you hire a contractor and talk to a lender or insurance company, there are a few things you should keep in mind, especially if this is your first home.
1. Find the right mortgage loan.
Even with a new home, you’re going to need to know a bit about mortgage 101. This can impact your monthly payments and finding the right mortgage lender is a must. You’ll even want to look into private mortgage insurance to ensure that all of your investments are covered. The mortgage process can be complicated so you need to do a good amount of research before your loan application. Look for a lower rate so your interest rate doesn’t eat away at you. Ask the right mortgage questions to your lender. This will help you make an informed decision throughout the loan process.
2. Have contractors on hand.
If you know anything about Denver, it’s that the weather can be a bit unpredictable. One minute, it’s sunny and breezy and the next, it’s hailing all over your new roof. Having a roofing contractor on hand can protect you not only during the construction phase but from any future damages. Finding the right roofing company can help you down the road. Many Denver roofers are familiar with commercial roofing and real estate so you want to find one that’s more comfortable with residential. Your Denver roofing contractor needs to be able to handle any type of roofing material, show their quality of work, and have a flexible price range. Otherwise, you could be looking at an additional home loan. Finder Denver roofers is often as easy as searching “roofing contractor Denver,” and this can help you make a better choice. The best roofing company might also be able to handle gutters and can help you craft your dream home.
3. Set a sensible budget.
Unless you want to be paying off a conventional loan for the rest of your life, you need to budget effectively. For the first-time homebuyer, it can be easy to go above your limits. It’s important for home buyers to consider all of the unforeseen costs that might crop up during the construction process. Of course, you’ll want quality materials going into your home but if you can make a better choice for less money, this can be beneficial.
4. Factor in taxes.
Even though you’ll likely be paying a fixed-rate mortgage for your loan amount, as a property owner you’re also responsible for property taxes. These are typically paid once a year but if you don’t want to pay in full, you’ll often have the option to split the sum in two. Your property taxes are incredibly important but you’d be surprised how many homebuyers neglect them.
5. Remain flexible.
Even if you’re putting expenses on a credit card, have a fixed-rate loan, or have set up an adjustable-rate mortgage to cover your home’s value, every homeowner stumbles upon unexpected delays, expenses, and setbacks. If you think that any roofing project, property improvement, or contractor arrangement will always run smoothly, you often won’t be able to rest until the very end of the process. Remain open to change and expert advice.
Building your own home in Denver is a great idea. It’s more central than Boulder, it’s more populous than Fort Collins and Colorado Springs, and it’s an incredibly vibrant city. By following a few key steps, you’ll be on your way.
