First-Time Homebuyer Tips from Beth Baker Owens, Your Castle Real Estate

Broker Associate Beth Baker Owens, of Your Castle Real Estate, has taught homebuyer classes since 2009. “I became a Realtor because I learned in our first purchase what happens when an inexperienced buyer doesn’t have an agent. Our landlady didn’t take care of us; she took us. Knowledge is a formidable tool when making the huge investment of buying a home. Previously, I taught high school students and teachers for 13 years, so teaching consumers was a logical way to serve the community,” Owens said.

On Saturday, October 6, 2018, she taught over sixty homebuyers the real estate curriculum of the Colorado Housing and Finance Authority (CHFA) for the Community Resources and Housing Development Corporation in Thornton, CO. Look at her Facebook page https://www.facebook.com/YourCastleRealEstateU/ for upcoming classes. She is also developing an online course for home buyers.

Taking from the Home Buyer Bill of Rights, Owens said, “As a homebuyer, you have the right to representation and to be treated as a ‘client’, not as a ‘customer.’ You have the right to a written contract with your real estate agent that makes your agent legally accountable to you, and that requires your agent to represent your best interests, and only your interests, in buying a home.”

Owens conveyed the importance she places on educating first-time homebuyers by listing her tips and some of the myths of buying real estate:

Tip 1: Know what it costs to buy. “Know the downpayment you need,” Owens said. “And what the out-of-pocket costs during the process are so you don’t find yourself short of cash.”

Tip 2: Know what you can afford and how that affects your desired lifestyle. “Go beyond what a lender says you qualify to borrow. Find out what different loans are available to you,” Owens stated, “and the costs of the different loans. There may be some grant programs for which you qualify. People buy with a specific lifestyle in mind. Make sure you don’t end up house poor. Know what lifestyle you want and how housing fits in your budget.”

Tip 3: Know the market where you want to buy. Is the market a buyer’s or seller’s market? How is the market shifting? What is the months of inventory for the type and location of properties you could consider? Ask your agent what else is important to know about your local real estate market.

Tip 4: Know the pros and cons of being a homeowner. “You’ll be building wealth,” Owens added, “but consider that you’ll have to pay for maintenance and upgrades. Further, if you value having fewer restrictions and choose a home in an historical district or in an HOA, will you will retain the ability to create your own style?”

Tip 5: Know where to get reliable guidance for this costly purchase. This includes building your team with a lender, an agent, an inspector, an insurance agent, a surveyor and other due diligence experts. Your Realtor can be instrumental in helping you get reliable guidance by experts.

Myths of Buying Real Estate Which of these have you heard as rules when buying?

Myth #1: Never buy the biggest house on a street. 
Myth #2: Always avoid first-floor condos, because of noise and safety concerns. 
Myth #3: If buyers don’t like an exterior, they’ll never go inside. 
Myth: #4: “Green” features automatically mean a higher listing price. 
Myth #5: Buying a home is always a great investment. 
Myth #6: Buying is always better than renting. 
Myth #7: The three most important factors are location, location, location. 
Myth #8: Buy the worst home in the best neighborhood. 
Myth #9: All real estate is local. 
Myth #10: You need lots of money to buy a home. 
Myth #11: You can’t buy a home after a foreclosure nor after a bankruptcy. 
Myth #12: You can buy a home with no out-of-pocket costs. 
Myth #13: A home inspection is a waste of money. 
Myth #14: Schools don’t matter, if you don’t have kids.

About Beth Baker Owens, Your Castle Real Estate 
Beth Baker Owens is a Broker Associate with over twenty years experience. She has facilitated real estate transactions for hundreds of clients across the Colorado Front Range. Owens has been awarded the Denver Five Star Professional Award for Realtors several years. Your Castle Real Estate is located at 2755 S. Locust Street, Suite 150, Denver, CO 80222; telephone (303) 550-2941, or visit https://HomesByBethOwens.com. You may reach her by email at BethBakerOwens@yourcastle.org.

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