Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

Step 1: Research

Unsure about where to buy your next home in Telluride? Whether you’re considering a condo, townhome, or single-family house, understanding your preferences and the current market is crucial. Take note of the features you prefer, the availability of homes, and any fluctuations in asking prices. This research will offer you invaluable insights into Telluride’s neighborhood trends, preparing you to make a well-informed offer. Start exploring the vibrant real estate opportunities in Telluride now and find a place that feels like home.

Step 2: Decide on Your Budget

Notice we said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

While it's possible to shop for and purchase a home on your own, partnering with the JW Group in Telluride can transform your buying experience. Our services cost you nothing and significantly reduce the stress of home buying. We not only help identify properties that match your criteria, including condos, townhomes, and single-family homes, but also manage showings and handle negotiations. With deep local market knowledge and a commitment to finding your dream home, the JW Group ensures a seamless journey to homeownership in Telluride. Let us guide you to the perfect property that meets all your expectations.

Step 5: Find the Right Home

Exploring your potential new home should be thrilling—second only to the day you move in! The JW Group will coordinate showings for homes within your budget in Telluride's most desirable neighborhoods. As you visit each property, we encourage you to inspect everything from the functionality of light switches and faucets to the feel of each room. Don't just evaluate the house—take the time to experience the neighborhood. Check the traffic, parking, proximity to schools, and local amenities to ensure it fits your lifestyle. Let us make your home search in Telluride as enjoyable and thorough as possible.

Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations from the JW Group

You're a New Homeowner in Telluride!

The moment you sign the final paperwork, your dream home in Telluride becomes yours. Although it may take a few days for your loan to be funded post-signature, the completion is near. Once the funds are transferred to the seller, you are ready to move into your new residence. The JW Group is thrilled to have guided you to this joyous milestone. Welcome to your new home in Telluride!

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The JW Group has one goal – helping buyers and sellers close deals. We work as a team so our clients receive the best possible knowledge and advice to get deals done.