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Buy A Home In Colorado Springs
Are you looking to buy a home in Colorado Springs? That would be a great decision, considering that Colorado Springs was rated “most desirable place to live” recently, and is consistently ranked one of the top places to live.
Basics About Colorado Springs
The city of Colorado Springs has a population of approximately 750,00 people. Colorado Springs is a part of El Paso County, and the major zip codes are:
80829, 80829, 80831, 80903, 80904, 80905, 80906, 80907, 80909, 80910, 80911, 80914, 80917, 80918, 80919, 80920, 80923, 80924, 80925, 80926, 80927, 80951.
The major area codes are 720, 719, and 303. Median household income is $59,514.
The local economy is very connected to the military. There are five major military bases here:
The US Air Force Academy
Fort Carson
Peterson Air Force Base
Cheyenne Mountain Air Force Station
Shriever Air Force Base
Some of the major areas in/around Colorado Springs include:
- Downtown Colorado Springs
- Black Forrest
- Briargate
- Cheyenne Mountain
- Broadmoor
- Fountain
- Manitou Springs
- Stetson Hills
- Monument
- Peyton
- Gleneagle
- Stratmoor
- Cimarron Hills
- Falcon North / Meridian Ranch
- East
- Banning Lewis / Marksheffel
- Flying Horse / Northgate
- Northwest (Peregrine, Rockrimmon, Mountain Shadows, Woodmen Valley)
- Old Colorado City
These neighborhoods are all very different, and very diverse. Colorado Springs has terrain so different from one part of town to the other, that you’ll wonder if you’re still in the same city!
Some criteria that will help you pick where you want to buy a home in Colorado Springs:
Affordability
The affordability of an area is one lens to use when listing out your priorities. How important is affordability to you? Do you have a range that you are working with? Do you know what you can effectively pay on a monthly basis? A VERY general rule of thumb is that the further north you go in Colorado Springs, the more expensive. The further south, the more affordable. Also, the West side of Colorado Springs generally runs a higher price than Eastern Colorado Springs (with the exception of Northeast Colorado Springs, such as Black Forrest and Northgate areas).
Schools
Schools are a huge concern for families. How old are your children? What schools will they be attending? What do those schools emphasize? What different programs do they have in place for their students? Generally, D12 is known as the best district in Colorado Springs.
Features
There is the actual features offered in a home, which is always a priority. Location matters, but a home is where you live, and it’s important to love where you buy a house. What features are you looking for in a home? A certain number of bedrooms, bathrooms, and square footage? A certain type of flooring, certain style, certain garage configurations, landscaping, total amount of land, and so on. Writing down your top features that you’d like to see in your home, will help you get clear on what you are committed to, and what you’re willing to negotiate.
Views
In Colorado Springs, there is the question of views. Do you care about them? You can have views of Pikes Peak, the front range, Garden of the God’s / Kissing Camels, or Eastern Colorado. For some people, if they’re going to live in Colorado, they want views! And for others, it’s not much of a thing.
Access
For some Colorado Springs residents, access to other parts of Colorado Springs is important. Do you care about your daily commute? Do you need access to Denver or Pueblo? Do you have friends or family members that you want easy access to in Colorado Springs? Do you need a gym close buy? Do you need running or walking trails close by? These are all questions that should be answered in order for you to know how important access will be to your buying decision.
How To Buy A Home In Colorado Springs
To buy a home in Colorado Springs, there are some steps you want to take to set yourself up for a great purchase.
1. Research Colorado Springs
Begin looking for different listings for what is available. You want to educate yourself as much as possible on the different types of homes that are available, where they are located, and what price is being asked.
2. Figure Out Your Budget
You want to talk to a lender and get pre-qualified, to know what you can afford. A lender will be able to tell you different options and scenarios of what you can afford, and all the costs, prior to making an offer on a home.
3. Find An Agent To Help
Real Estate Agents (good ones) are worth their weight in gold. They can give you access to the MLS, they can guide you through the entire process, and they can steer you away from a bad deal as well.
4. Walk Homes
If a picture is worth a thousand words, walking it is worth a million. You always have to get “boots on the ground” in order to really understand what you are working with, and what the “vibe” of a property is all about. You may be doing this for a while to find the right property. Commit to the process, and stick to your criteria.
Some major items to look for:
- Plumbing system
- Electrical system
- Roof
- Foundation
- Heating/Cooling systems
- Previous water / mold damage
Problems in these categories may easily run into the thousands. However, if you find a home that doesn’t have major issues, then it’s likely a safe bet to move to offer stage.
5. Get Inspected
A Home inspection will run anywhere from $400 - $1,000 (usually), and it will be one of the most valuable investments you make when you buy a home in Colorado Springs. The reason being is that the results of the inspection become an additional talking point and negotiation point.
Additionally, a home inspection can help you avoid major problems - big issues that you may be unaware of. For example, in one property I purchased, the inspection revealed that the home was plumbed with polybutylene piping. This was a popular piping material back in the 90’s, and was well known for failing and flooding homes. Because we were aware of it, we negotiated it and got it replaced immediately. Which was a very good thing, as there was evidence that the piping in certain segments was at the point of failure.
6. Get Qualified Through a Colorado Springs Lender
You’ll work with your lender to now get qualified for your home loan so you can close on your new home. There are some excellent lenders in Colorado Springs that can help you in this process. The lending process can require a chunk of time and paperwork to complete, but the end result is well worth it.
7. Have The Home Appraised
A home appraisal is a required part of the process, and a necessary part of the lending procedure. The reason for this step is because banks want to ensure you (the buyer) are getting a fair price on your purchase.
8. Close The Transaction
You will complete a tremendous amount of paperwork when completing a home purchase. Disclosure upon disclosure. It will take a while! Both the buyer and seller will complete all the closing documents, and then, you’ll receive the keys to your Colorado Springs home. Celebrate, as you will have earned it.
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