How much home can I buy in the Denver CO Area:

This list should provide some great ideas to consider when trying to understand the cost of a home and how much you may be able to afford when it comes to your home in the Denver CO area.

Utilities

The most obvious of additional housing expenses are utilities--gas, electricity and water. But don't forget about telephone, trash collection, and cable or satellite bills.

Taxes

As a property owner, you are responsible for property taxes. The rate will vary from city-to-city. In any community, the tax rate is (insert %) percent. That means for a home with a market value of $100,000, yearly taxes will run (insert dollar amount). To get a general idea on how much the tax bill will be for a property, ask the seller for a copy of the previous year's tax assessment. Your real estate professional can help you refine these figures and specific taxes are not an estimate.

Maintenance

Home ownership involves upkeep and maintenence. You'll want to set aside a small amount each month to pay for those "rainy day" repairs such as painting, plumbing, and carpet cleaning. The amount you budget will depend on the age of the home, as older homes tend to require more repairs because the appliances are older and may not be under warranty. Don't forget about seasonal maintenance, including lawn care, window cleaning, pest inspections, and gutter cleaning. And if you live in a home long enough, there are inevitable repairs--the roof, furnace, and appliance replacement.

Insurance

To protect yourself financially, in case something happens to your property or its contents, you'll need homeowners insurance. Depending on the type of coverage and your area, the costs for homeowners insurance each year can be anywhere from a few hundred dollars to thousands of dollars. And, if you live in an area that has high risks for flooding, earthquakes, hurricanes, etc., you may need supplemental insurance. In addition, if you want broader or higher coverage for your collections or high-ticket items such as computers, jewelry, and artwork, you may want to purchase an endorsement/rider to your homeowners policy.

Remodeling/Upgrades

Whether you buy an older home or have one newly-built, there are going to be improvements you want to make. So, you need to consider remodeling and upgrading costs as well when determining your housing budget.

Extras:

Even the cost for paint, light fixtures, window treatments, flooring and decorative cabinet knobs can begin to add up. However, having a home improvement fund will help lighten the load.

Comfort Zone:

By determining all the costs associated with home ownership, you can go into your home search with a reasonable price range that will allow you stay within your budget.  Buying a Denver Colorado Area Home does not mean that you need to be strapped.  The best plan for home ownership allows you to buy within your limits.  Lenders will sometimes offer you a loan for more than you are comfortable with, try to stay aware of what your comfort zone is and do not overspend.

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