You may be excited by the prospect of buying a home in Boulder. The area is known for its plentiful outdoor activities and excellent dining options. You may also have questions about what neighborhoods should be at the top of your list and how you can save money on your new home.
This article will tell you everything you need to know about how to handle the homebuying process from start to finish. You’ll learn expert tips and tricks to make the process less stressful and expensive.
1. What draws people to Boulder?
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People come to Boulder for the fresh air, the pleasant weather, and the booming businesses. Several large companies call Boulder home and provide plenty of jobs to Boulder residents. Meanwhile, the city’s relatively low population minimizes traffic and makes the community feel less crowded.
Boulder is desirable for many to live in — and there’s reason to believe that a mortgage payment costs less than paying rent in the area. According to Smart Assets, Boulder always ranks within the top 5 Best Housing Markets for Growth And Stability.
Boulder is desirable for many to live in — and there’s reason to believe that a mortgage payment costs less than paying rent in the area. According to Smart Assets, Boulder always ranks within the top 5 Best Housing Markets for Growth And Stability.
2. What are the best neighborhoods in Boulder?
There are several excellent neighborhoods in the Boulder area. Mapleton Hill is one of the most popular. One of the oldest neighborhoods in the area, Mapleton Hill sits near the town’s historic district. Most of the homes are grand large historic homes that have been renovated with high end finishes. These homes have large front porches and beautiful architecture. Their extensive lawns give families plenty of space to spend time outside enjoying the beautiful weather.
The Newlands is also very desirable neighborhood to live. It's close to downtown Boulder and Sanitas for hiking. The North Boulder Park anchors the neighborhood and a great place to play, workout, xcountry ski.
Table Mesa is another great option. The neighborhood is close to hiking trails, biking, rock climbing, and more. Being on the south end of town it has easy access to Denver and the mountains. The neighborhood shopping center is a gathering place for food, drinks, ice cream, working out and yoga.
3. What should I know about the current state of the Boulder market?
Throughout the nation, the housing market appears to have slowed down. Some people may say it is in a recession. When interest rates were low, it spurred a lot of buyer activity. As the rates soared above 7% for the first time in years, home prices stalled as buyers pull out of the market.
However, now interest rates have been stable for the past 4 months. There are signs that inflation is coming down. As long as this continues throughout the first quarter of 2023, we should see mortgage rates decline as well. Mortgage rates are directly tied to inflation.
Boulder historically has low inventory of homes. Market price is dependent on supply and demand. We are still seeing multiple offers on new listings that are move in ready, in a desirable location and are well priced. And, for the homes that have been sitting there is opportunity to get those without competition and possibly some concessions. It's still a great time to be a seller or a buyer.
4. What are property taxes like in Boulder?
To calculate your property taxes, multiply the actual value of your home (as determined by a local assessor) by the assessment rate. As of February 2023, the assessment rate was 7.15%. Once you multiply your home’s value by the assessment rate, you can calculate the assessed value of your home. This amount is multiplied by 9% (the mill levy rate) to determine how much you’ll owe in property taxes. Following these calculations, a home worth $500,000 will be liable for nearly $3,200 in property taxes.
5. How can I save money on my home purchase?
One of the best tips for saving money on a home purchase has nothing to do with the home itself. You should create time to speak with multiple lenders at the beginning of the process. Each lender is likely to offer you a different interest rate.
While these numbers are based on the national interest rate, they can vary based on which lender or bank you’re speaking with. Don’t be afraid to shop around and go with the group that can offer you the best rate. Even a rate that is only slightly lower can save you thousands of dollars over the life of your loan.
While these numbers are based on the national interest rate, they can vary based on which lender or bank you’re speaking with. Don’t be afraid to shop around and go with the group that can offer you the best rate. Even a rate that is only slightly lower can save you thousands of dollars over the life of your loan.
6. What should I do before I begin shopping for a home?
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You should have a pre-approval letter in hand before you begin seriously shopping for homes. Pre-approval gives you confidence that you can secure the necessary funding to complete the home purchase. Some realtors will only work with buyers pre-approved for a loan. There’s also a good chance that a seller will want to see a pre-approval letter before they will agree to a deal to sell you their home.
7. Any other tips and tricks for shopping for a home in Boulder?
Even if you waive the inspection objection, it is in your best interest to have your home inspected. You want to know what you are buying. Suppose your home has foundational or structural damage, and you don’t order an inspection before you complete the purchase. In that case, the financial responsibility of making the necessary repairs will fall entirely onto your shoulders. Some of the most expensive issues to repair are also the hardest to detect without a qualified inspector’s help. With an inspection report, you have the possibility of negotiating repairs or concessions for larger ticket items.
8. Who can help me shop for a home in Boulder?
Reach out to Nina Mooney when you need help buying a house in Boulder. Nina loves the excitement that happens each time she helps someone find their dream Boulder property. She works hard throughout the transaction to educate her clients on the process and answer their questions with the utmost respect and care. Her approach and expertise will be of tremendous value to you throughout the buying process.