What are the steps to buying your first home in Colorado Springs?

Before you look at homes

1. Start with your goals

Before you talk about price, get clear on why you're buying and what the home needs to do for your life over the next several years. I use what I call the Life → Wealth → Real Estate™ method: life goals first, then whether the purchase makes financial sense and fits your long-term plans, then the right property. I don't tell anybody what to do; I give them the questions to consider.

A few questions worth answering early: How long do you expect to stay? Is your income stable? Will you still have an emergency fund after you buy? If you might move within a few years, would you be willing to rent the home out?

2. Talk with a lender and get pre-approved

Get pre-approved before you start touring. A pre-approval tells us we're looking in the right price range, based on what you qualify for and what you want. It also belongs with your offer, because sellers want to see it. And remember, just because you qualify for something doesn't always mean it's the right thing to do.

Ask the lender to compare loan types and down payments side by side. See how much house you can realistically afford, how to compare FHA, conventional, and VA financing, and how mortgage pre-approval works.

3. Plan your cash and check for assistance

Your cash needs go beyond the down payment: closing costs, earnest money, inspections, the appraisal, and money to move in and keep a maintenance reserve. See how much cash you need to buy.

If you might use down payment assistance, ask about it now. Colorado Housing and Finance Authority (CHFA) programs require a homebuyer education class, and it's easier to take one early than to rush it later. See down payment assistance programs for Colorado Springs buyers.

4. Choose your agent and sign a buyer agreement

Since August 17, 2024, agents who use the MLS must have a written agreement with you before you tour a home, including live virtual tours. The agreement spells out the services you'll receive and how your agent is paid, and its terms are negotiable. See how buyer agent fees work in Colorado Springs and how to find the right agent.

Finding the home

5. Tour enough homes to know the trade-offs

The most common mistake I see first-time buyers make is moving too quickly. I like to see buyers look at anywhere from eight to 10 homes, so you know what the trade-offs are. By then you start to see things you wouldn't have noticed at first.

Touring can be overwhelming by itself, so take pictures and a walkthrough video of each home. If you see a lot of homes in one day, they start to run together. That's especially true for military buyers, who have a finite window and may see 10 or more homes in a weekend.

My own technique is to evaluate each home against the last one. Where does this one sit compared to the homes you've already seen? That gives you a running list you can narrow to your top three or four. That's why the notes and pictures matter.

If you're buying from out of state, see buying a Colorado Springs home from out of state and buying remotely during a PCS.

6. Check the house against local records before you offer

Some of what affects your cost and your risk isn't in the listing. Before you write an offer, check:

• Permit history. The Pikes Peak Regional Building Department issues building permits for Colorado Springs and most of El Paso County. Its records can show whether a finished basement, addition, or roof replacement was permitted.
• Property taxes. Two similar homes can carry very different tax bills. See why Colorado Springs property taxes differ.
• Metro district and HOA. See what a metro district is and what to review before buying in an HOA.
• Well and septic. Some homes in unincorporated El Paso County aren't on city water and sewer. See buying a home with a well or septic system.
• Insurance. Get a quote on the actual house early. See why homeowners insurance varies between Colorado Springs houses.

Under contract: the three phases

In my experience, the transaction has three stretches, each with a different feel and a different level of risk.

7. Make an offer and get it accepted

Colorado uses a standard contract approved by the Colorado Real Estate Commission, with a deadline for each step: earnest money, inspection, title, appraisal, loan, and closing. Your earnest money is due with the contract unless you and the seller agree to a later deadline. Getting the offer accepted is the highest-risk part of the whole process, because until then you don't have a house.

8. Get through the inspection period

This is the second-highest risk period, and the busiest. There's always a ton of emails, and a lot of information coming at you at once. I warn buyers about that up front, and my job is to explain what's happening, which documents you need to review, and to break it down step by step.

During this period you'll typically have the general inspection and any add-ons, review the title documents and any HOA documents, and decide whether to ask the seller for repairs or a credit. If the inspection turns up something you can't live with and you terminate by the contract's deadline, you're generally entitled to your earnest money back.

9. Appraisal and final loan approval

Once you're through the inspection period, things get eerily quiet. You're past the two highest-risk stretches, and the work shifts to your loan documents.

This is also where money starts to be committed, such as the appraisal fee. I advise working with your lender to avoid paying for the appraisal until you're through the inspection period, when you have a strong chance of moving forward. Just make sure the contract's appraisal deadline leaves enough time to order it afterward; your lender and agent can set those dates together.

10. Final walkthrough and closing

In Colorado, a title company typically handles the closing. You'll sign the loan and closing documents, bring your cash to close as a wire or cashier's check, and get the keys. Afterward, the deed is recorded with the El Paso County Clerk and Recorder. Always confirm wiring instructions by calling the title company at a number you've verified yourself. See what a title company does and typical buyer closing costs.

How long it takes

A typical financed purchase closes in about 30 days after the contract is signed. It can take longer for a VA loan assumption, a short sale, or a new-construction home. My approach is to set expectations up front for each phase of that period, so nothing about the timeline catches you off guard. See how long it takes to close in Colorado Springs and assuming a VA loan.

What could change the answer

• Your loan type. VA, FHA, conventional, and assistance programs each add their own requirements, such as VA and FHA property standards or homebuyer education.
• The type of home. New construction, condos, homes with a well or septic system, and homes in metro districts each add steps.
• The market. In a competitive market, you may need to decide faster, and inspection terms and earnest money become part of the negotiation.
• Your timeline. A PCS, a lease ending, or a job start date can compress the search, which makes the notes and the ranking even more useful.
• Contract forms and rules change. The Colorado Real Estate Commission updates its forms, and industry rules such as buyer agreements can change.

When to talk with a professional

About the author

Weldon Hobbs is a Colorado Springs REALTOR® and co-founder of Team Hobbs Realty. He is a member of The Platinum Group, REALTORS®, Colorado Springs' #1 independent brokerage, which pairs deep local expertise with premium marketing exposure. A U.S. Air Force Academy graduate and retired Air Force veteran, he and his family made more than 10 military moves. Since 2006, he and his wife, Kristen, have bought and sold their own homes, managed a portfolio of rental properties, and guided others through their own real estate decisions. He has also helped both family members and clients downsize, where the decisions are often complex and the process can feel overwhelming. Drawing on his background as a PMP® (Project Management Professional), he helps people break those decisions into clear, manageable steps.

Since beginning his real estate career, he has ranked in the top 7% by sales volume among the more than 4,000 members of the Pikes Peak Association of REALTORS®. He works with military families, seniors and downsizing clients, luxury and premium home sellers, and people relocating to Colorado Springs. He developed the Life → Wealth → Real Estate™ method, hosts the national YouTube channel Life & Real Estate Without Regret, and holds an MBA along with the SRES® (Seniors Real Estate Specialist®), MRP (Military Relocation Professional), and Certified Financial Coach credentials. More about Weldon

Sources

• National Association of REALTORS®, Consumer Guide: Written Buyer Agreements: https://www.nar.realtor/the-facts/consumer-guide-written-buyer-agreements
• National Association of REALTORS®, Written Buyer Agreements 101 (includes live virtual tours): https://www.nar.realtor/the-facts/written-buyer-agreements-101
• Colorado Division of Real Estate, Contract to Buy and Sell Real Estate (Residential), educational copy: https://dre.colorado.gov/sites/dre/files/documents/Contract%20to%20Buy%20and%20Sell%20Real%20Estate%20(Residential)%20Clean%20Educational.pdf
• Colorado Housing and Finance Authority, Down Payment Assistance and Homebuyer Education: https://www.chfainfo.com/homeownership/down-payment-assistance
• Pikes Peak Regional Building Department, About: https://www.pprbd.org/Home/About