Buying a House in Colorado Springs: Complete Buyer's Guide
Buying a Home in Colorado Springs Scott Coddington September 16, 2026
Buying a Home in Colorado Springs Scott Coddington September 16, 2026
Buying a home is exciting, but there are a lot of decisions between deciding you want to move and receiving the keys to your new home.
I'm Scott Coddington, Broker/Owner of Pulse Real Estate Group. I'm a Colorado Springs native, third-generation real estate professional, and I've been licensed in Colorado real estate since 1997.
Over the years, I've helped buyers purchase everything from first homes and traditional suburban properties to new construction, mountain homes, acreage, investment properties, and rural land.
One thing I've learned is that there isn't one home-buying strategy that works for everyone.
Your financing, monthly payment, location, commute, property type, long-term plans, and tolerance for repairs can all influence what constitutes the right purchase.
And sometimes the opportunity isn't just in the house.
It may be an assumable mortgage with an interest rate substantially below current market rates. It could be a builder offering financing incentives. Or it might mean expanding your search outside Colorado Springs to find more house, more land, or a location that better fits what you're trying to accomplish.
This guide walks through the process and some of the decisions I believe buyers should understand before purchasing a home in Colorado.
Before spending every evening scrolling through homes online, I recommend answering two questions:
What are you trying to accomplish?
And:
What monthly housing expense are you comfortable with?
Notice I didn't say, "What's the maximum amount a lender will let you borrow?"
Those aren't necessarily the same number.
Your home should fit your life and financial goals—not simply your maximum qualification.
Once we understand your budget, financing, desired areas, timeline, and priorities, we can build a home search around properties that actually make sense.
Purchase price is only one part of the cost of owning a home.
Your monthly housing expense may include principal and interest, property taxes, homeowners insurance, mortgage insurance when applicable, HOA dues, and potentially metropolitan or special district costs.
Then there are utilities, maintenance, and repairs.
This becomes particularly important in Colorado because two homes listed at exactly the same price can have noticeably different monthly expenses.
One may have an HOA and metropolitan district. Another may have higher insurance costs. An acreage property may have a well, septic system, propane, private-road expenses, or other considerations.
Compare the complete cost of ownership, not simply the purchase price.
For most financed buyers, yes.
A good mortgage professional can help you understand available loan programs, approximate interest rates, down-payment requirements, estimated closing costs, and expected monthly payments.
That allows us to search intelligently.
Preapproval can also become important when you're ready to submit an offer because sellers commonly want evidence that a financed buyer has spoken with a lender and has the ability to complete the purchase.
Depending on your circumstances, conventional, FHA, VA, down-payment assistance, jumbo, rural, construction, or other financing programs may be worth discussing with a qualified lender.
I also encourage buyers to compare financing rather than simply accepting the first loan option presented.
One misconception I still hear from buyers is that they need a 20% down payment to purchase a home.
That's not universally true.
The amount required depends on your financing program, qualifications, lender requirements, and property.
Your total cash requirement can also include more than the down payment. Depending on the transaction, there may be earnest money, inspection expenses, appraisal costs, closing costs, prepaid taxes and insurance, and other expenses.
That's why I want buyers to understand their approximate monthly payment and cash to close early in the process.
This is an area buyers sometimes overlook.
Two $500,000 homes do not necessarily represent the same financial opportunity.
The interest rate, seller concessions, builder incentives, taxes, HOA expenses, and other terms can materially change both your upfront costs and monthly payment.
That's why we're not simply looking for the right property.
We're also looking for opportunities within the financing and terms of the transaction.
Potentially.
Certain FHA-insured and VA-backed mortgages are assumable, subject to program requirements and approval. That means a qualified buyer may be able to assume the seller's existing mortgage rather than obtaining an entirely new first mortgage at current market rates.
This can become especially interesting when the existing loan originated during the period of historically low mortgage rates.
Some homeowners still have FHA or VA mortgages carrying interest rates in the 2% to 3% range.
If a qualifying buyer can successfully assume one of those loans, the potential difference in monthly payment compared with obtaining a new mortgage at current rates can be substantial.
But there's more to the equation.
Suppose a property sells for $500,000 and the seller has $350,000 remaining on an assumable mortgage.
The buyer still needs to determine how to address the $150,000 difference between the existing loan balance and purchase price.
That may involve cash or potentially another financing solution, depending on the buyer, lender, property, and loan program.
VA assumptions can also involve important considerations regarding the seller's VA entitlement.
This is why we need to look beyond the advertised interest rate and evaluate the entire transaction.
At Pulse Real Estate Group, we can help identify properties with potentially assumable financing, gather information about the existing mortgage, evaluate the approximate equity gap, and help buyers navigate the process with the appropriate lenders and loan servicers.
Not every assumable mortgage will make sense.
But when the numbers work, an existing low-rate mortgage can create an opportunity worth investigating.
New construction provides another financing opportunity buyers should understand.
Builders sometimes offer incentives through preferred or affiliated lenders that aren't available with a typical resale transaction.
Depending on the builder and current promotion, those incentives might include a below-market mortgage rate, temporary or permanent rate buydown, closing-cost assistance, design incentives, or some combination of benefits.
That can change the comparison between a new home and an existing home.
For example, the resale property might have the lower purchase price, while the new-construction home could potentially offer financing that produces a lower monthly payment.
That doesn't automatically make the new home the better purchase.
Builder incentives can have qualification requirements, specific closing deadlines, restrictions on eligible properties, and requirements to use particular lenders or other affiliated services.
We want to understand exactly what is being offered.
When comparing new construction with resale, we'll look at the complete financial picture:
Purchase price, interest rate, estimated payment, closing costs, lender fees, seller concessions, builder incentives, taxes, HOA expenses, metropolitan district costs, landscaping, upgrades, and anticipated maintenance.
Sometimes the resale property makes more sense.
Sometimes builder financing makes new construction surprisingly competitive.
And occasionally, a resale property with an assumable FHA or VA mortgage may present another alternative entirely.
Our job is to help you identify those opportunities and understand the numbers before you make the decision.
One advantage of working with Pulse Real Estate Group is that your home search doesn't necessarily stop at the Colorado Springs city limits.
We have access to multiple MLS systems covering a broad portion of Colorado.
That allows us to search along the Front Range from the Denver area through Colorado Springs and south into Pueblo, as well as Cañon City and communities throughout the Royal Gorge region.
Our coverage also extends west into the mountains and east onto the Colorado plains.
That's particularly useful because buyers' searches frequently evolve.
You may initially tell me:
"I want to live in Colorado Springs."
But after we discuss what you're looking for, we may discover that Monument better fits your northern commute.
Black Forest might better match your desire for trees and acreage.
Falcon could provide the additional space you're looking for.
Pueblo West may offer larger lots or more purchasing power.
Woodland Park or Divide might provide the mountain environment you've always wanted.
Cañon City, Florence, or Penrose may make sense for someone with greater geographic flexibility.
Or your job and lifestyle might allow us to compare properties throughout a much larger portion of the Front Range.
Your home search should be based on your goals—not an arbitrary line on a map.
There isn't one Colorado Springs neighborhood that's right for everyone.
The better question is:
Which area fits what you're looking for?
Northern Colorado Springs includes areas such as Briargate, Northgate, Wolf Ranch, Cordera, and Flying Horse.
Eastern Colorado Springs includes Powers, Springs Ranch, Stetson Hills, Banning Lewis Ranch, and numerous newer communities.
Closer to central Colorado Springs you'll find Downtown, the Old North End, Patty Jewett, and established neighborhoods.
To the west are Old Colorado City, the Westside, Rockrimmon, and areas approaching the foothills.
Southwest Colorado Springs includes communities around Broadmoor and Cheyenne Mountain.
Then we can expand outside the city into Monument, Black Forest, Falcon, Fountain, Security-Widefield, Manitou Springs, Woodland Park, Pueblo West, and beyond.
The objective isn't to find the neighborhood somebody else says is best.
It's to identify the areas that best match what you're looking for.
For some buyers, absolutely.
If you're flexible about location, expanding the search can change what your budget buys.
A buyer primarily interested in acreage might compare Black Forest, Falcon, eastern El Paso County, Pueblo West, Penrose, Divide, and other surrounding areas.
Someone working near Fort Carson may want to compare southern Colorado Springs with Fountain and Security-Widefield.
Someone frequently traveling north might consider Northgate, Monument, and the Tri-Lakes region.
And someone prioritizing mountain living may want to explore Woodland Park, Divide, or other mountain communities.
Sometimes moving the search 20 or 30 miles can produce a completely different selection of properties.
The trade-off might be commute time, weather, utilities, services, or distance from shopping.
Those are all part of the decision.
Buying acreage requires a different level of due diligence than purchasing a traditional suburban house.
The house is only one part of the property.
Depending on the location, we may need to investigate wells, water availability, septic systems, propane, zoning, easements, road access, outbuildings, fencing, soils, drainage, wildfire considerations, insurance, agricultural uses, covenants, and potential future improvements.
A beautiful five-acre property can be perfect for one buyer and completely wrong for another.
This is also an area where comparing properties based solely on price per square foot can be misleading.
When buying acreage, we need to evaluate the entire property—not just the house.
Neither option is automatically better.
New construction may offer contemporary floor plans, newer mechanical systems, energy-efficient features, warranties, community amenities, and potentially attractive builder financing incentives.
Existing homes may offer mature landscaping, established neighborhoods, finished basements, fencing, window coverings, larger lots, and improvements that could cost considerably more to add to a new home.
When evaluating new construction, remember that the builder's salesperson represents the builder.
Having your own real estate representation can help you evaluate the lot, contract, upgrades, incentives, financing, inspections, deadlines, and final walkthrough.
And because builder incentives can materially affect affordability, we'll compare those programs with traditional financing and available resale opportunities rather than looking only at base prices.
I don't believe in using the same offer strategy on every house.
Before determining an offer, we want to understand the property and its competition.
We'll consider comparable sales, asking price, condition, days on market, previous price reductions, competing listings, buyer activity, financing, and other available information.
Then we determine a strategy.
Sometimes negotiating below asking price makes sense.
Sometimes asking price may be appropriate.
And in a competitive situation, a buyer may decide stronger price or terms are necessary.
The strategy should fit the property and circumstances—not a predetermined formula.
This is one of the most important concepts I want buyers to understand.
Negotiation extends beyond price.
Depending on the transaction, we may potentially negotiate purchase price, seller concessions, closing costs, mortgage-rate buydowns, repairs, closing date, possession, inclusions, and other contractual terms.
Suppose we can negotiate $5,000.
Should we reduce the purchase price by $5,000?
Use it toward eligible closing costs?
Use some or all of it toward a mortgage-rate buydown?
There isn't one answer for every buyer.
The impact depends on your financing, cash position, expected ownership period, and goals.
The best deal isn't always the lowest purchase price. It's the combination of price and terms that best accomplishes your goals.
Earnest money is generally a deposit made after the contract is accepted to demonstrate the buyer's commitment to the transaction.
When the transaction closes, that money is generally credited within the transaction rather than becoming an additional purchase expense.
Whether earnest money is refundable if a transaction terminates depends on the contract, deadlines, circumstances, and the buyer's contractual rights.
The important thing to understand is:
Contract deadlines matter.
Once you're under contract, carefully managing those dates becomes an important part of protecting your interests.
An inspection gives you an opportunity to better understand what you're purchasing.
Depending on the property, inspections and additional evaluations may involve the roof, foundation, plumbing, electrical system, HVAC, sewer line, radon, drainage, fireplaces, structural components, wells, septic systems, outbuildings, additions, or other property-specific concerns.
An inspection isn't about finding a perfect house.
I've yet to see one.
It's about gathering information so you can make an informed decision.
Depending on the contract and what the inspection reveals, we may request certain repairs, negotiate a financial resolution, decide an issue doesn't justify asking for anything, or encounter a concern significant enough that the buyer needs to reevaluate the purchase within the buyer's contractual rights.
I don't believe every inspection should become a 50-item repair list.
We want to distinguish between normal maintenance and issues that meaningfully affect the property, expense, safety, or your decision to purchase it.
When you're financing a home, your lender will commonly require an appraisal.
The appraiser develops an opinion of value for lending purposes.
If the appraisal supports the transaction, we generally continue toward closing.
If an appraisal creates an issue, we'll evaluate the appraisal, contract provisions, comparable sales, financing, and available options.
This is another reason I want to understand comparable sales before we submit the offer—not afterward.
Buying a home involves more than inspecting the structure.
Depending on the property and contract, buyers may need to review or investigate title information, HOA documents, covenants, property disclosures, surveys or improvement location information, permits, water rights, wells, septic systems, zoning, easements, and other records.
Not every property requires the same investigation.
A downtown condominium requires different due diligence than 40 acres on the eastern plains.
Our job is to identify the questions that apply to the property you're actually purchasing.
Colorado Springs and the surrounding area have a significant military presence, and VA financing is an important option for many eligible buyers.
Military moves can also involve unique circumstances.
PCS timelines, deployment, distance, financing deadlines, and purchasing a property before physically arriving in Colorado can all affect the process.
We can help coordinate with your lender and other professionals throughout the transaction and help you evaluate conventional listings as well as potential VA assumable-loan opportunities when appropriate.
Sometimes buyers simply can't get here before they need to purchase.
Technology makes remote home buying much easier than it once was, but a remote showing should involve more than walking through the house while telling you everything looks great.
I want to help you understand what you can't see in the listing photographs.
That can mean showing you the street, neighboring properties, traffic, lot, views, condition, storage, closets, mechanical systems, basement, exterior, and anything else that may affect your decision.
The objective is to make a remote buyer feel like they've actually seen the property.
Not every buyer is searching for a primary residence.
We also work with investors evaluating single-family rentals, multifamily properties, house-hacking opportunities, land, and other investment properties.
For an investment purchase, the numbers become particularly important.
Potential rent, financing, taxes, insurance, maintenance, vacancy, management, utilities, HOA expenses, repairs, and future capital expenditures can all affect the investment.
Rather than simply asking whether you like the property, we want to understand whether the numbers support what you're trying to accomplish.
As closing approaches, your lender, title company, real estate professionals, and other parties work through the remaining requirements of the transaction.
You'll review final financial figures, arrange funds according to secure closing instructions, sign the required documents, and complete the requirements for transferring ownership.
We'll also typically conduct a final walkthrough before closing to verify the property's condition and address applicable agreed-upon items.
Then comes the part everybody has been working toward:
You get the keys.
No. Down-payment requirements depend on your financing program and qualifications. Some qualified buyers may be able to purchase with considerably less than 20% down.
Potentially. FHA and VA mortgages can be assumable subject to applicable requirements and approval, and some existing loans originated when mortgage rates were in the 2% to 3% range. The buyer generally needs to qualify, and you'll need a strategy for any difference between the assumable loan balance and purchase price.
We can help identify potential opportunities and work with you and the appropriate lender or servicer to navigate the process.
Sometimes.
Builders may offer below-market financing, rate buydowns, closing-cost incentives, or other promotions through preferred or affiliated lenders.
Programs and eligibility can change, so we want to compare the actual financing package rather than simply relying on an advertised rate.
Potentially. Seller concessions may be negotiable depending on the property, financing program, appraisal, contract, and market conditions.
Sometimes.
The appropriate strategy depends on the property, comparable sales, condition, competition, days on market, seller situation, and other factors.
It depends on your priorities.
Rather than assuming one is better, compare the complete package—including price, financing, builder or seller incentives, taxes, HOA and metro district expenses, upgrades, landscaping, maintenance, location, and expected monthly payment.
Yes.
Our MLS access and geographic coverage allow us to work across a broad portion of Colorado, including the Front Range from the Denver area through Colorado Springs and Pueblo, the Cañon City and Royal Gorge region, mountain communities to the west, and communities across the eastern plains.
Yes.
Acreage and land purchases can require additional research involving zoning, wells and water, septic feasibility, access, easements, soils, utilities, outbuildings, financing, and potential future uses.
Yes.
Mountain properties can require different due diligence involving road access, snow removal, wells, septic systems, wildfire mitigation, insurance, terrain, utilities, and winter conditions.
You don't need to know exactly where you want to live before contacting us.
In fact, that's often where we can provide the most value.
Tell us what you're trying to accomplish.
What's your budget? Where do you work? How much driving are you comfortable with? Do you prefer newer construction or an established neighborhood? Would you like acreage? Do you need a workshop or additional garage space? Are you relocating? Are you eligible for VA financing? Is this your first home? Are you buying an investment?
From there, we can begin narrowing the possibilities.
I've been licensed in Colorado real estate since 1997. I'm a Colorado Springs native, third-generation real estate professional, and Broker/Owner of Pulse Real Estate Group.
Our coverage extends well beyond Colorado Springs—from the Denver area south through Colorado Springs, Pueblo, and the Royal Gorge region, west into the mountains, and east onto the plains.
And we're not simply looking for a house.
We'll help you evaluate the property, neighborhood, financing, monthly payment, potential assumable loans, builder incentives, contract terms, inspections, negotiations, and risks so you have the information you need to make your own decision.
Scott Coddington
Broker/Owner | Pulse Real Estate Group
Colorado Springs, Colorado
719-399-0000
Ready to start looking? Let's begin with what you're trying to accomplish, then build the home search around you.
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