Whether it has been a long time since you bought a home or it’s your first time - here’s a good refresher about the process. It is a huge undertaking to buy a home & your chosen team of professionals should make it as stress-free as possible.
prepping your house to sell - staging
staging your home to sell on a small budget
consider these steps when you look to sell your home:
remove clutter & personal items - you want buyers to imagine their lives in the space, so make that easier for them to do.
do a deep clean of your home. it is truly surprising what a good cleaning can accomplish. throw on a playlist and some gloves and get to work cleaning. your home will show so much better without a layer of dust.
sell some of your items filling up your home that overcrowd and you no longer use. places like facebook marketplace and craigslist for household items and furniture. clothing can be sold on places like thredup and poshmark.
rather than spending money on a storage unit, items and boxes can be neatly moved and organized into your garage while your home is marketed and sold. buyers do not tend to be detracted from the home when the garage is used as a moving and staging area.
orient the furniture you have to make your home look spacious and walkable. if furniture is too big for the space, consider letting go of those items. the more open the pathway, the better.
consider spending money on a fresh coat of paint in a color that has mass appeal. some ideas for colors are sherwin williams colors: agreeable gray, repose gray, useful gray and gracious greige. that way the buyers can imagine their personal spin on the place without too many distracting decorating choices and funky colors.
6 Steps When You Discover a Roof Leak
So, it has finally happened: You spotted a leak in your roof. Maybe you have spotted some water damage in your house, or maybe you picked this up during a regular roof inspection. This can be a stressful situation, but don’t panic. The following steps will help you mitigate the damage, assess the scale of the problem, and decide how you are going to solve this.
Locate the Leak
Some leaks are pretty obvious to spot, but others can be a little tricky to find. If this is the case, you may need to do some investigative work.
To locate a hidden roof leak, go up to your attic and examine the roof decking and rafters above the wet patch in the ceiling, then follow any stains to their highest point. You can then measure the distance between the leak and both the roof peak and gables. Go on the roof, transfer these measurements, and you should be able to find the leak.
Going on the roof to inspect for repairs is dangerous, so brush up on your roofing safety. A few specific points to remember include:
● Don’t go on the roof while it is still wet.
● Work with soft-soled boots with good traction.
● Set up your ladder properly, resting on even ground, secured at the top, and with a heavy object to weigh it down at the bottom.
Minimize Further Damage
Next, you will want to mitigate any further damage to your property. Contain the water by placing buckets or towels where it is falling, and remove belongings that could be damaged by water. If there is water building up in the ceiling, drill a hole to let it out (patching a hole is easier than repairing an entire collapsed ceiling).
Clean the Area
Once you have the water under control, it’s time to clean the area to prevent damp and mold from settling in. Open windows, fans, and dehumidifiers can all help remove moisture from the air and from specific materials, such as wood and drywall. You can try to rescue fabrics with a wet/dry vacuum cleaner. If you didn’t discover the leak right away and some of your property is beyond saving, you’ll want to get rid of it as soon as possible to prevent mold from settling in.
If you have a lot of bigger items that you need to get rid of, then consider calling in junk removal specialists (the cost usually ranges from $100 to $800). These pros can help with a lot of larger belongings, including appliances, mattresses, and furniture. Additionally, they will determine what needs to be recycled and what needs to be trashed, and then take those things to the appropriate facilities.
Call Your Insurer
According to Value Penguin, most home insurance covers roof leaks, but this will depend on the cause. If the leak happened due to a lack of maintenance, you will probably not be covered. You should also check what the deductible is for roof repair, as it could be much higher than the cost of just hiring a local contractor to fix a small leak. The easiest way to know exactly where you stand is to call your insurer and discuss the matter with them.
Do a Temporary Fix
Next, it’s time for a quick temporary fix that will hold the water while you find and hire a roofing expert. There are two methods you can use to achieve this: either patch the leak from the inside using roofing tar or cover it from the outside using a plastic tarp. Again, if you do decide to go on the roof, make sure it is dry and be safe.
Call a Roofing Expert
Roofing is a delicate and dangerous job, so you should take care to hire someone reliable. It’s recommended that you ask for proof of worker’s compensation and liability insurance, look for reputed local contractors, get the details in writing, and hire contractors who communicate well. Don’t base your decision on price alone, but do go in knowing how much you expect to pay: for reference, most people spend between $351 and $1,366 on roof repairs.
Every homeowner dreads a roof leak, but the truth is they are relatively common. As long as you react quickly and stay calm, everything will work out just fine. Remember to keep an emergency fund for big repairs like this, and to check your roof regularly to pick up on any potential issues before they get bigger.
This article is courtesy of Julian Lane
See more of his work here: http://thefixitchamp.com/blog/
Anxiety Buying Your First Home
Help! I have concerns!
Don’t worry, we’re here to address your home buying fears
1) I don’t think I have enough money to buy a home right now
Is this thought because of the fear of putting together a down-payment? Maybe you have heard that you need to have 20% down to purchase a house, but that isn’t true. You can put as much down on a house that you feel comfortable with, but you can purchase a house with very little money down. There are FHA loans with 3% down requirements. There are also grant programs which are available for down payment assistance which can allow you to put even less than 3% down. And if you are a veteran, you can buy a home with 0% down (thank you for your service).
If you’re talking about the monthly payments for a house - if you are paying rent, you can certainly afford to buy a house. All you’re doing paying rent is paying someone else’s mortgage.
2) Should I wait until the market changes?
there’s a quote about planting a tree. that the best time to plant a tree is 20 years ago and the second best time is today. you can’t perfectly time the real estate market. and real estate appreciates over long periods of time, like it takes for a tree to get old. so, you have to jump in the market. don’t be thoughtless about your purchase in the right part of town or home for you, but don’t be afraid to get started.
3) I can’t afford my dream home
Most everyone has a dream home. And then we have the home that we can afford right now. And we build wealth through real estate. You need to buy the home you can afford right now to be able to eventually get closer and closer to your dream home.
4) I’m confused and the process for buying a home seems so stressful
Buying a home is a big purchase - maybe the biggest one you will make in your lifetime. That’s why real estate agents exist. We help you with this big purchase so you don’t feel as stressful. We are experts that do this everyday, and we are here to help you.
So don’t be worried, find the right real estate agent to help you overcome your fears and help you start building your future!
How to Make a Successful Home-to-Rental Conversion
When planning to turn a personal residence into a rental, how you go about it can make all the difference in your results. Good planning and preparation can mean a money-making dream come true, but handled poorly, homeowners could be in for more of a nightmare. Additionally, certain preparations can boost property value. Here’s how to ensure a successful conversion that provides comfort and safety for your guests and brings you added income.
Proper Maintenance Is a Must
While your immediate goal is to appeal to guests, much of what you do to make them comfortable will also set your home up for a successful sale later. One of the best ways to appeal to potential buyers and renters both is a well-maintained, move-in ready property.
When you live in a house, keeping things up can be pretty natural. As issues arise, you manage them, and you get into a routine that ensures your basics are covered. However, when a place isn’t your primary residence, it can be easy to let things slip by; out of sight, out of mind can mean forgotten key elements. For instance, keeping your property clean is a must. Guests will expect a spotless, well-maintained house and yard. Many homeowners hire a cleaning service (if you live in Westminster, you can expect to pay $114 and $250 on average), or you can develop your own routine. If you are close enough to spruce things up between guests, then you have an opportunity to look for any damage or maintenance issues that may arise. Tidy.com offers a handy house-cleaning checklist to help you cover all the details.
Safe and Secure
In addition to a clean, tidy house, guests need to feel safe in your home. With that in mind, consider installing a home security system. It’s an option chock full of perks, and it makes good sense for owners of rental properties. In addition to helping guests feel at ease, you can rest assured your property is safe, even if you’re far away. There are ample bells and whistles to consider, from alerts when a window is opened to temporary key codes that expire when guests check out. On top of all that, some experts believe that a home security system can increase your property value, so it’s a win in all respects.
Upgrading the Atmosphere
Vacation rentals walk a fine line in certain ways. People might choose them over hotels because they provide a homey, private atmosphere, but at the same time, they don’t want to be reminded they are in someone else’s home. To help your guests feel comfortable, do some depersonalizing and aim for a neutral decor. Stick with simple, classic, gender-neutral choices, and make sure the house is uncluttered and organized. Also, if anything is dated-looking or worn, consider investing in some updates.
If you need to prioritize your projects, the room to focus on first is the kitchen. As HGTV points out, kitchen upgrades can make or break sales for house hunters, especially since they can run around $21,571 on average. Consider a fresh coat of paint, stainless steel appliances, and a tile backsplash to get things up to speed. You’ll find those same improvements will impress guests. To put you ahead of competing rentals, boost your home’s appeal to guests even more with a bit of luxury. One idea is to install wine cooler, and add a personal touch with a complimentary bottle of local wine, some gourmet cheese, and some nicely packaged crackers.
When managed properly, turning a personal property into a vacation rental can be a terrific money-maker for homeowners. Many of the same things which appeal to guests will also catch the eyes of house hunters if you decide to sell at a later date. Think in terms of providing comfort and security and you’ll ensure success.
Article courtesy of Erin Reynolds - see more of her helpful info on her website
Grab Your Pumpkin Spice Latte then head home for some Home Maintenance…
Schedule your sprinkler system blowout & winterization
When your sprinklers are blown out, remove all hoses from their connection to your house
Clean gutters and downspouts - so that water can easily flow through and get removed from you house
Seal any gaps in your home or garage where outside animals could come in to enjoy your heat
Remove any window A/C units if you have them
Winterize your swamp cooler
Schedule chimney cleaning if you have one
As real estate agents, we see how not doing the above can lead to safety issues or costly repairs down the road. Doing these annually to keep your nest egg safe!
As always, reach out to us if you would like to know more about Buying, Selling or Investing in the Colorado Real Estate Market. We would love to earn your business!
what does my real estate agent do for me when selling my home?
Why should you use a real estate agent? What will a great Real Estate Agent do for you?
- statistics show using a real estate agent nets a seller 25% more than selling the home themselves
- real estate agents know the local market and can interpret data
- a knowledgeable real estate agent will determine the appropriate listing price and strategy
- they will market the home online for maximum exposure as most home searches today begin online
- they will use professional photography and video marketing
- real estate agent market to buyers and know how to find them
- real estate agents collaborate with other brokers on what each others buyers and sellers are looking for
- they will reverse prospect your home to other brokers to learn feedback regarding home and price
- they can negotiate professionally and unemotionally
- real estate agents can see problems before they occur based on previous experience
- they will provide you tips to increase the return on your investment
- real estate agents will target the right audience for your home
what renovations have the best resale value?
Are you thinking of selling? how about home improvements before selling? it is important to know how much money you will re-coup from these projects. below is a list from Hanley Wood, LLC the 2016 Cost vs. Value Report can be downloaded free at www.costvsvalue.com
- Manufactured Stone Veneer : Cost $7,511 / Resale Value $7,504
- Attic Insulation : Cost $1,272 / Resale Value $1,112
- Minor Kitchen Remodel : Cost $19,744 / Resale Value $17,180
- Garage Door Replacement : Cost $1,607 / Resale Value $1,316
- Family Room Addition : Cost $84,969 / Resale Value $69,361
- Fiberglass Entry Door Replacement : Cost $3,121 / Resale Value $2,534
- Two Story Addition : Cost $169,858 / Resale Value $135,166
- Wood Deck Addition : Cost $10,751 / Resale Value $8,401
- Steel Entry Door Replacement : Cost $1,340 / Resale Value $1,040
- Basement Remodel : Cost $67,012 / Resale Value $50,989
Hope this gives you some food for thought!
may 2016 - qualifying for a home loan?
more often than not, if you are buying a home, you are using financing to do it. there are some things to keep in mind when qualifying for a home loan with a bank.
these are some of the things you will need to provide:
- previous 2 Pay Stubs
- previous 2 years W2 forms
- previous 2 years Tax Returns
- 3 Months Recent Bank Statements
- Contract to Buy & Sell (if you are already under contract)
- Social Security Card
- Home Addresses over last 2 years
things you do not want to do while qualifying and could effect your ability to do so:
- change your marital status
- change jobs
- switch banks or move money between institutions
- pay off existing accounts (unless lender tells you to do so)
- make a large purchase
- apply or open new lines of credit
We hope this helps & happy qualifying!
Reasons a Contract May Fall Apart
buying or selling a home is a big deal. likely it is the largest investment that the buyer and the seller have. it can also be very emotional, you already live or plan on living in this HOME.
one of the many benefits of using a real estate agent is that they are slightly removed from the transaction. they are representing your best interests but through a filter that will also not upset the other side of the transaction.
never the less, there are many things that can go wrong in the purchase or sale of a property, such as:
- inspection - the home can have too many issues that a buyer would like fixed and the seller might not be willing to take care of them all. the lender could also have an issue if the inspection list is too extensive.
- appraisal - appraisal can come in lower than the amount seller owes on a property or lower than they wish to sell it for. buyer's lender would ask the borrower to come up with the difference to cover their loan to value.
- finance issues - financial pictures change from application to closing. a buyer could have something big happen like losing their job or as little as applying for a store credit card. be sure to run everything through your lender, so that there are no surprises.
- title issues - unexpected liens or encumbrances can come up during the closing process through title that could ruin a transaction.
- contingency - your home the sale is contingent upon selling in order to close doesn't sell.
we hope that these scenarios are helpful for you to keep in mind when buying and selling a property. keep your eye on the prize and work through issues that come up.
what house can you really afford?
so, you want to buy a house. now what? if you are like most Americans, you are not buying it out-right with cold hard cash. you need a mortgage lender. that lender is going to establish how much home they believe you can afford and you want to make sure that you truly are able to swing all parts of your loan. here are some things to think about:
- how much money do you bring in from your job and other investments?
- how much money do you have to put down and cover closing costs?
- how much are your monthly expenses and outstanding debt?
- what does your credit report look like?
Generally, your monthly debt related expenses and your mortgage payment should not be more than 36% of your gross monthly income.
there are so many sites out there to give you a baseline for what you can afford, but most importantly, speak with a lender. Once you fill out an application and provide them with some required information, they will lay out what they believe you can afford. At times, our clients have found that though they are approved for a higher amount, they are more comfortable with a lower monthly payment. what works for you is what matters.
get started with this calculator:
https://www.nerdwallet.com/mortgages/how-much-house-can-i-afford
home finance 101
I want to buy a home, but how do I pay for it? The first step once you consider buying a home is speaking with a lender for what you qualify for.
“real estate cannot be lost or stolen, nor can it be carried way. purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
Types of Home Financing
- Conventional
- if you have good credit and are able to put 20% down, this is the loan program that will give you the best rate. it is a principle plus taxes, insurance and interest payment monthly for terms like 15 and 30 years.
- FHA
- this program is for people who have less than 20% down payment. it will have principle plus taxes, insurance and interest payments and also mortgage insurance. these are monthly payments for 30 years.
- VA
- for our veterans (thank you for your service), VA loans are available. these are federally insured loans with $0 down payment required. these loans are monthly payments of principle plus interest, taxes and insurance.
- Non Traditional
- for borrowers who are not W2 employees, maybe self employed? for borrowers who might have had credit issues in the past? those who don't fit into the boxes above may be able to qualify with portfolio lenders for different types of loans. generally these will be for shorter terms and carry a slightly higher interest rate.
- Investment
- investors have other opportunities for loans that are not intended to be owner occupied, but that is more of a 201 course that we can talk about later!
grand opening
we are looking forward to working with you!
denver neighborhoods
are you familiar with the denver neighborhoods? there might be more than you know of!
10 Steps For First Time Homebuyers
Buying a home for the first time can be very exciting. It can also be stressful if you are not equipping yourself with the right "power team." Below are a list of steps to help you form your power team, to ensure a stress-free home buying experience:
- Figure out how much house you can afford (get a free credit report, you may need to strengthen your score, look at your debt-to-income ratio, save for closing costs and down payment, for a rough assessment of how much house you can afford go to: http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx)
- Find the right mortgage lender (meet with a few, see what is out there and who is a good fit)
- Get pre-approved for a loan
- Find the right real estate agent (again, meet with a few)
- Determine what you need and want in a home
- Go House Hunting
- Research the home you want to buy
- Make an Offer & Negotiate
- Finalize the Purchase (our future blogs will go into more detail about this process)
- Close (look for future blogs for more info on the home closing process)
want to know more info? contact us. we would love to tell you more about the home buying process and provide you with a FREE first time homebuyer guide for taking time out of your busy schedule!