BUSTED: 4 Myths About Buying Your Home That Just Aren’t True

BUSTED: 4 Myths About Buying Your Home That Just Aren’t True. 

It can be intimidating to dip your toes into the realm of home ownership especially as a first-time homebuyer. To make things worse, there are a number of myths out there about the home buying process.  Such misconceptions have kept many would-be homeowners from realizing the personal and financial rewards of owning a property. To clear things up, here are 4 myths about buying your home that simply aren’t true.

Myth #1 – It’s Cheaper To Rent Instead Of Own

If you buy a property that is within your budget and your mortgage terms allow you to make comfortable monthly payments, the cost of rent can often be higher than mortgage payments.

Sure, there are other expenses associated with owning a property that you wouldn’t be responsible for if you were renting, but one thing that many people forget is the fact that renting does not allow you to build equity.

The ability to build equity into a property that you own is like paying into a savings account – if you buy a home for $200,000, and pay down your mortgage to $175,000 in 5 years, you’ll have $25,000 in home equity that can be tapped into later if you need a lump sum of cash to pay for other large expenses.  If you sell your property down the line, any equity that the property has accumulated will provide you with more profit from the sale of the home.

Myth #2 – Whatever Shows Up On The Inspection Report Is The Seller’s Responsibility

Most offers on a home usually come with a home inspection condition that makes the offer contingent on the acceptance of a home inspection report by the buyer. Many buyers, however, are under the impression that sellers are responsible for any issues that show up on the inspection report.

Although the seller may be required to make certain major repairs as stipulated by the lender, everything is still negotiable. A buyer may ask the seller to fix a minor crack in the basement wall or repair scuff marks on the hardwood flooring, but the seller can refuse leaving the buyer with the decision of whether or not to move forward.

Myth #3 – The Perfect Home Is Out There – I Just Have To Wait For It

Buyers have a tendency to focus too much on all the little things that may be wrong about a house rather than on the majority of the things that are right. Homes are much like people – they aren’t perfect. Even brand new homes may have a few minor flaws.

The goal of a house hunt is to find a perfectly acceptable home – one that may have a couple quirks that you can either live with or fix, but is otherwise ideal. An experienced buyer’s agent can help you identify issues that are deal-breakers and keep perspective separating little annoyances from the big picture.

Myth #4 – I Don’t Need A Real Estate Agent To Buy A House

Without the proper team behind you – especially if you’re a first-time homebuyer – you could potentially find yourself in a compromised position. Many buyers don’t take the time necessary to shop for an agent who can best represent them in their purchase.

Think about it this way – would you perform surgery on yourself? Do you feel comfortable filing your own income taxes, or do you opt to use the services of an accountant? Being represented by a licensed real estate agent will give you the benefit of professional skills and knowledge, including the ability to find financing and close the deal with your best interests put first.  Call Terry Robinson and The Early-Group, your trusted Conifer, Evergreen, Pine, Bailey, Morrison and Front Range/Foot Hill Real Estate Team.  303.748.3838

It’s always in your best interest to have an experienced, knowledgeable agent represent you in a home purchase. With such a major investment on the line, you want someone who can help you complete a purchase leaving no stone unturned, ultimately saving you money and a lot of headaches.  A professional real estate agent will be able to sort the myths from the reality and make your first home-buying experience a positive one.

Creative Ways To Recycle Everyday Household Items

The Early-Group Gives You…Creative Ways To Recycle Everyday Household Items.

Every week the trash truck comes to pick up our garbage and unwanted items, which are promptly taken to landfills. Instead of filling landfills and just buying new items to stuff our homes, we can help the earth and recycle everyday household items.  Below are a few fun and creative ideas for recycling things around your home that you might be ready to trash.

Coffee Table Into Bench

If you just purchased a new coffee table, don’t give away the old one — repurpose it. Find a space in your home where you could use some additional seating, like at the end of your bed or in the entryway.  Push it up against the wall so that any drawers and shelves are facing out. Then add some cushions and pillow. Tada; a bench!

Copper Piping Into Bathroom Hardware

Whether you’re going for a modern industrial look or a French country theme, old copper piping can add an attractive and interesting conversation piece to your restroom. Utilize a U-shaped piece of piping as a toilet paper holder and long pieces of pipe as towel racks. Polish the copper and then seal it with spray lacquer so that it keeps its sheen.

Light Bulbs Into Decorations

Recycle filament light bulbs with a fun little craft project for your children. Grab paint, twine, glitter and glue. You can make flower pots and hang them in the yard as a simple green accent. Use the twine to create loops for hanging.

Pillowcase Into Shopping Bag

Take an old or vintage pillowcase, lay it flat and cut the top corners off of the open end. You’ll want to cut the corners off in a half-C shape so that that there is only about a two-inch strip left in the middle at the top. Sew that two-inch strip together and you’ve got your handle. This reusable shopping bag rolls up tight and is easy to wash.

Drawer Into Dog Bed

The size of your animal will dictate the size of drawer you should repurpose. A cat might like a kitchen drawer while a bigger dog would use a large dresser drawer. Strip the wood off the drawer and repaint. Remove the hardware. Maybe stencil your pet’s name on the front of the drawer. Then create a mattress using foam, batting and a soft and durable material.

Before getting rid of that broken side table or trashing those carry-out chopsticks, take a second look and tap into your creative side to see if you might be able to recycle and give them a second life.

CO Residential Inventory: Beyond the Numbers

Today’s real estate market is in the news and on the minds of all buyers, sellers and real estate brokers.  Demand is high and record-low home inventory is sending prices up, blurring the affordability line for some consumers.

However, not all inventory situations are equal. Here is a snapshot of some notable differences in inventory in parts of the Denver Metro, including Boulder, as well as the mountain communities of Conifer and Evergreen.

CO Home Inventory: Beyond the Numbers

Through April 2014 in Colorado, inventory was tightest for Denver homes priced up to $250,000. The number of active listings in this price range dropped 73% in units for sale this year, compared to April 2013.

To understand the story behind the numbers, it is important to drill deeper into the market. For example, inventory overall dropped 53% for homes priced up to $500,000, comparing April 2014 to April 2013. However, a different picture emerged in the Highlands Ranch market. There, the number of active listings was down 72% compared to last year in the same price category.

Here are some other interesting examples:

  • Notably, listings for homes priced $1 million and up did not post such dramatic declines. In the City and County of Denver, where certain neighborhoods are historically desirable, the number of listings available from $1 million dropped 36%.
  • In Castle Pines Village, a gated golf community of luxury homes sited in a spectacular scenic setting, the number of active listings was down just 24% for homes priced at $1 million and up.
  • In Vail Valley’s resort property market, Beaver Creek’s inventory was termed “moderate to strong” for homes in the $1 million to $2 million range in March 2014, based on the most recent data available at The Insider’s press time.
  • Inventory for homes in the $1 million and up price range in the town of Breckenridge was down about 19.3% this spring, compared to spring 2013.
  • In the city of Boulder, where the average home price is now more than $723,000, inventory for homes across all price ranges was down 19.2% this April, compared to last year.

Call Terry Robinson and The Early-Group for more information about your area.  303.748.3838

Home Improvement Projects Every Seller Should Consider

Home Improvement Projects Every Seller Should Consider.

Even in a housing market where inventory is low, some buyers may still want a move-in ready house and are willing to pay more for one that’s turn-key.

Sellers can increase their listing price and decrease the time their home sits on the market just by doing a few home improvement project. But not all projects carry the same return.

A big mistake a lot of home sellers make is they upgrade the kitchen thinking they will make so much more money on the house, but the rest of the house still needs upgrading or repairs. Home sellers have to look at repairs as a whole rather than a sum of parts.

For a kitchen renovation, the return on the investment is typically 78%, which may not make financial sense for all home owners. However, if other improvements and upgrades are made, the seller is more likely to recoup the money spent, and then some.

The home improvement priority list depends on the seller’s time frame. For those looking to list in the next couple of months, they can take on bigger projects than those looking to sell in a few weeks. However, every seller can increase the interest and price tag of their home by investing in increasing the curb appeal.

Buying a house or selling might be kind of like dating.  A pretty face may get them in the door.  Since a buyer may make a decision about a home without stepping out of the car, real estate experts say the front of the home has to be pristine, the door(s) painted and the windows cleaned.  But it shouldn’t stop there.  Sellers shouldn’t overlook the garage. Have the floors painted with garage floor epoxy. It’s amazing how many people comment on a clean crisp garage with a painted floor.

Also, by removing the window screen and cleaning the frames can also boost curb appeal. Most window screens darken a home and trap dirt. Removing them and cleaning all windows before the home has been photographed will give it a much brighter appearance, inside and out.

Inside the home, there are numerous improvement projects of varying price tags that can speed up the selling process.

Painting is a low cost way to make a home look more fresh and clean and show an owner’s commitment to maintenance. However, choose the paint carefully. Red walls or wildly-patterned wall paper can limit the appeal of a home as buyers are more drawn to neutral wall colors.

Paint freshens everything up and provides a clean and crisp feel.   If you aren’t an interior designer by trade, this is not the time to play designer. Find a reputable designer and pay them a consulting fee to pick your colors.

Other low cost improvements include de-cluttering the home, getting rid of old fixtures, particularly if they are brass, and ridding the home of personal artifacts and pictures.  You want to create the feeling of stepping into a hotel.  It should be nice and appealing for everyone.

For home owners who have the time and the budget, remodeling the kitchen and baths will go a long way in boosting the list price. But sellers have to know their market before they start making the upgrades. Sellers living in an area where granite counter tops are the norm, they better follow suit. If laminate countertops are more commonplace, then it doesn’t make sense to pay for the more expensive materials.

Another more costly upgrade that is sure to get more bang for the buck is upgrading kitchen appliances.  Appliances that bling, bring the cash.  Every home buyer at every price range wants new or updated appliances….. no one wants old and outdated appliances.  Call Terry Robinson & the Early-Group for more ideas to get your home sold fast!  303.748.3838.

5 Great Questions To Ask At An Open House For Real Estate

5 Great Questions To Ask At An Open House For Real Estate

An open house gives you a great opportunity to look more closely at Colorado real estate you might be interested in buying.  It also affords you the chance to chat with the owner or real estate agent so you can bring up any issues or hesitations you have with the home.  Knowing what to ask can be difficult, so below are examples of questions to ask at the next open house you attend.

Why has the seller decided to sell now?

If you ask why the seller is moving, you could learn valuable information to help determine your offer – or possibly whether or not you want to buy the home.

Knowing whether the owners are about to go into foreclosure, have experienced trouble in the neighborhood, or if they’ve retired and completely paid off the home can help you understand how urgently they need to sell their property.

Has the seller had any other offers?

Don’t forget that you are not only negotiating with the seller for a price, you are also competing with other potential buyers.  It really helps to know what you are up against.

It is important to understand that you might not get a 100% straight answer to this question as most sellers know that competition – or perceived competition – can cause a potential buyer to move forward more quickly and at a higher price.  If you’re comfortable in this discussion, you might want to try and see if you can find out the details of any other offers.

Does the property have special ownership costs?

Ask the agent or owner about the other costs associated with owning the property, such as Home Owners Association fees within a condo complex or a gated community.  It’s important to know about these extra expenses in advance so you can make an informed offer.

You may also want to ask about any pending litigation concerning the property.  Litigation is not always a deal killer, but it’s better to know the details before you sign closing documents.

What furniture and appliances are being sold with the house?

Most of the time, a seller will include their major appliances such as the refrigerator, stove and dishwasher with the home, but this isn’t always the case.  If you don’t already have these items, it’s important to know whether they are included in the purchase price.

Is there anything else that you want to leave with the home?

This is an important question to ask.  Especially if there are specific things in the home that you have a strong interest in.  Perhaps there is custom art work or a pool table that fits perfectly in the game room.  The seller may be eager to part with those items and include them in the sale of the home or sell them at a large discount.

The open house is a great opportunity to learn more about a home before making the decision to buy it, so be sure you ask the right questions.



,

© Copyright All Rights Reserved 2017
Zillow Trulia