Ed Powers, Author at Ed Powers Real Estate - Fort Collins, CO - Loveland, CO

May 18, 2020May 18, 2020

How To Choose the Right Property

When looking for a new Fort Collins or Loveland home, you have a lot to consider. There are many options on the market, but only a few that meet your needs. You deserve the home of your dreams, and that means scouring the market for the perfect property. Follow these tips to simplify your search.

1. Make a List of Your Needs and Wants

Before you start your search, make a list of everything you need in a property. This should include your maximum budget for a home, the number of bedrooms it must have, and the size of the yard. If there are other details that matter, like a pool or a fenced-in yard, include those on your list.

Then, make a list of your wants. Although you would settle for three bedrooms, you may prefer four. On this list, include everything that’s not a necessity but would be icing on the cake.

2. Pinpoint Your Ideal Location

You’ve heard it before – location matters. As you begin your search for homes, consider which areas you would like to move to. Is the location dependent on the commute time? Do you want to be in a certain school district?

While it’s great to pinpoint a few neighborhoods, you should also keep an open mind. There may be other areas of which you are unfamiliar. A real estate agent could help you find the best location for your lifestyle.

3. Ask Questions

As you search for a home, you’ll probably go to many showings. When you arrive at a new property, come prepared. Have a list of questions you want to ask the real estate agent. While the listing should give you some information, not everything will be included in the property description.

Some important questions to ask include:

• When was the roof installed or redone?
• Is the HVAC system new?
• Is everything up to code?

While walking around the property, have an eye for detail. If anything looks unfinished or in disrepair, make a note of it. Although it might not be significant enough to keep you from buying the home, it could be enough for you to request a lower price. Keep a list of all of your concerns. After the showing, express your concerns to your realtor.

4. Be Open-Minded

Your dream home could be hiding under your nose. But to find it, you need to be open-minded. For instance, you might see a picture of a home that doesn’t visually appeal to you.

After reading the description, you could find that it meets all of your desires. If you choose to buy the home, you could make a few changes to the home to make it more your style.

5. Work with an Experienced Real Estate Agent

Unless you are a real estate professional, you probably don’t have the resources and tools needed to find the right property. Looking online will only get you so far. A real estate broker has insider knowledge of the local market. They know where to look for the latest listings and can help you pinpoint the ideal neighborhood.

Message me if your thinking about buying a Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 [email protected] www.EdPowersRealEstate.com

May 16, 2020May 16, 2020

3 Reasons You Should Buy a Vacation Rental Home Instead of a Home for Yourself

WRITTEN BY CARA BERKELEY

When I was looking to buy my first home, I was of course super excited to pick something out that I loved. To live in my own home and have a proper investment instead of throwing money away each month on rent.

But a funny thing happened. I said no to myself and what I wanted. In a way.

Nashville at that time was blowing up. Tourism was rising and the prices on real estate were rising at an unusually high rate!

So, I realized I had a chance to do something different. Did I really want to just buy a home I could live in, or did I want to take advantage of the moment and buy something that would make me money?

So that’s why I decided to buy a home that could be a short term rental property. If it didn’t go well, and it didn’t make money I could just move in!

It was one of the best decisions I’ve ever made! I ended up making a ton of profit on the home and I was able to buy another home just a year later.

Here are 3 reasons you should buy your own vacation rental home!

1. It’s your chance to make money

Purchasing a home for yourself is the biggest investment you will ever make. So why not make it count? Buying a home for you means a big monthly payment you make with a small amount going to the principal and a large amount going to interest.

It is better than renting, but it doesn’t net you a whole lot. Whereas, purchasing a vacation rental property in a booming tourist destination could actually make you money.

So, each month on top of the mortgage payment being covered by other people, meaning you are purchasing that home for free, you also should be making a profit.

Passive income for yourself, that you can use to save up for another home! Which leads me to point #2.

2. You can buy second house

If you buy a house for yourself, that’s it. It’s done and you won’t have the loan-to-debt ratio to purchase another one.

BUT, if you first purchase a rental property, in two tax return years you can show income from the property that can be used to get you another loan approval. A regular rental home that isn’t AirBnb would require even less tax returns.

If the vacation rental property is bringing in twice the mortgage amount each month, then when you look to get a loan to purchase another home it is almost like that debt doesn’t exist.

Because the home is bringing in extra income, it cancels out the debt, leaving you room in your debt-to-income ratio to get approved for another mortgage loan.

But if you had just purchased a home for yourself that wouldn’t be an option.

3. It creates a passive income business

The best kind of business you could have for yourself is one that doesn’t require a lot of work. One that creates passive income, meaning the income just keeps coming without a lot of activity from you!

As long as you have a good cleaning crew in place and someone to work on maintenance, there isn’t a lot of heavy lifting on a vacation rental home once furnish it and get it listed.

So, it’s the perfect business to create that still allows you to work a full-time job, or run another business!

If you don’t have enough saved up yet for the down payment, keep saving, I promise it will be worth it!

Cara Berkeley is a blogger, investment property owner, and full-time marketing executive. She has learned that thinking outside the box can make all the difference and shares her tips and tricks on smart money management on her blog at www.pennypolly.com. Find new ways to save money, make money and have fun doing it!

May 14, 2020May 27, 2020

Easy DIY Projects to up Your Curb Appeal

With all this extra time at home, you may have been hard at work making updates to the inside of your Fort Collins or Loveland house to make it more comfortable or to add modern touches. But have you taken a good look at your curb appeal (or lack thereof) lately? This is a great time to address the front of your Fort Collins or Loveland home, and the good news is there are a bunch of updates you can make that are easy, affordable, and can be done without professional help. Here’s where to start.

Bring in seasonal color

Let’s be honest. Some of have a green thumb, and some of us don’t. But adding a little bit of seasonal color is easy and can lift your spirits every time you look outside.

If you’re not sure you can pull off the steps needed to plant flowers in the actual yard, think potted. A planter placed near the door can add considerably to your curb appeal and only requires a small dollar commitment.

Pull the weeds

Wow, your lawn! If you’ve been in the house for a month or more, you may not have noticed what’s going on out there. Grab the fam and head outside. Heed these tips to make it easier to get those weeds out.

Depending on how bad the problem is, you may also want to consider a weed killer. Check out some good recommendations here.

Add some mulch

Your yard may look nice and tidy but adding some fresh mulch around your trees and in your flowerbeds can take it up a notch. For about $3.50 a bag and a little elbow grease, you can make your front yard look like new.

Put in landscape lights

The right outdoor lights can enhance everything else you’ve got going on. We love this Hampton Bay eight-light set from Home Depot that offers “the option of three light colors—warm white, soft white, or daylight. On any of the 3 light color settings, it consumes over 80% less energy than a typical halogen light and has a rated life of 50,000 hours. The LED system provides maintenance free operation and there are no bulbs to change.”

Even better, “The quick-install wire connector means easy do-it-yourself installation that is quick and safe.”

Repaint your door

This is an easy task you can complete yourself, and one that will give your home a surprisingly potent refresh. Choose an unconventional color like yellow or teal for a splash of fun—but be sure to check with your HOA first so you don’t get in trouble.

Repaint your house numbers

“This is more than an aesthetic issue,” said Realtor.com. “If your house is easy to find, help may arrive faster if there’s ever an emergency.”

Give your mailbox a facelift

Your mailbox probably isn’t the type of thing you pay a ton of attention to unless you’re focused on what’s inside of it. Get some inspiration for your mailbox makeover here.

Message me if your thinking about selling your Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 [email protected] www.EdPowersRealEstate.com

May 11, 2020May 27, 2020

The Best Types of Paint for Indoor and Outdoor Stairs

Freshly painted stairs add a special pop to any area of your Fort Collins or Loveland home or yard. Stairs are an often-overlooked place to let your interior design style shine.

Refinishing stairs doesn’t have to be a daunting project. Whether you want to give your interior stairs a makeover or just fix the peeling paint on the back deck, there’s a perfect paint for the job.

Read on to learn what types of paint are best for freshening up your interior and exterior stairs.

The Best Paint for Outdoor Stairs

Outdoor stairs undergo a lot of wear and tear. Not only do they have to stand up to frequent foot traffic, but they’re exposed to all kinds of weather, too.

For that reason, you’ll need to use a highly durable paint. For wood stairs in particular, your best bet is 100% acrylic exterior paint. There are types of acrylic paint specifically for use on porches, floors, and exterior stairs.

You’ll want to avoid paints with a very glossy finish. Semi-gloss and high-gloss paints can be slippery, especially when wet.

For the safest results, stick to a satin or eggshell finish. These finishes are glossy enough to resist stains and are easily cleaned, but they’re not so glossy as to be a slipping hazard. For extra safety, you can add a non-slip additive to your paint for extra texture and slip resistance.

The Best Paint for Indoor Stairs

Although indoor stairs are more protected than outdoor stairs, they still need to withstand a lot of use. For that reason, 100% acrylic paint is also a good choice for indoor stairs.

As for the best finishes, satin and eggshell are good choices. Indoor stairs can also benefit from semi-gloss paint, as it is easy to clean and won’t be as much of a slipping hazard.

If you’re planning on painting your indoor stairs in different colors, you might consider different paint finishes, too. For example, you could paint the risers and spindles in a semi-gloss paint and use a lower luster paint for the railings and treads for increased safety.

Paint Design Ideas for Refinishing Stairs

Once you’ve got the right paint for the job, it’s time to unleash your creativity. There are many interesting ways to paint your stairs to turn them from merely functional to completely fabulous.

A classic stair painting technique is to paint the risers and spindles in a light color and the treads and railing in a complementary dark color. This approach looks crisp and creates a lot of visual interest.

Like the look of a classic stair runner but don’t love the risk of tripping? Paint a runner down the center of your staircase for an eye-catching effect.

Think outside the box in terms of color. You can also use creative methods like stencils and wallpaper.

Refinishing Stairs for a Fresh, New Look

A fresh coat of paint is a simple way to instantly transform the look of your stairs and brighten the entire area around them. If you’re considering refinishing stairs in your home, it’s important to have all the right paints and tools for the job. That way, you’re sure to make your vision a reality.

Message me if your thinking about selling your Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 [email protected] www.EdPowersRealEstate.com

May 9, 2020May 9, 2020

Mortgage Rates: Prudence vs. Patience

Either way, whether you’re going to buy a Fort Collins or Loveland home or you’re refinancing or even thinking of either, you’re going to face the decision about not just which loan program is best but also which rate works better for you. One step further? When you’ve made those decisions, the final one is when to lock that rate in. Your loan officer won’t make that decision for you, or at least shouldn’t. Your loan officer can give suggestions and tell you where the market has been, where it is and where it might be. But your loan officer can only go too far. The ultimate decision will and should always be yours.

Loan officers, good ones, might close 20-30-40 loans per month, some even more. There’s literally not enough time for a loan officer to inform each and every applicant about rates on a daily basis. Even if the loan officer could, there are so many variables when quoting rates from credit scores to loan amounts to equity to occupancy…it’s a Herculean task. Again, the timing for a rate lock is up to you. Should you lock in now while you know exactly where rates are or should you exercise a little patience and wait to see where rates will move over the next few days or weeks?

That timetable of course must adhere to your sales contract. You don’t really have much of an option when buying a home as you must close on the specified date. Lenders need some time to prepare closing papers as well as get your final numbers in front of you three days before you sign. Refinancing on the other hand provides a little more flexibility. If you’re refinancing because of a balloon note coming due, again, time isn’t on your side. But if you’re wanting to get a lower rate or switch loan terms, the decision is entirely up to you.

The prudent decision would be to lock in a rate now if the numbers make sense. Loan officers will tell you that it takes a long time to move downward on the heels of negative economic data or Fed intervention. But it can take just a sneeze by some obscure economic report or offhand comment from a Fed Board Governor to make rates jump. The prudent approach might be something like asking yourself that if you made the decision to lock, you made the wrong one. If rates stay where they are or start moving back up, you decided well. If on the other hand if you locked in your rate and in the future rates continued to move down, you can always consider refinancing. Okay, which of these two would you rather be on the wrong end?

That’s where patience comes into play. But with interest rates, patience really means trying to time the markets. Even the best of economic wizards can’t do that. What’s that old saying, “Two economists can come up with a different projection using the very same data?” Trying to time the markets by being glued to business sites, hoping to glean some tidbit that provides some insight on where rates are headed, the odds are against you.

Prudence or patience? I’ll take prudence. But again, the final decision is in your hands.

Message me if your thinking about buying a Fort Collins or Loveland home at m.me/EdPowersRealEstate