Buyers Archives - Page 6 of 8 - Ed Powers Real Estate - Fort Collins, 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 ed@EdPowersRealEstate.com 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 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

Ed Powers Real Estate 970-690-3113 ed@EdPowersRealEstate.com www.EdPowersRealEstate.com

May 1, 2020May 27, 2020

Ed Powers Real Estate May 2020 Newsletter

Get the latest news in the May 2020 Ed Powers Newsletter Real Estate Update

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Home Improvement Projects to Tackle During the Quarantine

You’re working from home, which means you don’t have a commute, which means you have extra time on your hands.
You’re working from home, which means you’re bored, and you’re looking for stuff to do. If you own your home, that “stuff” probably means home improvement projects. We’ve got tips on what to tackle during the quarantine.
Do an even deeper clean than usual It is spring, after all. This year, in addition to your annual spring cleaning list, add a few tasks that are specifically intended to kill germs and improve the air quality in your home.
“It’s best to check if your cleaning materials are in the list of approved products released by the US Environmental Protection Agency and the Centers for Disease Control and Prevention (CDC),” said the Philippine CO NTINUED >>>

Should You Ask for a Forbearance?

Whether you’ve lost your job, are worried you might be about to, or are finding your finances crunched by the coronavirus pandemic, you may be thinking about asking for a forbearance on your mortgage. But should you? Will it really help put you in a better financial position?
      We’re breaking down the details.
What is a forbearance?  “Forbearance is a temporary postponement of mortgage payments,” said Investopedia. “It is a form of repayment relief granted by the lender or creditor in lieu of forcing a property into foreclosure.”
      The key words here are “temporary” and “postponement.” Forbearance is a way to delay your mortgage payments CONTINUED >>>

How to Sell Your Home Now

Everything has changed in the real estate world, seemingly overnight. The incredibly hot market of the past couple years has taken a hit as the coronavirus has made its way across the country, and the world. But homes are still selling. Not with the same frequency, but people still have to sell.
If you’re one of them, you’re probably wondering what to do right now—especially since in-person home tours aren’t happening. These tips will help you get your home to stand out and get it sold even when others aren’t moving.
Spring for enhanced virtual tools It might cost you a little more, but creating a virtual experience for your home is as close as you can get right now to showing buyers what it would be like to walk through the place in person.
“As we’ve suddenly found ourselves adapting to a new normal, the meaning of home has never meant so much to CONTINUED >>>

Family Home Improvement Projects You Can Do During the Quarantine

All this quarantining making you want to fix up the house you’re stuck in? You are not alone. Despite the stay-at-home orders, the parking lot of our local Lowe’s is still packed every day!
The good news is, you can order just about anything you need, and with all that family togetherness, you’ve got the manpower to get some stuff done. Here are some great projects to take on while the family is hunkering down together.
Do your backsplash Tiling a backsplash seems like it would be a complicated project, but it’s actually relatively easy, even for novices. Little kids can get involved, too, since there are so many different tasks involved, from measuring all the way to grouting.
“If more involved renovations are on your to-do list, let the adults handle the removal of the old unit first,” said Home Jobs By Mom. “Then allow the kids to get creative with the new backsplash. If you’ve decided on a multi-colored mosaic backsplash, for example, the kids can work together to assemble the tiles on a sheet. This DIY home improvement project is not
CONTINUED >>>

Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

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April 30, 2020April 30, 2020

Is a Survey Necessary When Buying a Home?

A detailed property survey is essential to help you find out critical details about a piece of property. Many home buyers of Fort Collins and Loveland homes overlook this step or skip it altogether to save some money. But let’s face it, is a survey necessary when buying a home?

Is a Survey Necessary When Buying a Home – Reasons to Have one Done

In this article, we’ll consider whether a survey is necessary when buying a home. we’ll look at some of the benefits of getting a property survey before purchasing property. Something you should not do when buying a house, is skip out on a step that can potentially cost you more money later on.

It’s important to note that the protection and benefits a property survey offers a home buyer far outweigh the cost. As such, property surveys are critical to the home buying process. They provide a detailed description of the property, the lot size and the boundaries. If you’re planning to buy a plot of land or home, a home buying tip is to have property survey done, as it offers a wide range of benefits.

To Ensure You’re Paying for The Right Property

Buying a home is a big financial move, which is why you’ve likely been preparing to buy a house for some time. You want to be sure that the property described in the contract is the same one you’re paying for. A survey helps you to determine whether you’re purchasing the right home. Both the land and property are mapped out and assessed to eliminate any discrepancies.

Eliminate Disputes Over Boundary Lines and Corners

If you own property, it’s important to have accurate information about the boundaries and demarcations. This information is critical, especially before paving your driveway, add an extra room or build a fence. In cases where disputes may arise regarding boundary lines, a survey can help to provide details of the exact property dimensions.

Zoning Classification

Zoning classifications outline whether the property is zoned for residential or light industrial use. Most property owners are usually aware of their zoning classification, but you may not be aware of the restrictions. As such, you can count on a certified survey for details on any specific restrictions on how to use the property and ensure compliance with zoning requirements.

Whether You Can Subdivide

If you have future plans to subdivide the property, it’s important to familiarize yourself with the regulations first. It’s not uncommon for owners to invest in a property and later subdivide it to be sold for a profit or for family. Different jurisdictions have their own set of rules when it comes to subdividing restrictions. By investing in a property survey, you’ll be able to determine the existence of any of these regulations and their potential to affect your dividing plans.

Report on Underground Cables and Drains

Without a detailed property report, you probably won’t have a clue what’s underneath your property. Knowing what cables, wires, drains, telephone lines, gas and electricity are under your property is crucial for various reasons. For instance, you need to know the location of underground utilities before beginning any construction.

Bottom Line

As you start researching and prepare for home ownership, it’s important to make all boxes are checked before the house is officially yours. So, is a survey necessary when buying a house? The short answer is yes. The biggest benefit of a property survey is that it protects your investment. Ask your realtor about how to get a survey done. Without a qualified and extensive examination of your property, you could easily run into disputes and costly issues down the road.

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