Archive for March, 2008

FHA Loan Limits Increase for Homebuyers in Colorado Springs! March 31st, 2008

Patricia

Great news!  The FHA (Federal Housing Administration) Loan Limits increased on March 5, 2008 for this year to $325,000 for El Paso and Teller Counties.  If you are looking to buy a home, now is a great time with the low interest rates, recently increased FHA loan limits, and large selection of homes to choose from in the Colorado Springs Area!  If you have questions about FHA financing or Colorado Springs Realty, feel free to contact me, you’re Colorado Springs Realtor.

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Some important factors to consider when buying a home in Colorado Springs March 31st, 2008

Patricia

Colorado Springs homeIn a previous post regarding Buying a Home in Colorado Springs I discussed the three major areas that matter to buyers: Location, Size, and Amenities. Now, let’s get more specific about characteristics buyers look for when buying a home in the Colorado Springs Area.

Storage- When you take a look at the house pay attention to how much storage space there is. Many buyers overlook this and realize what seemed to be a minor detail actually wasn’t when they have nowhere to store all of their things! Is there adequate storage in the kitchen cabinets for all of your plates, cups, Tupperware, and kitchen gadgets? Plenty of large cabinets to fit all of your pots and pans and even a lazy Susan are great to have in the kitchen. Don’t forget plenty of countertop space for all of your appliances!! Are the closets large enough to fit your wardrobe and shoes ladies? Is there any under the sink storage in the bathroom for all of your toiletries, towels, and the like? Pedestal sinks sure do look pretty in a bathroom but do not any storage. Will you need a shed to store the lawn mower, garden tools, and snow blower? If there is no shed, where are you planning to store those bulky items? Do you need a storage room in the basement for the Christmas tree, boxed items, and junk?

Master Bedroom- The master bedroom has become more important to buyers in recent years and you need to decide what specifics you require in your master bedroom before you start looking for homes in Colorado Springs with your Realtor. Is it important to have your own master bathroom and if so, do you need more than one sink to get ready in the morning? Do you want a separate bath and shower and do you care if the master bathroom only has a shower? Measure the master bedroom to ensure your King size bed is going to fit along with all of your furniture! If you have many clothes, you may want to buy a home with a walk-in closet in the master bedroom.

Garage- Make sure the garage is large enough to fit your vehicle and any items you plan on storing in the garage. You may prefer a 3-car garage so you can have additional space for a work shop or work bench. If you have an enormous truck, is it going to fit in the garage? You would be surprised how many large vehicles do not fit in the garage. You may need adequate amounts of shelving or cabinets to store items as well.

Lot Size- Do you require a large yard for your family and pets, if so pay attention to the size of the lot when you search for homes. Your Colorado Springs Realtor is also able to narrow down your search to homes that have a specific lot size (i.e. 8,000+ square feet). Is the lot sloped, landscaped, private, or have views? Pay attention to the details that are important to you.

Floor Plan- What type of floor plan do you prefer? There are many different floor plans in the Colorado Springs area and here are just a few:

Bi-level- When you enter this type of home you have to make a decision whether to go upstairs or downstairs when you enter the foyer. The kitchen, living room, and bedrooms are upstairs while there is a family room, laundry room, and garage door entry in the lower level.

Tri-Level or 4-Level- This type of home has a main level, upper, and lower level. The difference between a tri-level and a 4-level is that a 4-level is a tri-level with a basement. There is usually no bathroom on the main level of this floor plan. The kitchen, dining room, and living room are located on the main level, the family room is in the lower level, and the bedrooms and bathrooms are in the upper level. There are two sets of stairs (from the main level to the lower level, and from the main level to the upper level) in a tri-level and 3 sets (stairs to the basement) in a 4-level home.

Ranch- Ranch homes often offer main level living so many people who do not like going up and down stairs prefer this floor plan. All the living areas are located on the main level. Many ranches also have basements where the laundry facilities may be located along with an additional rec room, bathroom, and more bedrooms.

2-Story- This type of floor plan has increased in popularity and offers an open, spacious feel. The bedrooms are located upstairs and the main living areas (living room, kitchen, dining room, and powder room) are located on the main level. Many 2-story homes also have basements.

There are many factors to take into consideration when deciding what home is right for you so make sure to write a wish list of what criteria in a home are most important for you and your family. Having a list of criteria will make your home search much easier!!
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Buying a home in Colorado Springs and Radon… March 27th, 2008

Patricia

You have seen the radon testing kits at Home Depot and have probably heard about it before.  Radon is a radioactive gas that naturally exists in some soils and some of the soils where homes are built can contain radon.

If you are a homebuyer and not sure if the home you are interested in has radon in the soils that are seeping into the home, a radon test has to be completed.  Usually an inspector will charge a separate fee for a radon test and the property needs to be kept completely sealed for approximately 48 hours for the test to be accurate.

If radon is found in a home, homeowners may have a radon mitigation system installed to route the radioactive gases away from the home through a ventilator.  I have been told by inspectors that Radon usually has to be in concentrated amounts to have dangerous effects on someone’s health but many say any amount of radon can be a risk for cancer.  Radon is the second leading cause of lung cancer after cigarette smoking and has become a concern for many homeowners and buyers.

Normally, windows are opened in the house throughout the year and doors are open and closed as homeowners come and go which allows for air flow throughout the home.  If fresh air is not let into the home and gases from Radon accumulate, it can be dangerous.  Regardless, if you have radon in your home or not, make sure to allow fresh air inside throughout the year.  The air inside people’s homes is often worse to breath than the air outside!  Radon can be dangerous because it cannot be detected by sight, smell, or taste and often collects in basements or lower levels of the home by seeping in through the foundation or cracks.  If you have concerns about radon in your home, contact a professional and have a radon test completed.
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Section 8 Housing in Colorado Springs March 24th, 2008

Patricia

Section 8 housing is a federal government program that provides the opportunity for low-income families to live in housing that would not be able to afford it otherwise. The waiting list

for Section 8 is actually a two year waiting period in the city of Colorado Springs .  There are a couple of ways to be bumped up in the list but only in specific situations.  Please read some of the frequently asked questions regarding Section 8 below.  If you have any further questions about Section 8, please contact the Housing Authority directly:

www.csha.us
831 S Nevada Ave
Colorado Springs, CO 80903
(719) 387-6700

Q:  How do I apply for Section 8 Housing?

A:  You need to go to the Housing Authority of Colorado Springs which is located off of 831 South Nevada (Inside the Lowell Elementary School Building on the 2nd floor) to fill out an application.  According to their website, they are not accepting new applicants at this time.  If you are involved with the Department of Human Services (DHS), speak with your caseworker for more details about the waiting list.

Q:  What is a Housing Voucher?

A:  When you are accepted into the program, you will receive a housing voucher.  The housing voucher enables you to receive rent assistance in a home or apartment in the private market.  You will receive rental assistance up to the specified amount you are given by the housing authority.

Q:  Does everyone in the community have or accept Section 8 housing?

A:  No.

Q:  How do I find out which apartments or homes take Section 8?

A:  There are a few ways to find out:

1.) You can check for rental properties in the Colorado Springs area that work with Section 8 on the Housing Authority’s website.

2.) There are binders located at the Housing Authority of Colorado Springs with available housing around the Colorado Springs area.  You will probably find more properties in the binders than online because some of the landlords do not post online.

3.) If you find a rental property you like while driving around town, just give the landlord or Property Management Company a call and ask if they work with Section 8 tenants.

Q:  Once I find a property, do I need to do anything else before signing the lease?

A:  You need to notify the Housing Authority and an inspection will have to take place before you sign the lease.  The purpose of the inspection is to ensure the property is safe, sanitary, and habitable.  If the property does not pass inspection, the Housing Authority will not approve the property and you will have to look elsewhere.  If it passes inspection and you live there for more than one year, the property will be inspected each year by the Housing Authority.

Q: How is my rent paid to the landlord?

A:  You pay the rent portion that is your responsibility (30% of your adjusted gross income) each month to the landlord and the Housing Authority will pay the remaining portion for you each month by sending it directly to the landlord.

For the details and guidelines regarding your Section 8 housing, check with your counselor at the Housing Authority.  Follow the guidelines so you can maintain your housing assistance!

For further information on available Real Estate in Colorado Springs contact your Colorado Springs Realtor, Patricia Beck.

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Looking to purchase real estate outside of Colorado Springs and overseas? March 22nd, 2008

Patricia

If you are considering purchasing real estate outside of the Colorado Springs Area and are specifically interested investing in real estate overseas,the International Consortium of Real Estate Associations is a website worth taking a look at.

Not only can you search for commercial and residential real estate currently for sale on worldproperties.com, you can search for short term and long term rental properties as well.  The site is easy to navigate and the detailed information offered for each country is impressive.  Some of the information includes:  the real estate business practices of the country, locating a professional real estate agent, and a detailed economic profile.  The economic profile informs the consumer in detail about the country’s geography, people, transportation, economy, and government.  The Consortium is made up of 28 countries and more will continue to be added in order to expand and increase global representation. If you are an investor and would like to find out how real estate in Greece is practiced differently than in the United States, this website is the place to go! Dubai has recently been a hotspot for people in the United States to invest but the United Arab Emirates (U.A.E.) has not yet been added to this website.

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To find out more about Colorado Springs Realty and The Colorado Springs Area contact me or visit my website.

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Buying a home in Colorado Springs March 18th, 2008

Patricia

When buying a home there are three main categories buyers in Colorado Springs focus on:  Location, Size, and Amenities.

1. Location: There are many different areas of Colorado Springs to live in and each area is a little different.  The area you are looking to live in may be highly dependent upon the area of town you work in and a shorter commute to work saves gas money and time spent in the car.  Some parents want to keep their children in the same schools or move to a housing area in a specific school district.  Others want to live conveniently near the grocery store, parks, or the hospital.  Which area you decide to live in is impacted by many factors and therefore one of the most important details in your home search.
2. Size: Are you single, married without children, have a large family?  Family size is one factor when people decide what size home to purchase in Colorado Springs.  Others are interested in a large home where they are able to entertain friends.  Many people who no longer have the kids at home decide to look for a smaller home with less space to maintain than their former 3,000 square foot home.  Think about what size home would suit your needs and what rooms are important to you that may need to be larger to accommodate your family such as the kitchen, master bedroom, or living room area.
3. Amenities: Do you desire to have a gourmet kitchen, 5-piece master bathroom, workshop in the garage, or a separate utility room for your laundry needs?  Some of these details are very important to home buyers and it is important you make a list of what amenities you must have in your new home.  If you have a big dog, a large backyard would be important.  If you have severe allergies, you may only want to look at homes with all solid floors.  Some of the amenities buyers in Colorado Springs like to have in their new home include: an adjoining master bathroom to their bedroom, air conditioning, theater room, wine cellar, 3-car garage, study, granite countertops, etc…

Before you decide to start looking at homes in Colorado Springs, make a list of what you desire to have in your next home and keep in mind you may have to compromise a few of those items so make sure and know what those items you are willing to compromise are.  Make sure you find a Realtor who is flexible and can communicate with comfortably.  Happy House Hunting!

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

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New Homes in Colorado Springs – Banning Lewis Ranch March 18th, 2008

Patricia

New Homes in Colorado Springs – Banning Lewis Ranch

Banning Lewis RanchBase pricing for new homes start in the low $200,000 to mid $300,000′s; it located near Marksheffel Road and Woodmen Blvd is a community that includes home built by  such as Classic Homes, Oakwood Homes, Todays Homes, D.R. Horton, and Richmond American Homes.  Models in this area of Colorado Springs, have not been built in any other part of the city and builders are required to have four different floor plans.  There are also existing homes in this area that were built by John Laing Homes and Capital Pacific Homes.

Banning Lewis Ranch is a newer sub-division that focuses on a lifestyle for people who desire to live in a community that has many conveniences within.  Banning Lewis Ranch leans more towards the idea of diversity in home builders and designs than typical neighborhoods that are near this location.  The community’s goal is to have every home no more than a couple of blocks from trails that lead to parks nearby and many, many trees.

This master plan is expected to take approximately 40 years to complete and will be a city within a city containing:  parks, golf courses, schools, movie theaters, and a mall.  Banning Lewis Ranch is expected to go as far south as Fontaine and has planned to bring water to the southern section of Banning Lewis Ranch via the Southern Delivery System.

Specs:
–Eastern edge of Colorado Springs
–Over 21,000 acres of land
–Plans for residential, recreation and office/retail construction

The Homeowner Value Package costs only $86/month for residents and includes:

  • Use of the Northtree Ranch HouseBanning Lewis Ranch Swimming Pool
  • Fitness Room
  • Tennis Courts
  • Jr. Olympic Pool
  • Kids splash play area
  • Outdoor veranda with fireplaceBanning Lewis Ranch Playground
  • Poolside fire pit
  • Cable TV service with a minimum of 55 channels
  • High-Speed internet service
  • Regular weekly trash and recycling pickup

*After the first 2,700 homes are purchased, the board will vote on the monthly fee and it may be subject to change

The initial village Northtree is now open which is located on about 350 acres of land with about 1,000 homes from 4 different builders including a trail system, parks, pools and a Kindergarten through 8th grade public Charter school (School District 49).

Banning Lewis Ranch - Classic Home

Model homes are currently open in Northtree for buyers in Colorado Springs to view.  For more information visit Banning Lewis Ranch.

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To find out more about Colorado Springs Realty and The Colorado Springs Area contact me or visit my website.

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Benefits of owning real estate in Colorado Springs instead of renting… March 17th, 2008

Patricia

There are many advantages to owning a home in Colorado Springs and it is a great time to purchase a home with the current interest rates and large inventory of homes to choose from in the Colorado Springs and surrounding areas. Listed below are some of the many advantages to owning a home vs. renting.

1. There are many tax advantages in owning a home. Homeowners can deduct money paid towards interest and taxes on their home each year from their taxes.

2. Instead of flushing money down the toilet with renting, you actually apply money towards your mortgage principal with each monthly payment even though the first 2 years of mortgage payments are front loaded with interest.

3. In a good market, your home can appreciate and gain equity over time. When the time comes to sell your home, you may be able to walk away with some extra money in your pocket.

4. When you sell your home, you are entitled to the Capital Gains Tax Exemption every two years ($250,000 for singles and $500,000 for couples who file jointly). To put it simply: homeowners can avoid paying taxes on any gains made when you sell if it falls within the tax exemption guidelines.

5. Pride of Ownership. If it’s your home you can do whatever you want to it inside! You can design each room any way you desire and customize it to fit your needs. Now keep in mind; you may have to change some things when it comes to sell. Not every buyer will like your bright orange walls.

6. Remodeling or finishing a basement can be a great investment and help increase the equity in your home.

7. Having a garage! Not every home offers a garage but many homes do. I hated scraping the ice off my windshield during the winter while living in an apartment!

8. If you move from an apartment or condominium into a home you will probably have less noisy neighbors and more privacy!! You don’t have to deal with your neighbor upstairs having loud parties during the morning hours anymore.

9. A yard! Unless you rent a home, most rentals (townhomes, condos, and apartments) don’t have much of a yard. Your dog will be much happier and you can finally have your own backyard.

10. Laundry facilities can be a pain! With your own home and your own washer and dryer, no more waiting for those clothes to dry.

For more information about Colorado Springs Homes for sale visit my Pikes Peak MLS search.

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Foundation Problems in the Southwest Area of Colorado Springs March 14th, 2008

Patricia

The Southwest area of Colorado Springs is in close proximity to the mountains and foothills so expansive soils can be a problem. Expansive soil containing certain types of clay such as bentonite will expand and contract when exposed to water.

Homes can be built on expansive soils but the foundation is constructed differently to prevent future foundation problems with the home.

When you look at homes in certain areas of Colorado Springs (i.e. Southwest area) here are a few things to look for:

1. Cracks in the walls or ceiling
2. Make sure doors and windows close properly
3. Large cracks in the foundation or exterior walls
4. Heaving walls
5. Sloping or rollercoaster floors in the home
6. Large uneven cracks that run across the driveway, sidewalks, and garage.

If your home’s foundation was poured on expansive soil and you forget to clean your gutters, every time it rains, all of the water will pool in the gutter, and instead of draining away from the home, the water may run down the side of the house and creep into the expansive soils around the foundation which can eventually cause some major problems.  Even if your home was not built on expansive soils, make sure and clean your gutters of collected debris at least once a year to protect the foundation.  Insufficient drainage of water away from the home can pose a large problem for any home, especially, a home built on expansive soils.  Make sure that your gardens are not alongside the house where water can seep into the foundation and ensure you have proper drainage around the home.

Correcting foundational problems can be very expensive so if you are considering buying a home in the Colorado Springs area that has foundation problems, do your research first.  I walked into a home where the foundation was literally being pushed up through the center of the home and the floor surfaces were extremely sloped and wavy!!  If you are strongly considering buying a home like this, have a structural engineer inspect the property so you know exactly what you are getting into.  Find out what type of foundation repair is required for the home (i.e. mudjacking or concrete piering) and how much it will cost, it usually is not cheap!!  If you plan to buy land so you can build your own home, have samples of the soil analyzed to find out if the soils are expansive in the area you plan to build your home.

For further information on available Real Estate in Colorado Springs contact your Colorado Springs Realtor, Patricia Beck.

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Exercise Caution with Lease Options! March 13th, 2008

Patricia

If you do not have good credit and are considering a lease with option to purchase make sure and do your research before making a decision.  Although lease options may be ideal for individuals who cannot obtain a mortgage from a lender due to their credit history, there are areas of concern you need to be aware of.

The landlord or owner often requires you to pay an initial down payment of $3,000-$5,000 up front in order to exercise this option and sometimes the amount can be higher.  If after the agreed upon time specified in the contract you are not able to purchase the home, the money you have invested is lost.  Make sure you are given a sufficient amount (i.e. 3-5 years) of time in the agreement to fix your credit in order to purchase the home.  Some lease options only allow tenants 6 months to one year to fix their credit and purchase the home which is impossible for many people!  Many unethical investors make profits this way by only allowing tenants a year to purchase the home and than after evicting them, put other tenants in the home and do the same thing because they know the tenants will not be able to purchase the home in the allotted amount of time. 

There have been some messy situations with lease options where the landlord pockets the rents paid by the tenant instead of applying the payments towards the mortgage.  The home may then get foreclosed on and the tenant is forced to leave even though they have been making their payments to the landlord.  The tenant may be unable to locate the landlord if they left town.  Unless the tenant can find the landlord and take them to court, all of the money invested has been lost.

I’m not trying to scare you out of lease options but understand there are definite risks and you need to exercise caution if you decide to go this route for buying a home in Colorado Springs.  Make sure everything is in writing and have an attorney draw up all of the paperwork between you and the owner of the property.  Many real estate agents offer to write lease option contracts for clients but it is probably wiser to have an attorney write the contract in this type of situation.  If you require more information about lease options or need advice on making a decision regarding lease options, consult a real estate attorney for more information.

For further information on available Real Estate in Colorado Springs contact your Colorado Springs Realtor, Patricia Beck.

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