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6 things to add to your budget when buying a house
Getting ready to buy your first home in Colorado Springs?
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Some potential buyers don’t realize that there are many other costs involved in home ownership. If you thinking about buying your first home, make sure and get a good understanding of the other costs and put them in your budget.
Here’s a list of some potential monthly fees and expenses you’ll encounter.
(1) Insurance No lender is going let you purchase a home without insurance. This insurance typically provides basic protection against fire and theft. Many times it does not cover flood damage; flood insurance; hence you may be required to purchase if you live in a flood-prone area. Also, remember sometimes you can combine your homeowner’s insurance with your auto insurance to get a better price.
(2) Property taxes Read the rest of this entry »
How to avoid information overload when looking at houses
Information overload can be avoided
Search for Homes in Colorado Springs
Related Buyer and Seller Articles:
Since I work with many buyers, I’m always thinking about how I can help the average Colorado Springs first time home buyer look for a home. One of the biggest challenges for first time home buyers is information overload. How do they keep all the information straight? At the end of a full day of showings, how do they remember what they saw?
Here are my top 6 tips to help the Colorado Springs first time home buyer:
- Keep notes on each house as you go through it. Why do you like it, what needs work? What’s the good, the bad, and the ugly?
When you get in the car, write everything down you can about the house. You may think you’ll remember the information later in the day, but if you write it down you know you’ll remember the key points. - Nickname the house. The “bright” house. Or the “70’s house” with the shag carpeting. Or the “cul-de-sac” house. Nicknaming the house will help you keep them straight. After seeing 10 – 15 houses in a day it becomes confusing. All the houses run together.
- If you don’t like the house, get rid of the paperwork or cross it off. (no reason to keep unneeded paperwork as it just adds to the information overload.)
- Take pictures to help you remember the houses and the features you like.
- As you go through the day seeing houses, rank the homes. On a scale of 1 to 10, which house is a 9 or a 10? Write this information down on the MLS property sheet.
- Write down all the pluses and minuses of each home on single piece of paper. That way you can look at all of information on one single sheet vs. flipping thru 20 different sheets.
Remember Knowledge is Power
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Kathy (719-287-1049) KTorline@msn.com
11 things to ASK about when buying a new home in Colorado Springs
Buying a New home in Colorado Springs?
Related Posts: Who is Representing YOU?
Search for New Homes in Colorado Springs
I recently showed a variety of new build homes to a client moving from out-of-state to Colorado Springs. We 
looked at properties in Gold Hill Mesa in West Colorado Springs and at homes in Banning Lewis Ranch. It made me think about all of the things that are different between new build properties and resale homes, perfect for a new blog post. Here’s my list of 11 things to Ask about ………..
(1) Ask about the lot premium. Many new home communities charge a lot premium (an additional charge) for what they consider premium lots. Lots in a cul-de-sac, larger lots, lots with better views; all of these are considered more desirable lots, hence they may have a lot premium associated with them. These prices can range vastly, $2,000 to $50,000 and is added to the cost of the home.
(2) Ask what is the build time? More and more builders don’t start pulling the building permit hence they don’t start building a home until they have a purchase contract from a buyer. Build times can be as short as 4 months, and as long as 8 months. And, if a buyer signs a contract in the winter for a a new house, the length of the build time can be dependent on mother nature; as many portions of the project can’t be completed or even started in the winter months.
(3) Ask if the builder has a model of the house a buyer can look at it vs. looking at the plans? Many buyers aren’t comfortable purchasing a home from blueprint drawings; they want something they can walk through, something they can touch and feel. If a builder has a brand new model, they may only have Read the rest of this entry »
Top 3 websites for home buyers
The following information is the third in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #7 – 9
For a FREE Buyer’s Guide, Email KTorline@msn.com
Home Buying Resources on the Internet
As I started to put together this article, I originally was going to write it about the wonderful resources that HUD provides on the Internet, but as usual, my blog article evolved into something much more. The Internet provides all of us an amazing opportunity for education, and home buying is no exception. Remember, knowledge is power.
Tip #7: My favorite site for Home Buyers: HUD web site. In fact, when you google “buying a home”, the first site that comes up is HUD’s site. The site provides an easy way to find out about all of the loan products offered through HUD/FHA, but equally important it offers perspective buyers great advice on all types of things. One of my personal favorites is the quick easy list they have on the 9 steps to buying a home:
Nine steps to buying a home
- Figure out how much you can afford
- Know your rights
- Shop for a loan
- Learn about homebuying programs
- Shop for a home
- Make an offer Read the rest of this entry »
Shop for a Lender like you shop for a house
The following information is the second in a series of Buyer Tips to provide tips for both the first-time homebuyer and the most experienced homebuyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area.
For a FREE Buyer’s Guide, Email KTorline@msn.com
Tips #2 – 6
2. Consult a mortgage lender prior to looking at homes. Lending requirements seem to be changing daily, so make sure and know your mortgage options and what you qualify for. Don’t wait until you find a home to get pre-qualified.
As a Colorado Springs Realtor, this is probably one of the biggest mistakes I consistently see made by all home buyers. It’s important to know in advance what you are qualified for. If you qualify for $150,000; don’t look at houses that are worth $250,000; you’ll just get discouraged and disillusioned. It’s similar to looking at a Lexus SUV, when you can really only afford a Nissan SUV.
3. Shop around when it comes to mortgage lenders, as rates and closing costs can vary vastly between lenders. The “Best Rate” isn’t always Read the rest of this entry »
Bargains are out there
Colorado Springs has a foreclosure problem — but it’s not as bad as the newspapers would make you think
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
In the past two years, Colorado Springs and surrounding communities have seen a record number of foreclosure filings: in El Paso County there were 4,602 in 2008, and 3,556 in 2007. Those numbers may seem high, but in 1988 (over 20 years ago), it reached a high of 3,476 and the population was probably half of what it is now. Year-to-date, according to the Public Trustee’s web site, there have been 522 foreclosures; an average of 174 foreclosures a month.
As a result, it’s a great time for buyers and investors in Colorado Springs and anyone relocating to Colorado Springs to find some bargain opportunities in foreclosed homes. Many people that may not have been able to buy before, now have a better selection of homes in the lower end price category.
A
s I’ve been setting up some automatic property searches from the local MLS database for some buyers I’m working with, it made me think on how much the market has changed. A couple of years ago, it was almost impossible for a buyer to find a habitable home in Colorado Springs for less than $150,000; and there was very little under $100,000. So of course, I thought I’d research some numbers and see what the statistics showed. Sure enough, in 2008 there was almost twice as many single family homes under $100,000 that sold than the year before.
Here’s some foreclosure facts
A foreclosure is a legal action that a lender(s) takes against a homeowner who miss several mortgage payments. Read the rest of this entry »
Tax credit Part II
Colorado Springs Vintage Homes is happy to feature a great article by
Bryan Yaninek with Castle & Cooke Mortgage, LLC
Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisers!
Part II of Tax Stimulus Explanation
Is it a tax credit?
Part I of the article explained they called it a “tax credit” because you get the tax credit money upfront, but it really was an “interest-free” loan which is paid back for the next 15 years or upon the sale of the home (within 3 years of purchase). The “payback” is based upon the balance owed and not the entire tax credit received.
The next set of rules applies if a home is purchased between January 1 and December 1, 2009. It is a true tax credit and does not have to be repaid. However, if the home is sold within 3 years of the purchase date, the entire tax credit has to be paid back.
How the Dollar Amount of Tax Credit is Figured
Simply calculation here: 10% of the home’s purchase price or a maximum of $8000. A tax credit can be claimed regardless if they obtain a mortgage, a tax-revenue mortgage or the buyer paid cash when purchasing the home.
Potpourri
For home buyers who do not want to wait until the end of the year to claim their tax credit, they should consider filing a W-4 form with their employer, decreasing the amount withheld for federal taxes. They may not get a check at the end of the year, but it will increase the dollar amount of their paycheck.
Another option for FTHB’s is to borrower the dollar amount of the expected tax credit from a relative (usually a parent) and pay it back when the tax credit is received. It could be used towards down payment and closing costs and FHA and VA will allow it. Be sure to check with the lender and the documentation required.
This is more complicated than it seems on the surface. Always, always, always, refer to your tax advisor!
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Other posts by Bryan Yaninek:
- 5 things you need to know about FHA Mortgages
- What the current lending market means to you as a home buyer or a seller
- Tax Credit — Who is a first time home buyer?
Bryan Yaninek is affiliated with Castle & Cooke Mortgage, LLC, a Licensed Mortgage Broker in the state of CO Department of Real Estate.
For more information, please call 719-457-2200.
Kathy (719-287-1049) KTorline@msn.com
Tax Credit — Who is a first time home buyer?
Colorado Springs Vintage Homes is happy to feature a great article by
Bryan Yaninek with Castle & Cooke Mortgage, LLC
Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisers!
Part I of Tax Credit Explanation
Who is Considered a First-Time Home Buyer?
There are other scenarios to consider! This one is easy; anyone who has not owned a home within the last 3 years. If they sold a home 3 years ago, the date on the HUD 1 is the determining factor.
- For a married couple, if one person owned a home within the last 3 years and the other did not, they don’t qualify for the tax credit.
- However, if an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents Read the rest of this entry »
