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Are you thinking about buying a condo in Colorado Springs? Here are some questions to ask yourself before making the purchase! Whether you are buying a condo for yourself or as an investment, there are a few things to consider before buying. You don’t want to find yourself stuck in the wrong place or in the wrong community. Condos are usually heavily regulated by an HOA, so it is important to make sure you are comfortable with the bylaws of the community. Below, we offer some things to ask yourself before buying a condo in Colorado Springs! What Are The HOA Fees?When you own a property in a condo community, there are going to be HOA fees. It’s important to know what these fees are, what they cover, and the rate at which they can be increased. If you are living there yourself, you should add the HOA costs to your monthly expenditures. If you are renting out the property, you’ll need to factor in these costs when setting the price of the rent. A condo in a community with few amenities will rent for much lower than the same condo in a community with lots of benefits and perks. What Is The Policy On Renting The Condo Out?Be sure to read all the rules and bylaws in place in the community. Some communities have rules about renting the condo out to third parties. Typically, using the condo as a vacation rental on sites like Air B&B won’t be allowed. Is The Complex In Demand?Take a look at the recent sales as well as other units for rent in the area. How long are these properties staying on the market? If they are being snapped up pretty quickly, its a sign that the property is in demand and will increase in value over a relatively short period of time. As an investor, you’ll want to make sure that you will be able to find a high-quality tenant right away. While some vacancies are normal, you don’t ever want to risk being stuck with a vacant unit over a long period of time. How Will It Meet Your Needs Longterm?Many people will purchase a condo as an investment with the goal of using it themselves during retirement. Once you’re retired, you may not need the space, yard, or hassles of a single-family home. If you plan on solely renting it, make sure it is an area that is appreciating, with positive future development plans in the works. When buying a condo in Colorado Springs, you’ll want to make sure it will be beneficial for you for years to come. Of course, if you are flipping the property, this won’t apply. Are The Rules And Regulations Reasonable?An HOA puts rules and regulations in place in order to maintain a high quality of life for its residents. For example, you don’t want to hear music all night, have strangers park in your spot, or worry about the shared areas being dirty or full of litter. However, it’s no secret that some HOA’s go overboard with what they demand of its residents. Everything from what’s on your patio to the color of your interior curtains can be regulated. While some people appreciate the order, others can feel like they are losing their sense of freedom. Before purchasing a condo in Colorado Springs, make sure you are comfortable with the rules of the community. Purchasing a condo in Colorado Springs is an excellent way to begin or add to your real estate portfolio. Once you know what to look for and where to buy, purchasing condos as an investment can be a very profitable practice! Contact us if you are thinking about buying a condo in Colorado Springs, we are here to help! (719) 286-0053via WordPress https://ift.tt/2OmM5q9 It happens for all kinds of reasons: divorce, job layoff or relocation, or mortgage payments just becoming too much to handle. Whatever the reason, you are now in the position of needing to sell your house fast for cash in Colorado Springs. You need, then, to market your house to people for whom buying a house with cash is the actual goal (not just tire kickers), get them in the door, and then close the deal. Understanding the process and knowing how to get your house ready for sale may help. How To Sell Your House Fast For Cash in Colorado Springs Title/DeedGenerally, after locating a solid possibility, people buying a house for cash will want to make sure some kind of purchase-and-sale agreement has been drawn up. Next, they are likely to conduct a title search to make sure the title is clear, with no liens or other encumbrances. And then they will want to know what kind of deed you are offering, for example, quit claim, warranty, or special warranty. OfferIf all these things are in order, the cash buyer will make an offer. A buyer offering cash will feel she has more bargaining power because the sale doesn’t depend on a third-party loan and the inevitable wait. You can always make a counteroffer if the first offer doesn’t suit you. Inspection/AppraisalIf an offer is accepted, the person buying a house from you will then want an inspection and possibly an appraisal done to make sure there are no huge problems and that she is getting her money’s worth. CloseSince this is a cash deal, you and the buyer can set the closing date for a time convenient for both of you, usually much sooner with a cash deal. You simply show up at a notary’s office with pen and cashier’s check in hand. Here are some steps you need take before attempting to sell your house for cash. PricePricing your house right is probably the best step you can take toward making a fast sale for cash because it’s what gets people to consider your house in the first place. If your price too low, buyers will think something is wrong with the house, and a too-high price may make it sit unsold for a long period with the same result. It pays, then, to check out comparable house values in the area and price accordingly. Curb AppealThis is what creates that critical first impression and gets them to stop and come in the door. So sprucing up the yard and the house’s exterior are definitely worth the time and expense involved. And it doesn’t take a lot, really – maybe just some lawn clean-up and minor landscaping, a little roof repair, touching up paint, and dressing windows. Deal SweetenersIt always pays to sweeten the deal to make it more attractive for buyers. The tried-and-true principle of reciprocity tells us that people are willing to give more (sale price) if they feel they are getting something in return (the deal sweeteners). For example, you could offer to pay some or all of the closing costs, or you could offer to provide a transferable home warranty, which would cover, say, major appliances and/or the HVAC systems. If you need to sell your house fast and are looking for someone buying your house, these tips and steps will help you close a cash deal. But there’s, even more, you can do to get a better cash offer and expedite the sale. TO LEARN MORE! SELL YOUR HOUSE FAST FOR CASH IN Colorado Springs, CONTACT US BY PHONE AT (719) 286-0053 OR FILL OUT THE FORM.via WordPress https://ift.tt/2GwCZko Flipping houses can cost money. Here are 4 top financing options for flipping houses to help you get started. Use one, some, or all of these financing options to acquire all the investment properties you want to flip! If you’re thinking about investing in real estate, you have several options… you can rent, rent-to-own, wholesale, flip, and many other options as well! If you’re thinking about flipping, you’re probably looking to acquire an investment property and then fix it up to sell at a higher price. If so, here are 4 top financing options for flipping houses… Flipping Finance Option #1You can get a traditional bank loan from a mortgage loan lender like a bank or mortgage company. These are usually similar to the traditional mortgage loan that you might get for your residence: you pay a down payment and “use your credit score” to borrow the rest. Unlike your residential mortgage, you would sell the house to a buyer and then pay off the mortgage quickly. The biggest drawback to this method is that you can usually only get a few mortgages in your name at once before the banks won’t lend you anymore. That will limit how many properties you can flip at once. Flipping Finance Option #2Another way to finance your flips is to partner with other investors so that each of you put in a portion of the total cost. For example, you might acquire a $100,000 property by finding 3 other investors and each of you put in $25,000. Of course you’ll also need to figure out what percentage each person will invest in the renovations, and what percentage each partner earns at the end. In the example above, the simplest option would be for each partner to invest 25% and then get 25% back but some investors might prefer to be just “silent partners” while other investors might want to roll up their sleeves and do the renovation work! If you’d like to flip some properties and perhaps want to partner with other investors, why not get in touch with us at (719) 286-0053 and we might be able to give you some suggestions or even make some introductions. Flipping Finance Option #3In some situations, you may be able to invest in real estate with your IRA or 401(k). This is a very smart strategy (although you should be aware that there are some restrictions and guidelines — so make sure you talk to an expert who can help you). There are some significant tax advantages to using this financing option, so it’s one that you may want to consider if you have money available in your IRA. Flipping Finance Option #4Seller financing is a very powerful way to finance your investments. Using this method, you by pass the bank and the seller actually becomes your bank! Instead of getting a loan from a mortgage company, you simply get the house and pay the seller a regular “mortgage” payment each month until you’ve paid the entire amount off. Some sellers like this because they want to sell fast and like the cash flow. SummaryIf you’re an investor who wants to flip houses, you probably need to finance the purchase of them. These are 4 top financing options for flipping houses that you can use to acquire as many properties as you want! You can talk to us at HBR Colorado about how to acquire more properties to flip, or to help you figure out how to invest with your IRA or 401(k). Just click here to enter your information or give us a call at (719) 286-0053.via WordPress https://ift.tt/2OnNMne HAve you found it difficult to sell your house in Colorado Springs? Selling your house via rent to own contract will help you find more buyers and get your asking price! Find out if it’s right for you in our latest post! As a home seller in Colorado Springs, you may have found that your property has been on the MLS for longer than you’d like. Selling a house in the Colorado Springs area doesn’t always go as planned. Some houses will sit on the market for months, with not so much as a bite. It can be frustrating living this way. Not knowing when the house will close can be frustrating for people who need to sell a house in Colorado Springs. Using a rent to own agreement to find potential buyers will open your property to a whole new market of buyers. You’ll be able to sell the house, get your asking price, and have the funds in your pocket to move onto something new. It can be a very beneficial agreement for both buyers and sellers in Colorado Springs. Keep reading to learn more about what makes this method of home selling so great for homeowners in the Colorado Springs area! New Potential BuyersThere are great people all over the country who want to buy a house, however, frustrating circumstances have kept them from living their dream. Maybe these people are… Quality Buyers Who Lack A Down Payment Quality Buyers Who Have A Blemish on Their Credit Benefits For SellersUsing a rent to own contract to sell your house in Colorado Springs offers a number of benefits to home sellers. People will often look over a rent to own agreement because they don’t want to be landlords. However, the people interested in your property are much different than an average tenant. They have a personal interest in the property. They will want to keep the property maintained and will always pay their rent on time. Not doing so can put them in violation of their lease. They have much more to lose than an average tenant, and they realize this going into the deal. Some of the other great benefits of a rent to own agreement for Colorado Springs home sellers include…
Low RiskIf your tenant/buyer should not keep up with their end of the deal, you have every right to foreclose. Sure, it may be a bit of a hassle, but in the long run, you will have likely profited as the downpayment and increased rent payments are yours to keep. You may be back at square one, but you may be further ahead financially. What To Watch Out For…If you need the cash from the sale right away, a rent to own contract may not be the best way for you to sell. Keep in mind, that using a rent to own contract may ultimately get you more money when all is said and done. A person with poor credit or little capital for a down payment will likely pay your asking price in order to get a shot at homeownership. There are many benefits of using a rent to own deal to sell your house in Colorado Springs. CNBC states that “rent-to-own arrangement can yield positives: steady monthly income while moving toward the promise of a sale.” Let us help you find more buyers for your house in Colorado Springs! Contact us today for more information! (719) 286-0053via WordPress https://ift.tt/2Ol3rUg If you want to sell your manufactured property in Colorado Springs, you’ll have to learn how to market your mobile home to sell! Learn more about the best ways to do it in our latest post! Selling a mobile home in Colorado Springs isn’t always easy. There aren’t usually as many buyers for a mobile home as there are for a single family one. You can either choose to sell your mobile home in Colorado Springs as-is, or you will need to do some upgrades to get it ready. Below, we offer some great tips to help you market and sell your Colorado Springs mobile home fast and for a great price! Word Of Mouth AdvertisingA great (and free) way to market your mobile home for sale in Colorado Springs is simply word of mouth. If you want to sell your mobile home fast in Colorado Springs, don’t be afraid to talk about it! Let your park manager know as well as your neighbors. They may know someone who is actively looking to buy in your park. In addition, tell your friends, co-workers, and other people you come in contact with on a day to day basis. You never know who they know and who might be looking for a property just like yours. Exceptional PhotosIf you decide to hire an agent and list the property, it’s important that it is being marketed correctly. If you are going to make hiring an agent worth it, you should spend the time and money having professional photos taken. Make sure to clean the property from top to bottom beforehand, removing all clutter and personal items. You want your property to be showcased in the best light possible. Hire a photographer to get pictures of the inside and consider hiring a drone operator to take photos of the outside. It may sound extravagant, but listing with these types of photos perform much better on the MLS. While this may cost you a bit of money, having the right photos will make your property stand out amongst all of the others. Add IncentivesWhen selling your mobile home in Colorado Springs, one way to attract buyers is to add an incentive or credit. Maybe you include the furniture (as long as it is in nice condition) or maybe you provide a $1,000 credit to replace the flooring. There are a number of different benefits you can offer buyers, don’t be afraid to get creative. Whatever you decide to do, be sure to factor this into your listing price so you don’t end up losing more than you can afford on the deal. Social MediaSocial media is a great way to reach people who want to buy your mobile home in Colorado Springs. Consider joining groups and following pages where you will be able to promote your property. Doing so may require you to spend some time answering questions and replying to messages, but it can be worth it in the long run. Make sure you abide by all the rules of the groups you are joining. Not following them can get you booted. Also, be careful putting your address up online in such public forums. Consider offering up the address upon request. Find A Direct BuyerWhen you choose to sell your mobile home directly to a buyer such as HBR Colorado, you will be able to avoid all of the cost, commissions, and hours that go into a traditional sale. You won’t have to spend a dime marketing the property or fixing it up For many homeowners who need to sell a mobile home fast in Colorado Springs, a direct sale would be the way to go!
You won’t have to market your mobile home with a direct sale to HBR Colorado! Contact us today for more information! (719) 286-0053via WordPress https://ift.tt/2Y7yIPg In today’s article, we’ll take a look at some tips on renting a home in Colorado Springs that you should consider when renting your next home in Colorado Springs. As property values plummeted over the latter part of the 2000’s, many people began to turn to renting. There are plenty of reasons to rent as opposed to purchasing a home, including maintenance costs, desire to live in a densely populated part of Colorado Springs Colorado, or the desire to live in a smaller space. Tips on Renting a Home in Colorado SpringsShould I Rent From A Private Owner vs. Management Company?There are advantages and disadvantages to renting from a management company. Oftentimes, a management company will quickly make repairs, and be responsive to tenant complaints. Forward-thinking companies may offer rent payment, maintenance and repairs requests, and answers to other questions on their website. Property management companies in Colorado Springs are usually strict about who they’re willing to rent to. They’re more likely to run credit checks, and require certain scores to consider a tenant. Many property management companies are also reluctant or outright refuse to rent to tenants with pets. Also with property management companies, they tend to charge top of the market rents because they know what the “going rate” is. Private owners are often more flexible about who they’ll rent to. Many are renting homes that they own in their retirement account, biding time until they retire, so they’re simply looking for an occupant. If you have credit difficulties or have a dog or cat, it might be best to find a private owner. Private owners often may rent a house at a little bit lower price than a property management company because they don’t want to hassle with finding tenants or they simply may not know the local Colorado Springs Colorado rental housing prices well. In the end, both private property owners and local property management companies have to follow the same landlord-tenant laws in Colorado so the experience with either one should be fundamentally the same. Be Realistic with Your BudgetMost financial experts agree that you should spend no more than 30% of your total net income on housing costs. If you’re younger, you may want to budget more than 30%, as entry-level salaries are low, and the rental market is booming, leading to higher costs. Take Pictures of EverythingAfter renting your next home in Colorado Springs, before assuming the lease, it’s extremely important to take photographs of every inch of the house or apartment. This can be essential to recovering your security deposit at the end of your lease. Some uncouth landlords will use your security deposit to pay for broken items or scuffed floors that existed before you moved in. Also, when you take pictures of everything it’ll indicate to the landlord that you’re a responsible tenant and build that trust with you as a tenant. Get Renter’s InsuranceRenter’s insurance protects your belongings from theft and other catastrophic losses. In some states, landlord’s rights trump tenant’s rights, and if something goes missing or damaged in your rental unit, you’ll be responsible. By purchasing renter’s insurance, your belongings will be protected. Renter’s insurance is extremely affordable, often costing less than $200 a year… which is a no-brainer. If you’re looking for renters insurance in Colorado Springs Colorado just pick up your phone book and call any reputable insurance agent (the same type of insurance agents who could sell you auto insurance tend to offer renters insurance too) or head online and do a quick Google search for “Colorado Springs Colorado insurance agents” and you’ll find a whole list of agents to choose from. By being very details oriented during your search and moving into your new apartment or rental house, you can ensure a pleasant experience for both you and your landlord! For other tips on renting a Colorado Springs Colorado home feel free to email us directly or give us a call and we can provide more information and free guides to help you find a great local house to rent… even a Colorado Springs rent to own house list in case your main goal really to purchase a house rather than rent… but your current financial state won’t let you get a home loan (we can help!). Consider A Colorado Springs Rent to Own HomeThe tips on renting a house in Colorado Springs above are quick and simple and apply to a rent to own house as well. But if your goal is really to own your own house here locally in Colorado Springs… but your financial situation won’t let you qualify for a loan (bankruptcy recently, foreclosure recently, your income not high enough yet, etc.) then renting to own a home may be an option for you. If that’s you… then start on this website by learning about the rent to own process and even get on our Local Rent To Own / Lease Option House list to see the available rent to own homes in Colorado Springs. For Other Tips On Renting A Colorado Springs HomeIf you have any questions at all don’t hesitate to contact us anytime. We’re here to help! We can connect you with reputable property management companies, provide you free resources as a tenant here in Colorado that show you your rights, and more! Or, if you do want to learn more about renting to own a local house… excellent! We’ll walk you through the process and see if it’s a good fit for you! Renting To Own Sound Good? |
AuthorHBR Colorado is the number one we buy houses company in the front range real estate market. Archives
June 2022
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