15642 Coquina Drive Monument CO 80132

15642 Coquina Drive Monument CO 80132

I'm so excited about this new listing!  Built in 2001, this beautiful stucco home has 4 bedrooms, an office, great room, formal dining room, upper-level loft, finished basement and professionally landscaped yard!  The main level features wood floors, spacious kitchen with island, pantry and counter bar, master bedroom with his/her closets and attached 5 piece master bathroom!  The upper level loft is perfect for kids, with 2 good sized bedrooms, a full bath and loft area!  The basement includes a huge rec room with gas fireplace, dry bar, 2 more bedrooms, private bath and plenty of storage.  Great Jackson Creek location...walk to nearby parks and shopping! View on the MLS at: https://www.springshomes.com/mls/3550097-15642-Coquina-DR-Monument-CO-80132, or the single property website at: www.CoquinaDrive.com

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710 Cresta Road Colorado Springs CO 80906

710 Cresta Road Colorado Springs CO 80906

I am beyond excited about this new listing! Built in 1952, this ranch floorplan sits on an oversized lot with mature trees, flowering shrubs, an expansive brick patio, fountain and even a greenhouse! This tastefully updated home features remodeled bathrooms and kitchen with granite counters, stainless appliances, and a warming drawer. It has wide plank wood floors throughout, a finished basement, new roof, new furnace and a/c, new Marvin windows, new sump pump, new lights and new storm doors. Located in the popular Cheyenne Mountain school district, this property is walking distance to nearby schools and park! And the sellers are the nicest of nice!

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Top 4 Things you Need to Know about Appraisals

Top 4 Things you Need to Know about Appraisals

The appraisal of a home is a vital part of any real estate transaction, and the role of an appraiser is possibly one of the most critical parts of the entire transaction. See below as to how you, as a Seller, can be way ahead of the learning curve with just a few helpful hints from me when are you ready to put your home on the market for sale!

1. Appraisers are always hyper sensitive to contributing to potentially over inflating any real estate market. And, with multiple offers being the norm in most price ranges here in Colorado Springs, they are even more so.  Encourage your real estate broker to have comparable sold data ready to present to an appraiser. This data should support whatever sales price the buyer and seller finally agree to...ESPECIALLY vital if that sales price is OVER what the original list price was.

2. Most real estate brokers are ridiculously busy right now, but that ABSOLUTELY DOES NOT excuse your real estate broker from not showing up to your home, with comparable sold data and a list of every improvement made to the home in hand to meet the appraiser for his or her site inspection. Your real estate broker knows your home better than the appraiser does, so make sure your real estate broker shows up and represents!

3. Your real estate broker should be as descriptive as possible about your real estate listing and include, if at all possible, ALL 36 photos that the Pikes Peak MLS allows. It helps an appraiser immensely to include photos of the front of your home, the rear of your home, the street view of your home, and all major rooms in your home as well as the features of the home itself. Again, your real estate broker knows your home better than the appraiser does. 

4. What your real estate broker should tell you, from the very beginning, about the role of an appraiser in a real estate transaction? The role of the appraiser is actually NOT to confirm the sales price, but to provide the Buyer's lender an independent, objective, and completely impartial opinion of the value of your home. This value of your home is considered the collateral to which the Buyer's loan would be based.

Happy Selling! 

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Out of Pocket Expenses for Buyers

Out of Pocket Expenses for Buyers

When purchasing a home, you know the sales price you have negotiated, but when you make it to the closing table your might be surprised at some of the other expenses involved in the process. Here is a detail explanation of all of the out of pocket expenses you might encounter when you buy a house.

Earnest Money Expense

The first out of pocket expense that you’ll have is the earnest money. The earnest money shows the seller that you are committed to the purchase & aren’t out submitting offers on other properties. You give the earnest money check to your Broker or Title Company and it’s kept in escrow until the purchase is finalized. This money will go towards your closing cost or down payment at closing. There are instances throughout the buying process, where this is refundable to the buyer should the deal fall through.

Inspection Fees

The next out of pocket expense are inspection fees. There are many types of inspections you may wish to have done on your home which might include:

  • Basic home inspection to determine the condition of the home. Usually runs $300-400, depending on the size & age of the home.
  • Radon Test. This determines if your home has unsafe levels of Radon gas. Usually about $175.
  • Sewer Line Scope. To see if there are any issues with the current sewer line. Usually about $125- 200.
  • Lead Based Paint Assessment. This determines if the home contains lead paint & applies to anything built prior to 1978. This usually runs about $300.
  • Meth Lab Test. This will check to see if there has ever been methamphetamine in the home. This starts around $600 & can go to about $1200.
  • Mold Test to see if your home contains dangerous mold. This usually runs about $300. There’s also Well & Septic testing if the home has them.

These fees are to be paid in full at the time of service.

Down Payment Expense

The next expense is your down payment. This is a percentage of the sales price of the home, which you pay at closing. VA loans do not require any down payment. There’s also first-time buyer programs that provide down payment assistance for buyers that qualify. The most common loan for first timers is FHA. This requires 3.5% down payment due at closing. Conventional loans start with a minimum of 5% down payment and go up from there.

Closing Costs

The last out of pocket expense is closing costs. These are fees paid at the closing of a Real Estate transaction. This pays for things like points, appraisal and title company fees, taxes, pre-paids and many other important items. Luckily, you will know what to expect ahead of time, because lenders will provide a cost analysis worksheet with estimated fees.

If you have any questions about out of pocket expenses, please give me a call!! I’d love to help anybody that’s beginning or curious about this process.

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Condos vs Townhouses - What's the difference?

There is a lot of confusion about the differences between condos vs townhouses. They share many similarities, and this seems to be the source of this confusion. Even amongst real estate professionals we often hear more opinions than facts. If you are considering buying a condo or a townhouse, it is important for you to understand the different real estate terms.

So, let's start by clarifying, condominiums or condos are a type of real estate ownership. Whereas, a townhouse is an actual style of building.

A condominium is best described as “the concept of ownership of a single unit of air space within a multi-unit dwelling, along with co- ownership of any common amenities (recreation centers, pools, etc...) and common areas of the structures and land among all unit owners.”

Townhouses are generally attached structures of 2 or more stories with common walls. These are a version of the old "Brownstones or "Row Houses" made popular on the east coast.

Let's Review the Similarities:

Townhouse ownership means you own the structure along with any associated land. So the owner of a townhouse can have absolute ownership, like a single family home.

Here's where things get a little confusing. It is not unusual to have “condominium ownership” of a townhouse. In other words, the structure is a "townhouse" while the ownership is "condominium".

Let's Compare the Differences:

Ownership and common areas are the primary differences between condos and townhouses. You can actually have absolute ownership of a townhouse as well as the land (yard) associated with it. In a Condominium you only own the "air-space" inside of your particular unit.

The owners of a condominium development each own an equal share of the "General Common Elements". This includes the structural elements of the building roof, walls, halls, clubhouse, pool, etc...

In a townhouse community, any common elements are deeded to the Home Owners Association (HOA). The townhouse owners are a part of the HOA but don't own an interest in these elements.

"Limited Common Elements" are where we see a departure between townhomes and condos. Limited Common Elements are only seen in condo ownership. These are things that are intended for the use on the individual unit owners. Parking spaces, garages, balconies and patios are examples of Limited Common Elements. Although these are owned by all of the unit owners, they are limited to the use of specific owner/s.

In a townhouse, the balcony and garage are actually owned by the townhouse owner. The exception to this would be if a "townhouse" style home is owned as a "condominium".

Summary:

Both condos and townhouses are what is known as "Common Interest Communities". A "Common Interest Community" is one where common real estate is maintained through assessments and dues.

Because of the Common Interest Community designation, we see a lot of confusion. The easiest way to remember the differences is this: A condominium is a form of real estate ownership and a townhouse is an architectural style.

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