5135 Mayweed Court

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This listing is personal for me.  I sold the house to these sellers back in 2006.  Over the years they have become more than clients.  They are friends.  Their home is lovely.  It sits on a 1/3 acre lot at the end of a cul-de-sac and is tastefully landscaped including auto sprinklers.   The home features 5 bedrooms, 3 baths and over 2,100 total square feet.  It includes rich hardwood floors, new vinyl windows, updated kitchen with hickory cabinets and ceramic tile counters, air conditioning, covered rear deck, a workshop, storage shed and even a new roof!  And this home is just one block from the neighborhood park! 

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What is Title Insurance and Why You Absolutely Must Have It.

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One of the questions Colorado Springs homebuyers most frequently ask us is, “Why do I need title insurance?” Title insurance is just one of the many things that appear on your home buying settlement sheet, but it’s also one of the most important.

The Colorado Springs property you are buying has probably gone through several changes of ownership over the years (unless it’s new construction). One of the necessary procedures during the home buying process is a title search.

The search must be done before any property changes owners in Colorado so that the deed can be recorded and registered to the new homeowner. The search reviews the “chain of title”—the history of everybody who has owned the property through its present owners. What title insurance does is protect you against any expected discoveries that may arise during the title search. For example, there may be unpaid real estate taxes or mortgages, outstanding liens, or errors in the legal description of the property.

Title insurance guarantees that, if any issue in the ownership records arises during the search, the insurer will either fix the problem, compensate you for any potential loss or defend you against any action that may occur as a result. Title insurance protects you against matters that have already occurred and that were not caused by any wrongdoing on your part. It gives you peace of mind knowing that once the buying transaction is complete, you are protected against any claims on your property.

There are two basic forms of title insurance: Owners and Lenders. 
Owner’s title insurance covers you as owner of the property, and the policy is generally issued for the amount you paid to purchase the property. Lender’s title insurance covers your lender’s interests in the property and is usually issued in an amount equal to the loan. In Colorado Springs, the buyer and seller may negotiate who pays for the Owner’s title insurance policy. The buyer generally pays for the Lender’s title insurance policy.

Coming soon: How are the rates for title insurance calculated and how much will it cost?

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How Important are First Impressions?

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The saying "You never get a second chance to make a first impression” has never been truer, especially when it comes to marketing Real Estate.

In the 2013 National Association of Realtors Survey of Home Buyers and Sellers, Home Buyers were asked, “What actions they took as a result of an Internet Home Search?" 75% responded that they drove by or viewed the home while 63% scheduled a walk through. This reinforces our philosophy that the Internet is the new first showing.

This survey also supports our belief that professional photographs, video and virtual tours are essential tools used to drive traffic to our listings.

Here is the complete list of results from the survey.

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ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH
Drove by or viewed home 75%  
Walked through home viewed online 63%  
Found the agent used to search for or buy home 30%  
Requested more information 24%  
Looked for more info on mortgage and home buyers tips 13%  
Pre-qualified for a mortgage online 13%  
Contacted builder/developer 8%  
Applied for a mortgage online 8%  
Found a mortgage lender online 7%  

 

If you would like to learn more about our listing process and what we do to get Colorado Springs Home Buyer traffic to our listings, please visit our Colorado Springs Home Seller Section.

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5 Essential Tips for First Time Rental Property Owners in Colorado Springs

There are a number of reasons why you might consider becoming a landlord in Colorado Springs or anywhere in El Paso County. Maybe you’re downsizing to a smaller property, but still want to maintain your current home for income. Perhaps you’ve found a great deal on an income-producing property and are planning to use the revenue for your retirement. Or you’ve found your dream home with an attached apartment or suite that will help you defray the costs.

Whatever your motivation, here are some critical steps you need to take to minimize hassles and be financially profitable.

  1. Be realistic. Remember that you’ll still be paying the mortgage on your rental property, so you can’t count on the rental income to be pure profit. Be sure to calculate taxes (local and federal), utilities, upkeep, maintenance and insurance as part of your cash outflow. Plus you may have some lag time before you find the right tenants. If you’re relying on the rental income to purchase something in the near future, e.g. a round-the-world-cruise or new car, you may have to wait a while.

  2. Keep scrupulous records. Set up an online system such as Quickbooks or Freshbooks. This will help you keep track of all incoming and outgoing cash flow, as well as create reports that will make your tax preparation much less stressful. It’s also a good idea to maintain a file with all the paper receipts, or scan them into a device.

  3. Consult with a professional. Even if you’ve done your own taxes and accounting for years, you’ll want to meet with an accountant or tax attorney to learn the legal do’s and dont's and ensure that you are financially suited to handle the task of being a landlord.

  4. Hope for the best, prepare for the worst. You may not be able to find a tenant for months. Rent payments may be consistently late. Your renters may damage the property or hold loud parties. Or you may have dream tenants. Just remember, this is a business proposition, so try not to become emotionally involved.

  5. Understand your tenant’s rights as well as your rights as a landlord. Consulting with an attorney who specializes in property leasing will help prepare you to deal with any situation that may arise. Be sure to put all your expectations (date rent payment is due, additions made to the property, noise level, best time to contact you) in writing as part of your lease agreement.

At Springs Homes we specialize in Colorado Springs Property Management, we work with properties not only in Colorado Springs but anywhere in El Paso County. We not only manage properties but we can also help investors find properties that meet their needs. We are a great solution for those that want to landlords but are weary of the hassle and the liability. Our investors simply leave the hassle to us.

The preceding information is deemed to be reliable, but is not guaranteed. If you are thinking of purchasing rental property in the Colorado Springs area, be sure to consult with your tax professional or tax advisor for specific information pertaining to your financial situation.

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6144 Montero Circle

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Check out my new listing!   Enjoy unobstructed Pikes Peak and mountain views, with open space directly behind the property.  And, no rear neighbors means plenty of privacy. Built in 1997, this terrific ranch floorplan features walk-out lot, stucco exterior, wood floors, vaulted ceilings, gas fireplace, spiral staircase, 4 bedrooms, 3 baths, finished basement, media room with projector, big screen and built-in speakers, air conditioning, wood deck, and all appliances stay!  Great Powers location...walk to nearby shopping and parks!

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