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Should You Sell or Rent Out Your Home in Observatory Park in Denver?


February 22, 2017

So, you’re ready to pack up your belongings and start the next chapter of your life in a new home. What do you plan on doing with your current home? Homeowners have two options: they can either rent their home out, or sell it. Which option do you plan on choosing for your home in Observatory Park in Denver? Here are some things you should consider before making a decision:

Financial considerations.

Many homeowners have to sell their current home in order to afford moving into a new one. If this is your situation, then you should definitely sell your home so you can buy the home of your dreams. However, if you have a little bit of financial flexibility, you should consider renting it out so you can have an additional source of income. Work with a real estate agent who can help you calculate how much you would be able to get for rent so you can figure out if it’s worth it. In some cases, you may do the math and realize you’re not going to make much after taxes and insurance are deducted.

Option to move back.

Are you relocating because of a job? If you’re not sure whether your move is permanent, it may be wise to keep your current home and rent it out temporarily. Ask your tenants to sign a short-term lease so you have the option of coming back home if the move doesn’t work out for one reason or another. Learn the ten terms to include in your lease or rental agreement.

The market.

Ask a real estate agent to come look at your home and provide you with an estimate of how much it would sell for if placed on the market. Are you able to get as much as you expected? If so, then feel free to sell it while the market is hot, but if not, it doesn’t hurt to wait and see if you can get more after a little bit of time has passed. Remember, the real estate market constantly fluctuates. If it’s down in your area right now, it could be scorching hot within just a few months. Consult with a real estate agent to determine if it’s best to sell now or wait it out by renting your home to tenants.

Time.

If your schedule is packed from the time you wake up every morning to the time you go to sleep at night, you probably shouldn’t try to fit being a landlord onto your daily to-do list. Selling your home is the better option if you don’t have the time to commit to keeping up with a second property.

Are you ready to move out of your current home? Regardless of whether you’ve decided to sell or rent out your home, it’s important that you work with the professionals at Elevation Realty. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.
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Features That Will Help You Sell Your Observatory Park Home Faster


February 15, 2017

Sellers often ask their agents, “How long will it take it to sell my home?” A number of factors can affect the market, so the truth is there’s no way to determine exactly how long it will take to sell a home. But, there are some features that are more attractive to buyers than others, so they can influence how long your home stays on the market. Your Observatory Park home could sell much faster than expected if it has any of these desirable features:

Open Floor Plans

Today’s buyers want a home with a welcoming open floor plan. Not only do open floor plans make it easier to entertain friends and family, but they also let more natural light into the home, which is another reason why they are so popular. If you have a home with an open floor plan, make sure you ask your real estate agent to play this feature up in listing so buyers know your home is a must-see.

Outdoor Gathering Spaces

Buyers aren’t just looking at what’s inside the home when they decide which one they should buy—they want to see what’s outside, too. Just like with open floor plans, buyers love having outdoor gathering spaces so they have one more option when it comes to entertaining guests. Even if you don’t have a lot of space outdoors, if you have a small patio or quiet seating area near a garden, this should help draw more buyers in to see your home.

Hardwood Floors

Interior design trends come and go, but hardwood floors are forever. It’s hard to find a buyer who doesn’t immediately fall in love with the warm and luxurious look of hardwood floors. Hardwood instantly upgrades the room and makes it look more pulled together and elegant. It’s also incredibly versatile, so it will almost always complement the buyer’s existing furniture. Plus, this flooring material is more durable than carpet, which will need to be replaced every 8 to 10 years due to wear and tear. Hardwood is appealing to all types of buyers, but especially those with children or animals. When selling, hardwood floor beats carpet.  

Storage Space

Buyers, especially those with a family, tend to move when they run out of space in their current home. This means they are on the prowl for a home with a lot more storage space. Make sure your real estate agent talks about your home’s space in the listing. Include information on the number of closets and pantries, and try to get an estimate of the square footage in the garage and attic. All of this information will make your listing much more attractive to buyers, who will be knocking down your door trying to make the first offer on your home!

Are you ready to sell your home in Observatory Park? Talk to the professionals! Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.
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Who Pays Closing Costs in Lowry Real Estate Transactions?


February 8, 2017

Buying a new home can be expensive, and unfortunately, many buyers tend to forget to budget for the extra expenses that come along with closing costs. Before you begin to look for a new home on the Lowry real estate market, make sure you understand who pays what during a home closing.

First, what are closing costs?

If you’ve never purchased a home before, you may be confused as to what closing costs are, let alone who should pay for them. Closing costs are fees associated with closing the deal to purchase a new home. Prior to a closing, both the buyer and seller will receive a document with line items such as “real estate agent’s commission” and “title insurance” along with the cost of each. Buyers will be responsible for some fees, while sellers will be responsible for others. Learn more about closing costs here.

What do buyers pay?

Many fees that the buyer has to pay are associated with obtaining a loan to pay for the house. If you are financing your new home, you may have to pay the credit report fee, bank processing fee, prepaid insurance, tax servicing fee, flood certification fee, origination fee, recording fee, notary fee, title insurance, prepaid interest, and appraisal fee. All of this information will not be found on the closing statement, but rather on a document known as a loan estimate form, which is provided by the lender. Buyers may also be responsible for paying the home inspection and survey fees.

What do sellers pay?

Although sellers are not responsible for as many line items on the closing document as buyers are, they are responsible for the one expense that could be the highest of them all: a real estate agent’s commission. The seller will need to pay the agent a percentage of the sales price of the home. This percentage is agreed upon when the agent is hired to take on the listing.

In some situations, sellers will also need to take care of any unpaid homeowner's association fees, as well as the remaining balance of the property tax on the home that is being sold.

Is there room to negotiate?

If the seller is motivated to sell and has not had much interest from other buyers, you may be able to negotiate the terms of closing costs. Some sellers are willing to take some of the burden off of buyers in order to close the deal, while others are not interested in helping buyers come up with the cash for closing costs. You never know until you ask, so talk to your agent about whether it’s a good idea to mention this to a seller when presenting an offer on a listing.

Now that you know what closing costs you will be responsible for, are you ready to move forward with purchasing a home? Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.
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What Happens During a Home Inspection in University Park in Denver?


February 1, 2017

Ready to buy a home in University Park in Denver? After the seller accepts your offer, you will need to arrange for an inspector to come take a closer look at the house before you close on it. An inspection is done to ensure the buyer is aware of any existing problems with the home. Unfortunately, many deals fall through because of the results of a home inspection, so this an important step in the buying process. What do inspectors look for? Here’s what you need to know:

The Roof

Replacing or repairing a roof can be expensive, so you will definitely want to know prior to buying a home whether this will need to be done. An inspector will climb on top of the roof to check for signs of damage. He will look at the current condition of the shingles or other roofing material, and look for any signs of wear and tear on the flashing around the chimney. After he is done, he will be able to give you a better idea of what condition the roof is in, including information on whether or not you will need to make repairs.

The Foundation

It’s difficult to spot issues with the foundation if you’re not a trained professional, which is another reason why home inspections are so beneficial to homebuyers. An inspector will closely examine the foundation of the home to look for cracks or any signs of water damage. Both of these issues are very expensive to fix, and many buyers will drop out of a deal if they turn up on an inspection report. How worried should you be about cracks in the foundation? Find out here.

The Electrical System

An inspector will also look at the home’s electrical system to make sure there are no faulty connections or overloaded circuit breakers that could be a safety hazard. He will also test each of the switches and outlets in the home to determine which, if any, are not functioning properly.

The Plumbing

Plumbing issues can be a headache for new homeowners, but luckily you will know about any existing issues with the plumbing if you hire a home inspector. During a home inspection, the inspector will check every faucet, toilet, and showerhead to ensure the water is flowing through the pipes properly. He will also look for signs of leaks that you should know about. In the report, you should get a detailed evaluation of the plumbing with this information.

The HVAC System

The inspector will usually turn on the heating and cooling system the moment he arrives to the home to make sure it works. Usually, an inspector will let the heat or cool air flow while he does the rest of his inspection, and then look at the HVAC system last to see how well it controls the temperature in the home.

Now that you know what happens during a home inspection, are you ready to move forward with purchasing a home? Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.
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Restaurants Opening in 2017 Near Goldsmith Real Estate


January 25, 2017

One of the reasons why so many homebuyers ask to see Goldsmith real estate is because of the many recreational opportunities located close by, including malls, museums, parks, and of course, restaurants. As if Denver didn’t have enough restaurants already, there are dozens more scheduled to open this year, including:

White Pie

Jason and Kris Wallenta, the two brothers behind the Dos Santos restaurant, are now setting their sights on opening a pizzeria early this year. The new restaurant, which will go by the name White Pie, will feature a huge, wood-fired oven in the center of the space, surrounded by a pizza bar and communal seating.

The Post Chicken & Beer

There are already two restaurants from the Post Brewing Company in Colorado, one in Lafayette and the other in Longmont. Now, the company is expanding into the Denver area with The Post Chicken & Beer, which will open later this year on South Broadway. Denver foodies are already anxiously awaiting the opening of this restaurant, which is famous for its crispy fried chicken and beer.

Stella’s on 16th

Opening in late January, Stella’s on 16th is expected to be a café-style restaurant serving everything from gourmet burgers to breakfast skillets. The restaurant will also have a full bar and an outdoor dining space complete with decorative fire pits to keep guests warm in the winter.

Punch Bowl Social

Developers broke ground on the Punch Bowl Social location back in September, but the exact opening date is still to be determined. The Punch Bowl Social brand is associated with gaming, so fans can expect the same level of entertainment at this new location, which will feature indoor and outdoor dining areas plus separate spaces for gaming and fun. Take a look inside the future Punch Bowl Social in Stapleton.

Tavernetta

Lachlan MacKinnon-Patterson and Bobby Stuckey, the duo behind the beloved Frasca Food & Wine, are finally giving into the demands of Denver diners and opening a new restaurant later this year. Tavernetta will feature classic Italian dishes, such as tortellini e brodo and pasta carbonara, along with an extensive wine list. If you’re looking for authentic Italian food, Tavernetta is the place to go. In fact, the chef, Ian Wortham, has even made multiple trips to Sicily to research the cuisine.

Hickory & Ash

Open for brunch, lunch, and dinner, Hickory & Ash will begin serving the Denver community in April of this year. Eco-conscious diners will love that the menu features locally sourced and sustainable foods, including short rib pastrami, glazed bone-in pork chop, and steak tartare. If you’re a vegetarian, you won’t go home hungry when you dine at Hickory & Ash. The menu also has multiple vegetarian dishes that pair brilliantly with the unique craft cocktails and local brews.

Ready to learn more about why so many buyers are moving to Goldsmith, the neighborhood in Southeast Denver? Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.
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