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Advice From a Goldsmith Real Estate Expert on Selling Your Home Versus Renting It Out

June 13, 2018

Just as it is all over Denver, the Goldsmith real estate market is hot right now. Home values continue to rise, so it can be a great time to sell. Or it can be a great time to hold on to your investment as its value will likely continue to rise. But if you want to purchase a new home—whether you are in the market for a bigger family home or looking to downsize—you might consider holding on to your current one. Does it make more sense to hang on to your home in the current market and rent out the property—or should you sell it?
Let’s take a look at what you should consider when making this decision.

Why Rent Out Your Home?

If you rent out your home, the rent you charge tenants should be enough to cover your monthly mortgage payment. So essentially, your tenant is paying for you to build equity in the home. Rents in Denver have gone up in recent years, so you might even make additional money beyond your mortgage payment, so this is income.
What About the Costs of Renting?
When you rent out your home, you will still have to pay for maintenance, taxes, and so on. You will also want to invest in landlord insurance, which will cover tenant damages or if someone is injured on your rental property. There are costs associated with finding a suitable tenant, such as background checks, advertising, and so forth. If you decide to hire a property management company, be sure to add in these expenses.
You can download a free worksheet from HouseLogic to help you estimate the costs associated with renting your home.

Can You Afford to Finance Another Home Without Selling Your Current Home?

Obviously, if you need the equity from your current home in order to afford to buy a new home, renting out your current home may not be doable. It’s a good idea to meet with a financial advisor who can run the numbers for you.
You will also need to consider the tax ramifications of renting out your current property. The money our tenant pays you will be considered income, and this can greatly impact your taxes each year.

Can You Deal With the Stress of Being a Landlord?

Being a landlord can be a time-consuming proposition. Before you even rent out the property, you’ll have to advertise the home’s availability, show the home to prospective tenants, and run background checks on them. You will get calls from your tenants for maintenance and repair requests. The entire process can be emotionally draining. You can hire a company to manage your property, but this will eat into your rental income by at least 10 percent.
If you’re thinking about listing your home, Elevation Realty can help. We can tell you more about the Goldsmith market and whether it makes more sense to sell your home before buying a new one, or if renting it out makes more sense. Contact the Elevation Realty team when you are ready to sell and want to find your dream home or give us a call at 303-579-3566 to begin your search.   

5 Family-Friendly Ways to Stay Entertained Near University Park This Summer

June 5, 2018

Summer is here and that means school is out for a few months. While the kids will likely enjoy a few weeks of doing nothing and catching up with their friends without the added pressures of school and academics, they can get bored quickly. Rather than struggling to find ways to occupy their time in your Observatory Park home, take advantage of some of the fantastic activities and attractions that the Denver Metro area has to offer.

Elitch Gardens

Nothing keeps the entire family occupied and entertained like a trip to an amusement park. In Denver, you don’t have to go far—head over to Elitch Gardens and hop on a few rides to get your adrenaline pumping. Not a fan of wild roller coasters? Not to worry! Elitch prides itself on being fun for the entire family. Head to the Pier and play old-school carnival games or reach a new high score at their arcade.

Denver Zoo

The Denver Zoo is the perfect place to take the whole family for a day of fun and education. Their summer schedule is filled with demonstrations and shows designed to show just how awesome and amazing the animals really are. You can even sign up for a meet and greet as a junior zookeeper and give your kids a chance to see what goes into caring for different species. Just remember to park in their covered parking garage to keep your car cool during the summer heat.

Renaissance Fair 

If you’re up for the drive, the Colorado Renaissance Festival in Larkspur is the perfect weekend activity to keep your kids entertained. They’ll be able to see jugglers, magicians, acrobats, jousting, and musicians all throughout the fair. Best of all, the paths are wide and flat, making them easy to navigate with strollers, wagons, wheelchairs, and walkers. The gate staff is flexible and you’re allowed to leave and re-enter the festival throughout the day.

Water World

When the summer heat is in full swing, you’ll need to find a way to cool down. Treat the family to a trip to Water World, Denver’s own water park. With almost 50 water attractions ranging from wading pools to high-speed waterslides, there’s something for everyone and every age.

Downtown Aquarium

Take a trip under the sea at the Downtown Aquarium. This large building features hundreds of fish from all over the world. Kids and adults alike enjoy watching these brightly colored water-dwellers swim through their habitats. Watch sharks swim up close and even pet a manta ray in one of the touch pools. Once you’ve worked up an appetite, grab a bite at their on-site restaurant!

Whether you’re a long-time Denver resident or are just moving to the area, you’ll find hundreds of fun activities to enjoy during the summer. However, if you’re planning on moving during the warmer months, the last thing you want is to spend the summer stressed out. Let the team at Elevation Group help you find the perfect home for your family. Contact us today to schedule a consultation.

Summer Maintenance Checklist For Your University Park Home

May 30, 2018

When you first purchase a home in Observatory Park, you’ll likely be so focused on moving in and settling down that you won’t have time to immediately customize the space to suit your family’s needs. However, if you’re like most homeowners, buying a home in spring means summer can creep up on you unexpectedly. Though summer may be the season of barbecues, fair weather, and hosting out-of-town guests, it’s important that you get your home ready for that increase in activity. Here’s a simple summer maintenance checklist to help you get your home ready for everything that summer brings.

Wash the Windows

Even if you thoroughly clean your windows inside your home each week, you’ll still need to take the time to care for the exterior glass. Not only will this make your home look nicer from the curb, but it will also increase the amount of natural light you receive in each room. Over the course of the summer, this can significantly reduce your energy bill as you’ll be able to keep the lights off during the day without struggling to see what you’re doing inside the house.

Repaint the Siding

Even after preparing a home for the real estate market, many sellers leave larger maintenance projects, like painting the house, for the new owners. With summer’s warmer temperatures and less frequent wind storms, the paint will dry more quickly and stay cleaner, making your house look like new with less effort. If you have modern vinyl siding that doesn’t need to be painted, take the time to clean it thoroughly to let the color shine through. Cleaning siding is time consuming, but as long as you have the time and the willingness to tackle the task, it’s relatively easy to do on your own.

Pay Attention to Your Landscaping

Regular watering and weeding can only do so much for your yard and your plants. Instead of leaving growth up to chance, give the soil some attention and add a bit of fertilizer and mulch around plants that seem to be struggling. By the end of the summer, you’ll have a healthier yard that’s better prepared for the winter.

Inspect Your HVAC System

Even though the air conditioning system was inspected during the pre-sale home inspection, you’ll still want to look at the individual filters to make sure the unit can run as efficiently as possible. Most homeowners will need to clean or replace the filters once every three months. When the filters are dirty, they can force your air conditioner to work harder just to meet the temperature set on your thermostat. By cleaning them before the summer heat is in full swing, you’ll ensure that your home stays comfortable no matter how warm it gets.

Keeping your home looking its best during the summer only makes entertaining your guests that much easier. However, if you’re stuck in a house you’re not in love with, it’s time to start looking for the right fit. Let the team at Elevation Group help you find the home of your dreams today. Contact us to schedule an appointment with one of our dedicated real estate agents.

University Hills Real Estate: Staging Your Home for a Quick Sale

May 23, 2018

If you have been in your home for a while, you probably have it decorated exactly the way you like it. To you, it is the perfect blend of hominess and sophistication. It’s the place where your entire family can feel relaxed. But when it comes to buyers who are looking for University Hills real estate, you might be surprised to learn that the décor of your home can be a turnoff for buyers. When you first bring in a real estate agent to take a look at your home for a potential listing, you might be surprised when he or she suggests “staging” as a way to get your home ready for sale—and a quick sale at that.

Even in today’s hot Denver market, staging your home properly is crucial. It can not only mean fewer days on the market—so fewer inconvenient showings for you—but it can also mean you get more money when you do sell.

Declutter and Depersonalize

Now is a great time to get rid of things you don’t need every day. Pull off of your kitchen counters seldom-used small appliances and tuck them away in the pantry. If you have a collection of figurines on the built-ins in your living room, now is a good time to get those packed in preparation for your move. It might even be worthwhile to rent a storage unit so you can get clutter completely off the premises rather than filling up your basement or garage (because buyers will be looking at those spaces too).

Realtor magazine has great tips for decluttering in this article: Clean, Declutter, Discard: Make a House Shine for Resale.

This is the toughest part for most home sellers: depersonalizing. This means getting rid of family photos and personal tchotchkes. Talk to your Realtor about the demographics of the potential buyer and work hard to stage your home to appeal to as many buyers as possible. If your home has had the same décor for a number of years, check out current decorating trends to see how you might update.

Focus on the Positive

Even in your beloved family home, everything is not perfect. But rather than hide unfavorable aspects, make them look natural in their environment. Sometimes this is as simple as art on the walls or furniture that is placed differently. Make sure every room has a purpose and that living spaces have some division, even in wide open areas. You don’t want buyers to take on look inside your home and turn around because they simply cannot imagine their own life there.

Neutralize as Needed

If you have a penchant for bold, bright colors, now is the time to cover them up with something neutral that will appeal to more buyers. When you include bright colors, this can immediately cause buyers to have a negative feel toward the space if they don’t care for the colors. By including neutrals, you are creating a canvas over which buyers can imagine their own style coming through.

If you’re ready to sell your home, contact us today and let us use our expertise to help you. At Elevation Realty, we believe that buying and selling a home should be a pleasant experience. Our dedicated team of real estate agents will help you navigate the process when you are getting ready to sell your University Hills home. Contact us to schedule an appointment with a member of our team and let us get your current home sold you can move on the next stage of your life.

4 Signs It’s Time to Sell Rather Than Renovate in University Park

May 16, 2018

Making the choice to sell your home is always a huge decision. After all, your house has served you well, met your needs for years, and parting with it after so long can be an almost heartbreaking choice. While many homeowners decide to renovate their homes rather than sell, it’s not always the best choice. Your experienced real estate team in Observatory Park wants to make sure you make the best decision for you and your family. They share a few signs it’s time to sell rather than renovate your existing house.

There’s Simply Not Enough Space

Families grow and it’s easy to outgrow your home after a few years. While you could build a new addition, doing so often means months of inconvenience and high construction costs. If you’re running short on space and would rather avoid the stress of having workmen in and out of your home throughout the week, it’s time to sell. This way, you’ll be able to pick a house that meets your current needs rather than trying to retrofit an existing structure.

Your Neighbors Just Sold At a Profit

If you’re not completely in love with your house, there’s no reason you can’t start looking for a new property. However, if your neighbors just sold their house at a profit, the time may be ideal to list your home. Often, home values increase at similar rates in the same neighborhood. If your neighbors just sold their home for a profit and you’re worrying about whether or not it’s time to renovate, stop. By selling your home, you may end up making a profit that could help you find the perfect home just a few doors down.

The Remodel Costs More Than It Earns in Property Value

Many renovations help boost the resale value of your home. However, if the renovation is going to cost you more than it would improve the resale value, it may be better to look for a new property. The last thing you want to do is spend more money on your home than you could make up by selling the property. This loss could set you back financially and make it more difficult to recover your investment.

You’re Tired of The Space

Your tastes change and what worked well for you a few years ago may not be the best fit for your current needs. It’s okay to get tired of your home. It happens and you don’t even need a reason other than feeling bored, frustrated, annoyed, or just tired of it. If your current home is starting to feel stale or you no longer love the house, don’t renovate—sell. By selling your house, you’ll be able to pick a new home that fits your needs without incurring the expense or stress of renovations.

If you’re looking for an experienced real estate team to help you sell your home, look no further than Elevation Group. Our dedicated agents will help you every step of the way, from listing to closing. Contact us today for more information and start exploring your options.