My Items

I'm a title. ​Click here to edit me.

What Do Those "We Buy Ugly Houses Fast Cash" Signs Mean?

Ever driven around town and see a sign saying that they buy houses cash? These signs are often bright yellow or "hand written" in sharpie. These signs are often legitimate however you should proceed with caution. Wholesalers or Inventors These signs are put up by wholesalers or investors. A wholesaler is someone who "purchases" your home and than assigns the contract to a list of investors. They do this by purchasing your home at an insanely low price and than sell it to investors at a higher price that is still a deal. Some investors skip the wholesalers and put their own signs up to avoid paying the wholesalers fees. These signs will give you cash for a home however the price is generally significantly lower than what you can get on the market. Many wholesalers will offer 50-70% of the actual value on the home. On a $400,000 home that means the home seller is leaving $120,000 to $200,000 behind! That is a significant decrease on home sale price. Talking with a qualified real estate agent can also sell your home on the open market for a lower cut and can still find a quick cash buyer if needed. Motivated Sellers The individuals who call these signs are often overwhelmed and can be considered motivated sellers. These sellers generally include those who have a hoarder house and ashamed to have others tour the home, divorced couples who are trying to split everything, those who inherited a house and aren't sure of how to approach the selling process or even landlords who have trouble tenants they can't get rid of. All of these home sellers have a motivating factor that may cause them to not to recognize the amount of money they are leaving on the negotiating table. Offer Formula Wholesalers and investors will often use the same formula to calculate their offer. After Repair Value (ARV) – Renovation Costs – Holding Costs – Transaction Fees – Desired Profit  = Cash Offer After repair value is the price that the home can sell for after it is fixed up. Usually the investor will run a comparative market analysis (CMA) of similar homes nearby in a fixed up condition and see what they sell for. Renovation costs are the total costs for materials and labor of the projects. Investors usually know estimates offhand such as $10,000 for a bathroom remodel and another $5000 for vinyl plank floors. These are totaled up to estimate the renovation costs. Holding costs are things such as the mortgage or likely a hard money loan. Many flips can take 3-12 months to complete depending on the scope of the project. Insurance on the property will also have to be paid. During that time interest will have to be paid on the borrowed funds. Transaction fees are things such as paying for the closing and real estate agent fees. These can include title insurance, recording fees and more that take place each time a real estate transaction takes place. Desired profit is the amount of money that the investor would be happy receiving for taking on this project. It is a lot of work to complete a flip and it has to be worth the investors time. Many flips are expecting a $40,000-$60,000 profit depending on the scope of the work. This also gives them some buffer encase if something goes wrong.

Common Home Remodeling Mistakes to Avoid

Remodeling your home can be a great way to add your own personal touch and can increase your property value. These projects establish a sense of pride and are a great talking point when you have company over! Not Expecting the Unexpected During any remodel, there will be surprises. When you open up a wall you might find mold, or a leaky pipe. There is also the fact that some things may have to be redone to get them up to code, this common with older homes. These things unfortunately aren't uncommon and you'll need to get them fixed. Plan ahead Do everything you can to establish a set plan ahead of time and stick with it. It isn't uncommon for projects to have scope creep as they start to expand the project as it goes on. One example is working on your kitchen, then realizing that your connected deck would make your kitchen view nicer, then you want to add some new plants. This same thing extends to being indecisive. This is important not to keep changing plans around as they will inevitably extend the timeline and the cost. Forgetting to compliment the current style It's easy to see a super modern design online and fall in love with it. The problem is it might not fit your Spanish 1920's bungalow. It is important to keep the current style of the home throughout it and not have major changes in each room. Taking on too much Make sure to align the project with your experience level. If you have never tiled before it could be useful to tile a backsplash before doing an entire bathroom remodel. If this is your first remodel, it might not be worth looking into changing the floor plan like adding structural beams. Being too cheap Although finding a good deal is important, it is also important to keep in mind the quality of things. Going with the cheapest contractor without asking good interview questions, or buying the cheapest materials that will break soon after installing them. Rushing the job or inexperience If you are doing your own work, it is important to take your time and know what you are doing. A bad tiling job or other issues do catch the eyes of visitors and potential buyers. If it is your first time completing a project it can greatly help to learn by volunteering or taking a class at your local shop. This is in addition to watching lots of videos that you can reference halfway through the project. It is also highly advised to hire a plumber or electrician to double check your work before closing up the walls. This small cost can save you massive headaches later on. Setting An Unrealistic Budget Home renovations done by yourself or contractors are often more than what people expect. It is important to not only get quotes for the work but ask specifically what work is included. Even the best contractors however and your own home projects can go over budget so it is important to add at least an extra 20% to the bill as a safety net. Selecting Appliances Last It is important to know what appliances you will want as your move forward. Refrigerators come in all different sizes so knowing what size to build the cabinets around are important. It also helps to know the newer trends such as microwaves are now often built into the cabinets and look like a small oven instead of the older style that will sit above the range or on the counter. You don't need to purchase them immediately, however it is important to have them chosen to ensure the correct dimensions and more. Measuring Incorrectly The old motto of measure twice and cut once is true not only on small projects but even more important on large remodeling projects. Nothing is worse than having a new counter top moving in and it doesn't line up or not able to fit your refrigerator in the space you designated for it. What renovations will increase home value the most? - Manufactured stone veneer can add significant value to your home. It is recommended that you don't do the entire exterior with the veneer however utilizing it on the corners or on entryways can add nice charm. Garage door replacements add significant value. - Garage doors are large and attract attention to the front of the home. Sprucing up the garage door creates a whole new look for the home. - Increase light throughout the home and update light fixtures. Pot lights are in and can be a large upgrade for fairly cheap. The light will make the space seem a lot more open. - Minor kitchen remodels can increase home value. It is important not to upgrade things too much but adding some backsplashes or having some new countertops installed can go a long way. When remodeling a house what should be done first? Planning and budgeting is the first thing that you should do before completing any remodeling project. This helps prevent you from having to do something twice and ensuring that you have the funds to complete the project so you don't have to stop halfway through. Next up is demolition and completing any major repairs. Opening up walls to help fix foundation issues or a roof is important to get done immediately. These issues will have to be fixed and best to attack this before hitting the cosmetics. This is followed by the plumbing, HVAC and electrical upgrades since the walls are open and easy to install these things. Next is covering back up the drywall and painting things up. From there the floors and new appliances can be installed. What brings down property value? Location and your neighbors are some of the primary things that bring down property value and the worst part about it is that you cannot control it. Things such as poor neighbors who leave broken down cars on the front lawn and such can hurt your value. In addition, if your neighbors are going through foreclosures than it will also bring your value down as a similar home will be sold for cheap. The next thing is a close proximity to noisy things such as a highway, gun range and more. These things are likely not going to go away and effect the quality of life for the residents. The last thing is poor maintenance of the property such as peeling exterior paint or a bad HVAC system.

Why is Colorado Housing so Expensive

Colorado homes have skyrocketed in value especially in highly sought after areas such as Denver, Boulder, and Colorado Springs. These home values have increased due to a variety of factors from the growing population, lower interest rates, and builders focusing on luxury homes. Booming Population Colorado's great outdoors, fantastic beer, and a plethora of other reasons have driven people to move here in droves. The more people who move to the city the more housing is in demand. Classic supply and demand models combined with the fact that there is a finite amount of land and builders can't keep up have caused real estate prices to skyrocket. California has priced out a lot of the population and has similar sunny skies such as Colorado which causes many to move here. When coming from California where the median home price is $615,090 makes Colorado's median price single family home of $428,364 look small. These Californians move here after their houses have appreciated so rapidly that the Colorado home prices seem cheap and reasonable. This isn't the only migrating state, there are lots of people who come here with oil-rich jobs from Texas or move out from the big metro areas of New York City and Boston. These wealthy individuals also bring with them large amounts of cash and are normalized to high real estate prices. This population creates a housing shortage and drives prices up. This is the unfortunate side effect of Colorado's great success. Great Recession To fully understand the housing boom of Colorado it is important to look back to the great recession. Back in 2008, Colorado wasn't becoming overdeveloped as many other places and therefore didn't have as much housing moving into the recession. After the recession, home builders sought after wealthy homes since they have higher margins and are seen as a safer bet. This has created an excess of luxury homes in the real estate market, with minimal smaller homes suited for millennialfirst timehome buyers or older individuals looking to downsize. Affordable housing has low profit margins only farther increasing the median price. This created tremendous interest in the few smaller homes that do hit the market. Denver is also leading the country in high-income renters, this specifically means households that make over $100,000 per year. These wealthy Coloradans have expanded at an impressive 146% in the past decade. These high-income renters drive up the apartment complex prices throughout the entire housing market and mean that builders move away from the lower market rentals. Job Opportunities Denver has consistently been one of the best places to grow your career. The state offers a wide variety of jobs from oil and gas, technology. manufacturing, tourism, and mining. These industries have grown throughout the front range and beyond. Colorado has found an extremely low unemployment rate, even during the COVID-19 recession. In July 2020 the centennial state (Colorado) has a 7.4% unemployment rate compared to a 10.2% unemployment rate throughout the United States. These low unemployment numbers have lead to a rise in pay but also an increased cost of living. Interest Rates Interest rates have been found at an all-time low. Since almost everyone needs a mortgage to buy a home, a home's affordability is often based upon its monthly cost. With interest rates plummeting, monthly rates have fallen. The lower interest payment means that buyers are able to afford higher priced homes. It is advised not to spend more than 30% of your income on housing. The median income in Denver is $68,000 per year which means that with the new 3% interest rate and an affordable $1700 per month, the average Denverite can afford a $425,000 home assuming a 20% down payment. This actually comes close to Denver metros' median home value of $465,000. These Denver home prices are still significantly higher than according to Zillow, the national average price of $227,000. Coronavirus The new COVID-19 virus has affected a large proportion of industries. With more individuals living at home, many have wanted to have the space to relax in their own home and backyard. This has lead for many individuals to leave the downtown Denver apartment complex's and move toward the suburban single family homes. This allows for more bedrooms to turn into a new office instead of everything piled into a one bedroom apartment. COVID-19 has also caused many lumber mills to shut down. This decrease in supply has caused skyrocketing lumber prices, yet another high cost making housing costs also more expensive. Will housing prices go down in Colorado? Home prices in Colorado have been rising even throughout the coronavirus crises. Nobody can perfectly predict the future, however home prices in the coming months may start to drop as the full effects of the recession start to take effect. What is a livable salary in Colorado? A livable wage in Denver is around $62k a year assuming that there is one working adult of the couple with two children. Is Denver in a housing bubble? Denver and the greater metro area are likely not a bubble. Nobody can predict the future however the non verified loans that caused the 2008 collapse likely won't happen again in the near future. The prices however could vary with a small drop of up to 10%. Is it cheaper to build or buy a house in Colorado? It is significantly cheaper to purchase a already built house in Colorado. The only exception to this could occur with some luxury homes. For reference to make it plausible for a new build, the land or old house to be scrapped should be no more than 20% of the final home value. Since many lots in Denver are over $200,000 it means that you would have to place a home worth over a million dollars to make it financially worth building. If you're hoping to achieve home-ownership in the Denver housing market look no farther for your friendly Realtor®.

What to Do About Unpermitted Work When Buying or Selling a Home

What happens if you buy a house with unpermitted additions? When buying a home, it is important to review what recent work has been completed and pulling the permits. This will help ensure they were done correctly is important to do while reviewing a home under contract. This generally occurs during the home inspection process and a good home inspection will include pulling recent permits. City Penalties When purchasing a property, you will also inherent any risks that come with any not permitted work from the previous owner. This can include if the city comes after you. Depending on the work that was completed, you may be required to hire an architect, make changes or open up the walls for inspections. The city inspector will want to open the walls to ensure that the plumbing or electrical are completed to meet building codes. Homeowners insurance Policies Homeowners insurance policies may also not insure any unpermitted work. It can be reasonable for an insurance company to question any unpermitted electrical work that could cause a fire increasing the risk on the home. It would be worth verifying any of these tasks with your insurance company to ensure that you are on the same page Mortgage Note Called Many mortgage contracts have a clause that can allow them to call the mortgage note and demand immediate repayment of the entire cost of the loan if unpermitted work is completed. This could degrade the value of the property that they have a lien against and could risk their investment. This is an unlikely but possible scenario. Neighbors Many neighbors are very aware of everything that is happening in their neighborhood including any home improvements. Especially if you have a large dumpster outside for a few days it wouldn't be uncommon for a nosy neighbor to call the city for them to investigate farther. Buyers How to handle unpermitted work Accepting the offer Although there are risks, accepting unpermitted construction can sometimes get you a great deal. If you are able to purchase the property ignoring the value of the unpermitted edition you can score a good deal. From there you may contact the city and go through the process to get the retroactive permits that are needed. If there is some additional work it should be minimal since you already costed that into your purchase price. Seller Fixes The Issue While under contract, you may ask the home seller to solve the problem. This could include them going to the city's building department and ensuring all permits and inspections are complete before the closing. Since many homes sold without permitting are sold "as is" or the seller didn't want to get permits in the first place, it is unlikely they will get the permits during the home sale process. Move On If you don't feel comfortable taking on the unpermitted work or if the seller won't cut you a break on the price it can be worth it to move on from the transaction and find a new home. What happens if you do work without a permit? Completing work without a permit can cause city fines and could backfire when you attempt to sell the property. Not only do you have to file a disclosure statement which includes unpermitted work when selling the house, but many potential buyers will also check for them during the due diligence process. This may have you sell the house "as-is" which will need a steep discount for many buyers to take on the additional risk and liability. Can I sell my home with unpermitted work? Homes sold with unpermitted work can be sold however the unpermitted work must be disclosed and will often be sold "as-is". This can cause a major reduction of the price it is sold. Do I need a building permit if I do the work myself? Yes, in many cities you need a permit to complete anything that includes alterations to the existing floor plan, structure changes, new or rerouted duct work, electrical or plumbing fixtures. Denver has a project remodel site that helps layout the steps to complete a home owners exam and any other questions you may have. Do I need a permit to renovate my basement? Yes, many cities including Denver require a permit to renovate your basement. By doing so you are altering the existing floor plan. However if you are doing it yourself (DIY) you can still take out permits and complete the process without hiring a contractor. Denver will have you complete a home owners exam and even easily outlines the steps to complete for a basement remodeling. Does finishing a basement increase property taxes? When a basement is finished, it becomes additional livable square footage and can increase it's assessed value. Because of an increased assessed value, property taxes will also likely increase. This increase however is generally much less than the discount you'll take when you sell your home with unpermitted work. Unpermitted finished basement also isn't worth the risk of possible safety hazards that a building inspector would notice and stop. Please contact me below if you are looking for a Denver Realtor®. My goal is to help make a hassle free home buying experience!

How To Build Your Wealth Through Real Estate

Massive wealth can be built through real estate investing, however just like anything it isn't always as simple as buying and renting your neighborhood property. There are however lots of tools that can be utilized to help expedite the return of your money. Rental Properties Rental properties are the bread and butter of real estate. These real estate investments involve purchasing a property and renting it out. Typically investors start with a single family home, maybe one that they recently lived in and renting it out to tenants. This can quickly scale to multifamily properties such as apartment building or leasing commercial real estate like a strip mall. The rental income covers the mortgage and other expenses while leaving some left over for profit. This method of investing generally requires minimal effort and can become almost completely passive income if you hire a property manager. Property manager will help fix up the property and also help find new renters when the lease is up. They generally will take approximately 8% of the rental income as compensation for their work. Flipping Homes Flipping homes has become a new favorite ever since HGTV started gaining popularity. Flipping a home involves purchasing a fixer upper property and then fixing it up. The key to this is knowing what improvements will gain more value than the money you put into it,  knowing good contractors that can provide a quality product at a reasonable price and/or knowing how to complete a wide variety of  construction projects yourself. These properties are generally purchased  with hard money which has a high interest rate that is not loaned through a typical bank. Hard money provides the money to purchase and flip these properties however due to their high interest rate means that the home must be flipped quickly. If you sell a home before 12 months means that you will be paying regular income tax and it doesn't qualify for the longer term capital gains tax. Flipping a home requires hard work through managing contractors or completing construction yourself. If you can have a steady stream of Realtors®  providing you leads, contractors completing the work and have the proper finances this method of real estate investing can lead to large returns. Leverage Leverage is one of the best ways to build wealth through real estate investing. Leverage works by using a loan on an investment property that is at a lower interest rate than you are gaining from it. For example if you have a $100,000 property with a rental income of $6,000 per year. This means that you are currently gaining 6% of your investment. If you get an $80,000 loan with a 4% interest rate you are paying the bank $3,200 per year interest how ever only $20,000 of your money was invested on the property. This means that your $20,000 is making ($6,000-$3,200=$2,800) $2,800 per year. This equates to a 14% cash on cash return! Using leverage increases your cash flow and return on investment on both residential properties and commercial properties. This same effect works on your property appreciation over time farther leveraging the investment returns. Utilizing loans on these properties also increases your risk if things trend downwards so it is even more important to fully understand what you are doing so that when there is an inevitable crash you can bounce back. This leverage can farther be utilized when interest rates fall you can refinance the mortgage. This will lower your monthly bills even farther and increase your cash on cash return even more! Appreciation Through inflation, your real estate property will generally appreciate and be worth more than you purchased it for. This is the epitome of a passive wealth building tool, in the United States home values generally increase approximately 3% per year. 1031 Exchanges 1031 exchanges are a massive tax benefit used on investment properties throughout the United States. The 1031 exchange allows you to defer the profits from one property and roll them into the next similar property. This means that you defer taxes until the final sale of a property which can allow you to compound building wealth without the hit if capital gains taxes. Depreciation Tax laws allow you to depreciate your real estate investment over a course of 27.5 years for residential rental property and 39 years for commercial property. This means that you can deduct a large portion of your income. This provides just another tax benefit for real estate investors. Wholesalers and Pocket Listings Great real estate deals can be hard to come by which is why wholesalers exist. Wholesalers will work hard to get pocket listings or also called exclusive listings. These listings don't make it onto the MLS (multiple listing service) and aren't exposed to the greaterreal estate market. This is common for listings that occur with we buy ugly houses or we buy houses cash signs that you will see  around town. Thesereal estate businessescan generally purchase these properties and then sell them during the  inspection period to other investors or choose to flip them themselves. If they sell to other investors they may assign the contract for a  higher price which means they never even own the property themselves! Summary Real estate offers a variety of ways to utilize tax advantages, loans and  appreciation. Your personal finance choices and investment strategy could utilize multiple of  these strategies to compound your return. One example is that you can  flip a home and then rent it out for a higher rent. This can even be  done with a mortgage to farther leverage your investment. If you  property flip a property by establishing more equity than you put in, it  is possible to take back out all of your money as a loan which means you can own a property with no money down! This is often referred to as  the BRRR method. This stands for Buy, Rehab, Rent, Refinance. Real estate investing can offer great returns that are greater than the stock market and can lead you to financial freedom.

What Is An Appraisal Waiver?

Due to lower interest rates, I recently refinanced my home. In doing so, my mortgage lender stated that Fannie Mae and Freddie Mac was going to grant me an appraisal waiver. This appraisal waiver meant that I could save around $600 by not needing an appraisal on the home. Instead of paying an appraisal fee, the lender is able to establish the homes estimated value using recent sales in the nearby area. These appraisal waivers are gaining traction due to the current pandemic and making refinancing easier and cheaper than ever before. This appraisal waiver is actually becoming encouraged by Fannie Mae and Freddie Mac although lenders can still require them. These appraisal waivers are considered safer to the homeowner and appraiser themselves due to not having to physically enter the homes. It has become common on standardized refinances since they are considered safer since the home owner has already been paying their mortgage and isn't changing their loan balance. If you however are completing a new purchase or a cash out refinance these are considered riskier and won't likely gain an appraisal waiver. Appraisal waivers are a great way to help save money and expedite the lending process. Hopefully, if these loans stay solvent this practice will continue long after the pandemic! What is a home appraisal? When you apply for a mortgage loan, the lender needs to identify the value of the subject property. This is used to calculate how much loan you can qualify for. If the home purchase price exceeds the appraised value, the purchaser will need to come up with cash to exceed that price or go back to the seller and negotiate a lower price. What are appraisal waiver Requirements? In order to qualify for an appraisal waiver you must have a loan to value that doesn't exceed 80%. The property must also only have a single unit. Can you get an appraisal waiver on a cash out refinance? You cannot currently get an appraisal waiver on a cash out refinance. These types of loans are considered riskier and need to have an appraiser to verify the value of the property. Are there cases where you still want to get an appraisal done? Appraisals can be a great idea to get on a purchased property. When purchasing a property it can be important to have an independent professional confirm their estimated value of the property. Doing so can even save you on a negotiation when utilizing an appraisal contingency. If the appraisal comes in under your bid, you can than negotiate a lower price or walk away from the deal.

Questions To Ask When Hiring a Denver Contractor

What are good questions to ask a contractor? When you are hiring a contractor it is important to ask plenty of questions upfront so you can property compare them properly. It is also important to interview multiple contractors to ensure that you are getting the best deal. HOW LONG HAVE YOU BEEN WORKING IN THE INDUSTRY? It is important to have a contractor who has been around the block a few times. Hiring the newest contractor can sometimes be cheaper but they might not be able to handle unexpected surprises or accidentally do something wrong that could cost you more. ARE YOU LICENSED IN COLORADO? General Contractors need to be licensed at the municipal level to complete work. Plumbers and electricians register with the state of Colorado however they generally need to present their license yearly to the municipal area to be able to pull permits in Denver. You want to hear an outstanding yes! DO YOU CARRY WORKMAN'S COMPENSATION FOR YOUR EMPLOYEES? If the contractor does not hold workman's compensation you may be on the hook if someone is injured on the job which could end up costing you tens or even hundreds of thousands of dollars. Some jobs have exceptions for this in Colorado such as those doing less than $2,000 per year or independent contractors with no employees. DO YOU HAVE LIABILITY INSURANCE OR ARE YOU SURETY BONDED? If the company messes up and accidentally breaks something in your home, you want them to have insurance to help cover that cost. The difference between liability insurance and bonded is that an insurance company is paid on a monthly or yearly basis and will pay out if there is an issue. If the company is bonded, they have put aside a set of money with a surety company which is their money that could pay out if there is an issue that would arise. WHAT IS THE BEST WAY TO GET IN TOUCH WITH YOU? Knowing the preferred means of communication can help ensure you get a timely response. It can also help know the legitimacy of the company if it only has a P.O. box. WHAT IS AN ITEMIZED COST ESTIMATE OF THE PROJECT? Having a written estimate can help reduce any future disputes about the price of the project. It can also help you know exactly what you are paying for and if something goes higher than expected you can verify exactly what occurred and was it unreasonable to estimate that in the first place. What is the estimated time for this project to be completed? Knowing the approximate time for the project can help you understand if something seems to be going off. It also holds them accountable if there are multiple projects that are being worked on and if they push yours off. If it is a large project set milestones and understand the time it will take to achieve each one. What should you not say to a contractor? When working with a contractor it is important to keep some knowledge to yourself to ensure a truthful transaction. YOUR THE ONLY ONE BIDDING ON THE JOB When you are hiring a contractor you want to have multiple bids. This will help ensure they are truthful and that everything aligns. A bid that is extremely low or high should be a warning sign. NAMING YOUR BUDGET Naming your budget is an issue since magically the contractor will come in just around this number. They'll find a way to hit that budget if that includes quoting additional labor, some side jobs or excessive materials. I'LL PAY UPFRONT Even if offered a discount, it is extremely risky to pay a contractor entirely upfront. Some contractors will take the funds and complete a good job, however others may take the money and run. Even if they complete the task they may do a sloppy job knowing that if you are unhappy you don't have any leverage left. Are contractors always late? Not all contractors are late, however if you have one that is it might show that it is a bad contractor. Contractors should be processional and keep to the times that they have set. They do juggle multiple jobs and part of construction is unexpected surprises so sometimes it is not their fault. They should always however at least notify you that they are going to be late instead of leaving you hanging. What contractors hate about clients? ARROGANCE Contractors hate arrogant clients. The contractor is the professional in their line of work and a client who comes off as a know it all. When this occurs, a contractor could even pass on the clients job. ANXIETY When a client starts talking only about how bad all contractors are it is likely there is an issue with the client. The client could have unrealistic expectations, not understand how to property scope work or more. Contractors sometimes have to act as a therapist to ensure the client they are in good hands. UNCERTAINTY Uncertain clients can cause lots of change orders throughout a build process and run up costs and time. These changes can eat into other projects that the contractor has promised to other clients. It can also make the contractor look bad at the end when the project is over time, over budget and the client still seems to have wanted something to be a different outcome. EXTREME HAGGLING Contractors at least think that they have reasonable prices and just like clients who work their job want a raise. When a client is constantly haggling over every dollar it can become very time consuming and effect their morale. What should i do if i hire a bad contractor? BUILD EVIDENCE The first step to handling a bad contractor is to document everything. This includes archiving any email or phone calls, take photos of any issues and it might be worth hiring a separate contractor for a second opinion. Also track all of your payments such as credit card details or canceled checks. Since you want your money back, you have to prove it was given to the contractor in the first place! FIRE THEM It is time to let your contractor go and tell them that you do not want them working on the job anymore. This will help stop any additional fees from work that you could incur. This is why it was important to have completed your evidence step first so that there isn't anything that could be covered up. It might also be worth pointing out the termination clause in the contract. VERIFY LICENSURE Verify if the contractor is licensed in Colorado or that state that this job occurred. From there you can file a complaint with the property agency, for Denver you would file with the Colorado Department of Regulatory Agencies. Credit Card Dispute If you paid by credit card contact your card issuer and file a credit card dispute. This dispute has teeth and if it is won they can back charge the contractors bank. This dispute process can take months however you can use this dispute in tandem with other dispute methods. I previously engaged in one of these and won thousands of dollars back! Online Reviews At a minimum it can help to file a poor review on Yelp, Google Reviews and more. Using this technique can put pressure on the contractor to help solve your issue to hopefully come to the negotiation table. Worst case scenario you are helping to warn someone else of the bad contractor. FILE SMALL CLAIMS LAWSUIT Filing a claim in small claims court allows you to sue in Colorado for up to $7,500. Utilizing small claims court you do not need to hire a lawyer and can represent yourself. If things go above this you will likely have to consult an attorney.

Pros and Cons Of Living In Denver

Denver is the mile high city bustling with vibrant energy while allowing for easy access to the great outdoors. With more than 700,000 people calling this place home, it has great opportunists for all! Pros booming economy Denver has a booming economy providing jobs throughout a variety of industries. If you are interested in a plethora of industries from technology, finance, energy, manufacturing, aerospace and more. This robust growth across a plethora of industries has keep the economy strong and constantly growing. The great outdoors Although Denver is near the mountains and not inside of them, it provides only a short trip to access the great outdoors. If you are into fly fishing, rock climbing, hiking, world class skiing or anything involving nature it is here. Only a short day trip away is access to ski resorts, Rocky Mountain National Park, and 14,000 ft mountains to conquer. Professional Sports Denver is home to many professional sports teams from the Denver Broncos, Colorado Avalanche, Denver Nuggets and Colorado Rockies. Not only are these big four on the list, but there are also soccer, lacrosse, rugby and more options available. The ice climbing world cup was even hosted here in Denver in 2019. International Airport Denver International Airport (DIA) offers 28 nonstop international flights to 14 different countries making it easy to get around in and outside of the country. This includes destinations in Europe, Asia and South America. Having easy transit access across the country and internationally makes going on vacation a breeze. Amazing Beer Denver offers a great variety of microbreweries offering a variety of excellent beer that anyone can find as their new favorite. There are plenty of other options such as cideries, distilleries and gluten free beer options. Young City Denver has a low median population of only 37. This means the city is designed to be vibrant filled with bars, activities and art. There seems to always be something to do! 300 Days of sunshine It seems like it is always nice out in Denver with 300 days of sunshine. Even during the winter the low humidity makes it quite mild. The snow even melts quickly except for where it matters up in the ski haven mountains! CONS Housing Costs Due to the flood of newcomers into the denver metro area, the construction cannot keep up and has caused an increase of housing and rental prices. The average home price in Denver is $430,000 and a 1 bedroom rental will cost around $1400 per month. Traffic Denver's growth has overburdened the transit system and created some serious traffic. It also doesn't help that the public transit network isn't far reaching and generally requires individuals to own a vehicle. High Altitude Although most people get used to the high altitude at first it can be difficult to transition to the thin air and low humidity. Hair and skin will dry quickly as well as the sun is harsher. This can work as a positive as well though since there is minimal mold buildup and even on hot days it doesn't feel as bad. Water Activities Denver isn't located close by to the oceans and doesn't offer many options for water sports. Although there are lakes available, the beaches can get crowded. You can also forget about some water activities such as scuba diving. Additional Considerations what are some fun things to do in Denver? Denver offers a variety of great activities from concerts at red rocks amphitheater to shopping at 16th street mall. There are also great in city escapes such as the Denver art museum and the botanical gardens. These are even free about once a month! Where to eat in Denver? Denver offers lots of great places to grab a bit. Linger offers great food with a rooftop overlooking downtown Denver. If you are feeling like a fine steakhouse, The Capital Grill offers a great selection of delicate meats. You can also grab some vegan delights at Watercourse foods! What is a good salary in Denver? The median household income in Denver Colorado is $68,000. This income should be enough to have a modest living. How bad are winters in Denver? Denver winters are not bad and have an average high of 45 degrees. This feels even warmer when you are in the sun and due to the low humidity it doesn't cut through you like if you have previously lived in the northeast. If your one of the lucky ones with their driveway facing south you will very rarely have to shovel! Is moving to Colorado a good idea? Denver is an excellent place to move to, with it's booming economy it provides lots of opportunities to all to help offset it's modest price of living.

How To Sell Your Home Quickly In A Slow Market

Selling a home quickly can be important but maximizing the home sale price is always a factor. The following tips will help your home not only sell quickly but also make it stand out from the competition. Cleanliness having a clean home and I mean a deep clean can help sell your home quicker. Home buyers enjoy a home that sparkles and this mean everything from shampooing carpets to cleaning windows inside and out, to wiping down all faucets. Since you are in a rush you can also hire a local cleaning company to help out! Curb Appeal The front of your home is the first impression for a touring potential home buyer. Ensure that you grass is always cut, weeds are pulled and even think about adding a new shrub or tree if you have time. It can be helpful to ask a neighbor (the nosier the better) or a friend to come over and take a look at anything you might have overlooked. It is easy to gloss over a outdated mailbox or an outdated front porch light that you are used to. Depersonalize the house Just as you want your home to feel like it is yours, a prospective home buyer wants to imaging themselves in the house. To do this remove very personalized things such as family portraits and instead replace them with generic photos. Price Pricing the home right can be one of the most significant ways to influence a quick sale in a sellers market. The key word here is priced right not under priced. To do this, run a comparative market analysis (CMA) of the surrounding homes from the last 6 months. From there adjust accordingly for any features such as air conditioning or additional bathrooms. This will allow for the right price to be set and get the most amount of people in and view the property. If you need to sell your home within seven days, lower the going price for the home by 5% and watch the offers pour in. Listing Exposure Advertising works best when the sale is viewed by the msot amount of people who are interested in that topic. With a home sale it is important to have it listed on the multiple listing service (MLS) so that all of the home buyers and real estate agents will have access to the listing. This should be complete with high end photography to make your listing stand out as well as a sign on the doorway so that anyone passing by can realize they could move into their favorite neighborhood. Staging Staging a home separates it from the others on the market. It allows for the buyers to come in and visualize the space. Buyers can be picky and when in a slow markety they can get away with it. Staging itself isn't perfect, however it will help convert buyers looking at the property to buyers placing offers on the property. Staging can be done with your own furniture or some rental furniture will generally cost less than $5,000 for a complete house. Quick Repairs Every house some some minor issues that you've lived with for years such as a ding on the wall or a squeaky door. Take time to notice these small things and give them a quick repair. This goes a long way to home buyers who know the home is being taken care of and don't find little things that lead them to become concerned there could be large issues lurking behind the walls. Cash Offers It could be worth only accepting cash offers when you list your property. Cash offers can close on a house in as little as seven days compared to a usual 30 days for home buyers who are financing the deal. Cash offers don't require an appraisal or other lengthy paperwork which can expedite the process. Short Sale If your property is worth less than you owe on your mortgage, it may be worth calling your bank and seeing if they will accept a short sale. This sell the property at a loss with permission from the bank who will then handle the transaction. i-Buyers There are a plethora of companies showing up online that will buy your home without needing to have repairs, showings and more. Some of these examples are Zillow and Opendoor. This however should be a very cautious option however since they will typically offer 10-20% less than the house is worth. Using Denver's median home price of $435,000 that could mean missing out on upwards of $87,000! At a minimum it may be worth talking with a real estate agent who can help establish your homes worth so you know exactly how much you are paying for the easier transaction. Rent Instead Sometimes a quick sale isn't worth it, if the market is slow it usually means that the home prices are down. It may be worth looking at renting the property and having the renters pay the mortgage. If you don't want the hassle or experience of managing a rental property or you are moving out of town, there are a plethora of property management companies that would be glad to help.

How To Search For Your Perfect Home

There are a plethora of homes on the multiple listing service (MLS) to search through so it is important to first establish your top priorities to help narrow down your home search. From there touring homes can help ensure that your are on the way to finding your perfect home. How To Narrow Down Your Home Search Establish a budget It is important to first get preapproved to start your house search as there is no reason to view homes that are over your budget. If you can't qualify for a home it is only a waste of time for everybody involved and could lead to any cheaper homes seeming like they aren't enough. Location, Location, Location It is extreamly important to identify a location area that you would like to live. This can sometimes be established by your drive to work, neighborhoods in your price range, or if you enjoy the vibrant downtown or a more relaxed suburban neighborhood. Beds and baths It is important to know the minimum number of bedrooms and bathrooms that you need. Do you want a guest bedroom? Should the master bathroom be connected to the bedroom? It is important to establish this as a home too large could lead to additional utility bills, cleaning and larger mortgage. School District If you have children it is will be important to find a home in a good school district. Nothing can be more important than investing in your children's future. Garage With the hail that can appear in Colorado, it can be important to have a garage. Note if this is a must have or a want and how many spaces there should be. Garages can always be built afterwords for only around $20,000 so it can always be made later if everything else about the home is perfect. What To Look For When Viewing A Home The viewing process is an important step forward to finding your perfect home. It is important to find something that you like and as a first time home buyer it's important not to overlook certain things. Floor Plan It is important to have a good floor plan as this is something that you likely will not be able to renovate in the future. Check to ensure that your bedroom is separated from the busy living room. It is also important to imagine it fully occupied so if you like to have guests over or have a few children, imagine everyone piled into the kitchen to ensure it fits what you need. Ignore the bad paint job It is easy to look at that hideous paint job or aging appliances in the kitchen. These are things that are easy to upgrade. It is important to focus on the foundation and studs of the building as no home will be perfect upon move in and that is the fun of designing your very own space! walk the neighborhood It is important to walk the neighborhood and even talk to some of the neighbors nearby. The neighbors will usually give you some great advise on the pros and cons of the area. It is also important to visit at all times of the day as it might seem casual in the afternoon but become a bustling noisy street during rush hour. Check for nearby water As global warming increases chaotic weather, it is important to make note of any nearby ponds or rivers. These can flood causing major issues or high insurance prices in the future. Remember that your normal home insurance does not cover floods and you will need to purchase flood insurance separately. Explore the bathrooms Bathrooms issues can easy cause issues. It is important to explore the bathrooms and if the water is on, flush the toilet, turn on the faucets and look carefully Mind the cracks Noticing a crack in a foundation or brick wall means that there was movement. Although it isn't necessarily a guaranteed deal killer, know that you will want to hire a structural engineer to look at it during the inspection process. Look for new paint If the house is outdated and there is a patch of new paint on the ceiling or a spot on the wall the seller may be trying to cover something up. This is important to note as inspect the roof It is important to see how the roof is doing. Roofs can cause an average of $10,000 in the Denver metro area so it's important to give it a quick glance while touring.. See if the shingles are curled, broken or missing shingles or if it is covered in moss. Check the HVAC The heating, ventilation and cooling system (HVAC) is very important to check as an outdated one can run inefficiently and run up utility bills quickly. go grocery shopping It is important to check where the nearby amenities are for the home. See the distance to get to areas you visit frequently such as work, grocery stores, department stores and more. How do you know when you find the right house? You will know when you have found the right house when you enter the home and it embraces you. Immediately you feel at home, can see yourself hosting dinner parties or wrenching in the garage. You might even become defensive about the home if someone such as your real estate agent points out a minor flaw. The right home should also fall within your budgetary range so that it doesn't create financial stress for you in the future. If all of these hit the box, it might be worth making an offer to ensure that this home is yours! From there you can start to brag about it, plan out the furniture and making it your dream home! Is it a good time to buy a house 2020? It is impossible to tell if home prices will go up or down but now is a great time for interest rates which can save you tens of thousands of dollars over the course of home ownership. Due to the recent events however lenders are avoiding riskier loans. This means that home buyers are expected to have a higher down payment and higher credit score to take advantage of these rates. It is best to establish if this is a good time for you the individual to purchase a home. This includes if rent higher than a mortgage or if you want to be able to make improvements to a home to truly make it yours? How many times should you see a house before you buy? It is usually recommended to see a house twice to ensure that you love it before buying. The second time around it can also be important to bring a new set of eyes with you as well such as a close friend or relative so that you can have a second opinion to bounce ideas off of. How long does it take to buy a house? The search process for a home generally takes a few weeks to a month for most buyers to find their perfect Colorado home. However each buyer is different, the list above helps narrow down the search to help optimize the process. Once a contract is accepted it will generally take 30-45 days until closing depending on if there are any issues with financing or inspection. There are lots of things to check while viewing a home. Just another reason to have the best real estate agent in Denver helping you every step of the way!

Understanding Denver Residential Zoning Code

Denver cities zoning code at first can seem confusing but if we break it out into different parts you will find it quite easy to understand. how to find zoning information for denver You can find the property zone through the multiple listing service (MLS) or through Denver website. In the MLS, scroll down to Exterior & Lot Features and it can be found on the bottom right. For the Denver website, enter your address and click on the result. The property description summary will list the currently zoned type. How to understand what property zoning means? Property zoning should be taken apart in sections to fully understand it. The first letter designates the neighborhood context. S = Suburban E = Urban Edge U = Urban G = General Urban C = Urban Center D = Downtown The second section designates the form and use of the property. SU = single unit MU = multi unit TU = two unit RO = residential office TH = townhome RX = residential mixed use RH = row home CC = commercial corridor MS = main street MX = mixed use The third section of the zoning indicates the minimum lot size or the number of stories the building can have. Minimum Lot Size: Building Height Maximum: A = 3000 2 = 2 stories B = 4500 2.5 = 2.5 stories C = 5500 3 = 3 stories D = 6000 5 = 5 stories E = 7000 8 = 8 stories F = 8500 12 = 12 stories G = 9000 16 = 16 stories H = 10000 20 = 20 stories I = 12000 Examples: S-SU-F would be a property that is located in a suburban area, single family home, and has to have a minimum lot size of 8500 sqft. U-RH-2.5 would be in an urban area that is considered a row home. The maximum building height will be 2.5 stories high. U-TU-C is an urban area that can have up to two units and as a minimum lot size of 5500 sqft. What do zoning ordinances regulate? Zoning ordinances regulate what type, how many and what size structure can be built on a plot of land. It is important so that someone buying their dream home cannot have a factory built next door to them keeping their home value. The city counsel has final say on all approvals. How long does Denver rezoning take? Rezoning a Denver residential property takes approximately 4-6 months. It varies based upon how criticized the nearby property owners are and if there are any special waivers or conditions. how to change zoning in denver Denver has a different zoning process if it is less than or larger than 5 acres. We will be assuming that the rezoning will be under 5 acres in which case you will need to fill out the pre-application review request. This will take 1-2 weeks and the requests are reviewed every Wednesday. The second step that Denver encourages is public outreach. It is important to notify neighbors and any registered neighborhood organizations (RNO's). Completing this early gives you time to modify your plans from their feedback. To formally start the process, you will need to submit a rezoning application and required fee. The fee for rezoning will be $1000 for the first acre and $500 per additional acre. If you have special conditions or waivers that will increase to $1500 for the first acre and $600 for each additional acre. Once this application is completed, any property neighbors or RNO's will be notified if they are within a 200 ft boundary. This is why step two is so important, as it could save you time money and the hassle of dealing with these problems that could have been addressed earlier. The city will now review the application and provide questions and comments to the applicant. This stage can still receive comments from the public. Planning board public hearing takes place takes place. The neighbors are notified within 15 days before the date. After the hearing, the the applicant should submit the rezoning notice fee. The city council's land use, transportation and infrastructure committee will now having a meeting to review the application and the public hearing. The mayor and the other council members will now look over the rezoning ordinance which will take place during a regularly scheduled city council meeting. The city council will now read the bill and address it publicly. Any of the concerned public may now formally file a protest petition. The city council will have another meeting where the applicant can have a presentation on the zoning change. The council at this meeting will hear from the applicant, any concerned public and than decide upon an outcome. The voting will either be approved, approved with conditions or denied. Once the city council approved the bill, the mayor signs it and the zoning change is now in effect! What does residential estate zoning mean? Residential estate zoning means that the land must be used for residential and sometimes mixed use with some retail and residential spaces. This prevents a neighbor purchasing land and placing an industrial factory next door. How do you read a zoning map? Denver zoning map can be read by breaking down the colors into different parts. Yellow through red shows how urban it is, the more red the color, the more urban zoning is established. Green zones are considered a park or other recreational land. Blue, signifies that it is zoned for an airport. Finally, purple shows industrial zoning where you can find factories. can i have an auxiliary dwelling unit(ADU)? An auxiliary dwelling unit, is a separate unit that isn't attached to the main home on the property used to be inhabitable. Some of the zoning that does allow for an ADU in Denver is S-MU-3, E-SU-D1(x), U-SU-A1, G-MU-3, S-MU-5, E-TU-B, U-SU-B1, G-RH-3, S-SU-F1, E-TU-C, U-SU-C1, and G-RO-3. Any ADU construction will need proper permitting and a certificate of occupancy to finalize the permitting process. Where is Denver thinking about changing the current zoning? Denver lists all of it's zoning applications and status on the proposed zoning map. These changes include but aren't limited to residential, commercial and more. Be sure to check it out if you are concerned about a zoning change in your local area. Does Denver zoning allow for slot homes? Denver essentially banned the use of slot homes in 2018. This was completed by mandating that homes built near the street must face the street. The slot homes however are allowed for those in the back of the complex however driving by the area it shouldn't be obvious. Full list of all Denver zoning code S-SU-A Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 3000 sqft S-SU-B Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 4500 sqft S-SU-C Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 5500 sqft S-SU-D Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 6000 sqft S-SU-E Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 7000 sqft S-SU-F Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 8500 sqft S-SU-G Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 9000 sqft S-SU-H Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 10000 sqft S-SU-I Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of 12000 sqft S-SU-2 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of two stories S-SU-2.5 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of two and a half stories S-SU-3 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of three stories S-SU-5 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of five stories S-SU-8 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of eight stories S-SU-12 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of twelve stories S-SU-16 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of sixteen stories S-SU-20 Located in a suburban area-that is allotted a single unit home-on a lot with a minimum of twenty stories S-MU-A Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 3000 sqft S-MU-B Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 4500 sqft S-MU-C Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 5500 sqft S-MU-D Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 6000 sqft S-MU-E Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 7000 sqft S-MU-F Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 8500 sqft S-MU-G Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 9000 sqft S-MU-H Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 10000 sqft S-MU-I Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of 12000 sqft S-MU-2 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of two stories S-MU-2.5 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of two and a half stories S-MU-3 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of three stories S-MU-5 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of five stories S-MU-8 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of eight stories S-MU-12 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of twelve stories S-MU-16 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of sixteen stories S-MU-20 Located in a suburban area-that is allotted a multi unit building-on a lot with a minimum of twenty stories S-TU-A Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 3000 sqft S-TU-B Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 4500 sqft S-TU-C Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 5500 sqft S-TU-D Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 6000 sqft S-TU-E Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 7000 sqft S-TU-F Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 8500 sqft S-TU-G Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 9000 sqft S-TU-H Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 10000 sqft S-TU-I Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of 12000 sqft S-TU-2 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of two stories S-TU-2.5 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of two and a half stories S-TU-3 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of three stories S-TU-5 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of five stories S-TU-8 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of eight stories S-TU-12 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of twelve stories S-TU-16 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of sixteen stories S-TU-20 Located in a suburban area-that is allotted a two unit building-on a lot with a minimum of twenty stories S-RO-A Located in a suburban area-that is a residential office-on a lot with a minimum of 3000 sqft S-RO-B Located in a suburban area-that is a residential office-on a lot with a minimum of 4500 sqft S-RO-C Located in a suburban area-that is a residential office-on a lot with a minimum of 5500 sqft S-RO-D Located in a suburban area-that is a residential office-on a lot with a minimum of 6000 sqft S-RO-E Located in a suburban area-that is a residential office-on a lot with a minimum of 7000 sqft S-RO-F Located in a suburban area-that is a residential office-on a lot with a minimum of 8500 sqft S-RO-G Located in a suburban area-that is a residential office-on a lot with a minimum of 9000 sqft S-RO-H Located in a suburban area-that is a residential office-on a lot with a minimum of 10000 sqft S-RO-I Located in a suburban area-that is a residential office-on a lot with a minimum of 12000 sqft S-RO-2 Located in a suburban area-that is a residential office-on a lot with a minimum of two stories S-RO-2.5 Located in a suburban area-that is a residential office-on a lot with a minimum of two and a half stories S-RO-3 Located in a suburban area-that is a residential office-on a lot with a minimum of three stories S-RO-5 Located in a suburban area-that is a residential office-on a lot with a minimum of five stories S-RO-8 Located in a suburban area-that is a residential office-on a lot with a minimum of eight stories S-RO-12 Located in a suburban area-that is a residential office-on a lot with a minimum of twelve stories S-RO-16 Located in a suburban area-that is a residential office-on a lot with a minimum of sixteen stories S-RO-20 Located in a suburban area-that is a residential office-on a lot with a minimum of twenty stories S-TH-A Located in a suburban area-that is a townhome-on a lot with a minimum of 3000 sqft S-TH-B Located in a suburban area-that is a townhome-on a lot with a minimum of 4500 sqft S-TH-C Located in a suburban area-that is a townhome-on a lot with a minimum of 5500 sqft S-TH-D Located in a suburban area-that is a townhome-on a lot with a minimum of 6000 sqft S-TH-E Located in a suburban area-that is a townhome-on a lot with a minimum of 7000 sqft S-TH-F Located in a suburban area-that is a townhome-on a lot with a minimum of 8500 sqft S-TH-G Located in a suburban area-that is a townhome-on a lot with a minimum of 9000 sqft S-TH-H Located in a suburban area-that is a townhome-on a lot with a minimum of 10000 sqft S-TH-I Located in a suburban area-that is a townhome-on a lot with a minimum of 12000 sqft S-TH-2 Located in a suburban area-that is a townhome-on a lot with a minimum of two stories S-TH-2.5 Located in a suburban area-that is a townhome-on a lot with a minimum of two and a half stories S-TH-3 Located in a suburban area-that is a townhome-on a lot with a minimum of three stories S-TH-5 Located in a suburban area-that is a townhome-on a lot with a minimum of five stories S-TH-8 Located in a suburban area-that is a townhome-on a lot with a minimum of eight stories S-TH-12 Located in a suburban area-that is a townhome-on a lot with a minimum of twelve stories S-TH-16 Located in a suburban area-that is a townhome-on a lot with a minimum of sixteen stories S-TH-20 Located in a suburban area-that is a townhome-on a lot with a minimum of twenty stories S-RX-A Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 3000 sqft S-RX-B Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 4500 sqft S-RX-C Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 5500 sqft S-RX-D Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 6000 sqft S-RX-E Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 7000 sqft S-RX-F Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 8500 sqft S-RX-G Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 9000 sqft S-RX-H Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 10000 sqft S-RX-I Located in a suburban area-that is a residential mixed use-on a lot with a minimum of 12000 sqft S-RX-2 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of two stories S-RX-2.5 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of two and a half stories S-RX-3 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of three stories S-RX-5 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of five stories S-RX-8 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of eight stories S-RX-12 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of twelve stories S-RX-16 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of sixteen stories S-RX-20 Located in a suburban area-that is a residential mixed use-on a lot with a minimum of twenty stories S-RH-A Located in a suburban area-that is a row home-on a lot with a minimum of 3000 sqft S-RH-B Located in a suburban area-that is a row home-on a lot with a minimum of 4500 sqft S-RH-C Located in a suburban area-that is a row home-on a lot with a minimum of 5500 sqft S-RH-D Located in a suburban area-that is a row home-on a lot with a minimum of 6000 sqft S-RH-E Located in a suburban area-that is a row home-on a lot with a minimum of 7000 sqft S-RH-F Located in a suburban area-that is a row home-on a lot with a minimum of 8500 sqft S-RH-G Located in a suburban area-that is a row home-on a lot with a minimum of 9000 sqft S-RH-H Located in a suburban area-that is a row home-on a lot with a minimum of 10000 sqft S-RH-I Located in a suburban area-that is a row home-on a lot with a minimum of 12000 sqft S-RH-2 Located in a suburban area-that is a row home-on a lot with a minimum of two stories S-RH-2.5 Located in a suburban area-that is a row home-on a lot with a minimum of two and a half stories S-RH-3 Located in a suburban area-that is a row home-on a lot with a minimum of three stories S-RH-5 Located in a suburban area-that is a row home-on a lot with a minimum of five stories S-RH-8 Located in a suburban area-that is a row home-on a lot with a minimum of eight stories S-RH-12 Located in a suburban area-that is a row home-on a lot with a minimum of twelve stories S-RH-16 Located in a suburban area-that is a row home-on a lot with a minimum of sixteen stories S-RH-20 Located in a suburban area-that is a row home-on a lot with a minimum of twenty stories S-CC-A Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 3000 sqft S-CC-B Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 4500 sqft S-CC-C Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 5500 sqft S-CC-D Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 6000 sqft S-CC-E Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 7000 sqft S-CC-F Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 8500 sqft S-CC-G Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 9000 sqft S-CC-H Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 10000 sqft S-CC-I Located in a suburban area-that is a commercial corridor-on a lot with a minimum of 12000 sqft S-CC-2 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of two stories S-CC-2.5 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of two and a half stories S-CC-3 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of three stories S-CC-5 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of five stories S-CC-8 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of eight stories S-CC-12 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of twelve stories S-CC-16 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of sixteen stories S-CC-20 Located in a suburban area-that is a commercial corridor-on a lot with a minimum of twenty stories S-MS-A Located in a suburban area-that is the main street-on a lot with a minimum of 3000 sqft S-MS-B Located in a suburban area-that is the main street-on a lot with a minimum of 4500 sqft S-MS-C Located in a suburban area-that is the main street-on a lot with a minimum of 5500 sqft S-MS-D Located in a suburban area-that is the main street-on a lot with a minimum of 6000 sqft S-MS-E Located in a suburban area-that is the main street-on a lot with a minimum of 7000 sqft S-MS-F Located in a suburban area-that is the main street-on a lot with a minimum of 8500 sqft S-MS-G Located in a suburban area-that is the main street-on a lot with a minimum of 9000 sqft S-MS-H Located in a suburban area-that is the main street-on a lot with a minimum of 10000 sqft S-MS-I Located in a suburban area-that is the main street-on a lot with a minimum of 12000 sqft S-MS-2 Located in a suburban area-that is the main street-on a lot with a minimum of two stories S-MS-2.5 Located in a suburban area-that is the main street-on a lot with a minimum of two and a half stories S-MS-3 Located in a suburban area-that is the main street-on a lot with a minimum of three stories S-MS-5 Located in a suburban area-that is the main street-on a lot with a minimum of five stories S-MS-8 Located in a suburban area-that is the main street-on a lot with a minimum of eight stories S-MS-12 Located in a suburban area-that is the main street-on a lot with a minimum of twelve stories S-MS-16 Located in a suburban area-that is the main street-on a lot with a minimum of sixteen stories S-MS-20 Located in a suburban area-that is the main street-on a lot with a minimum of twenty stories S-MX-A Located in a suburban area-that is mixed use-on a lot with a minimum of 3000 sqft S-MX-B Located in a suburban area-that is mixed use-on a lot with a minimum of 4500 sqft S-MX-C Located in a suburban area-that is mixed use-on a lot with a minimum of 5500 sqft S-MX-D Located in a suburban area-that is mixed use-on a lot with a minimum of 6000 sqft S-MX-E Located in a suburban area-that is mixed use-on a lot with a minimum of 7000 sqft S-MX-F Located in a suburban area-that is mixed use-on a lot with a minimum of 8500 sqft S-MX-G Located in a suburban area-that is mixed use-on a lot with a minimum of 9000 sqft S-MX-H Located in a suburban area-that is mixed use-on a lot with a minimum of 10000 sqft S-MX-I Located in a suburban area-that is mixed use-on a lot with a minimum of 12000 sqft S-MX-2 Located in a suburban area-that is mixed use-on a lot with a minimum of two stories S-MX-2.5 Located in a suburban area-that is mixed use-on a lot with a minimum of two and a half stories S-MX-3 Located in a suburban area-that is mixed use-on a lot with a minimum of three stories S-MX-5 Located in a suburban area-that is mixed use-on a lot with a minimum of five stories S-MX-8 Located in a suburban area-that is mixed use-on a lot with a minimum of eight stories S-MX-12 Located in a suburban area-that is mixed use-on a lot with a minimum of twelve stories S-MX-16 Located in a suburban area-that is mixed use-on a lot with a minimum of sixteen stories S-MX-20 Located in a suburban area-that is mixed use-on a lot with a minimum of twenty stories E-SU-A Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 3000 sqft E-SU-B Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 4500 sqft E-SU-C Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 5500 sqft E-SU-D Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 6000 sqft E-SU-E Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 7000 sqft E-SU-F Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 8500 sqft E-SU-G Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 9000 sqft E-SU-H Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 10000 sqft E-SU-I Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of 12000 sqft E-SU-2 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of two stories E-SU-2.5 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of two and a half stories E-SU-3 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of three stories E-SU-5 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of five stories E-SU-8 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of eight stories E-SU-12 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of twelve stories E-SU-16 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of sixteen stories E-SU-20 Located on the urban edge area-that is allotted a single unit home-on a lot with a minimum of twenty stories E-MU-A Located on the urban edge area-that is allotted a single unit home- E-MU-B Located on the urban edge area-that is allotted a single unit home- E-MU-C Located on the urban edge area-that is allotted a single unit home- E-MU-D Located on the urban edge area-that is allotted a single unit home- E-MU-E Located on the urban edge area-that is allotted a single unit home- E-MU-F Located on the urban edge area-that is allotted a single unit home- E-MU-G Located on the urban edge area-that is allotted a single unit home- E-MU-H Located on the urban edge area-that is allotted a single unit home- E-MU-I Located on the urban edge area-that is allotted a single unit home- E-MU-2 Located on the urban edge area-that is allotted a single unit home- E-MU-2.5 Located on the urban edge area-that is allotted a single unit home- E-MU-3 Located on the urban edge area-that is allotted a single unit home- E-MU-5 Located on the urban edge area-that is allotted a single unit home- E-MU-8 Located on the urban edge area-that is allotted a single unit home- E-MU-12 Located on the urban edge area-that is allotted a single unit home- E-MU-16 Located on the urban edge area-that is allotted a single unit home- E-MU-20 Located on the urban edge area-that is allotted a single unit home- E-TU-A Located on the urban edge area-that is allotted a single unit home- E-TU-B Located on the urban edge area-that is allotted a single unit home- E-TU-C Located on the urban edge area-that is allotted a single unit home- E-TU-D Located on the urban edge area-that is allotted a single unit home- E-TU-E Located on the urban edge area-that is allotted a single unit home- E-TU-F Located on the urban edge area-that is allotted a single unit home- E-TU-G Located on the urban edge area-that is allotted a single unit home- E-TU-H Located on the urban edge area-that is allotted a single unit home- E-TU-I Located on the urban edge area-that is allotted a single unit home- E-TU-2 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of two stories E-TU-2.5 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of two and a half stories E-TU-3 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of three stories E-TU-5 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of five stories E-TU-8 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of eight stories E-TU-12 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of twelve stories E-TU-16 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of sixteen stories E-TU-20 Located on the urban edge area-that is allotted a two unit building-on a lot with a minimum of twenty stories E-RO-A Located on the urban edge area-that is a residential office-on a lot with a minimum of 3000 sqft E-RO-B Located on the urban edge area-that is a residential office-on a lot with a minimum of 4500 sqft E-RO-C Located on the urban edge area-that is a residential office-on a lot with a minimum of 5500 sqft E-RO-D Located on the urban edge area-that is a residential office-on a lot with a minimum of 6000 sqft E-RO-E Located on the urban edge area-that is a residential office-on a lot with a minimum of 7000 sqft E-RO-F Located on the urban edge area-that is a residential office-on a lot with a minimum of 8500 sqft E-RO-G Located on the urban edge area-that is a residential office-on a lot with a minimum of 9000 sqft E-RO-H Located on the urban edge area-that is a residential office-on a lot with a minimum of 10000 sqft E-RO-I Located on the urban edge area-that is a residential office-on a lot with a minimum of 12000 sqft E-RO-2 Located on the urban edge area-that is a residential office-on a lot with a minimum of two stories E-RO-2.5 Located on the urban edge area-that is a residential office-on a lot with a minimum of two and a half stories E-RO-3 Located on the urban edge area-that is a residential office-on a lot with a minimum of three stories E-RO-5 Located on the urban edge area-that is a residential office-on a lot with a minimum of five stories E-RO-8 Located on the urban edge area-that is a residential office-on a lot with a minimum of eight stories E-RO-12 Located on the urban edge area-that is a residential office-on a lot with a minimum of twelve stories E-RO-16 Located on the urban edge area-that is a residential office-on a lot with a minimum of sixteen stories E-RO-20 Located on the urban edge area-that is a residential office-on a lot with a minimum of twenty stories E-TH-A Located on the urban edge area-that is a townhome-on a lot with a minimum of 3000 sqft E-TH-B Located on the urban edge area-that is a townhome-on a lot with a minimum of 4500 sqft E-TH-C Located on the urban edge area-that is a townhome-on a lot with a minimum of 5500 sqft E-TH-D Located on the urban edge area-that is a townhome-on a lot with a minimum of 6000 sqft E-TH-E Located on the urban edge area-that is a townhome-on a lot with a minimum of 7000 sqft E-TH-F Located on the urban edge area-that is a townhome-on a lot with a minimum of 8500 sqft E-TH-G Located on the urban edge area-that is a townhome-on a lot with a minimum of 9000 sqft E-TH-H Located on the urban edge area-that is a townhome-on a lot with a minimum of 10000 sqft E-TH-I Located on the urban edge area-that is a townhome-on a lot with a minimum of 12000 sqft E-TH-2 Located on the urban edge area-that is a townhome-on a lot with a minimum of two stories E-TH-2.5 Located on the urban edge area-that is a townhome-on a lot with a minimum of two and a half stories E-TH-3 Located on the urban edge area-that is a townhome-on a lot with a minimum of three stories E-TH-5 Located on the urban edge area-that is a townhome-on a lot with a minimum of five stories E-TH-8 Located on the urban edge area-that is a townhome-on a lot with a minimum of eight stories E-TH-12 Located on the urban edge area-that is a townhome-on a lot with a minimum of twelve stories E-TH-16 Located on the urban edge area-that is a townhome-on a lot with a minimum of sixteen stories E-TH-20 Located on the urban edge area-that is a townhome-on a lot with a minimum of twenty stories E-RX-A Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 3000 sqft E-RX-B Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 4500 sqft E-RX-C Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 5500 sqft E-RX-D Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 6000 sqft E-RX-E Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 7000 sqft E-RX-F Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 8500 sqft E-RX-G Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 9000 sqft E-RX-H Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 10000 sqft E-RX-I Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of 12000 sqft E-RX-2 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of two stories E-RX-2.5 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of two and a half stories E-RX-3 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of three stories E-RX-5 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of five stories E-RX-8 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of eight stories E-RX-12 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of twelve stories E-RX-16 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of sixteen stories E-RX-20 Located on the urban edge area-that is a residential mixed use-on a lot with a minimum of twenty stories E-RH-A Located on the urban edge area-that is a row home-on a lot with a minimum of 3000 sqft E-RH-B Located on the urban edge area-that is a row home-on a lot with a minimum of 4500 sqft E-RH-C Located on the urban edge area-that is a row home-on a lot with a minimum of 5500 sqft E-RH-D Located on the urban edge area-that is a row home-on a lot with a minimum of 6000 sqft E-RH-E Located on the urban edge area-that is a row home-on a lot with a minimum of 7000 sqft E-RH-F Located on the urban edge area-that is a row home-on a lot with a minimum of 8500 sqft E-RH-G Located on the urban edge area-that is a row home-on a lot with a minimum of 9000 sqft E-RH-H Located on the urban edge area-that is a row home-on a lot with a minimum of 10000 sqft E-RH-I Located on the urban edge area-that is a row home-on a lot with a minimum of 12000 sqft E-RH-2 Located on the urban edge area-that is a row home-on a lot with a minimum of two stories E-RH-2.5 Located on the urban edge area-that is a row home-on a lot with a minimum of two and a half stories E-RH-3 Located on the urban edge area-that is a row home-on a lot with a minimum of three stories E-RH-5 Located on the urban edge area-that is a row home-on a lot with a minimum of five stories E-RH-8 Located on the urban edge area-that is a row home-on a lot with a minimum of eight stories E-RH-12 Located on the urban edge area-that is a row home-on a lot with a minimum of twelve stories E-RH-16 Located on the urban edge area-that is a row home-on a lot with a minimum of sixteen stories E-RH-20 Located on the urban edge area-that is a row home-on a lot with a minimum of twenty stories E-CC-A Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 3000 sqft E-CC-B Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 4500 sqft E-CC-C Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 5500 sqft E-CC-D Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 6000 sqft E-CC-E Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 7000 sqft E-CC-F Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 8500 sqft E-CC-G Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 9000 sqft E-CC-H Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 10000 sqft E-CC-I Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of 12000 sqft E-CC-2 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of two stories E-CC-2.5 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of two and a half stories E-CC-3 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of three stories E-CC-5 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of five stories E-CC-8 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of eight stories E-CC-12 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of twelve stories E-CC-16 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of sixteen stories E-CC-20 Located on the urban edge area-that is a commercial corridor-on a lot with a minimum of twenty stories E-MS-A Located on the urban edge area-that is the main street-on a lot with a minimum of 3000 sqft E-MS-B Located on the urban edge area-that is the main street-on a lot with a minimum of 4500 sqft E-MS-C Located on the urban edge area-that is the main street-on a lot with a minimum of 5500 sqft E-MS-D Located on the urban edge area-that is the main street-on a lot with a minimum of 6000 sqft E-MS-E Located on the urban edge area-that is the main street-on a lot with a minimum of 7000 sqft E-MS-F Located on the urban edge area-that is the main street-on a lot with a minimum of 8500 sqft E-MS-G Located on the urban edge area-that is the main street-on a lot with a minimum of 9000 sqft E-MS-H Located on the urban edge area-that is the main street-on a lot with a minimum of 10000 sqft E-MS-I Located on the urban edge area-that is the main street-on a lot with a minimum of 12000 sqft E-MS-2 Located on the urban edge area-that is the main street-on a lot with a minimum of two stories E-MS-2.5 Located on the urban edge area-that is the main street-on a lot with a minimum of two and a half stories E-MS-3 Located on the urban edge area-that is the main street-on a lot with a minimum of three stories E-MS-5 Located on the urban edge area-that is the main street-on a lot with a minimum of five stories E-MS-8 Located on the urban edge area-that is the main street-on a lot with a minimum of eight stories E-MS-12 Located on the urban edge area-that is the main street-on a lot with a minimum of twelve stories E-MS-16 Located on the urban edge area-that is the main street-on a lot with a minimum of sixteen stories E-MS-20 Located on the urban edge area-that is the main street-on a lot with a minimum of twenty stories E-MX-A Located on the urban edge area-that is mixed use-on a lot with a minimum of 3000 sqft E-MX-B Located on the urban edge area-that is mixed use-on a lot with a minimum of 4500 sqft E-MX-C Located on the urban edge area-that is mixed use-on a lot with a minimum of 5500 sqft E-MX-D Located on the urban edge area-that is mixed use-on a lot with a minimum of 6000 sqft E-MX-E Located on the urban edge area-that is mixed use-on a lot with a minimum of 7000 sqft E-MX-F Located on the urban edge area-that is mixed use-on a lot with a minimum of 8500 sqft E-MX-G Located on the urban edge area-that is mixed use-on a lot with a minimum of 9000 sqft E-MX-H Located on the urban edge area-that is mixed use-on a lot with a minimum of 10000 sqft E-MX-I Located on the urban edge area-that is mixed use-on a lot with a minimum of 12000 sqft E-MX-2 Located on the urban edge area-that is mixed use-on a lot with a minimum of two stories E-MX-2.5 Located on the urban edge area-that is mixed use-on a lot with a minimum of two and a half stories E-MX-3 Located on the urban edge area-that is mixed use-on a lot with a minimum of three stories E-MX-5 Located on the urban edge area-that is mixed use-on a lot with a minimum of five stories E-MX-8 Located on the urban edge area-that is mixed use-on a lot with a minimum of eight stories E-MX-12 Located on the urban edge area-that is mixed use-on a lot with a minimum of twelve stories E-MX-16 Located on the urban edge area-that is mixed use-on a lot with a minimum of sixteen stories E-MX-20 Located on the urban edge area-that is mixed use-on a lot with a minimum of twenty stories U-SU-A Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 3000 sqft U-SU-B Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 4500 sqft U-SU-C Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 5500 sqft U-SU-D Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 6000 sqft U-SU-E Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 7000 sqft U-SU-F Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 8500 sqft U-SU-G Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 9000 sqft U-SU-H Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 10000 sqft U-SU-I Located in an urban area-that is allotted a single unit home-on a lot with a minimum of 12000 sqft U-SU-2 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of two stories U-SU-2.5 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of two and a half stories U-SU-3 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of three stories U-SU-5 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of five stories U-SU-8 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of eight stories U-SU-12 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of twelve stories U-SU-16 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of sixteen stories U-SU-20 Located in an urban area-that is allotted a single unit home-on a lot with a minimum of twenty stories U-MU-A Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 3000 sqft U-MU-B Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 4500 sqft U-MU-C Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 5500 sqft U-MU-D Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 6000 sqft U-MU-E Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 7000 sqft U-MU-F Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 8500 sqft U-MU-G Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 9000 sqft U-MU-H Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 10000 sqft U-MU-I Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of 12000 sqft U-MU-2 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of two stories U-MU-2.5 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of two and a half stories U-MU-3 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of three stories U-MU-5 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of five stories U-MU-8 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of eight stories U-MU-12 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of twelve stories U-MU-16 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of sixteen stories U-MU-20 Located in an urban area-that is allotted a multi unit building-on a lot with a minimum of twenty stories U-TU-A Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 3000 sqft U-TU-B Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 4500 sqft U-TU-C Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 5500 sqft U-TU-D Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 6000 sqft U-TU-E Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 7000 sqft U-TU-F Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 8500 sqft U-TU-G Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 9000 sqft U-TU-H Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 10000 sqft U-TU-I Located in an urban area-that is allotted a two unit building-on a lot with a minimum of 12000 sqft U-TU-2 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of two stories U-TU-2.5 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of two and a half stories U-TU-3 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of three stories U-TU-5 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of five stories U-TU-8 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of eight stories U-TU-12 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of twelve stories U-TU-16 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of sixteen stories U-TU-20 Located in an urban area-that is allotted a two unit building-on a lot with a minimum of twenty stories U-RO-A Located in an urban area-that is a residential office-on a lot with a minimum of 3000 sqft U-RO-B Located in an urban area-that is a residential office-on a lot with a minimum of 4500 sqft U-RO-C Located in an urban area-that is a residential office-on a lot with a minimum of 5500 sqft U-RO-D Located in an urban area-that is a residential office-on a lot with a minimum of 6000 sqft U-RO-E Located in an urban area-that is a residential office-on a lot with a minimum of 7000 sqft U-RO-F Located in an urban area-that is a residential office-on a lot with a minimum of 8500 sqft U-RO-G Located in an urban area-that is a residential office-on a lot with a minimum of 9000 sqft U-RO-H Located in an urban area-that is a residential office-on a lot with a minimum of 10000 sqft U-RO-I Located in an urban area-that is a residential office-on a lot with a minimum of 12000 sqft U-RO-2 Located in an urban area-that is a residential office-on a lot with a minimum of two stories U-RO-2.5 Located in an urban area-that is a residential office-on a lot with a minimum of two and a half stories U-RO-3 Located in an urban area-that is a residential office-on a lot with a minimum of three stories U-RO-5 Located in an urban area-that is a residential office-on a lot with a minimum of five stories U-RO-8 Located in an urban area-that is a residential office-on a lot with a minimum of eight stories U-RO-12 Located in an urban area-that is a residential office-on a lot with a minimum of twelve stories U-RO-16 Located in an urban area-that is a residential office-on a lot with a minimum of sixteen stories U-RO-20 Located in an urban area-that is a residential office-on a lot with a minimum of twenty stories U-TH-A Located in an urban area-that is a townhome-on a lot with a minimum of 3000 sqft U-TH-B Located in an urban area-that is a townhome-on a lot with a minimum of 4500 sqft U-TH-C Located in an urban area-that is a townhome-on a lot with a minimum of 5500 sqft U-TH-D Located in an urban area-that is a townhome-on a lot with a minimum of 6000 sqft U-TH-E Located in an urban area-that is a townhome-on a lot with a minimum of 7000 sqft U-TH-F Located in an urban area-that is a townhome-on a lot with a minimum of 8500 sqft U-TH-G Located in an urban area-that is a townhome-on a lot with a minimum of 9000 sqft U-TH-H Located in an urban area-that is a townhome-on a lot with a minimum of 10000 sqft U-TH-I Located in an urban area-that is a townhome-on a lot with a minimum of 12000 sqft U-TH-2 Located in an urban area-that is a townhome-on a lot with a minimum of two stories U-TH-2.5 Located in an urban area-that is a townhome-on a lot with a minimum of two and a half stories U-TH-3 Located in an urban area-that is a townhome-on a lot with a minimum of three stories U-TH-5 Located in an urban area-that is a townhome-on a lot with a minimum of five stories U-TH-8 Located in an urban area-that is a townhome-on a lot with a minimum of eight stories U-TH-12 Located in an urban area-that is a townhome-on a lot with a minimum of twelve stories U-TH-16 Located in an urban area-that is a townhome-on a lot with a minimum of sixteen stories U-TH-20 Located in an urban area-that is a townhome-on a lot with a minimum of twenty stories U-RX-A Located in an urban area-that is a residential mixed use-on a lot with a minimum of 3000 sqft U-RX-B Located in an urban area-that is a residential mixed use-on a lot with a minimum of 4500 sqft U-RX-C Located in an urban area-that is a residential mixed use-on a lot with a minimum of 5500 sqft U-RX-D Located in an urban area-that is a residential mixed use-on a lot with a minimum of 6000 sqft U-RX-E Located in an urban area-that is a residential mixed use-on a lot with a minimum of 7000 sqft U-RX-F Located in an urban area-that is a residential mixed use-on a lot with a minimum of 8500 sqft U-RX-G Located in an urban area-that is a residential mixed use-on a lot with a minimum of 9000 sqft U-RX-H Located in an urban area-that is a residential mixed use-on a lot with a minimum of 10000 sqft U-RX-I Located in an urban area-that is a residential mixed use-on a lot with a minimum of 12000 sqft U-RX-2 Located in an urban area-that is a residential mixed use-on a lot with a minimum of two stories U-RX-2.5 Located in an urban area-that is a residential mixed use-on a lot with a minimum of two and a half stories U-RX-3 Located in an urban area-that is a residential mixed use-on a lot with a minimum of three stories U-RX-5 Located in an urban area-that is a residential mixed use-on a lot with a minimum of five stories U-RX-8 Located in an urban area-that is a residential mixed use-on a lot with a minimum of eight stories U-RX-12 Located in an urban area-that is a residential mixed use-on a lot with a minimum of twelve stories U-RX-16 Located in an urban area-that is a residential mixed use-on a lot with a minimum of sixteen stories U-RX-20 Located in an urban area-that is a residential mixed use-on a lot with a minimum of twenty stories U-RH-A Located in an urban area-that is a row home-on a lot with a minimum of 3000 sqft U-RH-B Located in an urban area-that is a row home-on a lot with a minimum of 4500 sqft U-RH-C Located in an urban area-that is a row home-on a lot with a minimum of 5500 sqft U-RH-D Located in an urban area-that is a row home-on a lot with a minimum of 6000 sqft U-RH-E Located in an urban area-that is a row home-on a lot with a minimum of 7000 sqft U-RH-F Located in an urban area-that is a row home-on a lot with a minimum of 8500 sqft U-RH-G Located in an urban area-that is a row home-on a lot with a minimum of 9000 sqft U-RH-H Located in an urban area-that is a row home-on a lot with a minimum of 10000 sqft U-RH-I Located in an urban area-that is a row home-on a lot with a minimum of 12000 sqft U-RH-2 Located in an urban area-that is a row home-on a lot with a minimum of two stories U-RH-2.5 Located in an urban area-that is a row home-on a lot with a minimum of two and a half stories U-RH-3 Located in an urban area-that is a row home-on a lot with a minimum of three stories U-RH-5 Located in an urban area-that is a row home-on a lot with a minimum of five stories U-RH-8 Located in an urban area-that is a row home-on a lot with a minimum of eight stories U-RH-12 Located in an urban area-that is a row home-on a lot with a minimum of twelve stories U-RH-16 Located in an urban area-that is a row home-on a lot with a minimum of sixteen stories U-RH-20 Located in an urban area-that is a row home-on a lot with a minimum of twenty stories U-CC-A Located in an urban area-that is a commercial corridor-on a lot with a minimum of 3000 sqft U-CC-B Located in an urban area-that is a commercial corridor-on a lot with a minimum of 4500 sqft U-CC-C Located in an urban area-that is a commercial corridor-on a lot with a minimum of 5500 sqft U-CC-D Located in an urban area-that is a commercial corridor-on a lot with a minimum of 6000 sqft U-CC-E Located in an urban area-that is a commercial corridor-on a lot with a minimum of 7000 sqft U-CC-F Located in an urban area-that is a commercial corridor-on a lot with a minimum of 8500 sqft U-CC-G Located in an urban area-that is a commercial corridor-on a lot with a minimum of 9000 sqft U-CC-H Located in an urban area-that is a commercial corridor-on a lot with a minimum of 10000 sqft U-CC-I Located in an urban area-that is a commercial corridor-on a lot with a minimum of 12000 sqft U-CC-2 Located in an urban area-that is a commercial corridor-on a lot with a minimum of two stories U-CC-2.5 Located in an urban area-that is a commercial corridor-on a lot with a minimum of two and a half stories U-CC-3 Located in an urban area-that is a commercial corridor-on a lot with a minimum of three stories U-CC-5 Located in an urban area-that is a commercial corridor-on a lot with a minimum of five stories U-CC-8 Located in an urban area-that is a commercial corridor-on a lot with a minimum of eight stories U-CC-12 Located in an urban area-that is a commercial corridor-on a lot with a minimum of twelve stories U-CC-16 Located in an urban area-that is a commercial corridor-on a lot with a minimum of sixteen stories U-CC-20 Located in an urban area-that is a commercial corridor-on a lot with a minimum of twenty stories U-MS-A Located in an urban area-that is the main street-on a lot with a minimum of 3000 sqft U-MS-B Located in an urban area-that is the main street-on a lot with a minimum of 4500 sqft U-MS-C Located in an urban area-that is the main street-on a lot with a minimum of 5500 sqft U-MS-D Located in an urban area-that is the main street-on a lot with a minimum of 6000 sqft U-MS-E Located in an urban area-that is the main street-on a lot with a minimum of 7000 sqft U-MS-F Located in an urban area-that is the main street-on a lot with a minimum of 8500 sqft U-MS-G Located in an urban area-that is the main street-on a lot with a minimum of 9000 sqft U-MS-H Located in an urban area-that is the main street-on a lot with a minimum of 10000 sqft U-MS-I Located in an urban area-that is the main street-on a lot with a minimum of 12000 sqft U-MS-2 Located in an urban area-that is the main street-on a lot with a minimum of two stories U-MS-2.5 Located in an urban area-that is the main street-on a lot with a minimum of two and a half stories U-MS-3 Located in an urban area-that is the main street-on a lot with a minimum of three stories U-MS-5 Located in an urban area-that is the main street-on a lot with a minimum of five stories U-MS-8 Located in an urban area-that is the main street-on a lot with a minimum of eight stories U-MS-12 Located in an urban area-that is the main street-on a lot with a minimum of twelve stories U-MS-16 Located in an urban area-that is the main street-on a lot with a minimum of sixteen stories U-MS-20 Located in an urban area-that is the main street-on a lot with a minimum of twenty stories U-MX-A Located in an urban area-that is mixed use-on a lot with a minimum of 3000 sqft U-MX-B Located in an urban area-that is mixed use-on a lot with a minimum of 4500 sqft U-MX-C Located in an urban area-that is mixed use-on a lot with a minimum of 5500 sqft U-MX-D Located in an urban area-that is mixed use-on a lot with a minimum of 6000 sqft U-MX-E Located in an urban area-that is mixed use-on a lot with a minimum of 7000 sqft U-MX-F Located in an urban area-that is mixed use-on a lot with a minimum of 8500 sqft U-MX-G Located in an urban area-that is mixed use-on a lot with a minimum of 9000 sqft U-MX-H Located in an urban area-that is mixed use-on a lot with a minimum of 10000 sqft U-MX-I Located in an urban area-that is mixed use-on a lot with a minimum of 12000 sqft U-MX-2 Located in an urban area-that is mixed use-on a lot with a minimum of two stories U-MX-2.5 Located in an urban area-that is mixed use-on a lot with a minimum of two and a half stories U-MX-3 Located in an urban area-that is mixed use-on a lot with a minimum of three stories U-MX-5 Located in an urban area-that is mixed use-on a lot with a minimum of five stories U-MX-8 Located in an urban area-that is mixed use-on a lot with a minimum of eight stories U-MX-12 Located in an urban area-that is mixed use-on a lot with a minimum of twelve stories U-MX-16 Located in an urban area-that is mixed use-on a lot with a minimum of sixteen stories U-MX-20 Located in an urban area-that is mixed use-on a lot with a minimum of twenty stories

How To Buy A Second Home And Rent The First

Purchasing a second home is a large task to take on however just like many things in life, every risk has it's own rewards! Is your first house rentable? The first thing you will need to do is establish if your current home is rentable. To do this, you can ask a local real estate agent or check current rental value on Craigslist. If you have a 1-3 bedroom in good condition in a urban or suburban area you should not have a problem. However, not all homes are good for renting such as those that are very large or in very rural areas. Can I afford a second property? If you have the cash to purchase a second property outright than you can of course afford it, however we will be diving into the financing portion of a second house for those who need financing or hope to leverage their property for a higher return on investment (ROI). When purchasing When trying to finance your second home, your debt to income ratio will evaluated. This is important since just as your first mortgage they calculated all of your debts such as a car loan or student loans in addition to your new mortgage, this will also include the mortgage on the first house as well as the second. There are two ways to qualify for the second home if you don't have the large income needed to sustain two mortgages. The first way, is to have rental income from the past twelve months that can be proven. The second, is to have a recently signed lease that can be used to offset 75% of the cost of the rental home. What Tax write off occur with a rental property? Tax laws are always changing and it is important to talk with your tax attorney about this however there are currently some significant savings. To help reduce your taxes on the rental income, you can deduct any repairs, management fees, mortgage interest and the largest will likely be the depreciation. The home can be depreciated over 27,5 years which allows you to spread the cost of the home out over a long period of time helping with your taxes throughout it's ownership. should you become a landlord? Becoming a landlord can be a significant side hustle as you will have to vet tenants, handle maintenance issues, and worst of all deal with possible evictions. The good news however is that if you do proper upfront work and get a good tenant you may be able to live hassle free for years! If you choose that you won't want that responsibility, you may hire a property management company. These companies will find the tenants, handle maintenance issues automatically and lots of other things. These companies aren't free however and generally charge around 8% of the rental income per month.

10 Tips to Maximize sale Price

1. Reduce the homes clutter, this can be done by cleaning out the garage or attic space. Remove out of season clothing to make the closet seem larger and find anything that is hiding in those dark corners. Best to get this done now since, you can't leave it behind when selling your home anyways! 2. Give the house a nice deep clean, this can easily be accomplished by hiring a house cleaner but can always be done with some handy elbow grease! 3. Pristine landscaping will up the homes curb appeal. Make sure the lawn is mowed, hedges trimmed and anything else to wow the buyers 4. Make things bright! Light gives a sense of depth so keep the curtains open and replace light bulbs with high wattage bulbs. New light fixture above the dining room table also catches the eye. 5. Upgrade the front door, this could be as easy as a new painted color or replace it with a new style. While your at it, buy a new doormat to really welcome home buyers! 6. Make a centerpiece for the table, nice fruit or flowers go a long way 7. Add a fresh coat of paint on the inside of the home. A nice light neutral color is more appealing. 8. Make repairs, a lot of small things like squeaky doors gives the presumption that the home isn't taken care of. Some small cheap fixes can go a long way 9. Remove personalized items, as much as we love our family it is best to keep personal things off the fridge and walls. Try to create a neutral space so that home buyers feel welcome and not encroaching someone else's private space 10. Keep the outside tidy, if showing in the winter make sure the driveway is plowed, in the fall ensure leaves are raked. Home buyers quickly decide on a home from the curb appeal and that attitude carries throughout the house.

Do You Need a Home Inspection When Buying a House

What is a home inspection A home inspection is a visual check of the home and its basic systems to check for issues. Although home inspections aren't necessary they are highly advised so you don't end up with a surprise and you can even end up saving money asking for a lower sale price. It is advised that you join your home inspector through the home inspection so you can ask questions as you go. This will give you a better understanding of the issues than the inspection report on its own. Your home inspector will look for structural issues, functioning appliances and look for a variety of safety issues. Your new home likely dozens of issues, as no home is perfect. You and your real estate agent will review the home inspection report together to help identify major problems. We will then use your home inspection contingency to have the sellers fix the issues or reduce the price of the home. With a good inspector you will be able to move in with peace of mind avoiding potential problems. What does a home inspection look for The home inspection process covers a variety problems both inside and outside of the home. This includes checking the floors, walls, ceilings and more to search for water damage, cracks and more The home inspector however will not move furniture so it is important to have the house ready when they arrive. Outside Structure The home inspector will walk around the outside of the home and check for any structural damage. These could include a cracked foundation, ensuring that the ground is slopes properly for water to runoff away from the home, to the sidewalk and driveway. Sprinkler systems will be turned on to ensure they have pressure and cover the proper areas. They will also generally check the fence if you have one and ensure it is complete all the way around. Roof and Attic Roofing is something that can quickly get expense and will cost $6,000 to $12,000 to replace. The home inspector should check the attic as well as going on top of the roof and check the shingles to ensure they aren't curling, missing or loose. Interior Structure The home inspector will check the floors, walls, ceilings and more to search for water damage, cracks and more. The home inspector however will not move furniture or other things so it can be important to have all of this previously moved. Basement The home inspector will walk through the basement or crawlspace to evaluate signs of water damage or blatant structural damage. If you have additional concerns such as if you live in a neighborhood that has poor soil, it may be worth hiring an additional foundation inspection. Garage Your home inspector will check to ensure the garage door opens properly, the floor slopes to allow water drainage and double check that there is no structural issues. Appliances Throughout the inspection process, the inspector will check the appliances that are included with the home sale. This includes checking the burners on the stove, verifying the refrigerator can hold temperature and turning on the microwave. HVAC During the inspection the furnace will be tested and inspected to ensure it is working and properly circulating air. The air conditioning unit will also be tested assuming it is greater than 60 degrees outside, if it too cold the air conditioning unit could become damaged. HVAC systems can cost upwards of $4000 to replace the furnace and $3500 for the air conditioner. Electrical System During the home inspection, the main breaker box will be checked along with a multitude of outlets and light sockets. Plumbing System During the plumbing system inspection, the home inspector will check the main water shutoff, sink faucets and the water heater. Additional home inspection costs home inspectors themselves generally don't complete the following tasks, although many have subcontractors that they will work with to have these checks completed. If hired through your home inspector for an additional cost, they will generally come at the same time to get the new home thoroughly inspected. It is important to have a great Realtor®  as they can help save you money by identifying likely problems in your area and homes construction date. Radon Radon is a natural radioactive gas that seeps through the ground and can cause lung cancer. It is prevalent depending on your geographical region throughout the United States. For those purchasing near Denver it is highly recommended to complete this test. Expect to spend around $150 for this service. Sewer Line As a home owner you are responsible for the sewer line going from the house to the street. Sewer line replacements can cost $3,000-$25,000 or even more depending on what has to be dug up to access the problem area. Before purchasing a home it is advised to have a sewer scope completed. This process has a camera that is run through the line until it reaches the street and checks for any standing water, cracks or roots that have found themselves in the system. Luckily there is new technology that can reline the sewer which is significantly cheaper than a full replacement. A sewer scope will generally cost around $150. Termites and Pests Most home inspectors if they notice an obvious pest issue they will bring it up however if it is a major concern you can usually add on an extra fee to have a detailed review looking at boards for bite marks and a detailed look at lots of places termites and pests like to hide in. This is necessary for a VA loan and usually costs around $100. Asbestos Asbestos is a fungus that used to be used for a plethora of fire and insulation uses but was banned from household uses in 1977. When asbestos is agitated and breathed into the lungs it can cause lung cancer. This additional inspection can cause $400-$800 and removal costs can get expensive depending on the extent of use. Lead piping and paint Lead paint was banned in the United States in 1978, if you are purchasing a older home before this date or even slightly after, there is a chance that your home still has lead paint. If you see paint that is peeling like alligator skin you can purchase a test from your local hardware store. If this is a major concern of yours or you have found things that heighten your suspicions, there are specialized lead inspectors you can hire who will use x-rays to ensure there is nothing covered up. The average cost for one of these tests is $350. Mold Mold can cause health issues and due to humidity may be more prevalent in some parts of the country more than others. These tests can be expensive running upwards of $800. Chimney If the new home has a chimney, some home inspectors will check it others will not. If they do not you will need to hire a chimney inspector at a cost of around $100-$200. Well Water and Septic If your new home is supplied by a well it is important to have it tested for a variety of heavy metals. If the new home also has a septic tank it is also important to verify that it isn't contaminated and is large enough to meet the expected amount of people living in the home. How much does a home inspection cost Home inspections are generally paid for by the home buyer. The general cost for a home is $400-500 with additional charges if you want additional inspections not included. How long does a home inspection take Home inspections generally will take 2-4 hours, this depends mainly on the size of the home but also how many issues are found. It is suggested for the home buyer to be there for the home inspection to fully understand the depth of the issues themselves. Do Home Inspectors always find something wrong? Home inspectors do a thorough job and no home including new builds is perfect so in short yes a home inspector will always find something wrong. It is important to be mindful of the major problems as many of the minor issues people have been living with for years and have no effect on their day to day living. What to look for in a home inspector A professional home inspector should be certified through the American society of home inspectors (ASHI). This however is not a requirement in most states including Colorado, so it is important to check verify this before choosing who you hire.

Can Buying a Home Help With Taxes

Home ownership can offer significant tax benefits. Keep in mind that most of these tax deductions only work if they are itemized deductions. This means you must have more deductions than the standard deduction of $12,400 for the 2020 tax year. Mortgage Loan Interest Deduction Home mortgage interest and mortgage points can be deducted from your taxes. Since for most homeowners the mortgage interest is their largest monthly payment this can be a huge help. The mortgage interest deduction is capped at loans up to $750,000. If you are filling separate as a married couple, than you can only claim half of that. This tax break not only works on your primary mortgage but also for home equity loans also known as HELOCs. Fortunately or unfortunately, interest rates have fallen so low, that this doesn't save as much money as it used to. mortgage points occur at the time of the home purchase or when you refinance. They give you the ability to lower your interest rate by paying more as an upfront fee. Property Tax Deduction Many state and local taxes charge property taxes. These taxes can be deducted up to $10,000. This limitation hurts those in states with high property taxes such as New York or most of New England. When filing your tax return, it is important to file with Form 1040 schedule A. Mortgage Insurance Tax Deduction This tax deductible generally applies to first time home buyers. When you have down payment of less than 20%, you are generally required to pay private mortgage insurance (PMI). This is allowed to be deducted when it is your primary home or a secondary home that you are renting out. Your adjusted gross income (AGI) must also be less than $100,000 for the full deduction of $109,000 for a partial deduction. Energy Credits The IRS allows for the non-business energy property credit which is limited to 10% of the cost of your qualifying credit. Some items that qualify are skylights, insulation systems, certain appliances, and HVAC system. These helpful tax breaks can not only help you be green but save you money on your tax bill. Here is the IRS document to help see if you can reduce your tax bill. Home Sale Tax Exclusion This is likely the largest tax help you can get with owning a primary residence. Normally when you sell real estate you are required to pay capital gains tax. However the home sale tax exclusion allows for you to exclude $250,000 or $500,000 if married filing. This does have some qualifications such as the home must have owned and used your home for two of the previous five years. You also could not have taken this deduction with a different home within the previous two years. If you do not qualify for the home sale tax exclusion keep all the receipts for your home improvements. When you sell the home you will be required to pay capital gains taxes but you can write off the items that added home value but cannot deduct home repairs. It is also important to work with someone who is familiar with your tax professional as you may be required to file quarterly with the IRS due to the large capital gains in order to avoid a penalty at the end of the year. TAX DEDUCTIONS PER INCOME BRACKET Taxes deductions become more prevalent if you are part of a higher tax bracket. If you can deduct $20,000 in the 37% bracket it will save you $7400 in federal taxes, however if you are in the 22% bracket, you will only save $4,400 on your tax return. It is important to remember that although you can help save money on your federal income tax, you are still paying something for the home. For this reason, it is important to only purchase a home you can afford and not just for a the multitude of tax breaks. What closing costs are tax deductible 2020? IRS publication 530 does a great job at outlining what is and is not deducible with closing costs. For a quick review, mortgage points are seen from the IRS perspective as prepaid interest and is deductible. Loan origination fees are also considered tax deductible. Things that are not deductible are prepaid home fire insurance or trash pickup services. Who should claim House on taxes? The individual who has paid for the house is the one that should claim it on their taxes. This is important for unmarried couples who both live in a home. The optimal way to save on taxes, is for the higher income individual to have paid these deductions. This assumes that they have enough deductions to itemize above the standard of $12,400 for an individual in 2020. Will my tax refund be higher if I bought a house? It is possible for a higher tax refund if you purchased a house although this would assume that you have utilized the tax deduction outlined above. It would also be important to note that you will also have to exceed the current standard deduction of $12,400 for an individual in 2020. If you fall below that threshold the itemized deductions will not change anything. There are a plethora of real estate tax deductions out there. If you are looking to pursue home ownership, your top Denver real estate agent is only a click away! jefflos.com does not provide financial or tax advise, Tax laws do change and it is important to consult with your tax professional to find out if you qualify for any of these tax deductions.

What Does Contingent Mean When Buying a Home

A contingent status for a real estate transaction means that there are certain conditions that must be completed for the home sale to be completed. Contingency's can help protect the buyer or seller and allow the parties to walk away if conditions are not met without the loss of earnest money. It is important to note that although contingencies protect your own interests it may also be a headache for the other party leaving to less leverage. This often occurs with a home sale contingency where buyers don't want to wait and will offer a lower price on the home. What is an Appraisal Contingency? Appraisal contingencies generally occur when the home buyers are using financing to purchase the property. Mortgage lenders will only loan a certain percentage of the appraised value. If you were already struggling with a small down payment you may not qualify for the loan. At this point the home buyer can put down additional money or ask the seller to decrease the price of the home. Since this contingency protects the buyer, if a resolution cannot be made the buyer can leave the process and have the earnest money deposit returned. What is a Home Inspection Contingency? Home inspection contingencies are extremely common coming from the buyer. When a home inspector goes through the property and finds defects this brings both parties back to the negotiating table to review them. This protects you from unknown things such as a leaky roof or a cracked sewer main that could cost upwards of tens of thousands of dollars to fix. It is common for the seller to either repair the items or cover some of the closing costs. The seller does however have the option to refuse any of the tasks and the buyer must then decide to continue or walk away from the new home. What Does Contingent Financing Mean? Financing contingencies also known as a mortgage contingency is when a home buyer has not received pre-approval for a home mortgage. The buyer now has protected their earnest money if they cannot qualify for a loan. What is a Home Sale Contingency? Home Sale Contingencies is when a home buyer needs to sell their current home before purchasing the new home. This type of offer is often not accepted during a hot market as there are generally multiple offers coming in and a home seller would rather go with a sure thing. It is very often that a home seller will put in a kick out clause so they can still accept back up offers while this contingency is in effect. With the kick out clause if a better offer appears they may back out of the previous contract. What is a Home Buying Contingency? Home buying contingencies are when a seller adds a contingency clause to the purchase contract that requires them to find a new home before selling their current home. This contingency will likely reduce the number of offers received on the home and can lower the sale price of the home. Although a contingency does protect you, there are other ways to buy a home and sell your home at the same time. What is a Title Contingency? When purchasing a home there is a review of the title often by a title company. This ensure the previous ownership are legitimate and checks for unseen easements. Although rare there can be issues that are found that can question the ownership of the property and could leave you with other peoples debts associated with the property. This contingency allows the buyer to leave the home sale. What is a Home Insurance Contingency? Home insurance for a property is generally required by the lender and important for the buyer to protect their new home. The property could be in a fire prone area or flood zone that could cause larger than expected insurance costs or some insurances to refuse to cover it if it is deemed too risky. What is a Right to Assign Contingency? Some home buyers are wholesalers who will put the home under contract and reassign the contract to a new buyer. They will generally do this for a larger amount and pocket the difference. This generally occurs for off market deals that don't make it to the multiple listing service (MLS). What are some Other Contingencies? There can be contingencies written for just about anything you can think of however the ones above cover the majority that occur during a home transaction. If a buyer or seller have specific needs or concerns a contingencies can be put into the contract to ensure they are taken care of. It is important to remember that contingencies will be written with a specific and measurable task. For example after a home inspection contingency it cannot be written for the home to be improved but would instead state that the front door must be replaced. There also needs to be a deadline after a set period of time that holds both parties accountable. This will ensure that the required action is completed and the buying process does not drag on for months. What Does Contingent or Pending Mean? When looking at homes on the multiple listing service (MLS) and you see a pending or contingent transaction it means that an offer was made and accepted by other parties. This transaction however is not finalized and will likely contain some of the contingencies outlined above. These contingencies could fall through and be moved back to an active listing. Can you make an offer on a house that is active contingent? Many sellers accept backup offers to their home! The seller however cannot back out of the contract unless if one of the current contingencies falls through or if they have a kick out clause. A smart real estate agent can write contract contingencies to your particular situation to help protect you against unforeseen circumstances.

What Do You Leave When Selling a House

Purchasing or selling a home isn't an everyday occurrence for most people. These transactions can cause some confusion on what exactly is included in a real estate sale. Colorado contract to buy and sell real estate does a great job listing a variety of objects that are standard considered inclusions and exclusions. This however isn't always perfectly followed or outlines everything which can cause tension amid an already large transaction. With any contract, it is important to be upfront as a buyer or seller to help avoid any hassle between items. Rule of Thumb As a general rule of thumb, anything bolted down should stay with the property. Anything that is freestanding should be considered personal property. Things that are bolted, screwed or nailed are considered attachments. Some example of these are built in bookshelves, doorknobs and light fixtures. There are also integral possessions which are built in to the property such as a built in cooking range. Lastly things that are planted outside such as a tree should stay put. These mother nature objects are considered included with the home sale unless stated as an exclusion. Some examples of personal property are the furniture, toilet paper, and hanging artwork. There are often so many objects with a house there is plenty of gray area. Just another reason why it is important to have a top real estate agent who can help identify common disputes and put them in writing. Common Disputed Items Appliances Appliances such as refrigerator and washing machines are considered an exclusion as they just need to be unplugged and moved. These items should be listed on the inclusions section of the contract if the new owners want them when moving in. A bolted in microwave or dishwasher however is an inclusion as it is bolted down. It is generally a good idea to list all appliances if they are wanted as an inclusion to ensure there is no disagreement. Window Treatments Window treatments such as drapes are curtains are generally considered personal property. The exception to this however is the curtain rods, brackets and curtain holdbacks. These parts are bolted to the wall and therefore should stay for the new homeowner. Television Televisions have very often been considered personal property however since the rise of wall mounted televisions there has been some questions that have arisen. As a rule of thumb the television itself is considered personal property due to the history of the item however the wall mounts should stay with the home. If you wish to leave the TV or take the wall mount just note it on the inclusion/exclusion page of the contract. Integrated Systems Integrated systems such as dog fence power unit, sprinkler systems and security systems are considered part of the house and are included with the sale. Light FixtureS Light fixtures such as the fancy chandelier that you installed and the light bulbs inside of them should stay with the house. If you wish to bring them with you, be sure to list this as an exclusion on the sales contract. Swing SetS Swing sets follow the rule of thumb rule if it is bolted down. If the swing set is cemented in it is considered part of the house, however if it is sitting on top of the grass it is considered personal property of the seller. Do Shower Curtains Stay When Selling A House? Shower curtains are not bolted down therefore you may take them with you when selling a house. Shower curtains are considered personal property. Nice Gestures Paint cans can help with future home improvements by allowing home buyers to touch up spots as well as know how to easily get an exact match for the future. It is a generally accepted practice to leave these at the home. Tile samples can help owners of the new house to repair a cracked tile or even bring with them when looking for a new matching paint. Warranty paperwork and user manuals that were included with your appliances, such as your refrigerator or water heater, should stay with the home. Do You Have To Clean Your House When You Sell It? At a minimum many contracts require the property to be in broom clean condition however it is highly recommended that it is sold with a thorough cleaning. No real estate deal is complete until closing and the buyer could change their mind the last second during the final walk through. Although this is unlikely, the buyer is likely going through their largest lifetime purchase and there is no need to add stress to either side during the transaction! When Selling A House, What Do You Do With Utilities? Majority of utilities such as your internet or electricity will have an easy process to move or transfer your existing service on their website. The water bill however is changed through the title company that is completing the transaction. It is important to verify this with your real estate agent as every county can vary. Can You Leave Stuff In A House When You Sell It? The short answer is no, although it depends on the contract. If you are curious if you can leave all of your trash or if you inherited a hoarder house, you must have that property listed in the inclusions portion of the contract. Otherwise, the buyer may refuse the property during the final walk through or seek money for the junk removal. Who Owns The Items Left Behind In A House After Closing? It is assumed that anything left in the house after closing becomes the property of the buyer. This is because the seller cannot legally enter the property anymore to recover the items without the buyers permission. It is polite to let the home seller know they left personal items and give them the option to recover it. This can often happen with some items left in the attic or a shed. Should You Leave Something For The New Owners Of Your House? If you have an emotional attachment to your house, writing a nice letter or a home warming gift for the new home buyers can be a nice gift. This can also be a great way to establish closure and ensure yourself that this home will be just as good to the next family moving in. Although none of this is required it can be a great benefit for both sides of the transaction. Should You Remove Picture Hooks When Moving? There is no issue with leaving the picture hooks in the walls when you are moving. However, if you want to go above and beyond, you may remove them and give a quick paint touch up. What Occurs During A Final Walk Through? The final walk through is the buyers right to visit the property and ensure that everything expected is there. This includes dings left by movers and ensure that all fixtures are still there. Sometimes appliances or light fixtures could be swapped and this confirms there is no last minute changes. If things are missing, the real estate agent and home buyer can work with attorneys to draft a hold-back agreement to ensure that you are compensated if the items are not returned. Although not common, it is important to ensure there are no unexpected changes. What To Do After You Sell Your House? Congratulations on the home sale! Although most of the hard work is complete, it is important to do a few things before moving on. Keep all of the paperwork of your transactions, it will be necessary to reference them upon tax day. The other thing, is to also keep track of any improvements that you have made to the home. These improvements can be deducted from the profits of the sale if they are on publication 523. In addition to this it might be worth checking how home ownership can help with your taxes. From this point, you might want to put some of the proceeds away so you can pay the capital gains taxes if there are any. Finally, It is now important to reevaluate your financial situation. This way you know what to do with the rest of the money. This could vary from investing or rolling into a down payment for your next new home. Real estate transactions often have a lot of gray area and although this guide is a great starting point, it is not exhaustive. That is just another reason to have a great Realtor® to help guide you through one of your largest life purchases!

Best Time to Look for Houses

Purchasing a new home is both intimidating and exciting at the same time. Doing research on when to buy your dream home is a great start. Real estate market does vary in different locations such as the prices in Aspen may rise right before ski season or home prices may fall in the summer for Pheonix, Arizona. Because of this variation it is important to find a local real estate agent who can help guide you through the process. Although these dates do vary depending on the local market, majority of the united states follows these trends. Time of Year for Lowest Price The winter months, specifically January is often the best time to get a deal on a home. This time period sellers are often motivated and you will have less competition from other home buyers. Because of this however selection will be slim and if you are in a rush to move it may be more difficult. Time of Year for Selection and Deals The sweet spot to start looking can be August. This time period there are still plenty of options in the housing market however many buyers will be weary that the school year is starting and it will be easier to ask for a discount. The other gain about shopping for real estate in August is that if you don't immediately find your dream home the prices will continue to fall. Best Day of the Week The best time of the week to make and offer is Thursday. Majority of open houses and showings are on the weekend and by making an offer on a Thursday you are able to get in before the competition and help avoid any bidding wars.

How To Sell Your Home And Buy A New Home

When looking to sell your current home and wanting to purchase a new home it can seem daunting. This article will help explain the multiple options you have to move forward. Evaluate The Housing Market The first thing to do is evaluate the housing market. In a buyers market there are more home sales than home buyers. This means that it will be easy to find a new home and quickly move in once your current home sells. In a sellers market, there are more home buyers than homes available. This means that you will easily be able to sell your current home but may struggle to find a new home. If you are not sure of what the current status is, your local real estate agent can help! Buying a New House Before Selling Your Old Home Quality for two mortgages This is difficult for most people financially however some people can qualify for two homes at once. This is hard for most to afford not only the down payment but also quality for the mortgage with an acceptable debt to income ratio. The pros of this method are that you can sell your old home and purchase your new home on your own time. The downside of this however is that you will need capital for the new down payment and also pay two mortgage payments at the same time. Purchase with HELOC A home equity line of credit (HELOC), which is also known as a second mortgage, allows you to take out equity out of your current home and use it towards a down payment on a second home. This can give you money up to 90% of your home value to help you qualify for the down payment on the new home. Purchase with Bridge Loan A bridge loan is a short term loan generally with higher interest rates than a HELOC. This option loans you the down payment for the new home purchase. It is highly dependent on your mortgage lender as many do not offer this option, but can help a home buyer in a tough situation. Purchase home with a contingency Purchasing your dream home can be completed by submitting a contingent offer that you must sell your old home before finalizing on the closing of the new home. This will likely only work in a buyers  real estate market as your offer will likely be passed up by other offers. If you want a fighting chance in a sellers market, you will likely need to have a higher offer. This isn't ideal but does definitely work. Request an Extended Closing Purchasing a new home can have an extended closing date significantly beyond the usual 30-45 days. This will give you time to sell your current home while still having the new home under contract. This does carry some risk however since if you cannot sell your old home, you will still need to financially qualify for a second mortgage or risk losing your earnest money. This situation will usually work in a sellers market. Rent out your first home Renting out your old home will allow you to use that income to cover your previous mortgage. Many lenders will allow you to qualify 75% of rental income to cover your mortgage cost. This means that you can qualify for your new mortgage and even make some extra rental income in the process! Selling Your House Before Buying a New Home Selling with contingency Selling your current home can be done by adding a sale contingency to the sale of your current home. This would mean that you have time to purchase your new home with a buyer awaiting your new purchase. This however will likely lower your selling price as many home buyers are eager to move into a new home. Find Temporary Rental Finding a short term rental can be a bit of a pain as it means having to move twice. If you do have the option to move into a friends or family's place you can also rent a storage unit so not to take up too much space. If you are moving to a new area it could be ideal as it gives you time to explore the new location before deciding on your next home. Sign a Rent Back A rent back agreement is when you sell your home but than rent it from your new home buyer. This will give you the capital you need for the down payment on the new home without the hassle of having to move twice. If you are in need of a Denver Realtor®  to help you buy and sell your home, together we can make it happen!

How Much Credit History is Needed to Buy a House

When becoming a home buyer a mortgage loan is usually needed to be able to purchase a home. One thing that will be looked at is your credit score. The first step is to know your credit score. This can be found for free through most credit cards. You can also pull your free credit report from each of the three credit bureaus at annualcreditreport.com. This can be done for free once per year per credit bureau. The three credit bureaus in the United States are Experian, Transunion and Equifax. It is important to check your credit report to ensure everything is accurate and there are no errors. Types of Mortgage Loans Now that you know your credit score, you can figure out what type of loan you can quality for. It is important to remember that an optimal credit score for the best interest rates is a 760. Conventional Loan Conventional loans are the most common way people people get their mortgage. The minimum credit score for this mortgage loan is 620 and the minimum down payment is 3%. Private Mortgage Insurance (PMI) will also be paid as a monthly fee if less than 20% is put down. In addition to a down payment, to get a home loan you will ideally need your monthly payment to have a debt to income ratio  at or below 36%. These loans can be done in fixed and adjustable rates.  The benefit of a fixed loan is knowing exactly what your payment will  be for the next 15 to 30 years. If interest rates go down you can always refinance to that lower rate in the future. The structure for these loans is set by Fannie Mae and Freddie Mac. These are not a government agency but are a company created by the U.S. Congress. These institutions buy and guarantee mortgages in the secondary mortgage market. This establishes a standard if lenders wish to buy and sell the mortgage note. Fixed Rate conventional loans keep the same interest rate throughout their entire lifetime. Throughout paying off the loan, you will have the same dollar amount every month with a slightly decreased interest payment and slightly increased principle payment that will total the same amount. Adjustable rate mortgage (ARM) will generally one of three types. These are a 5/1 ARM, 7/1 ARM, and 10/1 ARM. These loans are stating that they will have a set interest rate for the first few years (such as 5 years for a 5/1 ARM) and will then adjust on a yearly basis after. This means that with a 5/1 ARM after 5 years the lender will notify you what the new rate will be. These have a set margin such as 2.25% that will be added to whatever index-able rate the lender gets at that point in time. There are also generally a lifetime cap rate, where even if there are higher interest rates, the lender cannot increase your loan past that rate. These types of loans are great for individuals who know they won't be at the home for longer than their rate lock or if the mortgagee thinks that there will be lower interest rates in the future. Jumbo Loan Jumbo loans are designed for luxury properties and carry a high loan amount usually $765,601 or greater. These loans are not eligible to be purchased by Fannie Mae or Freddie Mac meaning that there unique underwriting requirements and tax implications.  They  will also be looked at more stringently and will generally require a credit score of 700 or higher and a good debt to income ratio. These loans are also generally going to have a higher interest rate than the standard conventional loan. If you are a high income earner with a household income of $200,000-$500,000 than this type of loan could be for you. FHA Loan FHA Loans are insured by the federal housing administration and is designed for low to middle class first time buyers. To qualify as a first time home buyer you cannot have owned a property within the past two years. With a credit score of 580 you can get a loan with only 3.5% down payment. You can also qualify with a 500 credit score but will need to put a 10% down payment. FHA Loans require an upfront mortgage insurance premium (UFMIP) and an additional monthly private mortgage insurance (PMI). The upfront mortgage insurance premium is equal to 1.75% of your loan value. For example, on a $300,000 loan * 1.75% = $5,250. This will be paid upfront or sometimes can be rolled into your overall loan. The PMI which is paid monthly is usually equal to 0.45%-1.05%. For example a $300,000 loan * 1.0% = annual $3,000 or $250 additional per month. This payment will continue for 11 years of the life of the loan depending on the terms. One way to avoid this long cycle of additional payments, is if your home has gone up in value. If your home does go up in value, you can refinance your home as you have gained equity and therefore your loan to value will be  will be less than the new higher appraised value. This can then qualify you for a conventional loan through a multitude of lenders. FHA Loans also have additional requirements. The loan to income ratio is your monthly loan payment including principle, interest, insurance, HOA fees and property taxes, divided by your monthly income. This ratio shows lenders how affordable this loan is for you to still have some leftover money to handle your other expenses. Ideally your loan value should be 31% or lower however you could be approved up to 40%. The back end loan to income ratio includes all of your other consumer debts such as car loans or credit card debt. Your back end loan to income ratio should be below 43% however some individuals can qualify if they are below 50%. FHA Loans also have loan limits. This is established per county and is 115% of the median home value. To verify your county you can visit the HUD website. The chart below gives you a quick idea on what could qualify for your area. Veterans affairs (VA) Loan VA loan is a great option for those who have a military background. This mortgage is backed by the veterans affairs and can get a 0% down loan with no private mortgage insurance (PMI). While there is no required credit score required from the VA, many creditors want a FICO score of 660 or higher. If you fall below that, call around to multiple mortgage lenders and find one that will work with you. To qualify you must have been in active service in wartime for 90 consecutive days, active during peacetime for 181 days, 6 years of service in the national guard or be the spouse of a service member who has died in the line of duty. The loan does require an inspection of the property to ensure that it meets the high standards of habitability so don't expect to use this for a flip. The VA website provides some great up to date information about rates and more. USDA Loan USDA Loans are designed for rural areas to help farmers and others move towards home ownership. This type of loan does not have a minimum credit requirement but a FICO credit score of 640 or higher is highly preferred. These loans can have a no down payment option and can will generally have a lower PMI premium than other loan types including FHA and conventional loans. These loans are designed for communities that have less than 20,000 population however you should check if your property qualifies. How Credit Score is Calculated If you have a bad credit score so you cannot quality for a home loan or you want to improve your credit score, this is how the FICO credit score is calculated. 35% On Time Payments Making payments on time also known as payment history is a large portion of how a credit score is calculated. Creditors care if you have paid your bills on time when establishing your creditworthiness. One way to help this can be to turn on automatic payments to ensure that you will not miss any due dates. 30% Credit Utilization The amount of credit that you have taken out or how much you are using on your credit cards effects your credit score. If your using all of your credit, lenders are afraid that you are overextended. To help with this you can pay off whatever is owed on your credit card balance as you use them instead of waiting for the end of the month. The other thing that can be completed is asking for a higher credit line. The credit utilization is a percentage basis so if you spend $100 with a $500 credit line you are using 20%. However if you spend $100 with a $5000 credit line you are only using 2% of your utilization. 15% Length of credit history The length of credit history is a moderate part of how your FICO credit score is calculated. When trying to purchase a home, it is important to plan early. Since this is a smaller part of how credit is calculated, it is nothing major to be concerned about. 10% Credit Mix Credit mix is a small part of how a credit score is calculated, this means that creditors want to see a mix of credit used. Some different types of credit is credit cards, retail accounts, installment loans and more. It is also important not to open too many accounts as new credit can also hurt your credit score. 10% New Credit Too much new credit can adversely affect your credit score as taking too much credit out at once represents a higher risk. The timeline for "new" credit is two years. How to Improve your Credit Score Check your credit report for errors. These can be disputed and possibly have them overturned. Becoming an authorized user for a family members loan or credit card can help establish additional credit history for yourself. Make sure however that this is someone trusted as if they don't pay you are responsible for the payment or could make your credit score worse. Utilize Experian Boost, this service gives you credit for your current phone and utility bills. Pay down your credit card to lower your credit utilization. This is 30% of your credit score and can have an immediate impact. Time is on your side when increasing your credit, keep paying your bills on time and your credit will slowly rise. How to get a mortgage with no credit history FHA loans are backed by the federal housing authority and they do accept none standard forms of credit history. To qualify you will need to have to meet the following conditions: No missed rent payments No more than a thirty day delinquency from other payments. This includes but not limited to your electric bill, cell phone plan and more. There are no collection accounts to your name with the exception of medical bills Additional Mortgage Lender Considerations Savings, is one thing that mortgage lenders look at. They want to ensure that you have ideally an additional 6 months worth of savings encase if you lose your job right after closing the home. This however can include your 401K/IRA savings. Remember you don't have to tap into it just need to show it is available. Debt to income ratio is important to make sure that you are not house poor after closing. It is ideal to have a loan value that is equal or below 36% of your pretax income. Employment history, is important to creditors to show that you have a stable income. They will be asking to look at your last two years of employment. Although you don't need the same job it is important to stay within the same industry. How to Get Better Mortgage Rates Put down a larger down payment, creditors will lower interest rates depending on how much money you put down, up to 40% of the value of the home. Have a cosigner, especially if they have a good credit score. Shop around to different mortgage lenders, every lender will work with you differently and sees risks differently. Research discount points, points are a higher upfront payment to reduce your interest rate which could save you money in the long term Research mortgage programs, there are lots of state specific programs that can help first time home buyers, public servants and more. Colorado offers down payment assistance programs through CHFA. Questions to ask your lender What loan types do you offer? Are there any prepayment penalties? How much of a loan do I qualify for? Are there any origination or similar fees? What is the APR of the loan? Is there an initial PMI and/or a monthly PMI payment? What kind of points do you offer? Can I get negative points to help cover some of the closing costs? If you are in need of a Denver Realtor® to pursue home ownership, together we can make it happen!

Contact

Please give me a call, email or fill out the following form!

Phone:

Email:

Address:

8480 E Orchard Rd #1100

Greenwood Village, Colorado 80111

  • LinkedIn
  • YouTube
  • Facebook
equal housing.tif

© 2020