Homeowner Tips

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January 30, 2024 by Toby Lorenc

Think of the Berkshire Hathaway Rocky Mountain Realtors PeakDream newsletter as a “Special Membership” to our little club. You’ll get updates about the real estate market and local statistics, but it’s also a valuable tool for homeowner tips and advice, changes and news about Southern Colorado, plus your exclusive invites to events and mixers at our offices. We promise to keep it brief and stick to bi-monthly newsletters so we won’t flood your inbox with useless data. And remember, we curate and create this content for you, so please reach out any time if there’s something you want to know more about or topics you’re interested in – we’ll do the legwork, you just sit back and enjoy the content!

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7 Things You’re Doing That Could Be Decreasing The Value of Your Home

April 6, 2021 by Toby Lorenc

Deferred Maintenance

Sometimes it’s about the the things you’re NOT doing that make a difference. Maybe it has been a while since you painted the trim, cleaned the pool, or serviced your furnace? It’s sometimes hard to keep up with home repairs and maintenance, but it’s important to not let items get worse or neglected altogether. Things that seem like a normal irritation to you may be a deterrent to a homebuyer. In fact, it may even affect the buyer’s loan qualification for things like cracked windows, chipped and peeling paint, or other health and safety items that you’ve written off as “honey do’s” over the years.

Smoking Inside Your Home

Whether you smoke cigarettes or perhaps your taking advantage of the recent Colorado rights to smoke pot, these and illegal drugs may turn off potential buyers. Cigarette smoke can stain and seep into surfaces creating an odor that’s tough to remove. Even smoking pot can cause some buyer’s heartburn if they smell or get an official test through an industrial hygienist.

Pet Smells and Damage

We all love our furry friends – they’re part of the family! But could you pets be jeopardizing the sale of your home? Cat urine in particular is very noticeable to buyers, as well as dog odors and visible stains. Even if they are potty trained, the damage caused by pets on both the inside and outside of your home might detract potential buyers.

Over-The-Top Decor and Colors

Did you paint your kitchen cabinets bright orange? Great! You loved it while you lived there, but chances are it’s not what your future buyer is looking for in a kitchen remodel. It’s important to make your home your own and pick the colors, designs, and amenities that you want. However, once it’s time to sell, consider painting or changing some of these very unique features. Both inside and out, have your experienced real estate agent suggest potential updates that could save your home from being eliminated from a buyers search.

DIY Homeowner Repairs and Finishes

The good news is upgrading electrical, adding a room, and finishing off a basement actually add value! However, if you are mister “I’ll Take Care of It Myself To Save Money” and you’re not pulling permits through regional building department, this upgrade might backfire when the buyer’s inspector pulls permit records. Also, these visible self-repairs can make buyers question how many other things you’ve “fixed” that they can’t see or don’t yet know about.

It Didn’t Bother Me…..

Burnt out light bulbs, dust on fan blades, missing light switch plates, dirty windows, noticeable odors, and simple repairs can make a major difference when buyers are seeing your home for the first time. Don’t neglect the easy final steps in putting your home on the market. Have your real estate agent walk through with you and direct you of important items. Sometimes, you just need a second set of eyes to notice things you’ve overlooked.

Unfinished Projects

We’ve all done it: you start a project that takes more time or money than expected and it gets put on the back burner for a while. Partially-laid flooring or baseboards that never got reattached, unfinished landscaped features, or maybe something more major like an unfinished bedroom addition. Ignoring these issues might be easy for you, but they are some of the first things buyers notice when your home is showing.

https://www.peakdream.com/2021/01/types-of-co-ownership-in-colorado-joint-tenancy-tenants-in-common/

https://www.peakdream.com/2020/11/learning-the-history-of-your-colorado-home-top-7-resources-to-research-your-house/

https://www.peakdream.com/2021/01/pros-and-cons-of-stone-countertop-choices-for-your-home/

https://www.peakdream.com/2019/03/homeowners-guide-to-moving/

Protecting Yourself From HOA Special Assessments

October 4, 2018 by Toby Lorenc

HOA Special Assessments

With the recent hail storms in Colorado Springs, HOA communities are assessing damage and often passing the costs onto the homeowners. If you live in an HOA community, special assessments could be mandated to homeowners often costing you thousands of dollars unexpectedly.

Why Would an HOA Charge a Special Assessment?

Typically, these are one-time required payments by each homeowner. Special assessments can be collected for general maintenance of a complex or shared community space (such as painting, roof replacement, paving shared driveways, etc), but generally these assessments follow a “sudden and accidental event” such as a hail storm, fire, or other type of loss. Sometimes the HOA will allow owners to pay in a few payments for larger amounts, but either way, we’ve seen special assessments as high as $7,000 per unit (owner). If you’re an investor and own multiple units, it could be a huge financial obligation that forces you to scramble to figure out how to pay your share.

What Can Homeowners Do to Protect Themselves Financially?

One option to be prepared for a special assessment is create a savings account for HOA fees and assessments. Just like your HOA, you should have some reserves to pull from for the unexpected expenses. However for many of us, this isn’t practical or attainable.

Perhaps the easiest and most immediate solution is call your homeowners insurance agent today! Ask about the Loss Assessment Coverage and find out if you’re covered and your coverage amount. Some policies automatically include this coverage, but the default coverage amount is very low and most likely should be increased to assured you have proper coverage. Carl Adams, owner of Red Letter Insurance, says, “I typically recommend going with the highest coverage offered” because the additional coverage is so affordable.

The Loss Assessment Coverage is very inexpensive (one client got $50,000 worth of coverage for $85 per year) but is worth every penny. Basically, if your HOA creates a special assessment, you file a claim with your insurance company under the loss assessment coverage and after you pay your deductible, your homeowners policy covers the remaining cost (up to your coverage amount).

What Are the Pros and Cons of Adding Loss Assessment Coverage?

If your HOA determines to charge a special assessment to the owners, your loss assessment coverage could cover any additional amount after you pay your deductible. But keep in mind, it is considered a claim on your policy. Adams recommends, “Talk with your insurance professional about what makes the most sense.” Sometimes, filing a claim, although it will pay for the single incident, may not be the best option if it increases your rates, stops your claims free cashback perks (with some companies), or makes it difficult to shop around for insurance because of a past claim.

Keep in mind that HOA’s are usually set up in condominium and townhouse complexes, and the Loss Assessment Coverage typically applies to HO6 Insurance Policies (the type of policy you’ll typically get for a condo or townhome). But it can also apply to single family homes in a Homeowners Association. Check with your insurance broker or agent to verify your type of coverage and coverage limits.

For more information, contact your favorite real estate agent or insurance agent.

Insurance Questions?
Carl Adams, Insurance Broker
Red Letter Insurance
https://www.redletterins.com
(719) 999-2552

Saving Money and Claiming Money Around The House

June 17, 2018 by Toby Lorenc

Helping homeowners save money around the house

As real estate agents, we want to help you save money by getting the most for your home when you sell, and getting the best price on a home when you buy. But even after the real estate transaction, there are still plenty of ways you can save money and claim money for your everyday activities. Check out some of these options to continue making the most of your hard-earned money.

Earn Rewards for Recycling

Recycle at your home and save at local businesses in Colorado Springs and Denver! Recycle Perks coordinates with local restaurants, service companies and more to help you earn perks just for recycling at home!

Check out the program and sign up. It’s free to use and earn rewards with some stipulations (mostly which recycling company you use).

Rebates for Energy Efficient Homes

Thinking of installing a new smart thermostat? How about getting rid of your old refrigerator? Maybe it’s time for energy efficient windows, a new furnace, or clothes dryer. All of these are upgrades which you can earn rebates, either through your local utilities company or through tax credits. Colorado Springs Utilities offers credit back on your utility bill for many of these items. Take a few minutes to fill out the paperwork and submit your upgraded items to earn cash back. Click here to download the overview: Residential Rebates from CSU. Also, check with your tax professional for tax credits for things like smart cars, energy efficient windows, roofs, insulation and more. Visit https://www.energystar.gov/about/federal_tax_credits/2017_non_business_energy_property_tax_credits for more info.

Easy Preparation Meals Shipped to Your Door

This about it: You spend a lot of time between creating shopping lists, planning meals, grocery shopping, meal prep, and everything else that goes into feeding you and your family for the week. Plus, often we overbuy food and end up wasting much of it. Consider a meal prep service that delivers exactly what you need to prepare a quick and easy meal. Often times the cost per meal is actually less when you consider all the time and hassles of doing it from scratch. Get $100 off when you try HelloFresh.

Easy Ways to Save That You Don’t Have to Think About

Sometimes it just takes a few extra coins to add up quickly. Whether you’re tossing your spare change in a jar or saving more intentionally with online options. For instance, Acorns connects to your credit cards and every time you charge your card, it’ll round it up to the next dollar and invest the extra change. You can also add multipliers to save even more over a shorter period. Plus, you’ll get $5 free added to your account just for trying it. Give it a shot.

Class Action Lawsuits

Do you have an appliance that was recalled? From consumer products to household amenities like internet, there are class action lawsuits you can claim based on your past purchases, accounts, and job history. Look on websites like Top Class Actions for money you’re owed on open settlements. Often, you’ll receive a postcard in the mail to notify you that you may be part of a class action lawsuit, but sometimes companies don’t have your latest information or a way to reach you. Check this site for opportunities to claim your share on open settlements.

Rebates and Rewards for Shopping

Your grocery shopping and daily online purchases could earn you cash back, for engaging in a few simple steps like taking pictures of your grocery receipts. Mobile apps like iBotta, Receipt Hog, and GetUpside along with other rebate-based programs can help you save a little extra cash for more important things….like home improvements and checking off the honey-do list. Plus, many give you an incentive to start, like a free $10 just for signing up with iBotta. It’s not a get-rich-quick venture, but it pays off long term for what you are already purchasing.

Sell Your Stuff

Do you have boxes of things you’ve moved from house to house and haven’t opened for years? It might be time to sell them and earn some cash. Are you paying a monthly storage fee at a storage facility for depreciating items you may never use? Sell them and save your monthly cost, plus earn some money. Most likely, the furniture and household items you’re hanging on are things you’ll end up upgrading eventually anyway. Don’t waste the money to store them – sell them and get what you really want, or keep the extra cash to invest in things that will appreciate. Use local sites like Craigslist, OfferUp, and Letgo to sell your stuff.

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