Bright. Spacious. Updated.

Fantastic ranch-style home at 2118 Ryeland Lane sits on open space in the coveted Brown Farm neighborhood in Fort Collins. Your new home features a great room concept with a sprawling kitchen and living area. Vaulted ceilings and classy updates throughout, including a beautifully finished master suite. Fully finished basement with large rec area, gas fireplace, and guest suite. Huge backyard with nearby creek and mature trees. Close to the foothills and most anything you need. Call for your private showing at (970) 237-2752 for more information or click the link below for more details.

http://windermerenoco.com/listing/101991282

Posted on November 11, 2019 at 8:01 pm
Jon Holsten | Category: Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , ,

Your Beginner’s Guide to Home Appraisals

 

Appraisals are used as a reliable, independent valuation of a tract of land and the structure on it, whether it’s a house or a skyscraper. Designed to protect buyers, sellers, and lending institutions, appraisals are an important part of the buying/selling process.

Below, you will find information about the appraisal process, what goes into them, their benefits and some tips on how to help make an appraisal go smoothly and efficiently.

 

Appraisal value vs. market value

The appraiser’s value is determined by using a combination of factors such as comparative market analyses and their inspection of the property to determine if the listing price is typical for the area.

Market value, on the other hand, is what a buyer is willing to pay for a home or what homes of comparable value are selling for.

If you are in the process of setting the price of your home, you can gain some peace-of-mind by consulting an independent appraiser. Show them comparative values for your neighborhood, relevant documents, and give them a tour of your home, just as you would show it to a prospective buyer.

 

What information goes into an appraisal?

Professional appraisers consult a range of information sources, including multiple listing services, county tax assessor records, county courthouse records, and appraisal data records, in addition to talking to local real estate professionals.

They also conduct an inspection. Typically, an appraiser’s inspection focuses on:

  • The condition of the property and home, inside and out.
  • The home’s layout and features.
  • Home updates.
  • Overall quality of construction.
  • Estimate of the home’s square footage (the gross living area “GLA”; garages and unfinished basements are estimated separately).
  • Permanent fixtures (for example, in-ground pools, as opposed to above-ground pools).

After the inspection, the appraiser of a typical single-family home will create their report including their professional opinion on what the price of the home should be.

You might hear the lender ask for two reports, the “Sales Comparison Approach” and the “Cost Approach.” These two approaches use different methodologies to find the appropriate value of the home, and help the lender confirm the home’s price.

 

Who pays and how long does it take?

The buyer usually pays for the appraisal unless they have negotiated otherwise. Depending on the lender, the appraisal may be paid in advance or incorporated into the application fee; some are due on delivery and some are billed at closing. Typical costs range from $275-$600, but this can vary from region to region.

An inspection usually takes anywhere from 15 minutes to several hours, depending on the size and complexity of your property. In addition, the appraiser spends time pulling up county records for the values of the houses around you. A full report is sent to your loan officer, real estate agent, and/or lender in about a week.

If you are the seller, you won’t get a copy of an appraisal ordered by a buyer. Under the Equal Credit Opportunity Act, however, the buyer has the right to get a copy of the appraisal if they request it. Typically, the requested appraisal is provided at closing.

 

What if the appraisal is too low?

A low appraisal can present a problem when there’s a large difference between what you’ve agreed to pay and the appraisal price.

Usually, the seller’s agents and the buyer’s agent will respond by looking for recent sold and pending listings of comparable homes. Sometimes this can influence the appraisal. If the final appraisal is well below what you have agreed to pay, you can re-negotiate the contract or cancel it.

 

Where do you find a qualified appraiser?

Your bank or lending institution will find and hire an appraiser; Federal regulatory guidelines do not allow borrowers to order and provide an appraisal to a bank for lending purposes. If you want an appraisal for your own personal reasons and not to secure a mortgage or buy a homeowner’s insurance policy, you can do the hiring yourself. You can contact your lending institution and they can recommend qualified appraisers and you can choose one yourself or you can call your local Windermere Real Estate agent and they can make a recommendation for you. Once you have the name of some appraisers you can verify their status on the Federal Appraisal Subcommittee website.

 

Tips for hassle-free appraisals:

To ensure the appraisal process is smooth and efficient, provide your appraiser with the information and documents he or she needs to get the job done. The documents you will need include:

  • A brief explanation of why you’re getting an appraisal
  • The date you’d like your appraisal to be completed
  • A copy of your deed, survey, purchase agreement, or other papers that pertain to the property
  • A sketch of the property with the property’s dimensions. These are usually available online from the county assessors.
  • If you have a mortgage, provide the information about your lender, the year you got your mortgage, the amount, the type of mortgage (FHA, VA, etc.), your interest rate, and any additional financing you have.
  • A copy of your current real estate tax bill, statement of special assessments, balance owing and on what (for example, sewer, water)
  • Tell your appraiser if your property is listed for sale and if so, your asking price and listing agency.
  • If it’s a multiple offer situation, provide the appraiser with the other offers to prove the demand for the home.
  • Any personal property that is included in the sale, like appliances and other fixtures.
  • If you’re selling an income-producing property, a breakdown of income and expenses for the last year or two and a copy of leases.
  • A copy of the original house plans and specifications.
  • A list of recent improvements and their costs.
  • Any other information you feel may be relevant.

By doing your homework, compiling the information your appraiser needs, and providing it at the beginning of the process, you can minimize unnecessary delays.

Posted on October 28, 2019 at 8:00 am
Jon Holsten | Category: Buying, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , , , , , , , , , , , , , , , , , , , , , ,

4 Ways to Make Smart Tech Upgrades to Your Garage

When it comes to upgrading your home with the latest technology, your garage is likely to be the last thing on your radar. But as electric vehicles and even self-driving cars are hitting the road across the country, real estate listings are touting smart garages in high-tech cities like Palo Alto, California and Austin, Texas. Not to mention the simple fact that garage tech can boost security and convenience for your home, no matter what kind of car you drive. Here, we outline four of the simplest things you can do to make your garage smarter.

1. Learn about internet-connected devices you can install in your garage.

There are all kinds of benefits to installing internet-connected systems in and around your garage — from opening and closing your garage door remotely, to using cameras to monitor your garage, to checking up on your car from anywhere in the world. How’s that for convenience?

These internet-connected devices don’t have to be complicated, either. In fact, they’re designed for your ease of use. You can find smart add-ons for your existing garage door opener, or if you want to go all out (and potentially obtain additional security and other features), you can purchase a brand new, high-tech garage door system with all the bells and whistles.

2. Install motion-sensor lights and security cameras near your garage and other entryways.

Since most thieves like to do their dirty work in the dark, motion-sensor lights can be an effective deterrent to a garage break-in. And if you have security cameras installed too, the police may be able to better identify the perps — if anything ever does happen.

Plus, these easy upgrades can add major market value to your home if you’re looking to put it on the market in the future.

3. Think about the future.

You may still be driving a gas-powered car, but plug-in electric and hybrid vehicles are becoming increasingly attractive and affordable to modern car-buyers — especially as states like Texas are offering rebate programs for vehicle replacements to EVs. If you think there’s a chance that you could make the switch in the near future, it’s a good idea to get your garage ready by installing an appropriate outlet or 240-volt battery charger. Many cities and states (including Texas) also offer assistance to help drivers purchase and install a charging station at home. You could also enjoy reduced utility charges, depending on where you live.

Keep in mind that driverless cars will be a common sight in American garages too, as lawmakers are clearing the way for the new technology in Austin and Arlington. Experts have suggested that this shift will transform the real estate market, including the size and functionality of garages.

4. Make sure your homeowners’ insurance is up to snuff.

It’s pretty obvious that your garage door is one of the more exposed areas of your home —when it comes to potential intruders, but also when it comes to bad weather. If a covered incident like a windstorm, fire, break-in, or vandalism occurs, standard homeowners insurance has your back.

Just be sure to purchase enough insurance coverage to completely rebuild your home from the ground up in case catastrophe happens, since your policy will only pay out the maximum limits you choose. The last thing you want after a disaster strikes is extra bills to pay just to get your home back in working order.

Return on Investment

Going all out with brand new, high-tech garage devices is admittedly an investment up front. But when it comes to peace of mind knowing your home and your family are safe, a smart garage could be worth every dime — not to mention the fact that it could boost your resale value in an increasingly connected world.

Haden Kirkpatrick is the director of marketing strategy and innovation at Esurance, where he is responsible for initiatives related to product and service innovation. He is constantly thinking about technology changes impacting the insurance industry, and following innovation taking place in high-tech hot spots such as Palo Alto, California and Austin, Texas.

Posted on April 24, 2019 at 8:00 am
Jon Holsten | Category: Home Maintenance, Housing Trends, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , , , , ,