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Decorating your new condo on a budget

by Allison Simson & Joyce Nenninger

Question: We have just purchased a small condo as our first home. I’m excited to begin personalizing it to make it look like “home” but don’t know where to begin. Any suggestions on how to do this at minimal expense?

 

Answer: Collections of family photos and snapshots make a room yours and give it a sense of home. Frames are always on sale.  Pick up frames that appeal to you - ornate gold ones are fun.  Use a fun snapshot from vacation, enlarge a few photos that show personality, and put a collection of different frames on an end table or mantle.

 

Some people find pictures from magazines that depict a theme and frame them.  Do you have a love for the old west?  Cut out some pictures that show the desert or a ragged old cowhand.  Put the picture in a rustic wooden frame and add them to the collection. 

 

Not a lot of money to spend?  Here’s a novel idea.  Use inexpensive posters; but splurge on a beautiful frame with wide double matting to fill up a big blank wall.  The beautiful frame can make any picture look good!  The whole idea is to put together things that appeal, and have meaning to you.

 

 

For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442. Email - [email protected] or visit their web site at www.SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  

Keeping property as a rental VS selling it now

by Allison Simson & Joyce Nenninger

Question: We’re moving out of Summit County and have considered keeping our home and using it as a rental. Do you have any comments on using it as a rental as opposed to selling it now?

 

 

Answer: Renting your home out may seem like a great alternative to selling, but make sure you consider the financial implications.

 

If the main idea in renting the house is to move now and sell later, be sure to factor in the costs which may occur when reconditioning the rental home for sale as a residence.  Chances are the aggravation of converting your home to and from a rental will exceed any contribution to costs or profits. 

 

Most importantly, keep in mind that being a landlord can be difficult.  Tenants will demand that repairs and home maintenance be kept up with in a timely manner.  Expenses can be quite substantial, so be prepared with funds to cover them.

For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442. Email - [email protected] or visit their web site at www.SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  

Suggestions if you have found the perfect new property, but havent sold your current property

by Allison Simson & Joyce Nenninger

Question: We have found the perfect new home for our family in Frisco.  It’s in just the right neighborhood that we’ve always wanted to live in and we absolutely love it!  The problem is we haven’t sold the home we own now. Any suggestions? 

 

Answer: You could make an offer on the new home contingent on selling your existing home first, however, most sellers are reluctant to except such an offer.  If they do accept your offer, you will probably end up paying more for the property as a result.  Having to make a contingent offer almost always results in a major loss of your negotiating power. Writing a contingent offer may also cause you to become more desperate when trying to sell your first home. You might accept an offer you wouldn’t normally have considered just because you don’t want to lose your new dream home.

 

This is where bridge loans can be a lifesaver.  Bridge loans allow you to use the equity on your existing home as collateral on a new home loan.  You then put your home on the market and when it sells or at the end of the loan term, you pay off the bridge loan.

 

Most lenders offer more flexible terms for bridge loans than for standard mortgage loans.  To alleviate the financial burden of making double house payments, lenders will design more lenient repayment terms.  Some will simply defer payment until your existing home sells.  Other lenders will have you pay only interest payments, which are much lower, and then the principal would be due when the house is sold or at the end of the loan term.

 

Generally, most lenders set a maximum loan to value ratio of 75%.  Meaning you can only borrow up to 75% of the loans value, minus the amount of the existing mortgage.

For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442. Email - [email protected] or visit their web site at www.SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  

 

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Photo of Summit Real Estate Real Estate
Summit Real Estate
The Bright Choice
330 Dillon Ridge Way, Suite 10
Dillon CO 80435
970-468-6800
800-262-8442
Fax: 970-468-2195

Allison Simson, Owner/Broker, is a licensed Colorado Real Estate Broker