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Don't over-improve your condo for todays market when renovating

by Allison Simson & Joyce Nenninger
Question: We have owned our Dillon condo for almost 15 years. It is definitely time to do some renovations. We don’t want to over-improve it for the market. Please advise.
 
Answer: It is important to know how much your condominiums is worth, even if you don’t plan to sell it. This information will help assist you in developing an overall financial plan, including making sure that you maintain proper insurance coverage.
 
If you are concerned about over-improving your property, knowing its value can help you make an informed decision about renovations that you may be considering.
 
A professional Realtor can provide you with an analysis of your property’s value, including the recent sales prices of similar condominiums in the area.
 
 
For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. 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.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   
Question: I have been saving for a downpayment on my first home. How much money do I need to have in addition to the downpayment in order to proceed obtaining financing?
 
 
Answer: In the calculation of how much you will need to purchase a home, be sure to add the down-payment and closing costs. You will also need to leave yourself with a financial cushion to cover incidental expenses.
 
First, you will have to pay a moving company unless you have friends with strong backs to help you. You may also find that you will wish to do some work to your new property, such as painting, replacing carpet or refinishing floors. If you are moving into a larger space, you may find yourself making some major furniture purchases within a few months of closing.
 
A financial cushion is important enough that some lenders require buyers to have an amount in the bank equivalent to two or three months mortgage payments. This is especially true for buyers who are putting less than 10 percent down. Your Realtor can give you some guidance. A lot depends upon your overall financial situation. If, for example, your mortgage is a relatively low percentage of your monthly income, you will be able to rebuild a comfortable amount of savings in a few months.
 
For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. 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.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   
 

Concerned about living so far away from your investment property?

by Allison Simson & Joyce Nenninger
Question: We vacation in Summit County frequently and have thought on and off about purchasing property here. Our only concern is living so far away from investment property. Do you have any comments?
 
 
Answer: If you don’t live close to your investment property, finding good property management is one of the most important factors in your decision of where to purchase. You may choose to take an active role in some aspects of the management of your property if you so desire. At the same time, however, handling all of the details long-distance can be more time-consuming than it is worth.
 
It is important when looking at investment condominiums to investigate the management procedures of the building. In most parts of the country, investment property becomes the primary residence of long-term tenants and is handled accordingly. The Summit County investment market is a unique situation in which property is rented by many different people for short term during the winter and summer seasons. Good condominium operation will be completely oriented to serving your specialized needs. There are many excellent property management companies in Summit county. Good management leaves you free to enjoy your property when you are here and will let you rest easy when you are back home.
 
For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. 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.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Personalizing your new home with minimal expense

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.  
 

Renting your home 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.  

Found the perfect new home but our old home hasnt sold...

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.  

When a contract is written, who gets to choose the closing date, the buyer or the seller?

by Allison Simson & Joyce Nenninger
Question: I just received a offer to purchase a townhome that I own in Wildernest. The date for closing does not work for me. When a contract is written, who gets to choose the closing date, the buyer or the seller?
 
Answer: The time required to close on a residential property deal, which involves transferring the title from the seller to the buyer, varies with each transaction. The buyer initially proposes the closing date and the seller has the right to counteroffer until a day acceptable to both is decided. The closing can take place on any date, other than a weekend or a federal holiday.

The normal range for closings is 30 to 60 days after ratification of the purchase contract, but other factors--such as contingencies--can influence how long a closing will take. Contingencies, including those for the buyer's financing, for property inspections, and for title examination, must be satisfied before closing can go through.

In terms of financing contingencies, for example, it may take as much as four weeks to approve a mortgage; however, borrowers who obtain pre-approval before placing a bid on the home are likely to go to closing more quickly because they have already been approved for the loan. A cash buyer, on the other hand, can close in a matter of days--although getting the property inspected should add at least another week or two to the process.

Finally, closing does not have to coincide with the actual possession of the property by the buyer; sellers who cannot move out right away or buyers who want to take advantage of low interest rates before they climb instead can arrange a rent-back agreement that allows the two sides to close on the deal. In this case, the buyers rent the home back to the sellers for a set period of time before actually taking up residence themselves.
 
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.  
 

Do I need an attorney to represent me when I buy?

by Allison Simson & Joyce Nenninger
Question: I want to buy a home in Frisco. Do I need an attorney to represent me when I buy?
 
Answer: Not necessarily. Whether you will need to hire an attorney depends on where you buy or the complexity of the transaction. In New Jersey, you're required to have a lawyer when you buy a house. In states such as Colorado and California, attorneys rarely handle transactions for buyers and sellers. Real estate agents, with the help of title and escrow officers, usually handle the transaction and closing details. In states where attorneys aren't routinely involved in home sales, state law usually permits real estate agents to complete standard "fill-in-the-blanks" purchase contracts. Real estate agents can't give legal advice unless they're also attorneys. In states where lawyers are routinely involved, they may be required to draft the purchase agreement, research the title history, check for compliance with government regulations or draft and review documents. They also accompany buyers to the closing. Certainly seek the advice of an attorney if you feel that you need specific representation.
 
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.  
 
 

Where to go to study comparable sales

by Allison Simson & Joyce Nenninger
Question: I am buying a property in a small subdivision near Dillon where there have been very few sales in the past few years. I would like to study comparable sales in order to get comfortable with the price, but there aren’t any. Where else can I do?
 
Answer: When sufficient comparable sales data isn't available, some buyers take the seller's original purchase price and add on allowances for property improvements and appreciation that took place during the seller's period of ownership. You also can research county property records for sale information yourself. This is a tedious and time-consuming process, but a local real estate agent or title officer can help. A knowledgeable agent also can provide a rough estimate of annual appreciation.
 
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.  

Shopping for a Condo: Key concerns

by Allison Simson & Joyce Nenninger
Question: It looks like the only property I can afford to buy is a condo. One concern I have is that it will be too noisy. What else should I take into consideration?
Answer: Because inadequate soundproofing is the chief complaint of condominium and cooperative apartment owners, prospective buyers should check the soundproofing by asking neighbors to turn on their TVs or walk around before making a decision to buy.

It is also important to ask neighbors and onsite resident managers about their likes and dislikes about the complex and if they have any knowledge about the unit that is up for sale.

Other key considerations include whether or not the complex has professional management in charge of common area maintenance and fee collection; whether any special assessments or hikes in the monthly fees are planned; and whether there are any costly master leases with the developer that may spur fee increases.

Most importantly, buyers should investigate the homeowner's association's finances, making sure that reserve accounts are adequate and that the association is not involved in any lawsuits.

Though complexes owned mainly by the developer could leave the buyer in trouble if the developer defaults, buyers should not be discouraged in complexes where the developer keeps a personal residence or where the developer has purchased units for family and friends.
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.  

Displaying blog entries 1-10 of 11

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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