Paul's Blog: February 2019

Thursday, February 28, 2019

Self-Employed

Self-Employed?

What to Know About Buying a Home

Jammie pants and slippers. Dog curled up at your feet. Your favorite TV show playing in the background. Sound like a quality weekend day? Not so fast. For a growing number of Americans, it’s what a regular ‘ole workday looks like.

We’re not necessarily talking about a work-from-home scenario (although this is another growing workforce trend). And it goes beyond having flexibility to work from wherever you want (and wear whatever you want!). It’s self-employment, and it’s on the rise. FreshBooks’ second annual Self-Employment Report found that, “Some 27 million Americans will leave full-time jobs from now through 2020, bringing the total number of self-employed to 42 million,” said the New York Post. “The report defines self-employed professionals as those whose primary income is from independent client-based work.

But self-employment can also make it difficult to buy a home. “Lenders are primarily concerned that all applicants, including self-employed workers, have the ability to consistently repay the mortgage,” said U.S. News & World Report. “They’ll need to see that your income is high enough to pay for the mortgage and likely to continue, and that you have a good track record of repaying your debts.”

These tips can help you get yourself in a better position.

What do you need to show?

Showing two years of steady income is a basic requirement for just about any mortgage, but those who have an employer other than themselves may have more flexibility. Other factors, such as income, savings, down payment, and debt-to-income ratio can make that two-year rule less critical.

Those who are self-employed, however, will want to show as much income history as possible. “Mortgage lenders typically require self-employed individuals to show two years' worth of self-employment income to prove that they have a steady revenue stream,” said The Motley Fool. In addition, “You'll have to provide tax returns from the last two years, and you may also have to provide a list of your existing debts and assets. Business owners may have to provide profit and loss statements from the last couple of years.”

How to treat business expenses

Adding to the challenge is the fact that lenders are going to be looking at your income after deductions. “Self-employed workers also might write off a significant portion of their income as a business expense, minimizing the size of the mortgage they’re able to obtain,” said U.S. News. “Because mortgage underwriters typically look at income after expenses, your taxable income may be too small to qualify for the mortgage you want.”

Managing your debt-to-income ratio

“Most mortgage lenders will not give you a loan if that ratio is greater than 43%—that is, if more than 43% of your income is going toward paying off debt each month,” said The Motley Fool. That debt-to-income level is key in any mortgage approval scenario, but takes on added importance when everything is under a self-employment microscope.

“It's important to make sure you keep your debts down to a manageable level. They should never exceed 43% of your income, and it's best if you can keep your obligations under 36%,” they said.

How’s your credit score?

Credit scores are even more important if you’re trying to prove you’re worthy of being approved for a mortgage. “Even if you’ve been wildly successful after striking out on your own, having a lousy credit score will hinder your chances of getting a good rate on a mortgage,” said Bankrate. They recommend checking your credit before you start applying, which will give you an opportunity to pay down debts or spot errors on your report that could be dragging your score down.

As a current resident in Northern Colorado I am fully aware of the current market trends and what it takes to get a great deal on a listing or get top dollar for your current home. When it comes to getting the job done right, you can count on me.

I have a lot of connections within the Northern Colorado area. Please don’t hesitate to call and ask me any questions you might have. This process is all about you and your needs. Real Estate is a big investment and I understand that. One thing you will get with me is a personal relationship, In the end, that goes a long way.

Northern Colorado is a great place to live! For more information, please give me a ring or email me today. I would love the opportunity to earn your business and partner with you in regards to your Real Estate needs.

LOOKING TO BUY??

If you are looking to purchase, I can save you a lot of money, as much as 10% on the purchase and finance of your home.

Contact me today to learn about ALL of my strategies to get you the BEST price for your home in the shortest possible time!

CLICK HERE TO SEARCH FOR ALL PROPERTIES IN NORTHERN COLORAD

SAVE UP TO 10% ON YOUR PURCHASE AND FINANCE

CONTACT ME FOR DETAILS AT 970-217-3245 OR CLICK HERE

https://ross-homes-noco.com/

SOURCE: REALTY TIME / WRITTEN BY JAYMI NACIRI

Tuesday, February 26, 2019

Renovation Project

How to Choose the Right Contractor

for Your Renovation Project

Hiring a contractor is not unlike hiring an employee. You’ll be trusting this person with your financial investment and a great deal of your time, and (unlike most employees), you’ll be trusting this person with your home as well. General contractors should be experienced, insured, and able to provide references. They should also be respectful of your space and time—they will, after all, be in your home for an extended period of time.

Here’s what you should do to find the right contractor for your home renovation project.

1. Ask around

The best place to start your search for a contractor is by asking people you trust whether they have worked with a contractor they liked. You might even be able to get a sneak peak at the work they’ve done.

Because not all renovation jobs are the same, it’s important to find someone with a project similar to yours. A contractor who wired your new addition for electricity is not the same contractor who would necessarily be the best at refinishing hardwood floors.

2. Read reviews

Once you’ve gotten a few references, go read reviews on third-party sites. This will help you get a sense of their track record over a longer period of time and will also help you understand whether they stay on schedule, on budget, and keep the homeowner involved and informed during the process.

3. Compare quotes

Ask for quotes from at least three contractors. Make sure you understand the cost of materials, labor, and any extra fees they charge. You should also know who handles building and permit fees (because they may be expecting you to do so). Keep in mind that the cheapest contractor isn’t necessarily the best deal—when it comes to renovation, you often get what you pay for, and a cheap quote could mean cheap work.

Because the winter months are often the slow season for many contractors and builders, some offer discounts to help drum up business. Ask your contractor whether they offer discounts in the off season.

4. Ask to see their insurance and license

A general contractor must be licensed to work in your state, so ask to see their license. You should also inquire with your state’s contractor licensing board to find out whether the contractor has had any complaints lodged against them or whether they have ever received disciplinary action.

5. Make sure they’re bonded and insured

Some states will require that general contractors be bonded and insured, but yours should be both, regardless of state law. Having a bonded contractor means that you’re financially and legally protected if they fail to complete the job. Having an insured contractor means that you won’t be liable if an accident occurs during the project.

Simply ask to see the certificate of insurance, then call the issuer to verify that the policy is active.

6. Ask for references

Contractors should be able to provide client references for the same type of project you’re undertaking. For example, if you’re working on a home that is in an historic district, they should be experienced in restrictions and codes for your specific protected area. You might even ask these people whether you can come take a look at the work. Ask how the job has held up over time, whether the contractor was on time and on budget, how they left your home at the end of a workday, how the contractor and workers behaved while they were in the house, etc. Get a sense of just how the project went from start to finish.

LOOKING TO BUY??

If you are looking to purchase, I can save you a lot of money, as much as 10% on the purchase and finance of your home.

Contact me today to learn about ALL of my strategies to get you the BEST price for your home in the shortest possible time!

CLICK HERE TO SEARCH FOR ALL PROPERTIES IN NORTHERN COLORAD

SAVE UP TO 10% ON YOUR PURCHASE AND FINANCE

CONTACT ME FOR DETAILS AT 970-217-3245 OR CLICK HERE

https://ross-homes-noco.com/

SOURCE: REALTY TIMES / WRITTEN BY MATILDA DAVIES

Monday, February 25, 2019

Summer Dream Home

Selling Your Home? Make it a Summer Dream Home for Buyers

Selling your home in the summertime can be a great opportunity to attract buyers. Having your home "summer-ready" can increase the chances of it selling faster.

Searching for homes often increases just as schools let out and families have some extra time to begin the hunt prior to the next school year beginning.

As a seller, there are a few things you can do to create a summer-ready home that influences your buyers to step inside and stay a bit. The longer they stay when previewing your home, the greater likelihood that they're considering making an offer.

Make sure your winter decorations are put away and stored. I know this sounds basic and maybe even amusing but there have been instances when lingering holiday decor still adorns some areas of the home. This may be charming to the homeowners but rest assured it's not to prospective buyers. It'll simply look like clutter.

Pull the heavy-duty winter rugs up. If you have beautiful flooring like hardwood, go bare for the summer months. Revealing well-kept floors can be a big plus. Rugs that lined the floors in the winter months can be packed up when you're listing your home for sale in the summer months.

Make the home look like the season and match the neighborhood. If it's bright and cheerful outside, invite that into your home by opening up the windows and letting natural light flow through. If there is one, let a cool breeze blow in or keep the air conditioner on so that it's a comfortable temperature to tour your home. Nothing is worse than entering a home to preview and finding that you can hardly stay inside because it's stuffy and blazing hot.

Tidy up the backyard. Sometimes a lot of attention is given to the interior of the home and the outside area gets overlooked. Remember, in the summertime especially, homeowners will be sure to check out your yard. Make sure that it hasn't become a dumping ground or storage for all the stuff you're trying to get rid of before you move. Instead, create a pleasant vision for your prospective buyers by setting up the backyard with cute outdoor furniture. If you have gardens, make sure that you keep tending them. Don't let them get overgrown. The charm of a lovely outdoor space, large or even petite, will be appealing to most buyers, especially if they're starting with one that's already designed and maintained.

Clean your fans and vents and change the heating/air conditioning filters. If you're not using or living in the home, the fans and filters can collect a lot of dust. Be sure not to overlook cleaning these things as a dirty ceiling fan can whirl off a lot of dust and debris when it's turned on. It's not a good way to start a showing by flipping a switch and having handfuls of dust flutter about the room. Cleaning and changing air conditioning filters takes only a few minutes, but the return is huge.

A few simple things can help you "summer-ize" your home so that the prospective buyers can't wait to move into the home and enjoy the rest of the summer.

LOOKING TO BUY??

If you are looking to purchase, I can save you a lot of money, as much as 10% on the purchase and finance of your home.

Contact me today to learn about ALL of my strategies to get you the BEST price for your home in the shortest possible time!

CLICK HERE TO SEARCH FOR ALL PROPERTIES IN NORTHERN COLORAD

SAVE UP TO 10% ON YOUR PURCHASE AND FINANCE

CONTACT ME FOR DETAILS AT 970-217-3245 OR CLICK HERE

https://ross-homes-noco.com/

SOURCE: REALTY TIMES / WRITTEN BY REALTY TIMES STAFF

Wednesday, February 6, 2019

Urban Backyard

Turn Your Ugly Urban Backyard

into Something Beautiful

You’ve found the home of your dreams. The backyard, not so much. But take heart. There are creative ways to turn that ugly duckling into a beautiful swan by taking the cons and turning them into pros.

If your yard includes the wall of the building next door, a dilapidated garage or parking pad, a lack of privacy, or if you hear vehicle noise, it may seem discouraging. But with proper planning, the negatives can be minimized or even become positives as part of a beautiful landscape design.

You just have to view them as opportunities, says Jennifer Hayman, landscape designer/owner of Jennifer Hayman Design Group in Toronto. “Look at the existing landscape and think of ways to make the most of it.”

Limited space is a common problem for many urban properties, so use every inch by creating multi-purpose areas. For example, redo a parking pad and use it as extra lounge, dining or sports court space when you are entertaining.

The old garage was renovated into a three-season covered loggia and secure, organized storage inside. The columnar
beech trees were planted along the fence line for privacy. Photo: Jennifer Hayman Design Group

There’s a trend to demolish neglected, full-to-the-brim-with-junk garages and rebuild them to provide not only organized storage areas, but sitting, dining or hang out spaces. Whether creating a tween or teen retreat, a she shed or a man cave, it’s all about maximizing space that’s already there, the landscape designer says. “Real estate is valuable.”

If the garage is in reusable shape, remove two walls to convert it into a loggia or replace a wall with sliding doors to open it to the outdoors.

If you have another building at the back or side of the yard, put the wall to good use by planting some trees in front of it. Add up lighting.

At night, the light and shadows from the trees against the wall will create a warm ambiance.

Another idea, Hayden says, is to build a free-standing children’s art wall or chalk board in front of it, or if you have permission from the building’s owner, adding a mural may perk up your backyard space.

Use trees to provide privacy from tall buildings. In one of her projects, Hayman planted a row of cedar trees down each side to provide privacy and add a touch of green. Cedar trees also help muffle street noise.

The sound of trickling water is another way to dull the din. She says smaller budgets can employ a “plug and play fountain” while larger projects could include everything from water falls to reflecting pools. It doesn’t have to be a pond. One backyard she designed has a reflecting pool with floating light-up spheres to create nighttime drama.

Grade changes don’t have to be leveled. “It’s not a good use of money,” she says. Use the different levels to create different zones. However, care needs to be taken to ensure water doesn’t flow from your backyard into the neighbours’.

If the existing landscape requires lots of maintenance, a new plan with low-maintenance plants and materials can help reduce the attention it needs. Drought-resistant plants that need less watering are one way to reduce the work. “You can choose materials that are low maintenance, but remember you can’t achieve no maintenance,” she says.

Hayman is a certified Fusion Landscaping Professional. “Fusion Landscaping combines the art and science of horticulture with the science of hydrology to design, build/install and maintain esthetical pleasing, water-efficient landscapes,” says the Landscape Ontario website. “These landscapes use established design principles including form, function and the environment to optimize lot level storm water management and enhance the environment.”

Boardwalk steps over reflective pond and down to garden at lower level. Photo: Jennifer Hayman Design Group

Landscape Ontario, the Region of Peel and Municipality of York combined forces to create the Fusion Landscaping Professional program.

Rain gardens, for example, include plants that can take both lots of water at once but also survive drought conditions, says Hayman. The rain garden is designed so water percolates into the ground instead of on to streets and into sewers.

Incorporating green space is always a good idea. Toronto is a heat island because there is so much concrete.

The city has percentages allowed for hard and softscaping so it’s important to check your local bylaws. Zoning and building department bylaws are something a designer can help with, she says.

Have a professional plan done and approved before construction starts to help optimize your budget. Otherwise, costs can be quickly eaten up on expensive changes made once construction begins.

Having a plan also reduces stress for everyone involved. Ditto for permits. Many contractors won’t work without a permit and a plan with design materials and quantities that have been approved by the homeowner, she says.

If yours is a big job, you may also want to consider 3-D plans, which make it easier to see what the project will look like when it’s finished.

You can “walk” from point A to point B and live inside the space without it being built, she says. “It’s a great tool for contractors to have too so they can understand the landscape designer’s vision. If you’re doing all the bells and whistles, spending $1,500 to $2,000 on 3-D is a fraction of the cost of making construction changes.”

Expect to answer a lot of questions as the landscape designer gathers information to determine the scope of work, the challenges, your needs and wants, and what can be achieved you’re your budget.

After a site analysis, a design is created and presented to the homeowners for feedback. Upon approval, quotes are requested from contractors.

Hayman provides her clients with a vetted list of contractors, chosen based on their skill set. “I match the project to the contractor to the homeowner,” she says. Start three, six or even 12 months ahead of construction, she says, because “contractors who are skilled, competent and strong book up early.”

Remember, there are lots of ways to turn your backyard lemons into lemonade.

LOOKING TO BUY??

If you are looking to purchase, I can save you a lot of money, as much as 10% on the purchase and finance of your home.

Contact me today to learn about ALL of my strategies to get you the BEST price for your home in the shortest possible time!

CLICK HERE TO SEARCH FOR ALL PROPERTIES IN NORTHERN COLORAD

SAVE UP TO 10% ON YOUR PURCHASE AND FINANCE

CONTACT ME FOR DETAILS AT 970-217-3245 OR CLICK HERE

https://ross-homes-noco.com/

SOURCE: REALTY TIMES / WRITTEN BY CONNIE ADAIR

Monday, February 4, 2019

Remodeling to Sell

Think Curb Appeal When

Remodeling to Sell

With home prices up in some areas, the return on remodeling investments at resale can be good. Making little changes can have big impacts when it comes to remodeling your home to sell.

Some updates will return as much as they cost in hotter markets, but unless your home is in a rapidly inflating city, you may not get enough bang for your buck.

But the lesson isn't to avoid remodeling your home. It's to rethink your expectations. Do you want to enjoy your updates for a few years? Or do you want to make your home more immediately appealing to homebuyers?

If you're remodeling for your own household, updating a home has a legitimate purpose that is unquantifiable. When you add square footage, update systems and fixtures, or rearrange traffic flow, you improve the functionality of your home. Refreshing wall colors, window coverings, and flooring adds to the beauty and enjoyment of your home. Many would consider that money better spent, and if you decide to sell in a few years, you'll be ahead of the game in terms of updates that will appeal to homebuyers.

But if you're remodeling strictly for the next buyer, there's some risk. Will you choose the right elements to appeal to the next buyer? What if they don't share your taste or appreciate the areas where you allocated your remodeling budget?

Start with what absolutely has to be done, whether you plan to stay in your home or not. You may be tempted to put off replacing the roof for an average of nearly $20,000, because Remodeling Magazinesays it will only return approximately 72 percent of costs. But a new roof could make the difference in whether or not an FHA or VA buyer can buy your home and pass government inspection.

Otherwise, stick to smaller updates that can yield big impacts in terms of curb appeal, safety and building integrity. The top five cost-to-value projects that netted the most return in 2015 were:

Replacing the front door with a 20-guage steel door - 102 percent.
Manufactured stone veneer -- 92. 2 percent
Fiber-cement siding -- 84.3 percent.
Garage door replacement -- 82.5 percent
Wood window replacement -- 78 percent.

As you can see, the most lucrative projects for resale were all about curb appeal. Seal the deal with a new welcome mat, new sconces to complement the new steel door, and potted plants for color. Wow your buyers on the outside and they'll be more likely to choose your home over the competition.

If you are looking to purchase, I can show you how to save a lot of money, as much as 10% on the purchase and finance of your next home.

Contact me today to learn about ALL of my strategies to get you the BEST price for your home in the SHORTEST possible time, with the least amount of Brain Damage!

Paul Ross 970-217-3245

RESIDENT REALTY

LOOKING TO BUY??

If you are looking to purchase, I can save you a lot of money, as much as 10% on the purchase and finance of your home.

Contact me today to learn about ALL of my strategies to get you the BEST price for your home in the shortest possible time!

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We are a group of very experienced agents seeking the best for our clients. Without charging our agents exorbitant fees our agents can pass the savings along to our clients.

Resident Realty was founded in 2000 with the mission of providing real estate agents with technology, support, and systems to operate their private practice without gouging them through fees, splits, and add on expenses

Since 2001 Resident Realty has held many annual events to benefit multiple charities which include:

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SOURCE: REALTY TIMES / WRITTEN BY BLANCHE EVANS