6 Common but Costly Homeownership Mistakes

As a new homeowner, there are six mistakes you should be sure to avoid.

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In your first year of homeownership, there are six key mistakes that could cost you a lot of money. Today, I’ll be going over these common missteps. 

1. Going with the lowest bid. Getting multiple bids is important to make sure your home projects are done correctly. Quality matters, so the lowest price isn’t always the best choice. 
2. Submitting small insurance claims. Check with your insurance rep and look at your deductibles. Sometimes, making small claims doesn’t make sense if it will increase your rates. Even an extra $25 a month will add up through the months. 
3. Making improvements without checking the return on investment (or ROI). Before you change anything in your home or make any updates, it’s important to know whether it will be worth it. 
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Ignoring small issues could create bigger issues later on.

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4. Throwing away receipts or paperwork. This could cause you a lot of issues down the line if you need to provide proof of a certain repair or proof of warranty. So, make sure you keep track of important paperwork. 
5. Remodeling without doing research. If you want to do a remodeling project, speak with a professional first to find out whether it will actually pay off. 
6. Ignoring small items on your inspection list. Every home out there will have small issues that need to be amended. It is important that you don’t ignore the little maintenance items your home may need. Ignoring small issues could create bigger issues later on.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Is It Time For You To Move to a Different Home?

How do you know if it’s time to move to a different home? These are the seven signs that it might be time to make that change.

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There are seven signs that signal that it is time for you to move:

1. The average homeowner moves every seven years. If you’re getting close to the time frame, you might be feeling that seven-year itch and are looking for something else. 
2. Are you expecting children? The home that you’re in currently may be bulging at the seams, so you might need to upsize to a larger home. It could also be that you’re looking to move to a different area of town as the kids grow older.
3. You need to live within your means. Sometimes, when people get promotions at their job, people want to elevate their lifestyle, which can mean changing where they live. When remodeling just won’t give them the bang for their buck, moving into a next-level dream home is the way to go.
4. Your children have moved out. A lot of empty-nesters eventually realize that they have too much space and would prefer a lock-and-leave home so they can travel and fulfill their bucket list. If you find that you need to downsize it may be time for you to move.
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A lot of empty-nesters eventually realize that they have too much space and would prefer a lock-and-leave home.

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5. You’re getting married. When people get married, they often want to have a new space of their own to get a fresh start.
6. On the other hand, perhaps you’re going through a divorce. This is another reason to get a fresh start in a new home.
7. You need a better commute time. Especially in the Denver area, with all the people moving to the city, the time it takes to get to work is very important to consider. If you take an hour and a half per day to get to work 50 weeks of the year, that’s 375 hours that you’re on the road. You may need to move somewhere closer to your work to reduce that figure.

If any of these signs ring a bell with you or someone you know, we’d love to talk to you. Feel free to reach out to me by phone, text, or email.

What's the Difference Between a Property Value and a Market Value?

What’s the difference between your property value and the market value of your home? I’ve got the answer today.

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I often get questions about how property value, which is based on your tax assessment, fits in with the true market value of your home. These values are two separate items that factor in for two completely different purposes.

Under Colorado state law, properties need to be assessed for tax purposes every two years. The property value that is assessed is used strictly for tax purposes. When the assessors went out this year to reassess properties, they were looking at comparable homes that sold between the years of 2014 and 2016. We are more than a year away from that data, and the market has continued to shift and change. The market value of your home is based on what is currently happening in your local market. 

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The market value of your home is based on what is currently happening in your local market.

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If you feel that your tax assessment is not accurate or is too high, then you can appeal that assessment with the county assessor’s office. They give you a 30-day window from the time you received your assessment to appeal that number.

If you need help appealing your property tax assessment, or you’d like to find out the true market value of your home, please give me a call. I look forward to working with you.