5 Tips For First Time Homebuyers

5 Tips For First Time HomebuyersYou’ve decided that it’s time to stop renting and jump into home ownership but there are a few things that you should do before making that leap. Some of these things need to be done well before you start traipsing through house after house.

The very first thing you should do is check your credit

Not just your credit score, but your credit reports. The “big 3”: Experian, TransUnion and Equifax, will give you a complete overview of your credit situation. If there are discrepancies, get them cleared up. This can take weeks or months. If your credit score is low, you may need months or even a year to raise it. Having a good credit score can make a huge difference in how much interest you pay on your mortgage, so it will be worth putting off looking at homes until you are ready and able to buy.

Next, save, save, save

Having a decent or better down payment can mean the difference between getting the house you want or not. 20% is a good figure to shoot for, if you can save more, it will give you a cushion in case you need to fix things in the home or pay any extra fees. Plus it helps raise that credit score too!

Get preapproved for your mortgage

Getting preapproved can and will give you a leg up over other people making offers on the same home as you are. A seller who knows that you can get financing and settle more quickly will favor you over another buyer who doesn’t. It will also mean that you stick to your budget. If you are preapproved for a mortgage that will be comfortable for you to pay each month you will be less likely to be talked into a home that is above your price range.

No large purchases until after settlement

Don’t shop for furniture, cars or make other big purchases until after you have settled on your home and the money has been paid out to all parties. If you make any large, expensive purchases, especially on credit, prior to settlement you may end up without a mortgage when you are ready to settle.

Lastly, find a reputable Realtor to help you find that new home!

Definitely pick one that loves working with first time homebuyers and who will answer all your questions! A great Realtor will help you to get through the whole process safely and find a great fir home!

4 Things You Can Claim As Depreciation When You Have A Rental Property

If you’re new at owning a rental property, you may be finding that all of the rules and regulations, laws and so forth are a bit overwhelming. Add on top of that tax requirements, what you can and can’t write off, how and so on, a new landlord can find themselves spending a lot of time on all those ins and outs.

One of them is depreciation and what you can depreciate.

What is depreciation?

4 Things You Can Claim As Depreciation When You Have A Rental PropertyDepreciation sounds daunting, but basically it’s writing off the cost of an item that will be useful to the property for more than one year. How much and how long depends on several things, but basically if the cost is a one year expense, you write it off in its entirety that year, but if it’s a larger improvement that will last, such as a bathroom overhaul or new driveway, then you depreciate the costs over the useful life of the item or items.

That means you divide the total cost by the useful life of the improvement, and write off 1/nth of the cost per year.

Requirements

You can only do this with property that wears out, decays, gets used up, or becomes obsolete over time. For instance, the land the building is on isn’t an item you can depreciate, but he building is. According to the IRS, you can depreciate a rental property if it meets all of these requirements:

1) you own the property;

2) you use the property in your business or as income-producing activity;

3) the property has a determinable useful life (i.e. it will wear out, etc.); and

4) the property is expected to last more than one year.

So what can be depreciated?

The structures on the land, house, garage, sheds, swimming pools, parking lots, tennis courts, and other facilities for your tenants. These can all add up to a substantial deduction from the income of the property for tax purposes.

Other items are things inside the home: stoves, refrigerators, furniture, carpets/flooring and furniture (if you provide a furnished space). Other things that you use in connection with the rental property, like computers, lawn mower, or automobile you use to conduct your rental activity.

If you aren’t sure, contact a tax professional for guidance.

In This Day And Age Are Real Estate Agents Really Necessary?

With all of the online tools, websites and advice for home sellers and buyers, is it really necessary to hire a Realtor?

The short answer to that question is a resounding yes. The internet can only tell you so much and it certainly can’t show your home, take you to homes to see and In This Day And Age Are Real Estate Agents Really Necessary?facilitate settlement when you sell or buy your home.

As it’s been said, when the going gets tough, hire an expert… or something like that. But really, why would you undertake such a huge financial and legal undertaking without being educated in the ins and outs of such things?

A Realtor knows the local market

They know how to negotiate at all phases of the process. They know how to value a home beyond number of beds, baths and square footage. They understand most types of mortgages and home financing, or know someone who is reliable that can help you should you need that type of assistance.

Now let’s talk time

Do you have the time, over and above your day job, family responsibilities and so on, to stage your home, list it with MLS and other websites like Zillow or Realtor.com, take all the phone calls, schedule showings, read/understand/respond to offers, schedule inspections, schedule settlement and all the paperwork a settlement entails, do the walk-through and finally hand over the keys?

Do you have the time to search the internet for homes to see, call the listing agents, schedule showings, write up an offer, read over the inspection report, renegotiate repairs, review the title report and all of the settlement papers?

Experience Matters

One last thing to think about! In your lifetime you may buy and sell 5-10 houses (maybe a few less, maybe a few more). For some of us, that top end is a really slow YEAR!

Realtors spend all of our time negotiating, researching, talking on the phone and getting educated about real estate. The business of buying and selling homes is our life and when you hire a Realtor, you get some of that dedication and determination just for your home!

Rental Property Management Longmont CO

Longmont, Colorado was founded in 1871 and has been a tidy, planned community from the beginning.

From the coming of the railroad to the Air Traffic Control Center, IBM Center and other big business, Longmont, has always been a good place to find a great job and a great place to live. You found that too, and now want to rent your property. You know that it will be difficult for you to manage the property since you won’t be living there. You need a great property management company.

Your best choice for a property management company

Rental Property Management Longmont COThere are many to choose from, but your best choice is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

DR&R provides property owners every service they could need for the property and it’s tenants 24/7 365 days a year. No matter when issues arise, days nights or holidays. DR&R has plumbers, electricians and handymen ready to help whenever your tenants need them.

Not only to keep your tenant happy but to keep your property in tip top shape.

Denver Realty & Rentals manages all aspects of your property

Worried about what would happen if your tenant gives notice? Or worse, stops paying rent and needs to be evicted? Well DR&R will handle the collection of rents, and any necessary eviction proceedings.

They’ll also get the property cleaned, repaired, shown to prospects and re-rented as quickly as possible. Keeping it rented isn’t the only way you can make money. DR&R will also improve it to increase your equity. They also inspect annually and between tenants.

Denver Realty & Rentals has a wide range of services

DR&R provides you with a wide range of services to make your property shine and stay rented. They provide cleaning and repairing between rentals, advertising the property between tenants with professional photos, background check prospective tenants and show the property, protect your identity if that’s your wish, help the tenants by providing quiet use and enjoyment of the property, make sure all fair housing laws (Federal and State) are followed, collecting rents and evicting tenants when necessary.

Don’t try to do it all yourself. Hire the best property management company with the most expertise to handle your rentals. For more information visit http://denverrealtyandrentals. com/property-management/
For more information about the Longmont, Colorado area visit these sites:

Rental Property Management Lafayette CO

Lafayette, Colorado is a community rich in the coal mining Rental Property Management Lafayette COhistory of Colorado. It’s history includes claims to having the first woman bank president in the world. Living there has been a great experience for you, but now you’ve decided to rent your property.

You know that being a landlord can be a challenge. You need a great property management company. With so many out there, it can be hard to choose. But you know that your best choice is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

Great services

DR&R provides property owners and investors every service they could possibly need for the property and its tenants. Their services are provided 24/7 365 days a year. Your tenants can have issues arise day or night and will expect that their problem be solved.

DR&R has plumbers, electricians and handymen ready to help whenever your tenants need them. Not only to keep your tenant happy but to keep your property in tip top shape.

Handles all your tenant interactions for you

Worried about what would happen if your great tenant turns bad? Gives notice? Or worse, stops paying rent and needs to be evicted? Well DR&R will handle addressing bad behavior, collection of rents, and any necessary eviction proceedings. They’ll also get the property cleaned, repaired, shown to prospects and re-rented as quickly as possible.

Keeping it rented isn’t the only way you can make money. DR&R will also improve it to increase your equity. They also inspect annually and between tenants.

DR&R provides you with a wide range of services to make your property shine and stay rented

They provide cleaning and repairing between rentals, advertising the property between tenants with professional photos, background check prospective tenants and show the property, protect your identity if that’s your wish, help the tenants by providing quiet use and enjoyment of the property, make sure all fair housing laws (Federal and State) are followed, collecting rents and evicting tenants when necessary.

Hire the best property management company with the most expertise to handle your rentals. For more information visit:    http://denverrealtyandrentals. com/property-management/
For more information about the Arvada, Colorado area visit these sites:

http://cityoflafayette.com/
https://en.wikipedia.org/wiki/Lafayette,_Colorado