When it comes time to downsize

CondoSunsetWhen it comes time to decide if you want to downsize, there are many thoughts and emotions that go speeding through your mind.  Maybe you have already decided this is your home for the rest of your life.  Your home was the perfect place to meet your needs when you were in an earlier cycle of life, and will be the ideal home for all the events you see happening in your next.  If you are inclined to feel that the home you currently reside in may have out-lived its purpose, you may be struggling with some of the same thoughts and emotions my husband and I had when it came to the emotional and financially sensitive decision to downsize.

In our situation, we loved our home.  It provided everything we needed to raise our three children, plus nurture all the creative projects that identified who we are as a family as well as individuals.  Our children were just like anyone else’s; loved, individually different, all requiring unique activities and space to help them grow, using their special talents.  We loved our neighborhood and took an active part in making it an extension of our home.  Considering that it had been our home for decades, deciding to leave was emotionally difficult.

We spent several years before we knew we would leave our home, looking at all the smaller options.  We wondered, should we look for another single-family dwelling or check out other options like co-ops of condominiums?  My husband had spent the past twenty-five years mowing our lawn and was quite willing to remove this task from his plate. I, on the other hand, still loved to garden.  Was there a living environment that could satisfy both these expectations?  We looked at every condominium and every co-op in the Seattle area for five years, but nothing really fulfilled everything we needed.  We had a list of features including a garden spot, closets and efficient use of space, etc. I’m an Old World Charm lady, but guess what?  Back in the 20’s ladies only owned three dresses.  Let’s just say, I own a few more outfits than most pre-war closets were meant to hold.  So the search went on.

When our children finally reached their 20’s and my husband wanted to retire, we knew it was time to make our move.  Like I said, everyone loves their children, but not all the party time we now came to expect in our rec room every weekend.  We were ready to have a space of our own, and it was time for our kids to begin their next cycle in-life.  We also had too much of our finances tied up in a 3,000 square foot house, when in reality we needed less and could save more.  We had to leave the home we had dedicated to making our unique expression of who we were, and leave very soon.

If any of this sounds familiar, your task will be a little easier than it seems! Here is some practical advice for making your move:

Define your needs:  Narrow down your ideal needs. Start by deciding if you want a single-family versus multi-family dwelling. Consider your price range, and then space needs.

Downsize: We downsized a bit more than we should have, but we sure got rid of lots of items we collected over the past 25 years.  Some of them were special to me.  I’d purchased a beautiful wood serving tray at a yard sale with one of my dearest friends.  I had to borrow money from her to buy it.  I solved the problem by giving it to her when we moved, and I still see it when I visit her home.  My children took much of the furniture they had a special connection to, and my nephew, who spent nearly every Christmas sitting in his favorite red chair, can now enjoy it in his own home.

Let go: Leaving the neighborhood and all our lifelong friends was the most difficult process, I think, of all the decisions we had to make.  We still see them, but as I’m writing this my eyes are tearing up.  It’s hard to re-visit my old neighborhood and see my old home cared for in a different way than I had lovingly done for twenty-five years.  But it does give us plenty of things to talk about with old friends when we get together.

What did we end up doing?  We moved into a vintage 1930’s co-op in a walkable part of town.  I have just the right amount of gardening space that I share with other owners.  We have made wonderful friends with some of our neighbors and get together frequently for happy hour and spur-of-the-moment gatherings.  It’s a different lifestyle than we had before but, believe me, there are plus sides. In no way will any of our three wonderful, adored, adult children ever be able to move back home, since we now live in an 850-square-foot co-op with every space used on a daily basis.  There were times when I wouldn’t go in one of my rooms in our old home for several weeks.  This is not a problem now.  Yes, maybe it’s too small, but we can always move into a larger place if and when we feel it’s time.

What are your questions about downsizing your home? What features do you require to live in a smaller, more efficient dwelling?

Pat Eskenazi is a Windermere veteran, working in marketing for the past 12 years. She has lived in Seattle since 1952.  Her favorite place to walk is along Golden Gardens, and she especially loves to climb the stairs up to the Sunset Hill neighborhood where she lived with her 3 children and husband for 25 years.

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Beautiful Home in West Johnstown!

This beautiful home at 3371 Bayberry Ln comes with has an open floor plan between the kitchen, dining, and living room area perfect for entertaining your friends. Large master retreat is a great place to relax, and has a large walk in closet. Newer flooring throughout. With easy access to all of Northern Colorado, come see this gem today! Contact Paul Hunter for your private showing at (970) 673-7285 for more information or click the link below for more details.

http://windermerenoco.com/listing/92623462

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Immaculate Duplex in Cherry Hills!

Enjoy the view of Lake Loveland from this immaculate duplex at 2411 Taft Ave B in the Cherry Hills neighborhood! Fully updated with custom finishes, this home features a large kitchen with heated tile, custom shelving and breakfast bar. Spacious living room with granite fireplace and dining room with wood floors. Large bedrooms and fantastic master suite with a private deck, walk-in closet and bath featuring artisan tile. Double wall between neighboring unit and a private fenced backyard! Contact Jon Holsten for your private showing at (970) 237-2752 for more information or click the link below for more details.

http://windermerenoco.com/listing/92610716

 

 

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Condo Cyclone

 

 

While the “Bomb Cyclone” closed roads and schools over the last two days, the “Condo Cyclone” is opening new opportunities for first-time buyers.

 

What’s the “Condo Cyclone” you ask. It’s the proliferation of multi-family inventory that has come on the market up and down the Front Range.

Compared to last year, multi-family inventory which includes town-homes and condominiums, has increased…

 

• 79% in Metro Denver
• 34% in Larimer County
• 45% in Weld County

 

This is terrific news for the market overall, as inventory has been unusually low for several months. It’s especially terrific news for first-time buyers who need this type of product as a stepping stone to home ownership.

 

What we notice is a $170,000 to $130,000 difference in average price between a single-family home and a multi-family home in Front Range markets.

 

Specifically, here’s the spread between multi-family and single-family average price:

• $349,801 vs. $512,312 in Metro Denver
• $312,493 vs. $469,294 in Larimer County
• $237,645 vs. $370,027 in Weld County

 

So as we dig out from the “Bomb Cyclone” we can be happy for the “Condo Cyclone” which brings more affordability and opportunity to our markets!

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Just Released (a new resource site just for you…)
• Want to see the latest market trends?
• Curious to see the process of buying or selling a home?
• Interested in what it takes to own investment property?
• Be sure to visit www.ColoradoLivingBlog.com

 

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The Reality of Home Improvement: HGTV installment

Painting2On any given weekend in my house, at least a couple of hours will be spent watching the designers, craftspeople and entertainers on HGTV or its spunky sister station, the DIY Network.  The premise of these home-centered television networks is that somewhere, sandwiched between long commercial breaks for paint, faucets, flooring warehouses and something called “Slab Jacking”, you’ll find programming about real people making real decisions about their homes. Sometimes those decisions are about buying a home, while other times they may be about selling or remodeling a home.  In all of the situations, experts are brought in to help and a camera crew just happens to tag along, so the rest of us can enjoy the unfolding drama from the comfort of our couches.

Home improvement programming has been around for a long time and is generally considered reality TV, but a lot of the real life is lost between cuts. Here’s a quick guide of some of the more popular programs.

House Hunters – The formula is simple but always entertaining.  Each episode begins with someone unhappy with their living situation, so they call an agent and look at 3 properties.   After weighing the options, a home is chosen.  Of course, this show is over-simplified and leaves out the long weekends the buyer spends in their agent’s car driving from listing to listing.  What you do get is a sense of home values and styles in different regions, the humor of buyers’ reactions to homes, and the excitement new home owners feel as they take the keys to their dream home. You rarely get the type of tension home shopping can bring. The big climax of the show is when an offer is made: the narrator might say something like, “Though their offer was rejected the first time around, the other buyer ultimately backed out and they ended up getting the house for X amount.” But I don’t think they usually talk about it at all. For that kind of tension, you need to check out Property Virgins. The best part of the half hour happens in the last 30 seconds when you see how the new owner redecorates the home in their own style.

Property Virgins– Similar premise to House Hunters, except these first-time homebuyers walk through the basics. The best part about the show is the excitement (and sometimes clumsiness) of the virgin house-hunters. The worst part of this show is when would be homebuyers have unrealistic expectations for their first home.

House Hunters International – Comparable to House Hunters but everyone has accents and the kitchens are shockingly small.

Designed to Sell – Did you know that your spare bedroom filled with Grandpa’s taxidermy and the vintage 1950’s kitchen can be a turn-off to potential buyers? Valuable lessons like these are a just a few of the gems I’ve picked up on Designed to Sell.  Each episode features a home which has been racking up days on the market but no one is interested in buying.  That’s where the army of carpenters and designers step in. When they’re done, the house that looked like Grandma’s musty basement now looks like the lobby of a hip hotel, and they only spent a few hundred dollars.  I love this program for the inspiration but find it short on reality.  The listed prices of these improvements don’t seem realistic, and I often wonder if the costs include the lifetime of carpentry skills, design training, garage filled with power tools and time required to do the job. If you are looking for design ideas and hope for a home that isn’t attracting buyers, you’ll find some great ideas here, but take the true cost of those improvements with a grain of salt.

Real Estate Intervention – Being a real estate agent takes a lot of diplomacy, and this is never more important than that moment they suggest a market-friendly price to a home seller. On Real Estate Intervention, that diplomacy generally fails, sellers are unrealistic, and a stern man with a menacing mustache steps in for an intervention.  He dishes out tough love to the seller and paints a clear picture of market reality.  In a half hour he is able to change minds and make the seller feel good about the decision they made.

This Old House – This PBS staple wrote the book on home improvement programming.  With TOHyou’ll trade commercials for pledge drives, but you’ll also get a more cerebral home improvement viewing experience.  TOH does take patience, as it takes a full season to complete a home improvement project instead of 30 minutes on other programs.  If you are looking for the same quality instruction in a more digestible format, you can check out the spin off, Ask This Old House.

Be warned that the home improvement bug often bites soon after watching any of these programs.  After a long HGTV bender, I find myself wandering through the paint sample aisle and making trips to home improvement stores that aren’t on my way home from the office.  Sometimes life does imitate art and the voice in the back of my head keeps saying, “They make it look so easy.”

What about you? Do you find home-improvement shows useful or do you think they set unrealistic expectations? What are your favorite home-improvement resources?

by Justin Waskow

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Divorce, Custody, and Employee Mobility

Divorce, child custody and relocation are all difficult topics however, knowing the facts will help you make the decisions that are right for you and your family. Below you will find an excerpt from an article recently published in Mobility Magazine by Windermere’s own Peggy Scott, GRI, CRP, GMS. She is the relocation director and designated broker for Windermere Relocation and Referral Services, Seattle, WA. You can read the article in its entirety here: http://bit.ly/9PrKxL

Argument2

“As society becomes increasingly mobile, so does the frequency with which global mobility professionals encounter relocation cases involving child custody. Scott defines custody, discusses its effects on mobility, and offers a case study demonstrating how divorce affects the relocation process.”

While the divorce rate varies greatly in each country of the world, affecting the lives of men and women, those with children be affected the greatest. No family law generates more concern, strife, and emotional turmoil than child custody and visitation matters. Every court around the nation will advocate for the best interest of the children involved in divorce.

Developing an amicable parenting plan or agreement for the interests of the children is the best solution to establishing custody of a child. The best interest of the child is served by a parenting arrangement that best maintains a child’s emotional growth, health and stability, and physical care. According to Washington state law, the best interest of the child ordinarily is served when the existing pattern of interaction between a parent and child is altered only to the extent necessitated by the changed relationship of the parents.

If the parents cannot reach an agreement concerning the custody and parenting plan for the child, then the court may establish either sole or mutual decision-making authority as well as residential provisions. The parenting plan or agreement needs to support, in detail, the child’s best interest in the areas of school, physical care, traveling expenses, individual parental authority, and residence options and rules. All divorce cases involving child custody, whither uncontested or contested, must include a parenting plan or custody order (either by agreement or ordered after trial) that is adopted by the courts.

To read the rest go here: http://bit.ly/9PrKxL

The post Divorce, Custody, and Employee Mobility appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Divorce, Custody, and Employee Mobility

Divorce, child custody and relocation are all difficult topics however, knowing the facts will help you make the decisions that are right for you and your family. Below you will find an excerpt from an article recently published in Mobility Magazine by Windermere’s own Peggy Scott, GRI, CRP, GMS. She is the relocation director and designated broker for Windermere Relocation and Referral Services, Seattle, WA. You can read the article in its entirety here: http://bit.ly/9PrKxL

Argument2

“As society becomes increasingly mobile, so does the frequency with which global mobility professionals encounter relocation cases involving child custody. Scott defines custody, discusses its effects on mobility, and offers a case study demonstrating how divorce affects the relocation process.”

While the divorce rate varies greatly in each country of the world, affecting the lives of men and women, those with children be affected the greatest. No family law generates more concern, strife, and emotional turmoil than child custody and visitation matters. Every court around the nation will advocate for the best interest of the children involved in divorce.

Developing an amicable parenting plan or agreement for the interests of the children is the best solution to establishing custody of a child. The best interest of the child is served by a parenting arrangement that best maintains a child’s emotional growth, health and stability, and physical care. According to Washington state law, the best interest of the child ordinarily is served when the existing pattern of interaction between a parent and child is altered only to the extent necessitated by the changed relationship of the parents.

If the parents cannot reach an agreement concerning the custody and parenting plan for the child, then the court may establish either sole or mutual decision-making authority as well as residential provisions. The parenting plan or agreement needs to support, in detail, the child’s best interest in the areas of school, physical care, traveling expenses, individual parental authority, and residence options and rules. All divorce cases involving child custody, whither uncontested or contested, must include a parenting plan or custody order (either by agreement or ordered after trial) that is adopted by the courts.

To read the rest go here: http://bit.ly/9PrKxL

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Considering becoming a landlord? How to evaluate whether to rent or sell your property

Over the last few years, we have seen an increase in homeowners choosing to become landlords rather than placing their homes on the market.  In deciding whether or not becoming a Landlord is right for you, there are a number of factors to consider, but primarily they fall into the following three categories:  Financial Analysis, Risk and Goals.

CalculatorThe financial analysis is probably the easiest of the three to assess.  You will need to assess if you can afford to rent your house. If you consider the likely rental rate, vacancy rate, maintenance, advertising and management costs, you can arrive at a budget.  It is important both to be reasonably correct in your assumptions and to have enough reserves to cover cash-flow needs if you’re wrong.  The vacancy rate will be determined by the price at which you market the property.  Price too high and you’re either vacant or accepting applicants that, for some reason, couldn’t compete for more competitively priced homes.  Price too low and you don’t achieve the revenue you should.  If you want to try for the higher end of an expected range, understand that the cost may be a vacant month.  It is difficult to make up for a vacant month.

Consider the other costs renting out your property could accrue. If you have a landscaped or large yard, you will likely need to hire a yard crew to manage the grounds. Other costs could increase when you rent your home, such as homeowner’s insurance and taxes on your property. Also, depending on tenant turn-over, you may need to paint and deal with maintenance issues more regularly. Renting your home is a decision you need to make with all the financial information in front of you.  You can find more information about the hidden costs of renting here.

If your analysis points to some negative cash-flow, that doesn’t necessarily mean that renting is the wrong option.  That answer needs to be weighed against the pros and cons of alternatives (i.e., selling at the price that would actually sell), and some economic guesswork about what the future holds in terms of appreciation, inflation, etc. to arrive at an expectation of how long the cash drain would exist.

Risk is a bit harder to assess.  Broadly though, it’s crucial to understand that if you decide to lease out a home, you are going into business, and every business venture has risks.  The more you know, the better you can mitigate those risks.  One of the most obvious ways of mitigating the risk is to hire a management company.  By hiring professionals, you decrease your risk and time spent managing the property (and tenants) yourself.  However, this increases the cost.  So, as you reduce your risk of litigation, you increase your risk of negative cash-flow, and vice versa… it’s a balancing act, and the risk cannot be eliminated; just managed and minimized.

In considering Goals, what do you hope to achieve by renting your property? Are you planning on moving back into your home after a period of time? Will your property investment be a part of your long-term financial planning? Are you relocating or just hoping to wait to sell? These are all great reasons to consider renting your home.

Keep in mind that renting your family home can be emotional.  Many homeowners LOVE the unique feel of their homes.  It is where their children were raised, and they care more about preserving that feel than maximizing revenue.  That’s OK, but it needs to be acknowledged and considered when establishing a correct price and preparing a cash flow analysis.  Some owners are so attached to their homes that it may be better for them to “tear off the band-aid quickly” and sell.  The alternative of slowly watching over the years as the property becomes an investment instead of a home to them may prove to be more painful than any financial benefit can offset.

In the process of considering your financial situation, the risks associated with becoming a landlord, and the goals you hope to achieve with the rental of your property, – ask yourself these questions.  Before reaching a conclusion, it’s also a good idea to familiarize yourself with the landlord-tenant-lawspecific to your state (and in some cases, separate relevant ordinances in the city and/or county that your property lies within) and to do some market research (i.e. tour other available similar rentals to see if your financial assumptions are in line with the reality of the competition across the street).  If you are overwhelmed by this process, or will be living out of the region, seek counsel with a property management professional.  Gaining experience the hard way can be costly.

J. Michael Wilson is the dedicated broker at Windermere Property Management Seattle, and has 17 years of experience managing properties in the Seattle region.

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Beautiful Home in West Greeley!

Welcome home to 2329 75th Avenue in West Greeley. This 3 bed, 2 bath ranch home features an open layout, kitchen w bar great for entertaining, main floor master, walk in Closet, covered patio, fully fenced low maintenance yard, and an over-sized 3 car garage. Enjoy the Colorado lifestyle in this well kept home with easy access to HWY 34 and all the amenities of West Greeley. Contact Chris Guillan for your private showing at (970) 310-9357 for more information or click the link below for more details.

http://windermerenoco.com/listing/92319941

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Condominium in the Center of Fort Collins!

Central Fort Collins for $200,000! 2717 Harvard St unit B4 offers quick access to the Max, Foothills Mall, Old Town, and the Harmony corridor. Need to be within 10 minutes of CSU? This would be perfect. Investment potential abounds because of the location and convenient layout or live in a well-maintained townhome style condo with a wonderful location!  Contact Paul Hunter for your private showing at (970) 673-7285 for more information or click the link below for more details.

http://windermerenoco.com/listing/92319943

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