The Life Expectancy of Your Home

 

Every component of your home has a lifespan. Common questions asked by homeowners include when to replace the flooring or how long to expect their siding to last. This information can help when budgeting for improvements or deciding between repairing and replacing when the time comes. We’re all familiar with the cliché: They just don’t build things like they used to. And while this may be true when it comes to brick siding or slate roofing, lifespans of other household components have increased in recent years. Here are the life expectancies of the most common household items (courtesy of NAHB):

 

Appliances: Among major appliances, gas ranges have a longer life expectancy than things like dishwashers and microwaves.

Appliance

Life Expectancy

 Oil-burning Furnace  20 years
 Heat Pump  16 years
 Gas Range  15 years
 Electric range / Refrigerator / Dryer  13 years
 Electric / Gas Water Heater  10 years
 Garbage disposal  10 years
 Dishwasher / Microwave / Mini Fridge   9 years

 

Kitchen & Bath: When choosing your countertops, factor in the life expectancies of different materials.

Kitchen / Bath Item

Life Expectancy

 Wood / Tile / Natural Stone Countertops  Lifetime
 Toilets (parts will require maintenance)  50+ years
 Stainless steel sink  30+ years
 Bathroom faucet  20+ years
 Cultured marble countertops  20 years
 Kitchen faucet  15 years

 

Flooring: If you’re looking for longevity, wood floors are the way to go. Certain rooms in your home will be better suited for carpeting, but you can expect they’ll need replacing within a decade.

Flooring Material

Life Expectancy

 Wood / Bamboo  Lifetime
 Brick Pavers / Granite / Marble / Slate  100+ years
 Linoleum  25 years
 Carpet  8 – 10 years

 

Siding & Roofing: When choosing roofing and siding for your home, climate and maintenance level factor into the life expectancy of the material. However, brick siding and slate roofing are known to be dependable for decades.

Siding / Roofing Material 

Life Expectancy

 Brick Siding  100+ years
 Aluminum Siding  80 years
 Slate / Tile Roofing  50+ years
 Wood Shingles  30 years
 Wood Siding  10 – 100 years (depending on climate)

 

Are extended warranties warranted?

Extended warranties, also known as service contracts or service agreements, are sold for all types of household items from appliances to electronics. They cover service calls and repairs for a specified time beyond the manufacturer’s standard warranty.

You will have to consider whether the cost is worth it to you. For some, it brings a much-needed peace of mind when making such a large purchase. Also consider if the cost outweighs the value of the item. In some cases it may be less expensive to replace a broken appliance than to pay for insurance or a warranty.


Posted on March 27, 2020 at 8:00 am
Windermere Colorado | Posted in Home Owner, Living | Tagged , , , , , , , , , , , , , , , , , , ,

What Makes A Home “Modern”?

 

Sleek, sustainable design, open concept floor plans, minimalism, and eco-conscious thinking are defining characteristics of modern architecture. Recently, modern design concepts in home building have become more popular, and the resurgence of interest in modern real estate has followed suit.  

 

These characteristics are what define Contemporary Architecture: 

 

Clean geometric linesAt the heart of modernist values lies the simplification of form. Modernist homes have a very ‘linear’ feel with straight lines and exposed building materials. Furnishings and adornment reflect this value, incorporating vibrant, geometric and abstract designs. 

 

Smaller, multifunctional spaces: With the Tiny House subculture consistently on the rise, and the new generation of homeowners expressing a desire to move away from the sprawling dwellings of the past, multifunctional living spaces are a must for modern homes. Built-in storage is commonly used to reflect this multi-purpose; space-saving feel. 

 

Eco-conscious: Modern homes are wellsuited for technological and green upgrades, as well as eco-friendly building materials and energy-efficient practices, and flat roofs to accommodate solar power. A new trend is to bring nature into each room for a calming, soothing effect. Large windows are abundant in modern architecture, allowing light to fill and expand the interior space, bringing the natural world indoors. 

 

Post-and-beam structure: Exposed wood posts and ceiling beams are classic elements in modern architecture. This style of building has been around for thousands of years; however, modern homes significantly emphasize the structure, rather than hiding the bones behind drywall. In new modern homes, the post-and-beam structure can be made of concrete, iron or other materials. The visible horizontal and vertical beams reinforce the clean geometric lines of the space. 

 

Open concept:  Modern design strives to “open” the space by eliminating enclosed rooms. A common tactic is to open the kitchen and dining room into an open living space, allowing the spaces to flow into one another. 

 

Minimalism: With open and connected modernist spaces, careful curation of furniture, adornments, and household objects is paramount to incorporating the modernist aesthetic. Generally, modernist homes have art and furniture that reflects the clean geometric lines and the natural materials of the architecture, leaving less space for clutter. Minimalist philosophies encourage few household items that serve both form and function, which work well within this design and architectural style. 


Posted on March 26, 2020 at 8:00 am
Windermere Colorado | Posted in Colorado Housing, Windermere Real Estate | Tagged , , , , ,

What’s My Home Worth? The Downside to Home Valuation Tools

What’s your home worth?

It is a seemingly simple question. However, discovering the worth of your home is more complicated than it might seem. Sites like Zillow, Redfin, Eppraisal, and others have built-in home valuation tools that make it seem easy, but how accurate are they? And if you get three different answers, which one do you believe? Online valuation tools have become a pivotal part of the home buying and selling process, but they’ve proven to be highly unreliable in certain instances. What these valuation tools have made clear is that real estate agents are as vital to the process of pricing a home as they ever were—and maybe even more so now.

 

Every online valuation tool has its limitations. Most are readily acknowledged by their providers, such as “Zestimate” from Zillow, which clearly states that it offers a median error rate of 4.5%. That may not sound like a lot, but keep in mind that 4.5% amounts to a difference of about $31,500 for a $700,000 home. For Redfin and Trulia, there are similar variances. When you dig deeper into these valuation tools, it’s no wonder that there are discrepancies. They rely on a range of different sources for information, some more reliable than others.

 

Redfin’s tool pulls information directly from multiple listing services (MLSs) across the country. Others negotiate limited data-sharing deals with those same services, relying on public and homeowners’ records alike. This can lead to gaps in coverage. These tools can serve as helpful pieces of the puzzle when buying or selling a home, but the acknowledged error rate is a reminder of how dangerous a heavy reliance on them can be.

 

Nothing compares to the level of detail and knowledge a professional real estate agent offers when pricing a home. An algorithm can’t possibly know about the unique characteristics of neither a home nor its neighborhood. Curious about what improvements you can make to get top dollar or how buyer behaviors are shaping the market? They cannot provide an answer there, either. That can only be delivered by a trusted professional whose number one priority is getting you the best price in a time frame that meets your needs.

 

If you’re curious about your home’s value, Windermere offers a tool that provides a series of evaluations on your property and the surrounding market. And once you’re ready, we’re happy to connect you with a Windermere agent who can clarify this information and perform a Comparative Market Analysis to get an even more accurate estimate of what your home could fetch in today’s market.


Posted on March 25, 2020 at 4:26 pm
Windermere Colorado | Posted in For Buyers & Sellers, For Sellers | Tagged , , , , , , , , , , , , ,

Finding Your New Home in Four Steps

Whether you’re a first-time homebuyer or you currently own and are looking for a new home, the ideas below will help you better navigate that all-important first step: Finding a property that is both appealing and affordable.

 

The search for a new home always starts out with a lot of excitement. But if you haven’t prepared, frustration can soon set in, especially in a competitive real estate market. The biggest mistake is jumping into a search unfocused, just hoping to “see what’s available.” Instead, we recommend you first take some time to work through the four steps below.

 

Step 1: Talk to your agent

Even if you’re just thinking about buying or selling a house, start by consulting your real estate agent. An agent can give you an up-to-the-minute summary of the current real estate market, as well as mortgage industry trends. They can also put you in touch with all the best resources and educate you about the next steps, plus much more. If you are interested in finding an experienced agent in your area, we can connect you here.

 

Step 2: Decide how much home you can afford

It may sound like a drag to start your home search with a boring financial review, but when all is said and done, you’ll be glad you did. With so many people competing to buy what is available, it’s far more efficient to focus your search on the properties you can afford. A meeting or two with a reputable mortgage agent should tell you everything you need to know.

 

Step 3: Envision your future

Typically, it takes at least five years for a home purchase to start paying off financially—which means—the better your new home suits you, the longer you’ll most likely remain living there.

Thinking of your near future, what life events do you anticipate in the next five or six years? If you’re planning to add to the family or change careers, or even rent out a portion of your home to others, share this information with your real estate agent. They will be able to help you evaluate your current and future needs to help find the best home that you can grow into.

 

Step 4: Visualize your ideal home

When it comes to this step, be realistic. It’s easy to get carried away dreaming about all the home features you want. Try listing everything on a piece of paper, then choose the five “must-haves,” and the five “really-wants.”

For more tips, as well as advice geared specifically to your situation, connect with an experienced Windermere Real Estate agent by clicking here.


Posted on March 4, 2020 at 6:11 pm
Windermere Colorado | Posted in Colorado Housing, For Buyers | Tagged , , , , , , ,

How to Handle a Home Inspection

For many people, a home inspection is a hurdle that every homeowner must overcome during the process of selling a home, but it’s a useful tool for sellers looking to get the greatest possible value from their home.

 

Finding Issues

When you’re selling a house, a pre-sale inspection can be particularly useful. By uncovering any potential problems your house may have, an inspection can give you an opportunity to address them before your first prospective buyer arrives.

In any market, a pre-sale inspection can give your home a competitive edge. Potential buyers are likely to find the kind of detailed information an inspection provides reassuring—and are encouraged to give your home a closer look.

 

When does a home inspection make sense?

In addition to routine maintenance and pre-sale inspections, there are a number of circumstances in which a home inspection could greatly benefit a homeowner. If you are not sure, here are a few simple questions to ask yourself:

  • Was your home inspected when you bought it? If not, an inspection would be beneficial even if your home was a new construction at sale.
  • If you are an older homeowner who intends to make upgrades in order to stay in the home, it makes sense to hire a professional who can inspect difficult-to-reach areas and point out maintenance of safety issues.
  • An inspection can alert you to any potential safety issues that could possibly affect a growing family, such as mold, lead, or structural problems. If mold or lead is present, be sure to rely on technicians or labs with specialized training in dealing with these conditions.
  • Are you buying a home that’s under construction? You may want to hire an inspector early on and schedule phased inspections to protect your interest and ensure that the quality of construction meets your expectations.

 

What doesn’t your home inspection cover?

For a variety of reasons, some homes will require special inspections that are not covered by a typical home inspection. A specialty inspection might include a sewer scope, septic system, geotechnical conditions (for homes perched on steep slopes or where there are concerns regarding soil stability) or underground oil storage tank. If you have any questions about whether your home needs a specialty inspection, talk to your real estate agent.

 

Hire a professional

If you decide to hire a home inspector, be sure they’re licensed in your state. They should be able to provide you with their license number, which you can use to verify their status with the appropriate government agency. It’s also helpful to ask for recommendations from friends and family members. Even among licensed and qualified home inspectors, there can be a difference in knowledge, performance and communication skills, so learn what you can before you hire a home inspector to ensure that you get the detailed inspection that you want.

 

What to ask your home inspector

Ask the right questions to make sure you are hiring the right professional for the job.

What does your inspection cover?

Insist that you get this information in writing. Then make sure that it’s in compliance with state requirements and includes the items you want to be inspected.

How long have you been in the business?

Ask for referrals, especially with newer inspectors.

Are you experienced in residential inspections?

Residential inspection in a unique discipline with specific challenges, so it’s important to make sure the inspector is experienced in this area.

Do you make repairs or make improvements based on inspection?

Some states and/or professional associations allow the inspector to perform repair work on problems uncovered in an inspection. If you’re considering engaging your inspector to do repairs, be sure to get referrals.

How long will the inspection take?

A typical single-family dwelling takes two to three hours.

How much will it cost?

Costs can vary depending upon a variety of things, such as the square footage, age, and foundation of the house.

Can I be there for the inspection? Will you go over the inspection report with me?

This could be a valuable learning opportunity. If your inspector refuses, this should raise a red flag.

Are you a member of a professional home inspector association? What other credentials do you hold?

Ask to see their membership ID; it provides some assurance.

Do you keep your skills up to date through continuing education?

An inspector’s interest in continuing education shows a genuine commitment to performing at the highest level. It’s especially important in older homes or homes with unique elements.


Posted on February 26, 2020 at 10:49 pm
Windermere Colorado | Posted in For Buyers, Home Owner | Tagged , , , , , , ,

Designing Your Home Office

Image Source: Canva

Working from home is an aspiration for many of us, but to do so effectively takes effort. A disorganized space at home can be just as troublesome as a hectic office. The most disciplined telecommuters will tell you that you need a structured routine and organization in order to be successful.

Having a designated workspace is one of the most important elements to your success when you make the switch to telecommuting. Even if you live in a small space, you need to find a balance between home and office. People who work from home often have a difficult time separating their work hours from their non-work hours because it’s so easy to keep at it late into the night. But maintaining a balance and shutting down the computer is important for overall wellbeing. What are some other must-haves for a successful home office? Here are the top five:

 

  1. Natural Light – Study upon study tells us that natural light is needed to boost productivity and mood. Make sure to set your desk up as close to a window as you can. If being near a window isn’t an option, a natural light lamp is the next best thing. It helps balance your body clock and leaves you feeling rested and refreshed.
  2. To-Do List or Planner – Start each day off by making a to-do list outlining what you need to get done before the end of the workday. Make sure to set a realistic time frame in which all of that should be completed, so you can check each one off the list and feel immense accomplishment once you’ve completed them all.
  3. Storage – If you have a big enough space, put in a large bookshelf where you can organize everything (think storage boxes). It reduces clutter and looks stylish. Using your walls and cabinetry is the most efficient use of space.
  4. Calendar – Many people tend to rely on digital calendars these days because of their convenience. When all of your devices sync together and pop up with reminders, you never have to worry about missing an appointment. However, many people find that it helps to keep a paper calendar handy too so you can easily view your whole month at a glance. Choose which options works best for you by playing with both options, or something in between and see which one lets you be more productive with the least amount of stress.
  5. Space for Inspiration – It doesn’t matter what field you work in, having a source of inspiration in your workspace is essential. Whether it’s a photo of your family, your dream car, or that vacation you’ve been dying to take, having that inspiration right in front of you provides a constant reminder of why you do what you do.

Posted on February 25, 2020 at 3:25 pm
Windermere Colorado | Posted in Home Owner | Tagged , , , , , , , ,

What to Consider When Adding to Your Home

When dissatisfaction with your current home strikes, it can be exciting to launch into a plan for a new addition. A new living room, bedroom, or more can add value to your home while improving your quality of life.

On the other hand, even a modest addition can turn into a major construction project, with architects and contractors to manage, construction workers traipsing through your home, hammers pounding, and sawdust everywhere. And although new additions can be a very good investment, the cost-per-square-foot is typically more than building a new home, and much more than buying a larger existing home.

 

Define your needs

To determine if an addition makes sense for your situation, start by defining exactly what it is you want and need. By focusing on core needs, you won’t get carried away with a wish list that can push the project out of reach financially.

If it’s a matter of needing more space, be specific. For example, instead of just jotting down “more kitchen space,” figure out just how much more space is going to make the difference, e.g., “150 square feet of floor space and six additional feet of counter space.”

If the addition will be for aging parents, consult with their doctors or an age-in-place expert to define exactly what they’ll require for living conditions, both now and over the next five to ten years.

 

Types of additions

Bump-out addition

“Bumping out” one or more walls to make a first-floor room slightly larger is something most homeowners think about at one time or another. However, when you consider the work required, and the limited amount of space created, it often figures to be one of your most expensive approaches.

 

First-floor addition

Adding a whole new room (or rooms) to the first floor of your home is one of the most common ways to add a family room, apartment or sunroom. But this approach can also take away yard space.

 

Dormer addition

For homes with steep rooflines, adding an upper floor dormer may be all that’s needed to transform an awkward space with limited headroom. The cost is affordable and, when done well, a dormer can also improve the curb appeal of your house.

 

Second-story addition

For homes without an upper floor, adding a second story can double the size of the house without reducing surrounding yard space.

 

Garage addition

Building above the garage is ideal for a space that requires more privacy, such as a rentable apartment, a teen’s bedroom, guest bedroom, guest quarters, or a family bonus room.

 

Permits required

You’ll need a building permit to construct an addition, which will require professional blueprints. Your local building department will not only want to make sure that the addition adheres to the latest building codes, but also ensure it isn’t too tall for the neighborhood or positioned too close to the property line. Some building departments will also want to ask your neighbors for their input before giving you the go-ahead.

 

Requirements for a legal apartment

While the idea of having a renter that provides an additional stream of revenue may be enticing, the realities of building and renting a legal add-on apartment can be sobering. Among the things you’ll need to consider:

Special permitting

Some communities have regulations against “mother-in-law” units so they have zone-approval requirements.

 

Separate utilities

In many cities, you can’t charge a tenant for heat, electricity, and water unless utilities are separated from the rest of the house (and separately controlled by the tenant).

 

ADU Requirements

When building an “accessory dwelling unit” (the formal name for a second dwelling located on a property where a primary residence already exists), building codes often contain special requirements regarding emergency exits, windows, ceiling height, off-street parking spaces, the location of main entrances, the number of bedrooms, and more.

 

In addition, renters have special rights while landlords have added responsibilities. You’ll need to learn those rights and responsibilities and be prepared to adhere to them.

 

Average costs

The cost to construct an addition depends on a wide variety of factors, such as the quality of materials used, the laborers doing the work, the type of addition and its size, the age of your house and its current condition. For ballpark purposes, however, you can figure on spending about $200 per square foot if your home is in a more expensive real estate area or about $100 per foot in a lower-priced market.

You might be wondering how much of that money your efforts might return if you were to sell the home a couple of years later? The answer to that question depends on a number of variables, but the average “recoup” rate for a family room addition is typically more than 80 percent.

 

The bottom line

While you should certainly research the existing-home marketplace before hiring an architect to map out the plans, building an addition onto your current home can be a great way to expand your living quarters, customize your home, and remain in the same neighborhood.


Posted on February 19, 2020 at 8:47 pm
Windermere Colorado | Posted in Home Owner | Tagged , , , , , , ,

Staying Safe When Selling Your Home

Image Source: Canva

Staying organized while uprooting your life and moving from one home to another can feel impossible. There’s also the pressure to keep your home clean and tidy for showings to prospective buyers, but your personal safety is an important consideration as well.

When selling your home,  there will be strangers entering your space, so it’s important for you and your agent to take certain safety precautions. Like so many things in life, they can feel more manageable once written down, so we made this handy checklist.

 

Prepare your home:

  • Go through your medicine cabinets and remove all prescription medications.
  • Remove or lock up precious belongings and personal information. You will want to store your jewelry, family heirlooms, and personal/financial information in a secure location to keep them from getting misplaced or stolen.
  • Remove family photos. We recommend removing your family photos during the staging process so potential buyers can see themselves living in the home. It’s also a good way to protect your privacy.
  • Check that your windows and doors are secure before and after showings. If someone is looking to get back into your home following a showing or an open house, they will look for weak locks or they might unlock a window or door.
  • Consider extra security measures such as an alarm system or other monitoring tools like cameras.
  • Don’t show your own home! If someone you don’t know walks up to your home asking for a showing, don’t let them in. You always want to have an agent present to show your home.

 

Talk to your agent about the following safety precautions: 

  • Do a walk-through with your agent to make sure you have identified everything that needs to be removed or secured, such as medications, belongings, and photos.
  • Go over your agent’s screening process so you are both on the same page about phone screening, and how to qualify buyers before showings, as well as personal safety tactics during showings and open houses.
  • Lockboxes to secure your keys for showings should be up to date. Electronic lockboxes track who has had access to your home.
  • Go through your home’s entrances and exits and share important household information so your agent can advise how to secure your property while it’s on the market.

Posted on February 18, 2020 at 3:56 pm
Windermere Colorado | Posted in For Sellers | Tagged , , , , , ,

Vacation Home or Income-Producing Investment

Whether you’re a skier who loves the mountain slopes of Colorado, a lover of the beaches of Southern California, or a potential retiree seeking to escape the snow-laden Northeast for the wide-open, sunny lands of Arizona, there are homes available to meet a wide range of budgets. The biggest decision a potential second homeowner must make is whether they are going to solely own their vacation home or turn it into a vacation rental. Here are the advantages and disadvantages to both options:

 

Investing in vacation rentals

  • Pros:
    • A good vacation rental property generally provides a healthy rental revenue which could potentially cover mortgage payments while also generating healthy additional profit.
    • Using an online short-term rental service like Airbnb makes it convenient to manage your rental property. Their website interface makes pricing, marketing, and communication with potential guests quite straightforward and easy. Airbnb will also oversee the billing process for you.
    • You may qualify for federal tax breaks and deductions related to your investment property. Everything from professional fees or commissions – including property management services- to cleaning and maintenance are potential tax write-offs.
  • Cons:
    • Vacation rentals can be costly to manage, both in terms of time and money. These properties may require seasonal upkeep and special maintenance considerations. You may even incur costs to maintain or monitor the property even when it’s not actively being utilized.
    • Vacation rental properties are particularly sensitive to seasonal fluctuations and economic downturns, which could leave you financially exposed if you suffer a lack of booking revenue.
    • Many states and cities are cracking down on short-term rental services. In California, for example, the fight has been primarily local, reaching a fever pitch in the San Francisco Bay Area. Increasingly state and local municipalities are seeking to reign in short-term vacation rentals, which could put a damper on potential revenue from these properties.
    • You may experience higher renovation and repair costs on a short-term rental. Most travelers expect the latest appliances and furnishings, so you will have to update every few years. Unfortunately, short-term renters are less likely to report any necessary repairs and guests are far less likely to treat the property with respect since there’s no sense of ownership or obligation.

 

Owning a vacation home

  • Pros:
    • Long-term profits: While assets fluctuate in value in the short term, vacation properties are more likely to retain their value and appreciate because they are located in popular areas with a geographically limited supply.
    • Familiarity: Returning to the same place time and after time can be comforting as you become familiar and comfortable with the location. It allows you the freedom to be yourself and the opportunity to expand long-term friendships with residents.
    • Convenience: The ability to conveniently store items that are used exclusively at the second home simplifies travel and packing.
    • Retirement head starts: Though we may love where we work and live, every place has its drawbacks. A common goal of retirement is to have a place to retreat for the times of the year we dislike the most at our main residence. Locating and buying a second home prior to retirement enables you to experience the benefits of a refuge before actual retirement, a time to correct and amend your plans if the reality is different than the dream.
  • Cons:
    • Initial purchase costs: Most people have higher expectations for a property that they intend to own, rather than to rent. These expectations can translate into high prices.
    • Home maintenance: As the homeowner, you are responsible for all home maintenance work.
    • Travel time: A second home will be located hours from your primary residence, requiring either long auto trips or airline flights.
    • Inflexibility: If you are paying a significant amount of money each month for a second home, you may feel that you need to constantly visit the property to justify your investment.

Posted on February 13, 2020 at 6:54 pm
Windermere Colorado | Posted in For Buyers, Home Owner | Tagged , , , , , , , , , , , , , ,

Incorporate Pantone’s Color of 2020 into Your Home

Classic Blue has officially been anointed Pantone’s 2020 “Color of the Year”.  Pantone says it picked this color because of its ability to instill calm, confidence, and connection as we cross the threshold into a new decade. A dependable color, Classic Blue is timeless, and enduring, making it a great addition to just about any room in your home.

Here are some ways to add this stunning shade of blue to your home:

 

Furniture

Add a splash of color to any room with Classic Blue furniture, such as these dining room chairs, which express a sense of tradition and elegance, as well as unexpected boldness.

 

Tile Work

Geometric patterns are all the rage this year, so why not liven up your kitchen backsplash with tiles that incorporate the color of the year? Here’s an example that achieves this through bold, colorful design that doubles as a piece of art.

 

Cabinets

If geometric tile isn’t your thing, the are other ways to bring your kitchen to life with this stunning shade of blue. If you’re not in a position to purchase all new cabinets, simply paint your current cabinets for a more affordable update.

 

Walls

Whether it’s built-ins, panels, or an accent wall, Classic Blue can make your furniture and décor pop. Consider this color when you paint your living room or bedroom as a way to encourage calm and confidence in your favorite spaces.


Posted on February 5, 2020 at 10:00 am
Windermere Colorado | Posted in Home Owner | Tagged , , , , , , , , ,