Is This Your Situation: Buying a Retirement Condo?

Why are condominiums such a common choice for retirees? And what do you need to know if you're considering buying one? It's not exactly the same as a traditional one-family house. Keep reading for specific condo issues.   It's common for people nearing retirement to think about a move. Maybe the house in which you raised your family is too big now that the kids have moved out. Maybe you chose your house because it was an easy drive from your workplace or because it was near other jobs in your field. Maybe the schools and parks were just what you wanted your kids exposed to. In any case, retirement is a big change, and the things you want in a home afterward will be a far cry from the things you wanted before. A popular choice for retirees is the condominium. Condominium is a Latin word meaning "co-ownership." It is called that because, when you purchase a condo from a holding company, the company retains the rights to the land your condo sits on. For example, if you buy an apartment in a high-rise, the condo association will retain the right to the building and its grounds. For retirees, the major advantage of a condo is the lack of maintenance. As in an apartment, maintenance of the grounds is the responsibility of the building owner, so it's never your job to rake leaves or shovel snow. Major building improvements, like to the plumbing, electricity and roof, are also out of your hands. Ditto any day-to-day obligations that take place outside any one apartment, such as cleaning the hallways and disposing of trash. You'll usually have to pay a monthly fee that goes towards the cost of doing all those jobs. These fees are usually rolled into your HOA dues. Exactly how high those fees will run depends on several factors, chiefly, the age and repair of the building. But the fees are usually lower than the rent on a comparable apartment in the area! You are also responsible for the upkeep of any appliances or fixtures that are in your unit. Retirees will also appreciate what younger homeowners think of as condos' big disadvantage: their size. Most condos are a single story and compact. You might have to sell some furniture before you move in, but you'll never spend an entire Saturday cleaning again. And while most condo's don't have stairs in the units they can be attractive for those with mobility issues. Similarly, the fact that the condo association has the right to make rules governing the whole building can be a plus or a minus, depending on the rules. The HOA financial documents can give you a clearer picture of the health of the condo building.  So make sure you have plenty of time before closing to thoroughly check the HOA documents ahead of time! You'll also want to ask a bunch of questions when seeing potential condo's prior to writing an offer. You don't want to waste time on a place in a no-pets building if you've got pets. If you're thinking of spending your retirement in a condo, contact a real estate agent to hear more about the advantages and disadvantages of condo life. Modified by: Theresa Tscheschke Gunal ; Used courtesy of Corinne Enright, Home Actions, LLC

HOA Homeowners' Rights Task Force

The Colorado Department of Regulatory Affairs (DORA) is conducting a survey and requesting stories for homeowners. This survey is just the beginning of a process.   DORA specially appointed the HOA Homeowners' Rights Task Force to look at HOA issues. They were approved by the Legislature and signed by the Governor earlier this year. This Task Force will be using responses collected in a final report to be presented to the Colorado General Assembly, the Govenor's Office, and the public. https://engagedora.org/hoa-task-force The HOA Rights Task Force’s main priorities are to study issues confronting HOA homeowners' rights, including: Homeowners' associations' fining authority and practices Foreclosure practices Communications with homeowners Availability and method of making certain documents available to HOA homeowners in the association If you live in Colorado and work or reside in a homeowners association – I encourage you to take part in the study and share this widely to your friends and neighbors.

Done With The Rain: Now it is Time to Repair That Old Wooden Deck

Every time it hails I look at my sad old wooden deck and say to myself "There has got to be a better way?" Do you know the pros and cons of each type of decking material? Click through to learn how you can maximize your home’s outdoor areas and increase its value by choosing the right decking material. Read The Original Full Newsletter Article Here   Once you decide to repair or replace an old deck, the first step is figuring out the type of decking material you want and where to use it. The first question in picking the right material should be what kind of maintainance are you willing to do? A wooden deck in Colorado is usually a costly maintenance issue and an unforseen expense especially when hail season rolls around and strips the paint or stain off the deck. To decide if you what to do with your deck moving forward, you’ll need to look for a material that will enhance your home's outdoor living space while boosting your properties resale value. Here’s a list of five types of decking materials and where to use them to guarantee your deck a long life and reduce maintenance costs.  1. Pressure-Treated Lumber Pros: This natural choice is easy to find and lets you embrace the traditional wood deck wherever you live and is easy to repair.Cons: This is a less expensive choice, but not by as much as you might think! It also means that you’ll have to maintain your deck year-round, protect it from harsh weather conditions (including hail) and attend to warps, cracks and splits. These traditionally softer wood choices have gone up in price since the pandemic so other woods might be just as cost effective as pressure-treated lumber. 2. Redwood and Cedar  Pros: This durable, chemical-free option gives you the attractive look and feel of a wood deck that will last longer, resist rot, decay and pests with natural resistance. Cons: This costly option requires that you spend up to three times more on your deck than if you chose PT. 3. Convert to Paver PatioPros: This look has come in to fashion in recent years as it is easier to maintain and less costly than redwood or composite. (By some estimates up to 40% less than high quality composites.)Cons: Just like composites, it can be hot to touch in bright sun and depending if your garden is on a slope the thickness of the material can cause some sagging over time if the sand wasn't compacted properly during installation. 4. Composite Wood Pros: This option makes sure your deck won’t warp, split or crack, and it accommodates different colors and stains with its wood fibers and recycled plastic. There is many composites now on the market which comes in a variety of prices so check with multiple companies to suit your budget.Cons: This man-made option can feel hoter than real wood and is susceptible to mold and mildew growth. For our dryer Colorado climate mold is less of an issue but if you are combining this with a hot tub, it may be not be your first choice. Wood was once the most popular route in terms of decking materials, but it’s been replaced with an array of options. If you’re ready to learn more about these types of decking and where to use them, feel free to contact me today. I can put you in touch with a few decking companies to help jump start your next outdoor project!

10 Things To Think About Before Building A Guest House

 Thinking of adding on or building a tiny guest house or an Accessory Dwelling Unit in your backyard? It’s not as easy as installing a treehouse. Read on for ten things you can't afford to contemplate before building a guest house....     Accessory dwelling units (ADUs), or guest houses, usually have separate kitchen and bathrooms from the main building on the property. With multi-generational living on the rise, the guest house/casita/granny flat/mother-in-law suite space is becoming increasingly popular.  A separate living quarter could accommodate family members, adult children or domestic help like on-site medical personnel. There is also the prospect of creating a revenue stream by renting out the space. These factors all sound delightful, but there are still things to consider before building a guest house. Local Laws Laws in Colorado are changing and recent legislative efforts have responded to the trend to build Accessory Dwelling Units. What can and can't be done today may change soon. It is therefore important to be aware of what other cities such as Seattle and Los Angeles are doing to help solve affordable housing by the way of building ADU's. Here are two examples of red tape incurred by local laws regarding guest homes on your property. In Seattle, the property owner must live in either the main house or in the attached/ detached ADU. Also In Los Angeles, restrictions include: The guest house can’t be rented There must be an existing single-family home on the property It cannot exceed 30% of your current home’s floor area or be larger than 1200 square feet There must be a minimum of one additional parking space Can you Convert an Existing Shed or Garage?  Some cities allow this, but if you're living in a historic district, the rules might prohibit this type of alteration. But converting a portion of your existing house, or adding on are better alternatives. HOA Restrictions on Guest Houses  Will your neighbors object? Find out from the city if they will be holding a public hearing to determine whether or not the structure would somehow impede on your neighbors' rights.  The Permit Process  You have to submit plans, get permits and follow all construction regulations and design standards. Safety Regulations  Safety regulations insist that you incorporate standards addressing fire safety, water lines, sewer connections and distance from lot lines before you build. Financing  Sometimes it's hard to get a bank loan to finance the addition of a guest house. Miscellaneous Problems  Other problems could arise as a result of an ADU, including landlord-tenant disputes, parking issues and expenses such as hazard insurance premiums. Long-Term and Short-Term Lease Laws If you're planning on renting out your guest house via VRBO or Air BnB, read up on what taxes (if any) you have to charge your guests. For example, Parker Colorado has a 30 day minimum stay requirement. Appraisal  Appraisers are not able to use "detached" square footage in the same way they estimate your primary home's space, meaning that you might not recoup your investment. Property Taxes  Property taxes will most certainly increase. Speak to the assessor's office and even a good CPA to determine your new property value.   Modified by: Theresa Tscheschke Gunal ; Used courtesy of Jasser Ryan Go, Home Actions, LLC