Hidden Costs when Buying a Home

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget. 

1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
2. Title services. Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
3. Appraisal fee. Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.
4. HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.
5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.
6. I'm here to help make the process of buying a home go smoothly! Carrie Summers 970-759-2540

Buy vs. Rent

Cost of Living: Mancos vs Durango, Colorado

Mancos, nestled in between Durango and Mesa Verde National Park has a wonderful small town atmosphere.  From art galleries, breweries, a revitalized downtown, and endless supply of outdoor fun, Mancos is a great place to live.  If you are thinking of moving here, it's essential to know the cost of living.  Cost of living includes all the necessities like cost of transportation, housing, food and utilities. Knowing the cost of these basic items can help you decide how much you can expect to spend on a monthly basis, and how much you'll need to earn in order to live a good lifestyle.

Mancos housing costs are 48.8% lower than in Durango and it's only 30 minutes away.  That is huge when you are looking to move.  The median home cost for a home in the Mancos (81328) zip code is $326,400 vs Durango it's $470,800!  Your money goes a lot farther in Mancos!

Right now with 30 year fixed loans hovering around 3% and 15 year at 2.5%, now is a great time to move!

What makes Mancos magical?  The people.  We are an eclectic group of young farmers, ranchers, artists  and young families who want a slower pace and wide open spaces.  The town of Mancos now has about 1600 people, one stoplight, a grocery store, natural food store, several excellent restaurants, brewery, and an excellent school Pre K-12.

Let me help you fall in love with Mancos!

The Difference between Home Warranty and Home Insurance

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

Home Insurance

Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to American Home Shield, the average annual cost of a homeowner's insurance policy ranges between $300 and $1,000, and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.

Home Warranty

A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.

How to buy your first investment property

Home Chat

Time to Prune!

Curb appeal is very important.  If you are thinking of selling, now is the time to take a look at your place thru new eyes.  Do you have trees that are growing too close to your home, or fruit trees that need trimming? 

I highly recommend Underwood Forestry.  Steve Underwood and his crew do an excellent job.  I had Steve do fire mitigation around my home and my pear trees at my office are prolific due to regular pruning.  Call Steve at 970-560-9800 for all your tree business.  This is money well spent because a home that has beautiful trees is more valuable than a house with trees that are dead or unruly.  

Need other ideas?  Call me, Carrie Summers with Colorado Ranch & Home Realty 970-759-2540.  I'm here to help!