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Steve Conklin

Sneffels Realty

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Fax: 970-626-3557

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Montrose Daily Press

News from www.montrosepress.com

Sheriff probes fatal stabbing
MONTROSE â€? Details remained sketchy Monday, one day after a young Montrose man was slain at a house party and a teen suspect was taken into custody.
Udall lauds Olathe entrepreneurs
OLATHE â€? U.S. Sen. Mark Udall, D-Colo., spent his holiday Monday visiting those who labor: Montrose County entrepreneurs.

Real Estate Buyer Blog

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What Really Matters in a Home Inspection?

What Really Matters In A Home Inspection?

Okay so you have found the “right” home and successfully negotiated a contract with the seller. The loan application has been completed, the appraisal ordered, you have received and reviewed the “Sellers Disclosure Report” and your Real Estate Agent is taking care of all the details necessary to close. The next thing you need to do is order a HOME INSPECTION. You should do your homework and get recommendations from your Real Estate Agent and based on those recommendations and the references the Home Inspectors provide, choose an inspector and order the inspection. After the inspection you will receive a written inspection report.

You might find the entire process a little stressful. A home inspection is supposed to give you peace of mind, but often has the opposite effect. You will be asked to absorb a lot of information in a short time. This often includes a written report, checklist, photographs, environmental reports and the inspector comments during the inspection. (Yes, you can and should, if possible, be there and ask questions.) All this combined with the seller's disclosure and what you notice yourself makes the experience even more overwhelming. What should you do?

Relax. Most of your inspection will cover maintenance recommendations, life expectancies and minor imperfections. These are nice to know about; however, the issues that really matter will fall into four categories:

Major defects. An example of this would be a structural failure.
Things that lead to major defects. A small roof flashing leak, for example.
Things that may hinder your ability to finance, legally occupy, or insure the home.
Safety hazards, such as an exposed, live buss bar at the electric panel.

Anything in these categories should be addressed. Often a serious problem can be corrected inexpensively to protect both life and property (especially in categories 2 and 4).

Most sellers are honest and are often surprised to learn of defects uncovered during an inspection. Realize that sellers are under no obligation to repair everything mentioned in the report. No home is perfect. Keep things in perspective. Do not kill your deal over things that do not matter. It is inappropriate to demand that a seller address deferred maintenance, conditions already listed on the seller's disclosure or nit-picky items. Don’t forget! Your Real Estate Agent is your most important resource. Consult with him during this process as he has done this many times before and can provide a perspective based on experience.

Need information about Montrose Colorado Real Estate –visit www.MontrosePropertyGuide.com

Questions: Please email me at steve@MontrosePropertyGuide.com or call me Steve Conklin at 970-209-4446

What is an impound account?

What is an impound account? An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
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appealing your property taxes

Where can I learn more about appealing my Montrose, Colorado property taxes?

Contact your local Montrose, Colorado tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.

Are property taxes deductible?

Are Montrose, Colorado property taxes deductible? Property taxes on all Montrose, Colorado real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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Tax benefits to homeowners

What tax benefits are there toMontrose, Colorado area homeowners?

Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.

are points deductible?

Are points deductible? If you are a Montrose, Colorado buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Montrose, Colorado area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
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loss from selling your home

Can I deduct the loss I suffered when I sold my Montrose, Colorado area home? The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
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inheriting a house

What are the rules on capital gains when inheriting a house?

When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.

how do i save on taxes?

How do I save on taxes? Here are some ways to save money on taxes: * Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home. * Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
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taxes on second homes

Are taxes on second homes deductible? Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax advisor for specifics.
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who gets a sold homes furnishings?

Who gets the furnishings when a home is sold?

It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with the house unless specified otherwise in the sales contract. But anything that is not nailed down is negotiable. This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items, such as a piano.

sellers disclosing other offers

Do sellers have to disclose the terms of other offers? Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
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considerations before buying

What are some pre purchase considerations to think about?

When you buy a resale home, you can find out a lot more about the Montrose, Colorado area property and the neighborhood before you buy than when you buy a new home.

Land to support new-home developments usually is located on the outskirts of town. Potential buyers should ask the developer about future access to public transit, entertainment activities, shopping centers, churches and schools. Find out how far it is to the nearest library, for example.

builders financing

Do Montrose, Colorado area builders offer financing? Builders often include financing programs to help move more buyers into a project early on. If it's a buyer's market in the Montrose, Colorado area, you can be sure that developers will offer incentives such as low-down-payment financing.
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are vacation homes an investment?

What do you think of a Montrose, Colorado area vacation home as an investment?

You can buy a vacation home today for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Montrose, Colorado area to use as a permanent retirement home later, which allows them to get ahead on their payments. Another benefit is that the interest and property taxes on a vacation home are tax-deductible.
Some real estate experts predict that vacation homes will appreciate in value due to rising demand from the aging Baby Boom generation.

Should I buy a vacation home?

Should I buy a vacation home in Montrose, Colorado ?

Today a vacation home can be purchased for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Montrose, Colorado area with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible, which helps to offset the cost of paying for a second home. A vacation home also can be depreciated if you live in it fewer than 14 days a year, or 10 percent of the rented days - whichever is greater.

Best time to sell a home

What is the best time to sell your Montrose, Colorado house?

There is no "best" time to sell per se. Selling a house in the Montrose, Colorado area depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price.
Weather conditions are less of a consideration in more temperate climates, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June.
With the onset of summer, the market slows.

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