Does every “For Sale” sign in neighbors’ yards seem to catch your eye? Do you find yourself pinning pictures of your dream home on Pinterest? If so, it sounds like you’re contemplating whether it’s time to buy a new home. Purchasing a home is a huge commitment, so you shouldn’t rush this decision. How do you know when you’re ready? According to Colorado Springs real estate expert Marianne Farrell, you just have to look for these signs:

Your life is changing

Are you about to start a family? Your one bedroom studio loft apartment may not be big enough for you, your significant other and your new baby. Are you changing careers? If your new office is miles and miles away from your current home, it’s time to find a space that’s a little closer. Lifestyle changes like these are signs that you are ready to start looking for a new home.

You’re financially prepared for the change

Of course, money plays a huge role in determining whether you are ready to buy a new home. If you have successfully saved up enough money for a down payment, and have some to spare for unexpected expenses, you should be ready to buy a home. Always check your credit report before visiting lenders to determine if there is any way you can improve your score. For example, it may be helpful to spend time paying some of your debt off before trying to buy a home so you can make yourself look more attractive to lenders.

You’re ready to tackle repairs

One of the great things about living in a rental is you can call the landlord when you need something repaired. However, all of that will change when you buy your own home. You won’t have anyone to call—expect for the repairman—if your roof starts to leak or air conditioner stops working. If you don’t have the time or money to commit to repairing unexpected issues that may arise, you’re not ready to take on the responsibility of buying a new home. See the ten most common house problems.

You want to settle down

Where do you see yourself in the next few years? Do you plan on sticking around or do you want to travel the world or move to a new city? If you’re not ready to plant your roots in a city, then you shouldn’t commit to buying a new home just yet. Wait until you know you are ready to settle down before you invest your time and money in searching for and buying a new home.

Have you spotted any of these signs that indicate you’re ready to buy a new home? If so, contact Marianne Farrell at Berkshire Hathaway for help finding the home of your dreams. Marianne Farrell currently resides in the Colorado Springs area and has become the go-to real estate agent for both homebuyers and sellers. Call (303) 638-6115 today to get started on your search.

Before you set out on your home buying journey, it’s important to thoroughly understand your finances so you know what kind of home you can afford to buy. According to Colorado Springs real estate expert Marianne Farrell, here are some of the numbers you should know:

Credit Score

The first thing you should do if you are interested in buying a home is check your credit score. Your credit score is calculated based on how much debt you have, how many credit cards you have open in your name, how long you have had these credit cards, and how often you make late payments.

Lenders will consider a number of factors when determining whether you qualify for a loan, and your credit score is one of them. A low credit score does not necessarily mean that you will not be approved for a loan, but it could affect your interest rates, which means you will have to pay more in the long run. Use this guide for help with understanding your credit score.

Potential Down Payment

Another number you should know is the amount of money you are willing to put down on a home. Ideally, you should put 20% of the purchase price down on a home so you don’t have to pay private mortgage insurance, but it’s not required that you do so. There are many lenders that will approve you for a loan even if you do not have the ability to make a large down payment. However, you may have a higher interest rate if you make a smaller down payment.

Debt to Income Ratio

Lenders will take a deep dive into your finances to ensure that you will be able to repay the loan. One way they determine whether you are financially secure enough to pay your debts is by looking at your debt to income ratio. To calculate this number, simply divide your total monthly debt payments by your total monthly income. For example, if you have to pay $1100 in student loan and credit card debt every month, and you make $5000 a month, your debt to income ratio would be 0.22 or 22%. It’s recommended that you keep this number under 36% if you are trying to get approved for a mortgage.

Monthly Income and Expenses

It’s important that you take the time to calculate your monthly income and expenses and determining how much you want to spend every month on your home. Even if a bank tells you that you can afford to make $2,000 payments, you should still do the math yourself. After calculating your income and expenses, make sure that you are comfortable with the monthly payment amount before committing to a home.

After you have calculated these important numbers, contact Farrell’s Sales for help finding your dream home. Marianne Farrell loves the Colorado Springs area for many reasons. She is your the go-to real estate agent for both homebuyers and sellers. Call 303-796-7000 today to get started on your search!

If you are preparing to put your home on the market, you may have heard that you should stage it to make it look more attractive to potential buyers. Staging is always a great way to make your home stand out from others on the market—that is, if it’s done correctly. Here are some tips for properly staging Colorado Springs homes for sale:

Get rid of clutter.

Buyers want to be able to see the home, which is difficult to do when there is a lot of clutter in their way. If you want to appeal to buyers, get rid of the clutter on top of your countertops, tables, and shelves. Make the home look neat and orderly so they are not distracted by the amount of stuff you have. Another benefit of getting rid of clutter? It makes the rooms in your home appear larger!

Paint over bright colors.

It’s recommended that you paint over any brightly colored walls with a soft, neutral paint color. This will make the home appealing to more buyers. For example, if your master bedroom is painted a deep red color, female buyers may like the boldness of your choice, but male buyers may be turned off by such an unusual color. If you want a chance to sell to every buyer who walks through your door, spend time repainting your home with neutral colors.

Clean the front porch.

Whether you have a spacious, covered front porch or a small walkway leading up to your door, make sure it is clean and inviting before you start to show your home to buyers. Buy a clean doormat and only put it out when buyers are coming to your home. You may also want to buy potted or hanging plants to spruce up the space around your front door. Also, be sure to clean off the front door to remove any cobwebs, dirt, and debris. Taking these steps will ensure that your home will make a strong first impression on every buyer who visits.

Add accessories.

Bare tables can look uninviting, but cluttered tables can also scare buyers away. What should you do? Find a happy medium by cleaning off the clutter and using a few strategically placed accessories around your home. For example, place vases with flowers on tables to brighten the mood and make your home look more “lived-in.” You can also add a few coffee table books to the table in your living room—just be sure that they are neatly stacked on top of each other. See the 20 best ways to style a coffee table in your living room.

Now that you know how to stage your home, contact Marianne Farrell at Berkshire Hathaway for help selling your home and moving onto the next chapter in your life. Marianne Farrell has lived in the Colorado Springs area for over three decades, and over that time, she has become the go-to real estate agent for both home buyers and sellers. Call 303-796-7000 today to get started on your search!

As you look for Colorado Springs homes for sale, are you looking to downsize? Does a minimalist lifestyle sound attractive to you? If so, you might be interested in investing in a tiny home! Not only will this save you money, but can be a very rewarding experience for you and your family. Many in Colorado are choosing to take the plunge. Is this the best option for you? Learn more to find out.

Tiny Home Movement

Over the last five years, there has been a growing trend in real estate—tiny homes! Tiny homes are much smaller than the typical 2,500 square foot home and can be 500 square feet or less. Some might find this as impossible as others are excited to jump onto this social movement to a minimalist lifestyle. In addition, many love their tiny home for the cost savings to help them become debt-free and potentially travel more. Before, one might think of a tiny home is a go-to option for someone living alone. Today, that is not the case. Families are making the change to live the lifestyle they want finding a small space that provides a quality lifestyle for their family. You can find this too!

Ways to Consolidate

When downsizing from a couple thousand square feet to a couple hundred, some things must go. Whether you put them in storage, have a garage sale or donate them to charity, you will need to make some changes. When consolidating, know that it will take some time and planning. Learn more about how to prepare for the tiny house transition, it is noted that it may take a year to prepare for the transition. During this time, they advise to review your financial situation to assess needs, minimize monthly overhead and define what you need over what you want to keep. From there, they explain that you must downsize and decide what to do with the items you will not take with you to your new tiny home.

Tips for Home Search

For many, they choose to downsize to help the environment. Many tiny homes today are built to be eco-friendly with features like real wood frames, energy efficient lighting and more. Others choose a tiny home because it is portable, or they would like to live “off the grid.” If looking for one of these homes, you can consider composting toilets and solar panels for energy. In general, before you start your tiny home search, it is best to make a list of must-haves for your family. This is one of the top ways to ensure everyone is happy as you will be making some sacrifices for space. If you have pets, also make sure there is space for them and their belongings as well.

As you look for your next home whether it’s a tiny home or a regular sized home, Marianne Farrell is your go-to local realtor. When ready to get started, you will love our top-notch services. Contact Marianne Farrell at Berkshire Hathaway in Colorado Springs, CO today to get started!

            
                                                                                                                     
 
 
 
FOR IMMEDIATE RELEASE
April 7, 2017
 
FOR MORE INFORMATION
Dee Brown
Communication Specialist
Office: 719-385-5258
 
 
Mark Dabling Boulevard Traffic Advisory April 10-14
Intermittent Lane Closures Continue between Garden of Gods Road and South Rockrimmon Boulevard
 
COLORADO SPRINGS, Colo— Tuesday’s snowstorm delayed the start of road work on the Mark Dabling Bridges project. Mark Dabling Boulevard between Garden of the Gods Road and South Rockrimmon Boulevard will continue intermittent lane closures Monday through April 14. The roadway will be reduced to one lane at two locations intermittently between 9 a.m. and 4 p.m. each weekday. The closures are necessary to allow crews to locate utilities under the roadway.
 
Motorists should expect minor delays and are advised to use alternate routes during this planned work. Access to businesses, trails and sidewalks will be maintained at all times.
 
All construction work is weather-dependent.
 
For project information, visit coloradosprings.gov/dablingbridges.
 
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