Real Estate Terminology You'll Hear During The Buying Process

When you are house hunting for a new home in Colorado Springs, it is helpful to have a basic understanding of important real estate terminology. This could give you peace of mind now and could help you save a little bit when you place an offer on your dream home. Here are a few real estate terms you may run across during the home buying process.

Counteroffer
After you make an offer on a home, the seller can reject and include a different offer that changes the terms of the original offer in some way. If you offer $350,000 for a house, and the seller replies that they want $375,000, the seller has rejected your offer and made a counteroffer. A counteroffer of any kind completely voids the original offer.

Acceptance
If you place an offer on a home and the seller agrees to the terms of it, it creates a contract. As soon as the seller signs to your purchase offer, you're in contract for the sale of the house, and neither of you can back out without facing consequences, which for the buyer means possibly losing the earnest money deposit.

Disclosure
The making known of a fact that had previously been hidden. In many states, a home seller must disclose major physical defects in the house within their knowledge. This could be anything from a leaky roof or potential flooding hazards. In all states, the seller must disclose the presence of lead-base paint hazards in buildings constructed before 1978.

Inspection
After you've made an offer on a home, you'll need to schedule an inspection. The cost of an inspection can vary depending on the home you choose to make an offer on and depending on the market condition. The inspector will go through every nook and cranny and review things like the plumbing, electrical, foundation, walls, heating and appliances.

Appraisal
When you apply for a mortgage, your lender will require an appraisal of the home you want to buy. This will estimate the home's value based on comparable homes in the area that have sold. It will also include an investigation of the home.

Contingencies
When you put in an offer on a home, you can specify certain conditions that must be met before the deal will go through. Contingencies can range from making sure you get the loan to the inspection. It allows you a way (and the seller) to get out of the offer if something arises.

Title Insurance
After all the negotiations are done and the seller has accepted the offer, you should receive a home title report. Most mortgage lenders require you to pay title insurance as part of the closing costs. Title insurers will search the public records to make sure the home seller has the rights to the title and that there are no liens on the home.

Closing Costs
There are many fees that come with the purchase of a home. Typically, closing costs will amount to 2-5 percent of the purchase price of the home, not including the down payment. Fees could include excise tax, loan processing costs and title insurance.

When you have a trusted Colorado Springs real estate agent, they will help you navigate the buying process. The Platinum Group, REALTORS is comprised of some of the top real estate agents in the Colorado Springs area. We can help you pick the best REALTOR for your house hunting journey. If you're ready to start touring homes, contact us today at 719-536-4444.

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444

Why We Love Colorado Springs

No matter where you live in the United States, you've probably heard of Colorado Springs. It's been rated one of the best cities to live in the U.S. However, is it the best place for you to call home? There are many factors that go into moving to a different city from job relocation to wanting to be closer to family. If you get a say in where you want to move, here are a few reasons why we love to call Colorado Springs home.

Low Cost of Living

It may surprise you to learn that Colorado Springs has a relatively low cost of living. Not only is it below the national average, it's also lower than the state average. Housing is priced fairly, and many homes on the market sell quickly. In addition to the low cost of living, Colorado Springs has some of the lowest taxes in the state and nationally.

Great Places to Work

According to Forbes, Colorado Springs is ranked 12th best place for careers and business. Based on factors like job growth, education, population and cost of doing business, Colorado Springs came in 12 out of 200 cities. 30 different Fortune 500 have Pike Peaks roots. If you're a business owner or looking to start a business, you won't have to look far to find great talent. Colorado Springs has everything from software engineers and artists to electrical engineers and business consultants.

Top-Ranked Schools

Whether you are looking to go back to school or have kids in school, you can’t go wrong in Colorado Springs. The public school districts in Colorado Springs are some of the best in the entire state. Not to mention, there are plenty of choices for college. The University of Colorado has a campus in Colorado Springs, which offers some of the best master’s programs in the country. Other colleges include Colorado College, Pikes Peak Community College, Colorado Technical University, and the Air Force Academy.

Beautiful Scenery 

Garden of the Gods, Pikes Peaks, Cheyenne Mountain State Park, the list could go on. Colorado Springs is surrounded by beautiful mountains, ranges and city skylines. There are many different outdoor activities you can do year-round, such as hiking, horseback riding, biking, rock climbing and more. Because of all the outdoor activities to enjoy year-round, Colorado Springs has been listed as one of the healthiest cities in America multiple times. All the great parks, activities and mild climate have inspired the citizens to get outside.

At The Platinum Group, REALTORS, our goal is to make your move go smoothly as possible. We understand that moving to a new city is not only stressful, but it can also drain you and your family emotionally. Our Relocation Department is here to make your relocation process as easy and painless as possible. If you are looking to move to Colorado Springs, call The Platinum Group, REALTORS at 719-536-4444.

The Platinum Group, Realtors The First Choice in Real Estate

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Colorado Springs, CO 80906

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The Pros & Cons Of Purchasing A Home Warranty

February 10 is National Home Warranty Day! When the washing machine breaks down, or the HVAC system stops working, the cost of repair or replacement could be costly. Our homes are filled with complex and vital appliances that over time can and do wear out. A home warranty, unlike home owner's insurance, covers repairs or replacements of these items that break down due to normal wear and tear.

Home warranties often coincide with real estate transactions, as new homeowners want peace of mind that their appliances and systems are covered in their new investment, and sellers want to assure potential buyers that their home will be taken care of. If you are considering adding a home warranty to the purchase or sale of your home in Colorado Springs, consider these pros and cons to decide if it's a good idea to your home.

How Home Warranties Work

While each home warranty is different, typically they cover appliances in the home if they need repair. An agreement with the company will state exactly what appliances or systems are covered. Typically, home repair expenses without a warrant could cost hundred or even thousands of dollars for each repair needed. However, with a home warranty, there is a flat service call fee for repairs. If a covered appliance or system breaks down, you'll need to call or email your warranty company for a claim, and they'll send out a service technician to repair or replace your equipment.

The Pros Of Home Warranties

- Peace of Mind. One of the biggest benefits of a home warranty is the peace of mind it gives homeowners. A leaky toilet or a broken A/C unit are no longer a crisis with a home warranty, as a fix is just a simple phone call away. In addition, homeowners don't have to worry about the costly repairs that might have come with these broken appliances or systems, as they are most likely covered under your warranty.

- An Easy Fix. With a home warranty, you only need to remember one phone number or email for any repair. You don't need to spend time researching reputable repairs companies, as your home warranty has already done the research for you. You also don't have to wait until business hours to start your repair, as some warranty companies have online service claims or 24/7 phone service. All you need to do is call/email the warranty company and wait for the service truck to arrive.

- Avoid The Costly Repairs. Serious issues like plumbing system breakdowns or broken HVAC systems can cost a pretty penny. For homeowners with an emergency savings account, the cost of these repairs or replacements could be devasting and throw them into major debt. With a home warranty, homeowners can rest easy knowing that if anything major happens to their appliances or systems, they won't have to go into debt to fix it.

The Cons of Home Warranties

- Not Needed. If your home is less than 5 years old or is very well taken cared for, you may find a home warranty unnecessary. While avoiding home repairs for years is a good thing, it may feel like the money you spent on a home warranty has been wasted.

- Doesn't Cover Everything. Pre-existing conditions, such as poorly maintained systems or broken fixtures, aren't covered under home warranties. In addition, important systems, such as A/C units, refrigerators or septic systems, may not be included in basic home warranty agreements and you may have to pay extra if you want these important items covered. While repairs are covered by these warranties, you are expected to take good care of your appliances and systems, and regular maintenance is not included in home warranties. If you don't keep up with proper maintenance, your claims may be denied, as the warranty company can't be liable for equipment that has not been taken care of.

- You Can't Choose Service Provider. Home warranties choose who comes to repair the item you claim, and you don't have the option to pick and choose among different providers. You will simply be sent the company that the home warranty provider trusts to do the job correctly. That means that your favorite repairman may be out.

Home warranties definitely have some great benefits for home buyers and sellers alike, however, there are some cons that need to be considered. Luckily, your trusted real estate team in Colorado Springs can help you weigh the options of a home warranty. If you are needing help buying or selling property in Colorado Springs, contact The Platinum Group, REALTORS at 719-536-4444.

The Platinum Group, Realtors The First Choice in Real Estate

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Featured Home - 5565 Broadmoor Bluffs Drive

If you are looking to buy a home in the Colorado Springs area, let the Platinum Group, REALTORS help. Our expert team of Colorado Springs real estate agents has one goal in mind, and that is to find the perfect home for your family. Check out this featured home from one of our Platinum Group, REALTORS, Mike Carter:

Stunning Interior

This home is stunning! The master bedroom and laundry room are conveniently located on the main level for multiple needs. The kitchen is very large and open. It features granite counter tops, gas cook top, double oven and lots of cabinet space. There's plenty of large living areas, which are great for family gathering or entertaining. The family room is very open and features a fireplace and wet bar. The bathrooms are finished with granite and marble tile. The loft located upstairs would be great for an office, study or play area. The basement is finished and features a home movie theater.

Beautiful Views

From the front of the home, there are amazing views of the Cheyenne Moutain. In addition to the beautiful mountain views from the front, there are stunning city views from the back deck. There is lush landscaping that surrounds the property that offers a tranquil setting for those quiet summer nights. Enjoy the sound of the waterfall while you relax on the stamped concrete patio that is covered by the deck. 

Desirable Location

This home is located in the desirable Broadmoor Bluffs and is in the school district 12. This location couldn't be better, as it is close to popular hiking areas, such as Cheyenne Canyon and great entertainment like the Cheyenne Mountain Zoo. In addition, parks, schools and shopping are all just minutes away!

Meet The Agent

Mike grew up in South Carolina and has made Colorado Springs home for the last 11 years.  He is committed to making the client’s Real Estate needs his highest priority and believes quality customer care should be general practice instead of a lost art.  His personalized service and attention to detail create long-term relationships instead of only serving a customer to get through the end of a transaction.  “My goal is to provide customers with the utmost loyalty and professional Real Estate guidance from the first meeting until the day of closing and beyond!”

- Licensed REALTOR & team member with Jeri Hendrix
- Served 7 years in the United States Army
- 10 years experience as a local mortgage broker

Let The Platinum Group, REALTORS Find Your Next Home!

House hunting can be an exciting and nerve-wracking time. However, you don't have to do it alone! Our team of Colorado Springs REALTORS can help you find your dream home. With industry intelligence and knowledge of the Colorado Springs area, they can guide you through the buying process. If you are in need of help finding a home in Colorado Springs, call The Platinum Group, REALTORS at 719-536-4444 today.Let The Platinum Group, REALTORS Find Your Next Home!

The Platinum Group, Realtors The First Choice in Real Estate

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444

Why You Shouldn't Skip A Home Inspection

A home is one of the biggest purchases you may make in your lifetime, so it is important to know as much as you can about it. A home inspection can help you in many different ways from need-to-know information to negotiating price. The Platinum Group, REALTORS offers five reasons why you shouldn't skip a home inspection. 

1. Find Underlying Problems

Even if your home is a new construction, a home inspection is always a good idea, as you could find underlying issues. No matter the age of the home, there could be costly issues unknown to the average buyer. There could be problems with wiring, plumbing and easements that are not visible during a showing, so it's best to get an experts opinion before making an offer on a home. 

2. Could Save You Money

A home inspection can run anywhere from $200 for a small condo to over $400 for a large home. This may seem expensive, however, it could save you money in the long run. A home inspection is a lot cheaper than a new roof, foundation repairs or rewiring of the whole home.

3. Negotiating Tool

If you get a home inspection done before you buy, it could be used to negotiate the price down. If you find your dream home, but realize it needs a lot of work done after the home inspection, you can use the information gathered during the home inspection to talk down the price. In addition to using the home inspection as a negotiating tool, you can also use it as a way to back out of a contract. 

4. Get Repairs In Contract

In addition to negotiating a lower price, many times buyers will include a clause in the contract that requires sellers to make necessary repairs before any money is exchanged. If they are unwilling to make the repairs, you can also estimate the cost and ask them to take that amount off the total. Knowing the condition of the home can give you very valuable bargaining power. 

5. Know What Your Buying

The most important thing about home inspections is that it allows you to really know what you're buying. A home is one of the biggest investments a person is going to make in their lifetime, so it is important you do your research just like you would with any large purchase. The more you know, the fewer surprise there will be down the road. The roof of the home you are looking at may not need a new roof right not, but it could make a big difference knowing it may need one in a couple of years.

If you are on the search for a new home in Colorado Springs, contact The Platinum Group, REALTORS at 719-536-4444. When you hire an agent from the best team of REALTORS in Colorado Springs, you know they will be with you every step of the way from the home search to the signing. Visit our website to learn more about the best team of real estate agents in Colorado Springs at www.PlatinumHomeSales.com.

The Platinum Group, Realtors The First Choice in Real Estate

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444

How To Prepare For The Sale Of Your Home

It is no surprise that spring is the busy season in the real estate market. If you are thinking of selling your home, the sooner you get it up on the market, the better. Now is the perfect time to start working on some projects that can help get your home sold. The Platinum Group, REALTORS have a few tips to help you get your Colorado Springs home prepared to be put on the market. 

Clean The Exterior

In addition to taking care of the landscaping, it is also important to take care of the outside maintenance. A sloppy exterior will make buyers think that the interior is not well kept either. Be sure to clean the gutters and pressure wash your home's siding.

Spruce Up Curb Appeal

The winter months can be rough on the landscaping, however, buyers still pay attention to this aspect of the home. No matter what season you're selling your home in, don't neglect the landscaping. During the spring and summer months, make sure the lawn is mowed, the bushes are trimmed and weeds are out of the garden. It is also a good idea to plant seasonal flowers, such as have daisies in the spring and summer and poinsettias in the winter months. 

Make Repairs

You want your home to be in the best possible condition before putting it on the market, which means that all repairs should be taken care of beforehand. Anything that could discourage buyers should be fixed ahead of time. If there's a leaky faucet or a broken window, fix it as soon as possible. 

Brighten Up The Porch

Make your home inviting by brightening up the entrance way. A fresh coat of paint on the door, especially in a color that contrasts with the home, can make the door stand out. It is also a good idea to replace faded house numbers, so buyers can see them from the curb. 

Depersonalize

You want potential buyers to envision their belonging in your home. Remove any clutter and depersonalize your home by removing knickknacks, photos, extra furniture and other personal items. 

Organize

A messy closet can give the appearance that your home doesn't have enough storage space. It is a good idea to cut back the amount of items in your closet and drawers to allow the items in there to have more room, which makes it look bigger. 

Clean, Clean & Clean

You want to make every surface shine. From ceiling fans to floors and everything in between, clean your home until it sparkles. 

Hide The Pets

Although you may love pets, not everyone does. Put away litter boxes, dog bowls and their toys when showing the home. 

If you are thinking of selling your home in the Colorado Springs area, contact The Platinum Group, REALTORS. Our team is comprised of some of the best real estate agents in Colorado Springs. Let us help you sell your home and find you a new one! Contact us today to learn more about what you should do to prepare your home to be put on the market in Colorado Springs. 

The Platinum Group, Realtors The First Choice in Real Estate

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444

The Benefits Of Being A Homeowner

From a place to raise a family or a place to call your own, there are many different reasons why people choose to buy a home rather than rent. However, there may be some financial benefits of homeownership that you may not have thought about. The best team of real estate agents in Colorado Springs has explained just some of the many benefits of being a homeowner. 

Build Equity 

In terms of your home, equity is the amount of money you can sell it for minus what you still owe. With every mortgage payment you make, the amount you owe lowers, which raises your equity. If you ever sell your home, equity is all profit. If you are buying another home, you can you the money you earned from the sale of your old home to purchase the new home and borrow less. In addition, if you ever need money, you can borrow against the equity in your home with a second mortgage. 

Forced Saving Plan

Owning a home means at least a portion of your income is going towards savings. How? Paying your mortgage every month is essentially a forced savings plan, as you are building up equity. With every mortgage payment, your equity raises and you save more money. When you own a home, you will always have a source of emergency income should you need it in the form of equity loans or even selling your home.  

Consistent Mortgage Payment

When you buy a home, you are generally locked into a fixed-rate mortgage, which is pre-determined payments due every month until the house is paid off. Because this is fixed, you know it won't suddenly increase, unlike rent payments, which helps create a budget that you can use for years. 

Tax Benefits

There are several different tax deduction benefits that homeowners could receive including mortgage deduction, closing cost deductions and property tax deductions. The tax code that allows homeowners to deduct the mortgage interest from their taxes is a huge benefit to some people, as interest payments can be a large component of their mortgage payment in the first few years of homeownership. The first year you buy a home, you can claim the origination fees on your loan, which could help considerably. 

Buying Vs. Renting

At first, it might seem cheaper to rent. However, over time, buying a home could end up being the cheaper route. Eventually, the interest portion of your mortgage payment decreases, which could make your payment cheaper than the rent you pay. Most importantly you are not just “throwing” your money away on rent. Instead of paying money to a landlord, you could be paying off your own home.

Jump In On The Benefits Today!

Now is the perfect time to buy a home in Colorado Springs! With many beautiful homes on the market, you are sure to find the right home for your family in your price range. If you are on the search for a Colorado Springs home, contact The Platinum Group, REALTORS at 719-536-4444. We would love to help you find your dream home and have you start seeing the benefits of owning a home in Colorado Springs! 

The Platinum Group, Realtors The First Choice in Real Estate

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444