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Dream Home Dream Team: 5 Professionals You Need

Posted On: February 18th, 2020 9:40PM

If you have decided to build a custom home, your choices are virtually unlimited. The only restrictions to making your dream a reality are your budget and any legal limitations withbuilding codesor zoning. Custom building a home is exciting, but you need to have the right people on your team to make things go as smoothly as possible. Let’s take a look at who needs to be on your dream home dream team.

Home Builder

The most important person on your dream team is the home builder. The home builder acts as the go-between for the homeowner and everyone else on the team. They oversee the entire building process and hire subcontractors to do specialized work. It's the builder's job to make sure all your specifications and wishes are met, and to ensure every step of the build gets done properly and on time. It's extremely important to find a trustworthy, reliable, professional builder to construct your dream home. Look online for pre-screened builders in your area who have legitimate reviews from actual customers. When working with a custom home builder establish a realistic budget early in the process, and then stick to your budget as much as possible.

Real Estate Agent

Buying the right piece of land is essential when you’re building your dream home, as the one thing you can't change about your house is its location. When selecting a piece of land, make sure you find out aboutaccess to utilities, the zoning laws and restrictions, andwater and other natural resource rights. A trusted real estate agent will be able to inform you about all this pertinent information concerning any piece of property you may potentially buy. Your builder might have a real estate agent on their team or be able to refer you to one who can help you find the perfect piece of land for your dream home. A good real estate agent should be intimately familiar with the area where you want to build, will assist with the purchase of the land and coordinate the closing.

Architect

Before you start your build, you need to find an architect to create a design that will be used as a guide to construct the home. For custom homes, you will want to use alicensed architect with a strong reputation in your area. A great architect will help you with the exterior design, as well as the floor plan, flow, and function of the entire home. You will meet with the architect and talk about all your wants and needs for the home so that they can design your dream home to meet your specifications. The architect will provide blueprints of your home's design to the builder so that construction can begin.

Specialty Contractors

Specialty contractors or subcontractors work within particular trades. According toField Pulse, 77% of construction costs are subcontracted and it takes an average of 22 subcontractors to build an average house. The home builder will likely have an established group who they typically work with on home builds – including electricians, plumbers, roofers, HVAC experts, and manyother subcontractors.

Lender

Getting a mortgage when you’re building a home is a little different than when you are buying an existing home. That's why using the right lender is important. You can take out a standalone construction loan, or you can do aconstruction-to-permanent loan which allows you to take a loan to fund the construction and then convert that loan to a standard mortgage when the construction is done. Your lender will be able to discuss with you all the options available for financing the construction of your dream home.

Following through with your visions for your custom home will transform your dreams into reality. However, the home building process isn’t easy and you are likely to hit some bumps along the way. But with the right team on your side, you will be moving into your dream home before you know it.

By: Paul Denikin, Dadknowskiy.com   [email protected]
Photo viaPixabay

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Assisted Living Preparation: What to Do With Your Current Home

Posted On: February 18th, 2020 9:40PM

If you are preparing to move into an assisted living facility, one of your most important decisions will be what to do with your current home. While leaving your long-time home can be an emotional experience, don’t overlook the financial flexibility your home can now bring you. However, there are definite financial considerations you must examine before deciding what to do with the home.

 

 Sell your home

 

If you’re looking to cover the costs associated with assisted living, the most straightforward option is to sell your home. To get an idea of how much money your house is worth, you should check the sale price trends in your local area for comparable homes. In Frisco, the average figure over the past month has been $424,000. Your next step would be to hire a real estate agent to help you put your home on the market and ultimately get it sold.

 

For those entering an assisted living facility, selling your home could significantly lighten the financial burden. Not only can selling your home help you pay for assisted living costs, other monthly expenses will be reduced or eliminated as well.

 

 However, selling your home isn’t always a cut-and-dried affair. The time it takes to sell your home depends on the local market, your asking price, and how well you market your home. There are also several hidden costs -- including taxes and commission fees -- that may not be completely clear until the sale is complete. The average homeowner loses more than $15,000 in hidden costs when selling their home.

 

Profit from rental income

 

An alternative to selling your home is to rent it out. Doing so could bring in a steady monthly income to help offset the costs associated with assisted living.

 

To get an idea of how much rental income you can get from your home, first check local price trends to estimate your home’s market value. The amount you can reasonably expect to charge for rent is between 0.8% and 1.1% of the home’s value. For example, if your home is worth $300,000, you can expect rental income of between $2,400 and $3,300 per month.

 

Like selling, renting also comes with potential pitfalls. While a firm that specializes in residential property management can help handle many of your obligations as a landlord, it’s not inexpensive. Expect to lose between 8% and 12% of the rental income for property management. On top of that, you’ll be on the hook for other expenses including taxes, HOA fees, repairs, maintenance, and costs associated with evictions.

 

Allow a family member to move in

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Mountain Properties Call for a Mountain Guide

Posted On: February 18th, 2020 9:39PM

Let us handle picking the perfect neighborhood by your favorite mountain, finding the picture-perfect home or flawless property to build on, tackle the piles of paperwork, take up the tedious details, protect your interests, all with a professional and ethical relationship.

 

We will help you find your Summit, and make you feel like a true Mountain Local...

 

4 Reasons Why You Need a REALTOR®

In the age of technology, real estate professionals are still invaluable.

#1 Reason Experience and EducationTimely, relevant listing information

Not all of Summit, Lake, Park, and Grand County Listings are on the Internet, to get access to most of the listings on the market in Summit County, you need to work with a REALTOR® who has access to the Summit MLS (multiple listing service).

#2 Reason Ethics and Integrity

 Expert Market Knowledge

In a market like Summit County with so many vacation homes, unique communities and homeowners organizations, a local real estate agent is going to provide the expertise you need.

#3 Reason Market KnowledgeFull access to properties for sale

If you want to see a property, using a Realtor is the only way you can gain access. Online sites, including the MLS, might display 30+ photos of a property, but the only way to know for sure is to step inside, see the views and truly feel what it would be like to live there.

#4 Reason ServicesProfessional, ethical standards

All REALTORS® must abide by the National Association of REALTORS® Code of Ethics, and by hiring a professional REALTOR® who abides by this code, you’re ensuring that he or she will protect your best interests, disclose important information about the property, provide competent services and other important actions that maintain the integrity of each transaction.

 

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Short Term Rentals in Summit County

Posted On: February 18th, 2020 9:38PM

Summit County and the towns within it are instituting new rules governing short term rentals.  If you own a property, or are thinking about buying one, that you will rent out you need to learn the new rules and comply with them.  Breckenrige, Frisco, Silverthorne and Dillon each have their own rules.  If not in one of those towns, the Summit County rules apply.  There are many similarities between the jurisdictions, so this is general information.   You should investigate further depending on where your property is.

 

A short term rental is one that is for less than 30 days to one renter.  Even if you rent one time a year, say over Christmas, for a few days, these new rules apply to you.  

 

All the jurisdictions require separate short term rental (STR) registrations except Dillon, which has a business registration process.  Fees range from $50 to $500 and have to be paid upon annual renewal as well.

 

Lodging and sales tax returns must be filed, paying the appropriate tax.  AirBnB, VRBO and others rental sites don't pay these taxes for you, except AirBnB and Dillon have an arrangement.  Most jurisdictions are hiring third-party agents to compare internet ads with their registrations to ensure compliance.

 

Upon registration, you must generally state that required safety equipment is on-site and operable.

 

Several jurisdictions have maximum occupancy limits, such as two people per bedroom, plus two (or four) more.

 

Tenants are required to follow applicable parking and noise restrictions.

 

Here is the BIGGIE!  All the jurisdictions are contracted with a service that will provide a 24-hour call center to take complaints - typically from neighbors.  Requirements of the towns vary, but resolution of the complaints in a timely manner are required.  Repeated offenses are grounds for penalties and revocation of the licenses.

 

Here are some links to more information:

 

Breckenridge

 

Frisco

 

Silverthorne

 

Summit County



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How Smart is Your Home

Posted On: February 18th, 2020 9:37PM

Over the past decade, smart home technology has moved from the realm of science fiction into our living rooms and kitchens. Connective technology powered by the Internet of Things and installed throughout our homes can flip on lights, turn up the heat, unlock doors and switch off appliances remotely. This technology has made homes more secure, convenient and energy efficient, helping save time, money and worry.

As of 2017, 29 million U.S. households were fitted with smart home technology, up from 17 million in 2015, according to a McKinsey report. As demand builds, designers and manufacturers are continuing to improve their products, helping to ease issues that many users reported with older generations of the technology such as patchy interfaces and fragmented connectivity.

With so much technology flooding the market, perhaps it's time to shop smart to determine which products you actually need versus those that are clever gimmicks. There are many devices that deliver on their promise of safety or convenience and are worth the time and expense. Some of these devices could even help home sellers differentiate their house enough to accelerate a sale.

Everything starts with the hub

A home hub is a good entry point into smart-home technology. A hub functions as a centralized command center. Its “assistant” features are typically powered by artificial intelligence and activated through voice control. Through these hubs, you can connect and control multiple smart technology devices. Hubs can run between $50 and $150. Amazon Alexa and Google Home are some popular examples.

Many households could benefit from the money-saving, environmentally friendly features a smart thermostat provides. Smart thermostats work with many HVAC systems and allow you to control your home's temperature from a computer or smartphone while you're away, or set up a recurring schedule such as turning down the heat when you leave for work. They'll spare you many worries about forgetting to turn off the heat or the AC, and save you money on your energy bill. Typically, they cost about $200, but many utility companies offer rebates on them.

The perks of being smart

If you accidentally leave for work and forget to turn off your lights, being able to switch them off remotely is a great convenience. Smart lightbulbs make this possible. The best of these link to a smart home system and connect to wireless switches and motion sensors—but some require a bridge starter kit to do so. You can purchase smart lightbulbs that come in different colors; others are even equipped with speaker systems that can tap into your playlists, allowing you to stream music through them. Smart lightbulbs range from $48 to $170, depending on their use in combination with a bridge.

Many devices, from space heaters to coffee makers to fans, draw power even when they're turned off. Smart power strips let you control their energy consumption remotely. They can turn most powered devices on and off automatically according to timer, motion or electric current settings. Costs run between $20 to $30 per strip, on average.

For added convenience or security at your doorstep, consider installing smart locks—or smart entry systems. These allow you to unlock doors remotely, or from a set distance from your door via sensors on your smartphone. You can let in a dog sitter while you're at the dentist's office and lock up after, or unlock your door while burdened with grocery bags. Some of these systems can be installed over your existing hardware; others require replacing locks, bolts and handles. And your key will still work if your phone runs out of juice.

Smart locks can cost around $100 to $250. In addition, smart doorbells that stream video to your smartphone allow you to communicate with delivery services or visitors remotely. These can cost as much as $200 to install and run.

For all of the benefits that smart home technology can provide, it's important to point out that nothing is perfect. Remember, one result of this technology is that it accumulates information about your behavioral patterns—not only taking note of things like your thermostat setting, but also documenting times when you're away. Clearly this is information that you don't want to fall into the wrong hands. Using secure internet access, changing your passwords often and installing updates promptly are some things you can do to help offset security concerns.

Does this home come with smart tech?

While more Americans are considering augmenting their homes with smart technology, more homebuyers are looking for homes with these devices already installed. According to Coldwell Banker's latest annual smart home survey, thermostats and fire detectors numbered among the more popular devices potential homebuyers sought in new home purchases.

So, should potential home sellers buy these smart devices pronto? Maybe. Many smart products can be purchased and installed over a weekend. They won't necessarily boost your home's value. But real estate pros say there's a good chance they will help you differentiate your house from others enough to shorten its time on the market.

Residential real estate agents and brokers do have some caveats on smart tech. They recommend that home sellers only display the technology that will stay with the house, so buyers don't develop unreasonable expectations for what they're getting with the sale. In addition, presentation counts: sellers should ensure that the smart home technology doesn't come across as too complex or intimidating, which can discourage prospective buyers.

Smart technology can offer homeowners the promise of savings, convenience and potentially peace of mind. Some devices work better than others, so do your homework to assemble the right technology systems and devices for your needs. And don't fret if you don't find exactly what you need. Today's “science fiction” technology could be available for your home sooner than you imagine.

 
John Pataky
Executive Vice President, TIAA Bank
John has long served as a leader in the financial services industry. And today, his focus on our clients' needs drives the strategic growth and evolution of our banking and home lending businesses.

All statements, comments and opinions expressed are solely those of the writer or speaker and are not the statements. comments or opinions of TIAA Bank or of any of its affiliates, and are subject to change without notice. All factual information has been obtained from sources that the writer or speaker believed to be reliable, but the accuracy, completeness, and interpretation of the factual information is not guaranteed and has not been independently verified. Not all products are right for everyone. You should conduct your own research and/or consult your advisor before making any home financing decisions.

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