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Real Estate

Information about buying, selling and investing in residential real estate.

Senate Bill 18-015: Protecting Homeowners and Deployed Military

This article is copied from the “Capitol Connection Newsletter”, a brief weekly update of the Colorado Association of Realtors® Government Affairs Division.

Senate Bill 18-015: Protecting Homeowners and Deployed Military

SB18-015, sponsored by Senators Gardner (R-Colorado Springs) and Hill (R-Colorado Springs) and Representatives D. Williams (R-Colorado Springs) and Liston (R-Colorado Springs), allows for the removal of an unauthorized person (trespasser) from a residential property within 24 hours based on an affidavit from the true property owner. The rightful property owner is subject to the penalty of perjury if the information they report is inaccurate.  CAR’s Legislative Policy Committee (LPC) supports this legislation, and earlier this week, CAR testified before the Senate Judiciary Committee.   After that committee hearing, the Senate made three amendments to the bill.  Amendment L001 clarifies that the newly established crime of altering or damaging a home does not preclude the prosecution of violations under any other law, primarily criminal mischief giving prosecutors more flexibility in prosecution based on the facts of the incident. Amendment L002 tightens the crime to focus only on “material” alterations to property of trespassers not minor changes made to a property by a trespasser.  Amendment L003 adds security personnel as another type of law enforcement officer who is allowed to remove an unauthorized person from a property.

The unauthorized occupation of property poses a real menace to real estate when an unauthorized occupant moves into a vacant apartment or house without the consent of the true owner. Frequently houses targeted by unauthorized occupants are foreclosures or properties under-going renovations, but they can also be homes offered for sale by owners. In some egregious cases, families have returned home from a vacation to find unauthorized occupants living in their homes.  The result is that under existing laws, true property owners must spend time and money to go through eviction proceedings to remove these trespassers from their properties. SB18-015 creates an alternative process to remove the unauthorized occupant.  We anticipate a final vote on this bill in the Senate early next week before it moves on to the House of Representatives.

Colorado Association of REALTORS®
309 Inverness Way South Englewood, CO 80112

Filing your taxes and buying a home

I just received my income tax organizer from my accountant and I was reminded that this time of year can pose an extra challenge for my clients.  As you can see, my clients are never far from my thoughts, ahhh the life of a   real estate broker.  But seriously, I love my job.

I know you’re thinking “Really?? I just managed to get through the holidays and I don’t even want to think of income taxes yet” or “Are you kidding me?? I have enough on my plate with work, kids, finding a new house, etc, etc.  Why can’t I put this off as long as possible?”

Buyers hoping to beat the rush by entering the market in the Spring need to add one more task to the ever-growing list of things to do.

So what does filing taxes have to do with buying a home?  Buyers may be negotiating the closing on a property on or around April 15th and it may become an issue if their taxes have not been filed in time for the lender to get a transcript.

So what does that mean for you?

  1. If you’re already in process of buying, contact your lender and see what deadlines are in place for needing a transcript of your 2017 tax return from the IRS.  If you’re a “W-2” employee you should probably file as soon as you receive your W-2s from your employer
  2. If you’re self-employed and considering filing an extension  AND you owe money to the IRS you must pay (or have a payment plan established) PRIOR to closing on your home.
  3. If you’ve just started the buying process and are thinking of reaching out to a lender to get pre-qualified be sure to ask about 2017 tax filing deadlines.
  4. If you’re still on the fence about entering the market contact me and we can discuss what may be best for your personal situation.

My goal as a real estate professional is to do my best to see potential stumbling blocks before they upset your transaction. My goal is to insure you are always making great decisions with great information. 

New Construction Costs in Denver Metro Area

This article and information was generously provided by:

Copyright © 2017 Alliance Engineering, Ltd., All rights reserved.
Alliance Engineering, Ltd.
www.AELEngineering.com
(303) 485.8700

Projected Costs for New Home Construction in Denver, Colorado

One of the most important factors in designing a new single home or in developing out an entire neighborhood after platting is the cost per square foot of the home or Project to be built. Denver, Colorado is presently the fastest growing economy in the U.S and, thus, there is presently almost unlimited demand for homes of all types and sizes. As a result it is important to carefully consider the likely price per square foot of the construction of a new home as opposed to that of an existing home.  

Alliance has carefully studied the housing market and specifically those homes that are considered typical for a medium-high end custom home and are neither considered overly luxurious, nor economy homes. This information is being made available to the public for general use in qualifying budgets and design programs.

Typically, there are three (3) ways to measure square footage. This is important because it is a highly sensitive variable. The first is measuring only finished living space and not accounting for unfinished space or garages. The second is measuring total enclosed space, not including garages. The third is measuring total enclosed space including garages. When starting a project, make sure you clearly identify how you are measuring space in your program and that you are using a common standard of measurement with your engineer, architect, and/or contractor.

The costs noted below are for the construction of the finished home itself with all accessory appurtenant structures (decks, covered porches, and the like). It DOES NOT include land costs, site development costs, soft costs or finance costs. It does include all interior finishes. However, it does not include furnishings, art or interior decorating for the home.

Results of Study Regarding Construction Costs:

Total Finished Square Footage:
Low: $150 per Sq.Ft. / High: $275 per Sq.Ft. / Average: $235 per Sq.Ft. / Median: $230 per Sq.Ft.

Total Enclosed Square Footage not including Garage:
Low: $150 per Sq.Ft. / High: $230 per Sq.Ft. / Average: $195 per Sq.Ft. / Median: $185 per Sq.Ft.

Total Enclosed Square Footage including Garage::
Low: $125 per Sq.Ft. / High: $195 per Sq.Ft. / Average: $165 per Sq.Ft. / Median: $155 per Sq.Ft.

The breakdown of these costs by percentage of construction component is shown below. This is a generalized model based on the Denver housing data. As each project can vary significantly in one or more categories, a Schematic Design needs to be developed in order to allow for line-item budgeting to further inform the homeowner of the actual costs and breakdowns for the Project.

The typical new home construction cost breakdown is as follows:

General Contractor Fee: 15 %
General Conditions:  5 %
Interior Finishes: 20 %
Exterior Finishes: 10 %
MEP: 15 %
Shell: 35 %

Although these may seem high, that is the way it is in Denver, Colorado right now. When the time between listings of existing homes going onto the market and initial contract offers is not days, but hours, it is no wonder that new home pricing is as high as it is.

AEL is Licensed, Dependable, and Accurate
The Colorado Principal office is located in Westminster, Colorado. We have licensed Professional Engineers (“P.E.’s”) available on call to complete inspections and reports within 24 to 48 hours of the call coming in. Please call us at (303) 485-8700 or (720) 898-0660. You can also contact AEL by email at mcentofanti@AELEngineering.com. We oftentimes have to react instantaneously and are used to doing so due to an upcoming closing or contract.

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