Pikes Peak Home Buying Guide

SUNDAY, JUNE 14, 2015

Pikes Peak Home Buying Guide A SPECIAL ADVERTISING FEATURE OF THE GAZETTE

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HOME FEATURE:

How to utilize home office space to fit your working needs

BY JESSICA SMITH  SUMMIT DAILY NEWS

There are a lot of reasons to create a home office. For new parents, a home office is a way to stay close to the kids while continuing to get work done. Other parents’ children have left the nest, vacating a room, which can be converted for another purpose. Here in the High Country, the draw of the mountains is so strong that many arrange to work remotely and move here for the view and the recreation.

Whatever your reason for working from home, it’s important to take the time to get your office set up right. This space is your home but not your home — it is your sanctum, an extension of your career and ambitions. By utilizing available resources and approaching it with a thoughtful mindset, you can create an organized, functional and even fun home office.

GETTING STARTED The very first thing interior designer Shelley Sims does when approaching a new project — home office or otherwise — is start asking questions. As the owner of Thrive Design, based out of a home office in Silverthorne, Sims likes to hear what her clients’ thoughts and needs are right at the beginning. She thinks of it as a little bit like the game 20 Questions, except obviously there are many more.

“A normal question I could ask any client is, ‘How do you use this room? What do you do in it?’” she said.

Once the questions have established the scope and style of the project, Sims can really get to work.

“My job as the designer is to narrow down the options,” she said.

With so many types of desks and lamps out there, for example, the choices can be overwhelming. Armed with the knowledge of her clients’ needs, Sims can help make the task less daunting. She might investigate 50 different styles of desks and come back with three options.

“That’s why someone would want to hire a designer,”she said. “They’re busy. Maybe they have a million kids; maybe they travel, and they don’t have the time.”

THE RIGHT SPACE If you’re in the process of building your house, then you have control over where you place your home office. In that case, you have the advantage of proper placement.

If you’re building from scratch, then the best place for a home office is away from the busiest parts of the home, i.e. the kitchen and living room, said designers Christina Romano and Johanna Serino, of Pinnacle Mountain Homes in Breckenridge. Starting with a furniture layout allows you to customize your space and pick the best view.

If you’re looking to repurpose another room into your new office, then you’ll have to consider your options closely.

“You need some sort of separation, whether it’s a door or a hallway, sometimes even a little studio outside of the home,” said Tracey Egolf, owner of Egolf Interiors Inc. “But it’s critical to have your work activities separate — close to your home because it’s a home office, but separate from your home activities.”

Sometimes, the best place isn’t the one you’d think of first, Sims said. For example, a room on the bottom floor might be physically further from certain distractions, but if it’s below the kitchen, the stomping of footsteps in the morning might disrupt conference calls.

“If you have a certain space in the home that’s not part of the living room, it helps you focus,” Egolf said.

The need for privacy is often overlooked at first, she said, but quickly becomes obviously essential.

“I know that because I did it myself twice,” she said, referring to her own home office. “I think people underestimate that need for — I’m walking through this door, I’m now in my office — and I think that’s the most overlooked.”

ESSENTIAL ELEMENTS Once the space is chosen, it’s time to get down to the details. This is where Sims steps in and offers to narrow down the choices for her clients. Sometimes, this means buying new items, but she always checks to see if there are furniture pieces

HB 2 I THE GAZETTE I SUNDAY, JUN 14, 2015

already in the house that can be pulled into the office and incorporated.

“The whole interior design process, building process, construction, all of that, is just a matter of decision making,” Sims said. “Just buying one light fixture there’s 10 questions.”

All the designers agreed that the person who will be using the office should be aware of what types of equipment will be most needed for work — filing cabinets, cork board or dry erase board, space to spread out, etc.

“Being really aware of what they need in order to operate efficiently … allows me to custom design a perfect set-up so they’re not struggling with ergonomics or with light and glare, things like that,” Egolf said.

Clients should also consider how they like to work. Standing desks, for example, are widely available for those who don’t want to sit all day.

“It’s all about figuring out how you work best,” said Egolf, who employs a standing desk in her home office. “I found that when I sat down too long, my brain just turns off.

I need to be able to stand up and sit down and still get my work done.”

Your office should also be a place that you enjoy, advised the Serino/Romano Pinnacle design duo. When it comes down to it, you just need to pick a space that you really like and want to be, they said. It’s important to create a place where you won’t mind

spending time.

EMPLOYING EFFICIENCY A lot of your decisions regarding office furniture and equipment will rely on the size of the space you’re working with. If you have a regular or large-sized room, then you can afford to play around with multiple pieces of furniture. But for those working out of a condo or smaller reclaimed space, efficiency is the name of the game.

That’s where the More Space Place in Frisco comes in. The store carries all kinds of items designed to be efficient in smaller spaces, such as murphy beds and multipurpose desks.

“Most people’s houses, it’s just, ‘I need a home office to pay my monthly bills,’” said Tony Pestello, owner of More Space Place.

“Here, we have a lot of telecommuters.”

That means people need a full-blown office more than just a desk in the corner of the room. But that doesn’t mean they can’t be efficient. Pestello sells night stands that double as desks and charging stations for those burning the midnight oil sitting up in bed. He’s also got coffee tables that lift up and act as a desk when needed, or end tables that offer filing space and more charging options. These trends have become more prevalent as people change where and how they work.

“If you can make a room do three things, you’re ahead of the game,” Pestello said. 

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Treating warm weather insects METRO CREATIVE SERVICES

Homeowners know that the arrival of spring also marks the re-emergence of insects. While not every insect is harmful, it may be time for homeowners to call in a professional.

The Entomological Society of America points out that homeowners cannot count on bitterly cold winters to help control the numbers of insects in their yards. Insect ecology is affected by various factors and is not solely dependent on temperature.

Furthermore, what occurred one year certainly may not be repeated the next, as homeowners who have had various insect infestations in their yards can attest. One year a yard may be overcome with ants, while the next year it may suffer through an earwig infestation.

The first step homeowners looking to curtail insects in their yards can take is to determine if the insects they see are genuine threats to their lawns. Some bugs

emerge and swarm early in the season, but then gradually disappear as spring turns into summer. Other insects may come out of hiding if a homeowner is doing a lot of yard work or construction around a house. Practice a wait-and-see approach to determine if you really have an insect problem or just have stirred up activity.

Homeowners also must decide if it is bearable living with the insects. If insects are not doing any damage or if they can be controlled relatively easily, then you might be able to avoid calling in the professionals. However, if critters like termites and certain species of woodeating insects are invasive and damaging your yard, you may need to take action.

Anyone concerned with the side effects of pesticides and insecticides can first try to remedy the problem naturally. Sometimes it’s just a matter of making a yard less hospitable to insects. Remove leaves and

clean up debris close to the house, as these can both encourage infestations. Piles of rotting wood or leftover firewood can be a food or shelter source for a number of insects. Inspect water spigots for leaks and improve suspect drainage on your property, as these things can be welcoming to bugs that like moist surroundings. Remove standing water whenever possible to eliminate spots for mosquitoes to incubate larvae.

Natural remedies also may do the trick.

Mint, bay leaves, catnip, and garlic can repel insects like roaches and ants. Citrus can be a natural flea deterrent. Some homeowners have had success planting marigolds around their yards to serve as a natural bug repellent because the flowers produce a scent that many insects find repulsive. Thai lemon grass plants also can be used to keep mosquitoes at bay.

Remember, natural predators, such as birds, bats, spiders, and larger insects, feed on nuisance bugs. Keeping these helpful predators around may be an effective and natural way for homeowners to control annoying pests.

If an insect problem seems out of control or if you need a professional opinion about the damage being done to your home or landscape, consult with an exterminator.

Licensed exterminators have the training and expertise to assess insect concerns and create a plan of action that will minimize the risk to inhabitants of your home and nearby wildlife. An exterminator will know what it takes to treat insects and maximize the chances of removing the problem promptly and effectively. 

Close on Time – Guaranteed As a realtor, I’m always pleased when my clients choose Ent for their mortgage loan.

Ent guarantees their mortgage loans will close on time, or Ent will credit $500 to the HUD 1 Settlement at closing.

Closing on time helps my clients –

$500 Mortgage Closing Guarantee*

and my business!

To learn more, visit Ent.com/MortgageGuarantee.

(719) 574-1100 or 800-525-9623

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*$500 Mortgage Closing Guarantee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on purchase mortgage loans with closing dates set for a minimum of 30 days after the original purchase contract is signed. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no less than two (2) business days after application receipt. Loan closing is subject to underwriting approval. Closing guarantee is not applicable if: a. borrower changes loan products or terms, b. closing is delayed due to seller’s failure to close on time, c. borrower fails to meet contract requirements, d. closing is delayed due to a third party requirement, including appraisal and inspection, e. closing date is not included in the contract, f. closing is delayed due to inclement weather or natural disaster, or g. loan documentation or application contains fraudulent information. Ent reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Guarantee paid in the form of a $500 credit on the HUD 1 settlement form at closing.

Standard credit and underwriting guidelines apply. All loans are subject to final credit approval. Financing on homes throughout Colorado. In reference to an extension of credit that may exceed the fair market value of the dwelling, the interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax adviser for further information regarding the deductibility of interest and charges.

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HB 4 I THE GAZETTE I SUNDAY, JUN 14, 2015

© Ent Federal Credit Union, 2014 Ent is a registered trademark of Ent Federal Credit Union.

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2015 HOME BUYING

“remax” to (719) 576-8888 to view any available property in the Pikes Peak MLS.

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SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 5

Welcome Home.

Apple’s Siri has role in new ‘smart’ homes

THank You

Recognized again in the RealTrends Top 500 in the US

Apple senior vice president of Software Engineering Craig Federighi speaks about the Apple HomeKit app at the Apple Worldwide Developers Conference in San Francisco. AP Photo/Jeff Chiu, File

BY BRANDON BAILEY  THE ASSOCIATED PRESS

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5590 North Academy Blvd Colorado Springs, CO 80918 Office: 719-548-8600 www.ColoradoAdvantage.com HB 6 I THE GAZETTE I SUNDAY, JUN 14, 2015

SAN FRANCISCO — Hey Siri, turn off the kitchen light.

The first “smart” home gadgets that can be controlled by Apple’s voice-activated digital assistant are going on sale this week, just days after rival tech giant Google announced it’s building its own software for Internet-connected home appliances and other gadgets.

The new products could be an important step forward for the emerging industry of “smart” or “connected” homes, where appliances, thermostats and even door locks contain computer chips that communicate wirelessly. While a number of companies are working on similar products, analysts say Apple could persuade more consumers to try them by making it easy to control different products from a familiar device, such as the iPhone.

Apple announced its “HomeKit” software project a year ago, but isn’t making the new products. Instead, other companies have been working to make devices that meet Apple’s criteria for compatibility and security. Two manufacturers are now selling products and three more are accepting online “pre-orders” or plan to begin selling in coming weeks.

HomeKit-certified products hitting the market Tuesday include wireless hubs from two companies, Insteon and Lutron Electronics. The hubs, about the size of a small home router or cable TV box, act as the central controller for lights and other gadgets. The hubs in turn can be managed

with a smartphone app.

Lutron Electronics, for example, is selling a $230 starter kit that includes its “Caseta Wireless Smart Bridge” hub and two dimmer units — either wall switches or plug-in units for lamps — controlled by the hub. Insteon says its hub will work with compatible lights, power switches and thermostats. Three other companies say they expect to start selling HomeKit thermostats, power plugs and climate sensors in coming weeks.

You can already buy similar products from these companies, which have their own smartphone apps to control them. The tie-in with Apple means a user can control those apps with Siri, the voice-activated digital assistant on Apple’s iPhones and iPads. Users must link with an Apple TV box to control from outside the home.

Apple also says products using HomeKit software must meet standards for compatibility, so they work with HomeKit products made by other manufacturers, and for encryption, which keeps hackers from taking over a system or stealing user information.

While Apple wants Siri to play a leading role in “smart” homes, its biggest rivals want in, too. Google announced last week that it’s creating software called Brillo as a common platform for Internet-connected gadgets in the home or in commercial settings. Microsoft and Samsung are also promoting software to control home systems. 

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HB 8 I THE GAZETTE I SUNDAY, JUN 14, 2015

Owning a home is a dream for many people, but even the most affordable homes can be a considerable expense. Fortunately, homeowners can reduce the cost of owning their homes in a variety of ways.

REFINANCE YOUR MORTGAGE The average homeowner would point to his or her mortgage payment as his or her biggest monthly expense. First-time homeowners may assume they have no leeway with regard to lowering that payment, but that’s not necessarily true. Interest rates fluctuate every day, and homeowners might be able to take advantage of that fluctuation by refinancing their mortgages to earn lower interest rates. Depending on the amount of the loan, a homeowner might be able to save hundreds of dollars per month and tens of thousands of dollars over the life of the loan after refinancing his or her mortgage.

Research current interest rates to determine if refinancing is in your best interest.

REEXAMINE YOUR INSURANCE POLICY When borrowing money to buy a home, borrowers need to have homeowner’s insurance. It’s easy to forget these policies and simply pay the premium each month.

But homeowners looking to save money should periodically reexamine their policies and compare these existing policies to

those they might be able to get from other providers. Comparison shopping can save homeowners substantial amounts of money.

Homeowners willing to purchase their homeowners and auto insurance policies from the same provider also can save a considerable amount of money, sometimes as much as 15 percent depending on the provider.

MAKE SAFETY UPGRADES Many insurance companies offer discounts to homeowners who install alarm systems, sprinklers or storm shutters in their homes. But homeowners should confirm their eligibility for such discounts before making any upgrades, as policies may differ depending on the provider.

PURCHASE ECO-FRIENDLY APPLIANCES The appliances in your home at the time of purchase will inevitably wear down, and replacing such items can be expensive.

But replacing older appliances with more eco-friendly alternatives can save you money on your monthly utility bills, as more and more appliances are now made with energy savings in mind. Cutting your energy consumption leads to lower utility bills, and you may even be eligible for government rebates when buying products that meet certain energy-saving standards. 

Top 7

most dangerous DIY home renovations STATEPOINT MEDIA

One in five DIY-ers tackling home renovations ends up in the hospital each year due to accidents, according to the Home Safety Council. Don’t become a statistic.

Here are the seven most dangerous DIY home renovations you should leave to the experts.

1. TREE TRIMMING & REMOVAL Trees don’t always fall in a predictable manner, creating a hazard for yourself and your property. It’s best to consult a certified arborist, no matter how handy you are with power tools.

“If a tree falls during a storm, a DIY mishap, or a careless neighbor’s landscaping project, take photos and contact your claims adjuster as soon as possible,” says Erie Insurance Vice President and Product Manager, Joe Vahey. “Your adjuster can help evaluate the damage and explain how your homeowners insurance can help.”

2. ASBESTOS REMOVAL Many homes built before 1980 contain asbestos. Before renovating, it’s a smart idea to have your home inspected for asbestos-containing materials by accredited professionals. Leave clean-up to experts, and limit your exposure to the area.

Inhaling airborne fibers may cause harmful respiratory problems.

3. ROOF REPAIR When faced with severe storm damage, homeowners often look for a quick fix for roof damage. Rather than running the risk of falling or injuring yourself, have your homeowners insurance claims adjuster verify damage and schedule repair work with an experienced company. In the long run, this will save you time, money and help you avoid injuries.

4. ELECTRICAL REPAIRS While it may be easy to change a light switch or install a ceiling fan (make sure your power is turned off before you start), replacing circuits and other larger projects should be done by professionals. This will prevent shocks, injuries and potential fires, while ensuring your home is up to building codes if you eventually plan to sell.

6. KNOCKING DOWN WALLS If you’re looking for an open floor plan, think before tearing down walls yourself.

Do you know which walls are load-bearing and where plumbing or electrical lines are located? Professionals will know how to best navigate the project from start to finish so you stay safe, and your home stays intact.

7. PEST CONTROL Not all pest-control products should be handled by the average consumer.

Keep your family safe by hiring a

pest control company to handle toxic substances properly.

More renovations safety tips and information on homeowners insurance can be found at www.ErieInsurance.com.

Before taking on your next big project, think about where you can bring in the pros to save time and money in the long run, and keep your family safe and sound. If accidents do occur during the DIY renovation process, be sure to loop in your insurance claims agent to help assess any damage. 

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DESIGN RECIPES:

How to maximize space in small children’s rooms

BY CATHY HOBBS  TRIBUNE NEWS SERVICE

Typically space is at a premium when it comes to maximizing the space of a child’s bedroom. The room must pack a punch and be able to successfully store and stow all a child’s necessities. As an interior designer working almost exclusively in Manhattan, the typical child’s room is 200 square feet, so being able to maximize space is key. Whether small — or what some may call “tiny” — one can have success by following some of my tricks of the trade.

Here are some of my top Design Recipe tips for designing small children’s bedrooms: • Think function first.

• Generate a floor plan that creates distinct spaces or zones.

• Create a furniture plan. Bunk beds aren’t the only option for children sharing a room; often twin beds separated by a single nightstand creates a restful and inviting environment.

• Allow plenty of room for circulation and flow.

• Develop a color scheme.

• Use color such as accent walls to help define a space.

• Purchase furnishings that are multifunctional and space-saving.

• Add pops of color through artwork • Add warmth through accents and accessories.

• Use mirrors. Nothing opens a space better.

And my final tip for making the most of a small space: ORGANIZE! Small spaces can get cluttered and messy in a hurry. That’s why it’s important whenever possible to create sensible storage solutions so that everything stays organized and accessible.

When it comes to organization, in addition to new items, I also prefer using and/or repurposing ordinary household items into wonderful and useful organizational tools.

BEST DIY ORGANIZING ITEMS • Use a drawer utensil divider to organize jewelry, pencils or school supplies.

• Use kitchen cabinets to for school papers and books.

• Buy a multi-drawer tool box. I use the ones I buy to organize everything from office supplies to crayons and markers.

And my new favorite items on the market: • Huggable hangers. I love them!

They reduce space and keep your closet orderly • Clear bins. Put out-of-season items (or those a child doesn’t use very often) in clear bins and then label with a marker or photo that helps you identify what’s inside.

• Erasable boards. They come in all sizes, and you can also purchase erasable labels. I believe effective labeling is the key to effective storage and organization. 

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The advantages of buying a home at the end of the month

BY TESS FRAME  GOBANKINGRATES.COM

Most people are aware of home buying’s seasonality; March and April are generally the hottest months for sellers, evidenced by the “for sale” signs that pop up every spring, while buyers are more likely to get a better deal in the winter, when demand is lower. What’s not common knowledge, however, is how buyers can save money by closing at a certain point in the month.

General sentiment suggests that buying a home toward the end of the month isn’t smart, as the paperwork can take longer to process, with lenders up to their ears in loans that need to be sorted through by the 30th or 31st. Inconvenience aside, though, there are a number of financial incentives to closing later in the month; we came up with three reasons you’ll save money if you wait till the last couple of days to buy.

YOU’LL SAVE ON PREPAID INTEREST Mortgage payments are different than most monthly payments, in that the interest is collected in arrears. That means that you’re always paying the previous month’s interest — so your January payment is partly the principal and partly the interest you owe from December. The day you close on a house, interest begins accruing leading up to your first payment, and you’ll pay that interest in addition to any closing costs prior to beginning your actual monthly payments.

The interest you pay over the life of the mortgage ends up balancing out, so you’ll either pay now or later. But for cash flow’s sake, it might be advantageous to save money on your mortgage upfront, since you’ll be shelling out a lot in closing costs.

So, if you close on April 28, you’ll only have to pay two days’ worth of interest upfront; you’ll then get to wait till June 1 (since you usually get to skip your first payment) to pay your first mortgage bill, which will include interest for May. Your first mortgage payment will be due on June 1, and will include the interest for May. HB 12 I THE GAZETTE I SUNDAY, JUN 14, 2015

YOU’LL GET THE MOST OUT OF YOUR FINAL RENT CHECK One thing that drives buyers crazy is paying rent and mortgage at the same time. By closing on a home as close to the end of your rental agreement as possible, you’ll prevent payment overlap (assuming your lease expires at the end of the month).

If you’re buying an additional property, closing at the end of the month can also keep you from paying twice.

If you’re renting one of the homes to a tenant, end-ofmonth closing can give you extra time to get it occupied.

YOU’LL GET A BETTER DEAL ON HOME PRICES Many sellers want to start the new month with a clean slate and eliminate their extra payments, which could mean lower prices for you. Sellers who are moving, buying another property, tight on cash or threatened with bankruptcy will be motivated to sell their home quickly as the end of the month approaches — even if it means lowering the price.

“Most sellers … look to when the property will close as a driving factor to offer acceptance,” said Andrew Haley, director of asset management at La Jolla, Calif.based Pontus Capital.

If the seller wants to close as soon as possible and you specify a shorter escrow period, your offer could be the most attractive one — even if it’s not the highest.

This could also be the case for bank-owned homes, particularly if home sales have been low. Banks are businesses just like any other, and if their assets aren’t performing, they might find it necessary to purge all or some of their inventory. What’s more, Haley said, salespeople working for banks or corporations are often driven to meet monthly sales goals for risk of losing commission, regardless of the home price.

He experienced this first-hand as an asset manager for General Motors Acceptance Corporation: “Goals

were set on a monthly basis, and not making the goal would cost me thousands of dollars in lost commission,” Haley said. “I was not paid on a percentage of the sale of the property, but on a numeric amount of closings per month regardless of value. I can tell you that at month’s end, I was highly motivated to get the deals done.”

HOW TO MEET YOUR END-OF-MONTH GOAL Simply making your desired closing date known to the seller can help you meet your end-of-the-month goal.

“If you don’t set a deadline, it seems that loan officers and escrow and title officers are not overly anxious to get their jobs done,” Haley said. “When the month’s end is coming up, they seem to be on top of things more as they realize the time to close is coming up.”

As you shop for your new home, consider how closing toward the end of the month can also make the transition to life as a homeowner smoother. You might just want to get the whole thing over with as soon as possible.

“I don’t have a full explanation as to why, but there is no doubt a conscious and subconscious motivation to get something done prior to the last day of the month, regardless of it being a real estate transaction or any other goal in life,” Haley said. “Month’s end seems to be a natural deadline. Whether (people) are selling or buying, (they) set goals as to when they would like to sell or purchase a home. When month’s end is approaching, they become more motivated to get a deal accepted to meet the goal.”  Tess Frame writes for GOBankingRates.com, a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt.

Set up a great home theater STATEPOINT MEDIA

These days, home theaters are particularly popular rooms in many houses, and are even viewed as selling points. In fact, this trend has become so popular that eight in ten builders now offer home theater pre-wire, according to a study from the Consumer Electronics Association.

By following some tricks of the trade, you can add excitement to your living room or create a superior home theater space.

IMMERSIVE VISUALS To capture the stunning visuals you see in the theater, consider a projector that can create a more immersive experience for gaming, movies, concerts, and sports. Be sure to select one with a fully connectable interface, including three types of video and audio inputs, as well as HDMI, RGB

and RS-232C terminals.

A projector lets you replace an ordinary TV with a larger screen, and if you choose a light one, it can even be moved around from room to room. For example, weighing in at just five pounds, Casio’s SLIM projectors are thin and compact, require little setup time and provide maximum brightness in as few as five seconds to put you into the action in no time. The SLIM series of LampFree projectors offers an estimated 20,000-hour lifespan with minimal brightness degradation and continuous operation, outshining conventional projectors requiring mercury lamp replacements. More information is available at www.CasioProjector.com.

And experts also stress that projectors can be economical, as the cost per

image area is less than with traditional televisions.

POWERFUL SOUND You want powerful sound that can move you, but not so loud it moves your home’s foundation.

Most experts agree surround sound is best. You will need at least four speakers and a subwoofer. And don’t just place speakers on either side of your screen.

Create an equilateral triangle, with the right and left front speakers as two points and your primary seat as the third point.

Meaning, if you are seated seven feet away from the screen, your speakers should be seven feet apart from each other and angled toward you. Place them at the same height as ear level.

EASY COMFORT Seating is just as important as incredible visuals and powerful sound to create the perfect home theater atmosphere.

Think of seats as primary and secondary. Primary seating is for family or friends who use the space regularly.

Secondary seating is used when you have that huge party for the big game, a new movie or an awards show.

Some prefer dramatic theater-style seating with classic flip-up chairs and built-in cup holders. Others like recliners or sofas on which they can lean. Just make sure every seat has an unobstructed view and no seat is too close to speakers.

Above all, when the remodeling is done, remember to take time to enjoy your set-up! 

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A traditional symmetrical layout gets a fresh twist in this living room designed by Betsy Burnham of Burnham Design inBeverly Hills, Calif. Sofas are arranged back-to-back to create two separate seating areas, and the pieces are brought together by a slim console table topped with a pair of dramatic lamps with sculpted bases. Sarah Dorio/Burnham Design via AP

ASK A DESIGNER:

Coming up with a furniture plan that works

BY CATHY HOBBS  TRIBUNE NEWS SERVICE

Sometimes the way to improve a room isn’t to buy new furniture: It’s to rearrange pieces you already own.

Interior designers can spend hours creating the best furniture plan for a room, balancing practical considerations and creative risk-taking.

“Changing up the placement of your furniture can make a massive difference,” says designer Brian Patrick Flynn, founder of Flynnside Out Productions. Adding, subtracting or relocating furniture, he says, affects “how natural light plays in the space and also how frequently the room gets used.

By simply adding a bench to a wall, a room can become more of a hangout.” Removing a few pieces to create more space “can make it feel a bit more casual and informal.”

How do professionals map out a furniture plan, choosing the best location for each item? Flynn and two other interior designers — Dan Faires, host of HGTV’s “DanMade,” and Betsy Burnham of the California-based design firm Burnham Design — share advice: ANALYZE YOUR SPACE Begin by deciding how the room will be used, Burnham says. Is it a living room used mainly for TV watching or socializing? Does the space have two roles, such as a home office that doubles as a guest room? Or is it a playroom, where the priority is open space and maximum storage?

In a new home, knowing the answer can take time. “It’s important to live in a space for a few weeks or months before assigning it a space plan so that you truly get a sense for how you’ll use it,” Flynn says. “Then decide on your seating capacity and find a way to maximize it without sacrificing visual balance.”

Consider any quirks: Are there lots of windows or doors? Unique architectural items such as a fireplace or beautiful windows with a view? A particular piece of furniture or art that you want visitors to notice?

Depending on the answers, Flynn likes to choose one “standout feature” and then arrange furniture in a way that highlights it.

Also, says Burnham, “lighting can direct a furniture plan.” Is there a lot of natural light or will you need plenty of lamps? Are there builtin sconces or a central chandelier?

as the overall function and the furniture” because it makes the space feel more open, uncluttered and inviting.

Consider the size and placement of rugs.

“I cannot imagine designing a living-room space with a rug any smaller than an 8-by10,” Faires says. “The rug is meant to unify the entire space and connect furniture pieces together, so a good rule of thumb is that at least the front legs of any sofas or chairs in the living room should be on the rug. For a larger area rug, allow at least 18 inches from the edge of the rug to the wall.”

In very large rooms or loft spaces, rugs can help define small areas and make the space feel organized.

“To keep everything balanced while visually separating each zone, use area rugs in coordinating colors with slightly different textures and patterns,” Flynn says.

MEASURE AND DRAW Even if you’ve got a general plan in mind, Faires suggests measuring the space and creating a scaled drawing with exact measurements of every piece you’re planning to include. (You can find a template on Burnham’s website, www. instantspacedesign.com.)

Don’t skimp on empty space. “I always allow a minimum of 18 inches between sofas and coffee tables,” Faires says, “and 3 to 5 feet for walk spaces. The flow and negative space in a room is as important

KNOW THE RULES, THEN CONSIDER BREAKING THEM Some rules are important, says Flynn.

For instance, “leave at least 36 inches of open space between the back of a dining chair and a nearby sideboard to allow for proper traffic flow.”

But plenty of other rules can be broken or modernized.

“For example, it’s not ideal to enter a living room and be staring at the back of a sofa,” Flynn says. “But if you flank the back of the sofa with a console table and lamps,

HB 14 I THE GAZETTE I SUNDAY, JUN 14, 2015

it instantly becomes more inviting and less closed off.”

Also, while some symmetry is important to “ground a furniture plan,” Burnham says, mixing in a little asymmetry “makes for a much more interesting room.”

If she flanks a sofa with matching end tables and table lamps, “we may balance the grouping with mismatched chairs and a standing lamp.”

Remember, you don’t have to place furniture along walls.

“Floating furniture in the middle of the room helps highlight architectural features and also aids in proper movement throughout the space,” Flynn says.

Placing furniture away from the walls also works well in spaces that have lots of doors, or soaring windows that shouldn’t be obstructed.

And not every living room needs a sofa.

Burnham suggests trying “an unusual layout, like a living room with four lounge chairs around a center coffee table instead of the expected sofa.”

Use unexpected pieces, like “a library table stacked with books in a wide hallway, or two area rugs instead of one to define spaces within a bedroom,” she says.

And remember: You’re not obligated to use everything you’ve got.

“Curate and edit down your existing pieces,” Faires says, “keeping the items that work well and selling the items that don’t.” 

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SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 15

What to look for in an investment property METRO CREATIVE SERVICES

Historically, the appreciation rate for real estate is very strong. Even when the housing market declines, long-term investors in real estate can rest easy knowing that property values tend to rebound rather quickly, rewarding patient investors in the process. Looking at real estate as a long-term investment is just one way approach a potential investment property. The following are a few additional considerations prospective investors should contemplate before buying an investment property.

LOCATION

Many people are familiar with the real estate industry axiom, “location, location, location!” When buying an investment property, location is everything. A great location should outweigh your own personal feelings about the home, especially if you

do not intend to live at the property. You will likely define a great location for an investment property differently than you would a property you intend to live in, so don’t let your own desires in a home cloud your judgment when choosing an investment property. Properties in safe neighborhoods that boast good schools and offer easy access to public transportation tend to make great investment properties.

DECOR

Decor is another thing to consider when looking for an investment property. If you don’t plan to reside in the property, your opinion of the decor should not carry much weight. When viewing a property, try to imagine how much it might appeal to prospective tenants. Quirky properties typically do not appeal to as many prospective tenants as properties whose

decor are similar to other homes in the area. Though you might find a tenant who prefers properties with unique interiors, a property that appeals to as many prospective tenants as possible often makes for a better investment and a lot less stress when the time comes to find tenants.

CONDITION

The condition of the property also must be considered before buying an investment property. Some investors want a fixer-upper, while others prefer turnkey properties that won’t require any elbow grease. The former type of property likely won’t cost as much as a fully renovated property, but those cost savings might be lost when it’s time to renovate. Find a property that’s in the type of condition you’re comfortable with. If you decide to

go with a fixer-upper, learn the cost of your potential projects before submitting an offer.

COST

Real estate makes a great investment, but don’t go overboard when buying an investment property. Before making an offer on a property, research rents in the area and the cost of insurance in that particular neighborhood. You want a property that essentially pays for itself, so make sure the rent you’re likely to collect is enough to cover your monthly costs, including the mortgage on the property, insurance and the costs associated with managing and maintaining the property.

Real estate investors often reap great rewards when selling their properties. But it’s still important for potential investors to consider a host of factors. 

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This quiet established neighborhood is centrally located and a short walk to the Ivywild Community Center/Bristol Brewery. This home has a lot of character!

3650 Strawberry Field Grove #D $139,900

This Immaculate Move-In Ready Condo offers 3 Bedroom, 2 full Bath. It is a rare Ground Corner Unit. The Kitchen & Entry boasts new tile flooring. With a Built In Closet on the Covered Patio plus a garage AND a carport there is ample storage. The Whole Unit has been Freshly Painted. A Clubhouse, Pool, and Tennis Courts are part of the community. Extras included are A/C, a Gas Fireplace, All Kitchen Appliances AND Clothes Washer and Dryer. The Master Retreat hosts a Walk In Closet, and Private Master Bath with soaking tub. All this and a Gated Community? Please come see for yourself!

SOLD

2240 Yankton Place $524,900

5 Beds, 4 Baths, 4115 SF BRAND NEW BUILT CUSTOM home in desirable Mountain Shadows. 5 beds (three upstairs, two basement with full windows), 3 1/2 bath, Gorgeous 2 story on a quiet cul-de-sac. Mountain views, 2 fireplaces, beautiful slab granite & stainless steel appliances w/ large island kitchen. 3-car finished garage, A/C, dual furnaces, beautiful arches and sunshine at every turn. Two private decks- one in master retreat. Media room, fully finished basement. Perfect for entertaining. Please show and sell!

3355 Clubview Terrace $599,900

This home is an entertainer’s dream! The Dacor commercial grade kitchen w/slab granite has ice maker, wine fridge, warming drawer, HW dispenser above stove. TWO lg composite decks overlooking the golf course--Private Mstr deck & main lvl deck. Mstr suite has incredible mstr bath: dual walk-in closets, vanities, & shower entrances into a spa-like setting of multi-head shower w/ bench, steam, & luxury HWH to insure you will never go without, PLUS jetted tub. 3 add’l bdrms upstairs w/guest quarters/full bath in lower lvl. Wired for media room, roughed-in for a wet bar, glass sliding doors to the patio. Landscaped bkyd w/swing set/kid’s cottage. Entire living area has been rehabbed-Look no further for a ready-made home!

2419 Bott Avenue $114,900

2 Beds, 1 Bath, 840 SF Adorable turn of the century bungalow has charm AND convenience. The home offers two bedrooms, one full bath and a large fully fenced yard. Some rooms boast beautiful solid wood floors. The outside patio is a perfect place to entertain just off of the kitchen. The lot would be a perfect place for a garage/workshop to be built just off the alley. Walking distance to newly finished roundhouse shopping center/Colorado Mountain Brewery, Old Colorado City, & a bike ride from Manitou Springs.

Established quiet neighborhood!

My family has moved 6 times in the past 11 years. Needless to say I have dealt with a LOT of agents. Some I thought were pretty good; that is until we worked with Danielle.

She blew us away with her depth of knowledge and detailed and organized approach. Her expertise in the area was vital to our situation.

She was absolutely hands down the easiest Realtor we have ever worked with. It was a real pleasure in a situation that can be VERY stressful.

We highly recommend Danielle!

Rick and Sara We have bought and sold many homes with many realtors over the years, and we have never had the benefit of working with someone as professional as Danielle. My husband and I were thoroughly impressed with her proactive, dynamic and confident efforts to facilitate this transaction.

Danielle anticipated our needs, prepared for our meetings, and provided sound advice throughout.

Add to her competence the fact that she is gracious, cheerful, and accommodating, and we just couldn’t have been happier with our luck in being introduced to her. In short, Danielle is the reason that my family finally owns the home of our dreams!

Julie and Kris

Danielle Frisbie A Full Service Realtor® “Real estate with client focus”

www.HomesalesintheSprings.com

719-536-4444 Danielle@DanielleFrisbieTeam.com SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 17

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Over 5,000 sq ft of living space! Landscaped .48 acre lot w/mountain, city, open space or hillside views from almost every window. Lovingly maintained w/gourmet kitchen, huge deck w/gas hook-up, central air, security system, mini-kitchen in lower level & too many upgrades to list!

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Rambling Rancher w/Views!

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Rancher on Private Treed Lot! Southern views of Pikes Peak from this 3BD/3BA/2CA rancher on .38 acre lot bordering Pike National Forest w/vaulted beamed ceilings, moss rock fireplace, wood floors, updated kitchen, remodeled full bath & massive L-shaped garden level family room. Roof/gutters/stain in 2010, oversized 2-car garage w/heater & workshop area, front/ rear decks & convenient location.

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1619 N CASCADE AVE

6755 CABIN CREEK DR

7117 INDIAN RIVER DR

Restored Victorian - Old North End Restored 4BD/3BA 2-story Victorian w/1CA carport (attached to house). Historic wrought iron fence, greenhouse, potting shed, alley access & charm galore! All appliances included + wood floors, 9ft ceilings, 9in baseboards, 2 (faux coal) gas fireplaces w/original tile surrounds, plantation shutters, vintage light fixtures, security system, whole house attic fan & more!

MLS: 5590178 $549,900 Carol Patten & Mary Smith 719-339-0942 / 719-229-7020

Amazing 180 degree views of Pikes Peak and the Front Range! Gleaming Hardwood floors on main level & stairs of this 5 BR, 4 BA, 2 FAM rm home w/180 degree views from all 3 levels. Island Kitch w/ break bar, s/steel appl. Master BR features a sitting rm w/2-way fireplace & 5 pc master BA. Great yard w/Xeriscape, lawn, planting beds, playhouse & garden shed. Must see!

MLS:2927098

5 Bd Rancher in Indigo Ranch! Stucco beauty with gorgeous landscaping on Corner lot.

5/3/3Car...Master BR, 5pc Bath, 2nd Bed/Of fice, Full bath & laundry are on Main level. Downstairs is a large family room, 3 more big bedrooms & full bath. AC Auto Sprinkler & drip irrigation.

13422 CRANE CANYON LP

126 W. DEL NORTE

3840 HERMITAGE

Fabulous 1933 Spanish Colonial Revival in the Old North End. Large 11,700 sf lot. Amazing architecture. Main level living with a finished basement. You will be enchanted with this 4 bed, MLS: 9934146 3 bath, 2 car garage home.

Build your dream townhome in the beautiful gated community - Pine Terrace. Located near the Broadmoor Hotel and Cheyenne Mountain Zoo. NO exterior maintenance! Floor plans are ready to go & you select the finishes! Maintenance free.

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*Apartment locator services are FREE because ERA Shields receives compensation by the referred apartment complex when the client signs a new lease agreement. **Mover discounts available to ERA Shields clients only. ©2012 ERA Franchise Systems LLC. Each ERA ® Office is Independently Owned and Operated. ® is a registered mark of ERA Franchise Systems LLC. MoversAdvantage® is offered by USAA Relocation Services, Inc., a licensed real estate broker and subsidiary of USAA Federal Savings Bank. Program may be unavailable for employer-sponsored relocations. Not available fortransactions in Iowa or outside the US. This is not a solicitation if you are already represented by a real estate broker. Obtaining a mortgage from USAA Bank is optional, not required to utilize the MoversAdvantage® Program, and can be acquired from other sources. Use of the term “member” does not convey any legal, ownership, or eligibility rights for property and casualty insurance products. Ownership rights are limited to eligible policyholders of United Services Automobile Association. USAA means United Services Automobile Association and its affiliates.

HB 18 I THE GAZETTE I SUNDAY, JUN 14, 2015

$399,900

Flying Horse Membership + Dues Too Stunning 5BD+Office/6BA/4CA 2-story w/mountain views & over 5,000 finished sq ft. Large flowing spaces throughout include vaulted ceilings, wrought iron stairway railings, wood floors, a fireplace on every level & beautiful architectural detail. Gourmet kitchen w/island walks out to partially covered patio. Huge family room in basement w/thermally controlled wine room.

MLS: 9315426 $539,000 Carol Patten & Mary Smith 719-339-0942 / 719-229-7020

SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 19

Add color to customize your home STATEPOINT MEDIA

In a world where home décor options can often seem bland, you may be wondering how to colorfully customize interior spaces to fit your lifestyle and speak to your personality. Luckily, you’re not alone.

A good 25 to 30 percent of polled online shoppers are interested in customizing products, according to a consumer study

by Bain & Company. This demand is driving innovation across industries, including home interior design, which is adding new color palates to their offerings.

So for those seeking to buck the cookie cutter trends seen in neighbors’ homes, try creating a DIY look in yours with the addition of bright, bold colors.

Here are a few design tips to add personality and flair to your home:

SEEK INSPIRATION

Many design resources are right at your fingertips. Visual social media applications, such as Pinterest and Instagram, can help you envision how different elements, colors and furnishings may look in your own spaces — serving as inspiration for décor

projects and upgrades.

Also, seek out new online tools that can help you execute your plan. For example a free Web-based application, Splash by Amerock, offers a new interactive design and shopping experience by allowing users to truly customize hardware for cabinets and furniture. The interactive site and firstof-its-kind product line allows you to test various cool colors and shapes of cabinetry hardware and view the different looks on different style and color cabinets.

To view how fresh, fun colors may look in your home, visit www.

SplashbyAmerock.com.

BURSTS OF COLOR

A great new trend for a bold, bright look is the addition of bursts of color. You can eliminate the need for a complete overhaul while making a statement. For example, paint just one accent wall in your kitchen, or add a large colorful pillow or throw to your living room set.

Another great way to achieve color is to replace the standard hardware on

your cabinets and furniture with custom options. Hardware is easy to swap out and can give your pieces a fun, fresh makeover at a much lower cost and hassle than a replacement.

This update is so easy to make you can change hardware as often as the seasons, if you are so inclined. And for kids’ bedrooms,

it’s an especially easy way to transform the look of the room as kids grow and their tastes change. To learn more about hardware, visit www.Amerock.com, and also visit Splash by Amerock to check out their 20 unique color options ranging from choices like Firecracker, Dragonfruit and Surfside, to name a few. 

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SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 21

GADGETS:

Doorbell lets you see who’s there from anywhere

BY GREGG ELLMAN  TRIBUNE NEWS SERVICE

When the Ring Video Doorbell button is pressed, a oneway video is activated and two-way audio so you can see and talk to anyone at your entryway via a smartphone or tablet from anywhere you have Wi-Fi Internet access.

The most appealing feature, but far from the only one, is the built-in camera lens that provides 180-degrees of wide-angle view of the doorbell area.

Everything you need for the simple installation is included. It takes only a few minutes from start to finish, assuming your Wi-Fi signal is within reach.

Like most smart-home accessories there is a free app (Apple App Store or Google Play Store) with simple account setup. After installation, when the doorbell rings, the app will send you a push notification telling you that someone is at the door.

You will then see a live video recording of who is ringing the bell. You can have a conversation, too. What I really like is that you can hit the decline option if you want to ignore it and the visitor will have no idea you were even there.

As a bonus multiple users can be setup on the app letting them also know when someone is at the door.

A great feature about the doorbell is it also acts as a security camera. There is built-in motion sensor with a choice of activation settings that can be customized to HB 22 I THE GAZETTE I SUNDAY, JUN 14, 2015

record the 180-degree angle within a 30-foot range of the doorbell.

The audio/video recordings can also be saved into a Cloud storage for just $3 per month or $30 per year.

Other features coming down the pipeline for the product includes on-demand viewing as well as a personal weather station built into the doorbell bracket.

Video is recorded with a 1280×720p resolution. The unit contains an internal rechargeable 5,200 mAh battery, good for up to a year, depending on usage. A microUSB cable is included for charging.

The product is certified for outdoor use and includes the proper drill bit and screwdriver for installation on wood, stucco and cement.

Ring has also announced the Ring Chime, a Wi-Fi speaker that sounds in the home when the Ring Doorbell is pressed. Available June 1 for $19.95.

The Other World Computing Thunderbolt 2 Dock is far from just another dock. It’s really an incredible accessory, which will amaze any Apple computer power-user.

Simply connect a single Thunderbolt cable from your computer to the dock and you’ll have an additional Thunderbolt port that you can connect the latest displays and get double the bandwidth for your peripherals.

With that Thunderbolt port (20 Gb/s), up to five additional

Thunderbolt devices plus a display can be connected using additional Thunderbolt docks or via a daisy chain connection.

But it doesn’t end there. You also have five USB 3.0 ports (5 Gb/s), one FireWire 800, one Gigabit Ethernet, one HDMI 1.5b with 4K display support, one 3.5 mm audio input/mic and a 3.5 mm audio output/headphone port.

Three of the USB ports are on the back and two are on the side. They can be used for powering up USB accessories or charging/syncing an iPhone or iPad. The FireWire 800 port can support a daisy-chain connection of up to 63 devices.

The dock (9.05-by-3.54-by.98-inches) is listed on the MacSales.com site to work with any Thunderbolt equipped Mac running OS X 10.9.5 or later. Windows is not supported.

The dock has a pair of LED lights; the blue one indicates the dock is powered while the green LED lights up when there is an active data connection from the computer through a Thunderbolt cable. The OWC Thunderbolt 2 Dock driver installs in seconds and a DC power supply is included.

Apple fans will love the Thunderbolt 2 Dock’s appearance that is built to cosmetically match the aluminum finish of Apple products. 

2013 2014

THE MACGUIRE TEAM When Experience Matters, Call Mike MacGuire!

Client Testimonials We’ve used the MacGuire Team 3 times and recommend them to all of our friends and family. When it comes to picking an agent, it’s all about experience!

That’s why we recommend the MacGuire Team! ~ -Tom & Colleen Larkin

Mike MacGuire was instrumental in helping me quickly prepare the property for marketing, guiding me through the listing process & speedily getting me to the closing table. I’m most impressed and very pleased! ~ Kathy Stumpf

View More Testimonials @ www.mikesfeedback.com West

Pe Sa nd le in g

4803 N Weber Street

Falcon

7321 Owings Point

Northwest

Northeast

1885 La Bellezza Grove

5515 Parapet Court

3 Bedrooms, 2 Bathrooms, 2 Car Garage, 1,444 Square Feet

4 Bedrooms, 4 Bathrooms, 2 Car Garage, Over 2,300 Square Feet

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$244,400

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9363 Lizard Rock Terrace

6 Bedrooms, 6 Bathrooms, 2+ Car Garage, Over 4,900 Square feet

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4 Bedrooms, 4 Bathrooms, 8 Car Garage, Over 4,100 Square Feet

4 Bedrooms, 4 Bathrooms, 2 Car Garage, Over 2,700 Square Feet

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$639,900

$299,900

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This is only a partial list and does not reflect all Listings.

A Tradition of Sound Advice...A Reputation for Results Mike MacGuire

Broker/Owner The Platinum Group, Realtors 719.660.6793 (Text/Cell)

mike@buywithmike.com • www.buywithmike.com SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 23

More older Americans being buried by housing debt

BY PAUL WISEMAN  TRIBUNE NEWS SERVICE

WASHINGTON – Al and Saundra Karp have found an unconventional way to raise money and help save their Miami-area home from foreclosure: They’re lining up gigs for their family jazz band.

They enjoy performing. But it isn’t exactly how Al, an 86-year-old Korean War vet, or Saundra, 76, had expected to spend their retirement.

Of all the financial threats facing Americans of retirement age — outliving savings, falling for scams, paying for longterm care — housing isn’t supposed to be one. But after a home-price collapse, the worst recession since the 1930s and some calamitous decisions to turn homes into cash machines, millions of them are straining to make house payments.

The consequences can be severe. Retirees who use retirement money to pay housing costs can face disaster if their health deteriorates or their savings run short. They’re more likely to need help from the government, charities or their children. Or they must keep working deep into retirement.

“It’s a big problem coming off the housing bubble,” says Cary Sternberg, who advises seniors on housing issues in The Villages, a Florida retirement community. “A growing number of seniors are struggling with what to do about their home and their mortgage and their retirement.”

The baby boom generation was already facing a retirement crunch: Over the past two decades, employers have largely eliminated traditional pensions, forcing workers to manage their retirement savings. Many boomers didn’t save enough, invested badly or raided their retirement accounts.

The Consumer Financial Protection Bureau’s Office for Older Americans says 30 percent of homeowners 65 and older (6.5 million people) were paying a mortgage in 2013, up from 22 percent in 2001. Federal Reserve numbers show the share of people 75 and older carrying home loans jumped from 8 percent in 2001 to 21 percent in 2011.

What’s more, the median mortgage held by Americans 65 and older has more than doubled since 2001 — to $88,000 from $43,400, the financial protection bureau says.

In markets hit hardest by the housing bust, a substantial share of older Americans are stuck with mortgages that exceed their home’s value. In Atlanta, it’s 23 percent of homeowners 50 and older, according to the real-estate research firm Zillow. In Las Vegas, it’s 26 percent.

In the worst cases, hundreds of thousands of older Americans have lost homes to foreclosure. A 2012 study by the AARP found that 1.5 million Americans 50 and older lost homes between 2007 and 2011.

In mid-2010, Tod Lindner lost his oceanfront home in California’s Marin County. He ran into trouble after the finance company that employed him was acquired and the new owners refused to pay him fees he thought he was owed and which he was counting on.

Lindner had bought the house for $330,000 in the late 1980s. But he’d refinanced to pull out money to invest, swelling the mortgage to $680,000. Lindner tried to work out a modified mortgage, but his bank foreclosed instead.

He and his wife sought bankruptcy protection, rented an HB 24 I THE GAZETTE I SUNDAY, JUN 14, 2015

Larry Karp, top, poses for photos with his parents, Al Karp, left, and Saundra, at their home in North Miami Beach, Fla. The trio performs old standards locally as the Karp Family to ease stress and help raise money to save their home from foreclosure. AP Photo/Alan Diaz

apartment and slashed their spending.

“At age 70, I just started working for another company” in banking, Lindner says. “My plan would have been to retire.”

Seniors fell into housing trouble in varying ways. Some lost jobs. Some overpaid for homes during the housing boom, thinking they could cash in later.

Prices crashed instead.

Some made unwise decisions to refinance mortgages and pull cash out of their homes to meet unexpected costs, help their children or embark on spending sprees.

Jim, 67, and LaRue Carnes, 63, moved to Sacramento, California, in 1978 and bought a house for $54,000. For 33 years, Jim worked as a newspaper reporter and editor. They refinanced their mortgage several times and pulled money out of the house and took on higher mortgage payments.

“Foolishly, like so many Americans, we used the house as a bank,” LaRue says.

In 2011, Jim was laid off, and the couple fell behind on mortgage payments. Three times, they dipped into retirement savings to fend off foreclosure. Eventually, with

a $25,000 grant from a state program, Keep Your Home California, they negotiated a new mortgage.

Still, they’re still struggling. Once a month, they eat free breakfast at a church, bringing home bagels and fruit. They “never thought we would be partaking of such,” LaRue says.

Al and Saundra Karp bought their three-bedroom home in North Miami Beach, Florida, for $77,000 in 1980. They refinanced, partly to pay down credit-card debt, and their mortgage swelled to $288,000.

Al kept working as a tax accountant into his late 70s. But Alzheimer’s disease forced him into retirement.

The couple is getting by on about $2,500 a month in Social Security and Veterans Administration benefits, plus food stamps and help from their two sons. They stopped paying the mortgage and are fighting foreclosure in court.

To ease the stress and earn some cash, they perform old musical standards as the Karp Family — Saundra on vocals, Al on sax, son Larry on keyboards.

“I’m trying desperately to stay here,” Saundra says. As for Al: “He thinks the mortgage is paid. He hasn’t got a clue.” 

SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 25

3 ways to

tame student loan debt and afford a mortgage

BY MARCIE GEFFNER  BANKRATE.COM

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it?

The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI, defined as: The percentage of monthly income that is spent on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support.

An example: Jessie and Pat together earn $5,000 a month. Their total debt payments are $1,600 a month.

Their debt-to-income ratio is 32 percent ($1,600 divided by $5,000).

This ratio is one factor lenders use to decide whether a buyer can afford a mortgage payment. Generally, mortgage lenders prefer a debt-to-income ratio of 36 percent or less. In some situations, lenders will approve mortgages with higher debt-to-income ratios.

HARD TO NAIL DOWN The house payment is an important part of DTI. Because the house payment is affected by house price, property taxes and interest rate, a borrower’s DTI is a moving target.

“The misconception is that there is a magical dollar amount that somebody will be qualified for, and that’s not the case. What the banks actually underwrite to is what the monthly payment is,” explains Jay Dacey, a mortgage broker at Metropolitan Financial Mortgage Co. in Minneapolis.

DTI AND STUDENT LOANS Whether student loans are included in DTI depends on the type of loan and whether the payments are current or have been deferred.

If the buyer applies for a conventional mortgage or VA loan, guaranteed by the U.S. Department of Veterans Affairs, any student loans will be included, even if the payments have been deferred, explains David Krichmar, a mortgage banker at Core Lending in Conroe, Texas.

If the buyer applies for an FHA loan, insured by the Federal Housing Administration, any student loans will be included unless the payments have been deferred for at least 12 months. In that case, the payments can be excluded from DTI. DTI FIXES There are three ways to overcome a DTI difficulty: Reduce debt, increase income or decrease the target mortgage payment.

Reduce debt. Some lenders will remove an installment or closed-end loan, such as a car payment, from DTI if the loan will be paid off within 10 or fewer payments. Dacey says if a buyer pays off enough of a loan to reduce the balance to 10 or fewer payments, the DTI can benefit.

HB 26 I THE GAZETTE I SUNDAY, JUN 14, 2015

Reducing or paying off credit card debt can help, too, although the 10-month rule doesn’t apply because a credit card is revolving or open-ended debt.

Another DTI improvement strategy is to pay off the student loans with a private loan, perhaps from a family member, at a lower interest rate or with a longer repayment term. The private loan must be disclosed to the lender.

MOVING DEBT AROUND Buyers who are married and don’t live in a community property state might be able to reconfigure the income and liabilities to overcome a DTI hurdle.

“Let’s say the husband stays home with the kids and (the couple) has a joint auto loan that is truly the dad’s truck. I’ve seen people refinance out of their existing auto loan and put it into the (name of the) spouse who doesn’t have the income,” Dacey says.

The income-earning spouse then applies for a mortgage without the debt-burdened spouse.

Increase income. The general rule of thumb is that income must be documented for two years to be included in DTI. But Krichmar says a buyer’s college history can make up almost all of that two-year time frame, and a new job in the same field isn’t necessarily a negative, especially if it comes with a higher salary.

“That income could be used to qualify as soon as you have 30 days of pay stubs,” he says.

Different rules apply to commissions, bonuses, selfemployment income and hobby businesses.

Decrease mortgage payment. It may seem counterintuitive, but buying a house instead of a condominium can improve a buyer’s DTI because homeowner’s association dues are included in a condo payment but not a house payment.

“Somebody might qualify to buy a $150,000 house but

not a $150,000 condo because the association fees might be a little bit too high,” Dacey says.

Buying a home in an area with lower property taxes or paying an upfront fee to decrease the mortgage interest rate also could help. The upfront fee is known as discount points or a buy-down.

IT’S TOUGH OUT THERE If none of those solutions works for you, you’re not alone.

Only 33 percent of 2014 homebuyers were first-time purchasers, according to a survey released by the National Association of Realtors. That was the lowest proportion since 1987.

What’s more, 23 percent of those first-time buyers said saving for a down payment was difficult and 57 percent of that group cited — you guessed it — student loans as a factor.

Real estate brokers are concerned about this issue, says Wendy English, sales manager at Century 21 Commonwealth in Medfield, Mass.

“Setting aside for the down payment and closing costs is difficult because their money is going toward living expenses and paying student loan debt,” English says.

“They might want to buy, but they have that burden of the student loans.”

12,563 RUBBER DUCKIES One way to understand the impact is to try the makeyour-own-infographic function at the website of the Young Invincibles, an advocacy organization in Washington, D.C. Plug in, say, $25,000 of student loan debt and you’ll discover that’s equivalent to about 60 percent of the average down payment to buy a home. It’s also equal to about 2.4 years of average rent payments, 676 toaster ovens or 12,563 rubber duckies. 

PO

Issaquah Dr.

Mustang Rim

MARKSHEFFEL RD.

ah Dr.

Issaqu

11

AKERS DR.

N. CARE

.

HILLS BLVD

PETERSON RD.

FREE

AUSTIN BLUFFS

HWY. 24 EAST

AUSTIN BLUFFS

8 Vista Cerro

DUBLIN

Hawk Wind

STETSON

DOWNTOWN C.S.

HWY. 24 - WEST

UNION BLVD

EXIT 141 BIJOU

POWERS BLVD

CONSTITUTION AVE.

Colorado Springs

Mountain Shadows

UNION BLVD

POR DRIV ATE E

COR

CENTENNIAL BLVD.

RD FLYING W RANCH

PIKES PEAK

From the $310s • 719-481-9828 Model: Paradise-B 15824 Kansas Pacific Ct. School District 38 (Monument)

EXIT 146

9 10

DUBLIN BLVD.

.

Promontory Pointe

D LV

YB

EM

GARDEN OF THE GODS RD

WOODMEN RD

E.

ST

N. 3

All Roads Lead to Classic

DUBLIN

AD

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I-25

You want a better home?

Trust your hometown builder.

2

AV ADA NEV

it always will be.

AC

goal and our mission. It always has been, and

N.

years to come. At Classic, this is both our

EXIT 149

Wolf Center

7 Briargate Blvd.

WOODMEN RD VINDICATOR

44

6

Tutt

HWY. 83

memorable, that people will treasure it for

Rex Rd

Londonderry Dr

RESEARCH PKWY. Chapel Hills Dr .

EXIT 150

BRIARGATE PKWY.

S ER W

an ld R

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EXIT 151

BURGESS RD.

MERIDIAN RD.

5

d. ch R

INTERQUEST PKWY.

BLACK FOREST RD.

SHOUP RD. Thunder Mountain

Barossa

Old N. Gate Rd

FH Club Drive

UNION

AIR FORCE ACADEMY

on is to build something so remarkable, so

HWY. 24 EXIT BYPASS

PLATTE AVE.

H

PETERSON wy 94 AIR FORCE BASE AIRPORT RD

SCHRIEVER AIR FORCE BASE

9 Mi. FOUNTAIN BLVD.

139

From the $300s • 719-492-2823 No model home - Please call for appointment School District 11

AIRPORT CIRCLE DR.

MILTON E. PROBY PKWY.

719-495-7297 School District 20

Village of Messina

Classic Corporate Offices

Single family homes from the $340s

6385 Corporate Drive Colorado Springs, CO 80919 719-592-9333

Village of Verona

Classic Design Studio

Village of Sonoma

S. ACADEMY BLVD.

FORT CARSON ARMY POST

I-25

Single family homes from the $370s Model: Capstone-B 1908 Redbank Dr., 80921

EXIT 135

719-785-0123

Luxury patio homes from $400s

POWERS BLVD

Flying Horse

HWY. 115

3

3

N

HODGEN RD.

Milam

ers

EXIT 153

The best way to make certain your work lives

2

NORTH GATE BLVD. VOYAGER

EXIT 156

Always Endure.

1

Struth

The Cl Classics

BAPTIST RD.

HWY. 83

1

EXIT 158

ROLLERCOASTER

Kansas Pacific

Gleneagle Dr.

I-25

HWY. 105

MESA RIDGE PKWY.

EXIT 132

Village of Siena

Paired patio homes from the $280s

Village of Encore

Low maintenance living from the $320s

6

Village of Milan

Single family homes from the $360s Model: Ashton 2057 Ripple Ridge Rd., 80921

Village of Molise - Coming Soon!

4

10

Banning Lewis Ranch

9

Indigo Ranch Stetson Ridge

11

From the $260s • 719-886-4995 Model: Rosewood-D 7163 Cottonwood Tree Dr, 80927 School District 49 From the $260s • 719-574-6610 Model: Manzanita-A & Capstone-B 7104 Mustang Rim Dr., 80923 School District 49

Renaissance at Indigo Ranch

From the $230s • 719-434-7831 Model: Tranquility-C & Fresco-A 6657 Lucky Star Lane, 80923 School District 49

Carriages at Briargate

8

North Fork

From the $260s • 719-282-1650 Model: Coming Soon!

School District 20 Sold From Wolf Ranch

From the $280s • 719-282-1650 Model: Monarch-C 5906 Brave Eagle Drive, 80924 School District 20

Paired patio homes from the $300s • 719-265-0103 Model: Stanhope-B 8489 Glen Carriage Gr., 80920 School District 49

Meridian Ranch

From the $240s • 719-494-1101 Model: Providence II-C 10274 Mt. Lincoln Dr, 80831 School District 49 (Falcon)

5

7

Wolf Ranch

Hannah Ridge

From the $250s • 719-418-6769 Model: Savannah 2535 Farrier Ct., 80922 School District 49

classichomes.com Neighborhood Guide Summer 2015 Prices and availability are subject to change.

See Agent for details.

SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 27

Mortgage terms

to know METRO CREATIVE SERVICES

Buying a home is simultaneously exciting and stressful. Owning a home is still a dream for many people, but first-time buyers often find that their unfamiliarity with the home buying process is a source of stress. Part of that stress stems from the terminology associated with home mortgages. Many terms may raise an eyebrow among first-time buyers, so the following are a few mortgage terms buyers can familiarize themselves with to facilitate the process of buying their own homes.

CLOSING COSTS:

Buying a home is expensive, and part of that expense is the closing costs. Any time a real estate transaction occurs, that transaction is accompanied by certain expenses, which are known as the closing costs. Closing costs may include attorney fees, loan origination fees, title insurance and escrow payments. Buyers can sometimes negotiate with the seller so the seller will agree to pay the closing costs, or the costs can be shared by the buyer and the seller. But buyers may also pay the closing costs in their entirety on their own.

ESCROW:

Escrow is a bond, deed, document or money kept in the custody of a third party until a real estate transaction has been completed. In addition, escrow accounts are used to hold the property tax and insurance fees that are collected via your monthly mortgage payment.

FIXED-RATE MORTGAGE:

A fixed-rate mortgage, unlike an adjustable rate mortgage, is one in which the interest rate on the mortgage remains the same for the life of the loan. Buyers HB 28 I THE GAZETTE I SUNDAY, JUN 14, 2015

typically prefer a fixed-rate mortgage because they know exactly what they will be paying for their home each month. An adjustable rate mortgage, often referred to as an ARM loan, is one that typically comes with a lower interest rate than a fixed-rate mortgage, but that lower rate is usually only locked in for a relatively brief period of time, such as one year. Once that initial time period is over, the interest rate will then increase and may increase several times thereafter over the life of the loan.

PMI:

PMI, which stands for private mortgage insurance, must be purchased by home buyers who are financing more than 80 percent of their homes. The standard down payment when purchasing a home is 20 percent, but some buyers cannot afford such a down payment. As a result, the lender then mandates that such buyers purchase PMI, which protects the lenders if the borrower defaults on the loan. The cost of PMI will be added to your mortgage payment, and once you have 20 percent equity in your home you can cancel PMI, at which time your monthly mortgage payment will decrease.

TITLE INSURANCE:

Title insurance is a tool that protects both the buyer and the seller against legal issues that may arise as a result of the home's title. Title insurance protects buyers and the lender from the possibility that the seller was not legally permitted to transfer ownership of the property to the buyer. Title insurance may also protect sellers from any issues that may arise that threaten his or her ability to sell the home. 

Kelly Reardon

Debbie Reardon

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www.ReardonPartners.com Business Photo courtesy of www.teresaleephotography.com SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 29

FOR YOUR HOME:

White is not just for summer

BY VICKI PAYNE  THE CHARLOTTE OBSERVER

I love my white sofa and chairs. Not just during the summer but year-round. Every time someone new visits my house they always comment on how much they admire my decorative bravery and always follow up with, “I would love to someday have a white sofa but in my house it will never happen.”

I’ve had white sofas and chairs all my adult like, mainly because my parents never did and my mom always longed for an all-white room. I took the time to figure out how with kids and dogs that I could have what I wanted.

It starts with the right fabric. You don’t choose white satin, not that I ever would anyway, but satin stains and isn’t pet or people friendly. Fabrics that can be washed or drycleaned are the best. The pinnacle, of course, is Sunbrella fabric. Yes, the same kind you see on all quality outdoor furniture is available for interior use.

This fabric is Superman in a world of cloth mere mortals.

Ketchup, mustard and red wine just wipe away with a damp cloth. I’ve put it to the test more than once in my home and others. I love to eat hot dogs in front of the TV during the big game and wash them down with a good burgundy.

Still not convinced? Go for white leather. Pick a slightly textured pattern that is soft to the hand. Leather is easy to clean and wears well when jumped on by toddlers and

slept-on by couch potatoes. Again, my in-house testing held up to five grandkids and lots of family spuds.

Another trick . . . exposed wood arms. The first places to get dirty on any piece of furniture are the upholstered arms.

Eliminate that problem by selecting a sofa with exposed wood arms so guests can run their hands up and down them without leaving a trace and still balance a beer can or snack plate.

Still not convinced? Let’s talk a little about lifestyle changes. Over the years I’ve had white furniture and dogs.

But you do need to make some choices here. I recommend dogs that don’t shed. I have to say this might be even more

important if you have a dark-colored sofa. Dog hair just doesn’t enhance any room’s decor. Your guests may love your pet but not really want to take part of it with them when they leave.

I also don’t believe pets should be allowed on furniture unless they are in your lap and getting all your attention and affection. I’ve been into beautiful homes with expensive designer furniture only to have the entire image ruined with a beach towel covering one or all of the furniture. Really folks? Is this a dog house or a people house? You don’t go sit in their kennel or dog bed. Maybe they should show you the same respect.

Eating on the furniture: I have a double standard here. It’s OK, sometimes, for the adults, but I think children should learn to eat at the table or kitchen counter and not be allowed to wander around while they graze.

Still not convinced? I’ve got other room alternatives.

Bedrooms look great in white upholstered headboards with white occasional chairs and benches. Dining rooms benefit beautifully from white upholstered chairs. Consider slip covers that can be removed and tossed into the wash after a rowdy dinner party. Outdoor patio furniture looks so “resortlike” when accented with white cushions. Use zip-off covers fabricated from Sunbrella fabric for easy cleaning. 

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Upgraded kitchen with all the bells & whistles! Professionally designed patio area w/gas grill, firepit, & hot tub area. Main lvl fam rm w/gas fireplace. Master bdrm w/5 piece master ba w/heated floor. Basement has pool table and TV area with wet bar.

Rancher w/Basement On The Mesa $389,900

Desirable location on the Mesa backing to open space. 4 bdrm, 3 ba home features large picture windows with views of open space, mountains and the City. Original wood floors. Master bdrm has 3/4 ba and 4th bedrm has bath w/jetted tub. Private patio area and low maint. yard. Kitchen appliances and washer/dryer included. Central A/C & updated furnace.

Mountain Shadows Prime Location $445,000

5 bdrm, 4 ba home on large lot w/panoramic views! Main lvl bdrm off entry can be a study w/ 3/4 ba. Living rm & sun rm. Main lvl fam rm is adjacent to kitchen featuring breakfast bar island & bay window dining nook. Winding staircase leads to upper lvl. The master bdrm has a large walk-in closet & deck off the jetted tub area. Walkout basement with workshop area and potential for game rm/rec rm Metal tile roof, stucco exterior & composite decks complete this great value!

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16 Kreg Lane, 80829 $495,000

Breathtaking, picture perfect views of Garden of the Gods! A gated courtyard with a water feature welcomes you to this unique, 3 bdrm, 2.5 ba contemporary passive solar home with main level master bedrm & vaulted, open great room w/ fireplace, ledges & loft area. Entertain on your private deck surrounded by scrub oak, open space & spectacular views!

Finished basement has a walk-out to a patio w/hot tub.

Custom Main Level Rancher + 5 Acres $545,000

Priced below cost! Custom stucco rancher w/open floorplan. Much of main lvl has hardwood flooring. Expansive, partially covered deck off dining nook. Mstr bdrm w/ covered deck & 2 addl bdrms on mn lvl but separate for privacy. Fin. walk out bsmt has expansive fam. rm, 2 lg bdrms w/full ba, office & opens to a covered patio area. Central A/C & water filtration system.

Old Farm Charm In Large 2 Story $223,000

Lg 4 bd 3 ba 2 story home within walking distance to park. The kitchen has hardwood floors that extend to the family rm, island breakfast bar, pantry & pass thru to sunroom. The family room has a brick fp w/built in shelves & slider to multi decks, one w/a gazebo. The sun room has lg windows that look out to the landscaped back yard. 4 Lg bdrms incl. a spacious master suite w/walk-in closet, 3/4 ba & space for a sitting area

Peaceful Black Forest Living $266,500

8.8 acres of gorgeous, heavily treed acreage just south of Burgess Road is the perfect place to build the home of your dreams! Fully fenced & capped well. No covenants. Beautiful area!

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Heaven on Earth $675,000

Nestled on top of a hill at the edge of Garden of the Gods Park, this must see, contemporary Santa Fe stucco home has natural landscaping & phenomenal views! 3 bdrm, 3.5 ba multi-lvl home has multiple composite decks each w/ views. Lg spacious living areas many w/tile floors. Updated gourmet kitchen w/hickory cabinetry, tile counters, breakfast bar & appliances.

Game rm w/aspen wood vaulted ceiling & wet bar. Mstr bdrm retreat w/sitting room has afp & deck access. Unique master bath showcases log beams, gas fp, separate vanities, walk-in shower, jetted tub & steam shower. 3 car gar w/adjacent priv studio/exercise rm & patio area.

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Www.TeamHourigan.com SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 31

JUST FIX IT:

Three key home repairs you can do yourself

BY BARBARA BALLINGER  CHICAGO TRIBUNE

Home repair can be intimidating, yet there are numerous projects you can learn to tackle on your own with a bit of courage, the right instructions and good supplies. Here are step-by-step instructions for three attainable projects:

1. TILE A BACKSPLASH

Updating a kitchen or bathroom doesn’t have to mean a gut overhaul — even one new zippy backsplash in crisp subway tiles can make a world of difference. Go white for classic, or consider pale green glass. Suzy Opalinski, project specialist at Lowe’s, advises watching the company’s video first and buying supplies in advance of tackling your job.

The tips: Always buy at least 10 percent more tile than you need, since dye lots change and you may drop a few pieces or cut them incorrectly. Consider choices in porcelain tile; it’s easier for a beginner to work with than natural stone. And don’t forget to buy a bag of plastic spacers and ready-mixed grout.

You no longer have to mix mortar and struggle with getting the right consistency for applying the tiles to the wall. The easiest way to start is to select tiles that already have been mounted on mesh. Or you can expend a bit more effort and select tiles that you adhere to an adhesive mat. The mats come in 18-inch rolls measuring 25 square feet, and you’ll have to cut them with a scissor. Affix them to fit between the top of the counter and bottom of the upper cabinets.

Then place the tiles on top, starting with the bottom left side and moving to the right, cutting tiles at the end if needed, and leaving space between each tile for a plastic spacer that you’ll later remove, replacing it with grout.

Once all the tiles are in and spacers out, you will apply the grout. To apply, use a rectangular float, similar to a sponge, and dab the grout in between the tiles like you’re buttering toast — at a 45-degree angle. You can later sponge off excess with water.

2. INSTALL A NEW TOILET

Replacing a toilet, believe it or not, is almost simpler than baking a pie. The trick is to take it one step at a time.

Our advice: Follow an online video, using these tips to navigate key details.

The tips: Before removing the old toilet, measure the area from the wall behind the toilet to center of one of the closet bolts, which hold down the toilet. If the toilet has four closet bolts, measure to the center of one of the rear ones. Then, measure from the center of the mounting holes to back of the new toilet you’re considering. If the base of the new toilet is shorter than the distance HB 32 I THE GAZETTE I SUNDAY, JUN 14, 2015

between the rear bolt holes and wall, it should fit. In small bathrooms, also measure from the sides of the flange bolts to sidewalls or other objects — maybe a sink to be sure there’s clearance.

Check out supplies packaged in a complete kits that include the tank, bowl, wax ring and a hardware kit.

If you plan to replace the supply line, the flexible ones encased in stainless-steel mesh are strong and convenient.

When removing your old toilet, place the tank top flat on the floor, preferably in another room. Don’t prop this fragile top against a wall close to where you’re working.

If it falls, or if you bump into it while trying to maneuver the heavy toilet pieces, it will probably break.

As soon as you remove your old toilet, plug the drain hole to keep gases from escaping into the room, making sure that your plug can’t fall into the drain line and stop it up.

When you’re ready to install your new toilet, put something under it such as a blanket to prevent damage.

When installing washers and bolts to hold the new toilet in place, make sure the tapered washers are installed with the appropriate side up. The washers will be labeled in the manufacturer’s instructions.

When your toilet is installed, you may need to make minor adjustments to the flushing mechanism. Try flushing to see it works.

3. FIX A CLOGGED GARBAGE DISPOSAL

First, know how to avoid a clogged disposal in the first place. Don’t overload it and never pour grease, vegetable peels or rinds down the drain. Use cold water and run the disposal until empty.

The tips: Every so often, grind a few pieces of lemon in the disposal for 30 seconds in cold water. Acids are good for the drain pipe and to keep the disposal smelling clean.

If your disposal doesn’t turn on, reset the switch on the bottom by pressing it. Next, check the breaker. If it’s off, turn it back on.

If the disposal hums, there may be something caught.

Use an allen wrench to move the drum back and forth and try to free the obstruction.

If you reach into the disposal, always first unplug it.

To get something out that’s already inside your disposal, like a bone or rock, go in with tongs. Lift the flap, take a look, and see if you can find and grab the item.  More info at: http://www.todayshomeowner.com

the NEHME

TEAM

Your Real Estate Professionals Since 1994 Your Real Estate Professionals

George Nehme, GRI & Rebecca Nehme, CDPE Broker Associates George: 719-491-1837 Rebecca: 719-963-1622 Nehmeteam@Nehmerealestate.com www.NehmeRealEstate.com

Featured Listings George Nehme, GRIDr. & Rebecca Nehme, CDPE 8268 Gladwater Rd. 2086 Diamond Creek Located in Flying Horse. 6 beds, 4 baths, 3 car garage Located in Woodmen Hills. Poplar “Vail” floorplan by Classituated on over a half acre homesite. No rear neighbors sic Homes! 5bedrooms, 4 baths, 3 car garage. This home Broker Associates offers sheer privacy. Extensive hardwood flooring, granite sits on a lot that allows for fabulous mountain views. Fully slab counters, gourmet kitchen w/6 burner gas cooktop, Rebecca: 719-963-1622 finished basement with full wet bar. Newly painted exterior.

George: 719-491-1837 immaculate landscap. Don’t miss this rare opportunity to Priced to sell at $299,000 own a Keller Home in Flying Horse.

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George Nehme, GRI & Rebecca Nehme, CDPE George and Rebecca are simply awesome!! They helped us sell George and Rebecca did an outstanding job for us with the sale our previous home (under contract in 2 weeks) and purchased and purchase of two homes in the Monument area. They were cca Nehme, CDPE Broker Associates our dream retirement home for a great price. Their knowledge dedicated and efficient. Super job by both. level about real estate and homebuilding are second to none and George: 719-491-1837 Rebecca: 719-963-1622 they’ll work hard to ensure you get the best deal in town. In my ecca: Nehmeteam@Nehmerealestate.com www.NehmeRealEstate.com opinion--Best Agents in Colorado Springs!!

Your Real Estate Professionals ur Real719-963-1622 Estate Professionals Cheers, Nick Porter -Harry and Lee Walker -Retired CMSgt James “JoJo” Hardy tate.com www.NehmeRealEstate.com Thank you so much. I couldn’t have asked for better people to help me in my home buying/selling experience. There were so many ways this could have taken a turn for the worst yet you pulled it off. I’m truly grateful for your help. I will gladly refer any business I can your way.

alEstate.com

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WHY WORK WITH A PEAK PRODUCER?

The Peak Producers consists of area real estate agents in the top 10% of their field, based on volume of listing and sale transactions in the Pikes Peak MLS.

George Nehme, GRI & Rebecca Nehme, CDPE me, GRI & Rebecca Nehme, CDPE Broker Associates iates George: 719-491-1837 Rebecca: 719-963-1622 91-1837 Rebecca: 719-963-1622 Nehmeteam@Nehmerealestate.com www.NehmeRealEstate.com e, CDPE @Nehmerealestate.com www.NehmeRealEstate.com George Nehme, GRI & Rebecca Nehme, CDPE Broker Associates George: 719-491-1837 Rebecca: 719-963-1622 Nehmeteam@Nehmerealestate.com www.NehmeRealEstate.com

3-1622 www.NehmeRealEstate.com

SUNDAY, JUN 14, 2015 I THE GAZETTE I HB 33

Redfin’s bid to overthrow traditional brokers still a house-to-house battle

BY SANJAY BHATT  THE SEATTLE TIMES

SEATTLE – Redfin began a decade ago as a new kind of residential real-estate brokerage: It would use the Internet to streamline home buying, slash the commissions paid by buyers and upend a staid industry that ran on personal connections and closely held information.

But while Internet-based companies in many fields have dethroned old-school industry giants, Redfin after 10 years still has less than a 3 percent market share on its home turf.

And despite its revolutionary aspirations, Seattle-based Redfin has become a lot more like its rivals, while they have embraced web technology.

These days, said Waleed Muhanna, a business professor at Ohio State University who studies the Internet’s effect on industries, “The same technology that allows Redfin to enhance the efficiency of the process is also available readily to traditional real-estate agents.”

As it has introduced more personalized service, Redfin has raised its prices and rebated less of its commission to buyers.

“They’re very close to a traditional model at this point,” said Sam DeBord, a managing broker who’s a director at Seattle King County Realtors, a trade group.

Redfin CEO Glenn Kelman disagrees, saying the brokerage offers consumers “a radically different way” to buy or sell a home. “What no one really understands about Redfin is the basic secret sauce of the business isn’t technology. It isn’t service. It’s this combination of the two.”

SHIFTING POWER

Privately held Redfin, which says its annual revenues are more than $100 million, employs more than 1,000 realestate agents in 67 metros nationwide.

Industry watchers credit the company — and other early online real-estate ventures such as Zillow — with shifting power to consumers by giving them one-click access to data to which only agents once were privy.

“The consumer today shopping for a home knows more than the real-estate agent did 30 years ago about market dynamics,” said Galen Ward, CEO and co-founder of Seattle-based Estately, an Internet brokerage launched in 2007.

More than 90 percent of homebuyers use the Internet today when shopping, and half do it from a mobile device, according to a survey by the National Association of Realtors.

“I actually recommend my clients use Redfin,” said Ben Kakimoto, a broker and publisher of The Seattle Condo HB 34 I THE GAZETTE I SUNDAY, JUN 14, 2015

Blog. “Redfin has the best online home search there is.”

Yet the Internet hasn’t killed demand for real-estate agents: 88 percent of buyers in NAR’s survey bought their home through an agent, up from 69 percent in 2001.

DISCOUNTER STIRRED BACKLASH

Redfin’s earliest investor was Seattle-based Madrona Venture Group, which has backed a string of online successes like retailers Amazon.com, travel search tool Farecast and discount stock broker Sharebuilder.

The real-estate industry, however, has proved more difficult to disrupt than some other businesses.

Plane tickets and stocks are standardized commodities that consumers purchase many times over a lifetime. But every home has unique quirks, and people buy one infrequently.

“This is one of the largest purchases a person makes in their lifetime,” Muhanna, the business professor, said. “For first-time buyers, they want a competent buyer agent, someone who can help them navigate the intricacy of the process.”

Another obstacle to revolutionizing the industry is that home sales usually involve two brokers — the buyer’s broker and the seller’s broker.

In its early radical days, Redfin tried to win market share by offering lower prices than competitors. Initially, it rebated to buyers about three-quarters of the customary 3 percent commission a buyer’s agent gets on a home sale.

Buyers would attend open houses and do their own research, then ask Redfin to write up the offer and close the deal.

After a year of industry backlash, Redfin backed off its aggressive buyer’s rebate. Its typical rebate in Seattle metro is now about one-third of the buyer’s agent commission.

The discount brokerage also has raised its charge for listing a home.

Redfin initially charged sellers a $2,000 flat fee, later doubling it. In 2010, it switched to a 4.5 percent commission instead —keeping 1.5 percent as the listing agent and giving 3 percent to the buyer’s agent. Though that’s less than the typical 5 to 6 percent commission traditional brokerages charge sellers, Redfin adopted the very fee structure it had once criticized.

“When it comes to discount brokerages, there’s a big pool of dead startups,” said Ward, Estately’s CEO. “It costs money to run a brokerage.”

Nevertheless, Redfin says its customers have saved more than $200 million in commissions.

And it’s still deeply discounting in select markets: In the District of Columbia area, Redfin’s site recently offered to list a home for a 1 percent commission.

HIGH-VOLUME BUSINESS

In the Seattle area, Redfin stresses tours on demand and top-notch service in a TV commercial that’s aired on and off since October. Its agents, says the ad, “aren’t paid on commission but on your happiness.”

But there’s another difference from traditional brokers the ad doesn’t highlight: Redfin buyers don’t necessarily work with the same person through the entire process.

They’re assigned to a contract-writing agent, tour homes with multiple junior agents and work with a transaction coordinator to manage the paperwork and close the deal.

Kelman said the team approach is part of Redfin’s way of providing “real estate as an on-demand service for a last-second economy, where people want to get into houses right away.”

The division of labor, however, comes with much higher caseloads for Redfin’s agents than peers at traditional brokerages — a system that can lead to burnout and high attrition among its top-performing agents.

Traditional brokerages can support more boots on the ground too because their agents, working as independent contractors, don’t cost them much.

In the Seattle area, brokerage Windermere has about 2,260 agents; John L. Scott and Coldwell Banker, more than 1,100 agents each.

They compete against Redfin’s 220 agents.

HIGH-TECH LISTINGS

While Redfin’s roots are on the buyer side, representing sellers is now the faster growing part of its business. Last year, nearly 30 percent of the 1,775 Seattle-area home sales it helped broker were on the list-side, up from 18 percent in 2008.

Seattle-area resident Eden Riddell said she and her husband chose Redfin to list their home because of its customer service, its technology and the convenience of touring other homes within 90 minutes of a request.

The couple sold their home recently for $449,950, about 6 percent less than what Redfin listed it for in February.

Riddell said she was fine with the price because they had another home under contract and needed a quick close.

Despite moving toward the traditional model, Redfin still maintains a technological edge, Kelman said.

“We’ve just gotten better and better at figuring out who’s really interested in your property,” he said. “You

don’t need 10,000 buyers for your house. You need four or five, and it’s really nice to know there are six people who have looked at your property more than 20 times in the past 24 hours, especially if you’re about to consider a price drop.”

A virtual 3-D walk-through tour is standard with Redfin’s listing service and lets prospective buyers get 24/7 access to a home’s layout.

GENERATING REFERRALS

Redfin’s revised business model shows it’s rejected the idea that brokers aren’t needed in an Internet-enabled world.

But all things being equal, technology features and lower prices may not be as compelling to real-estate consumers as an agent’s competence and trust, Muhanna said. For Redfin to grow, he said, its agents will need to prove themselves and generate referrals — just like anyone else in the industry.

“Until that happens, word-of-mouth is likely going to work in favor of existing players,” Muhanna said.

“There are more of them and they’ve been in the game for a lot longer.”

Kelman recognizes that.

At the end of the day, Redfin isn’t just about some cool tech venture, he said, but “doing the bare-knuckled work of hiring and training real-estate agents, hanging yard signs and showing properties.”

As if to underscore the transformation, he added, “What I’m proud of now is what I used to be self-conscious about, which is that we’re real-estate agents.” 

Redfin by the numbers 2006: Year launched in Seattle, San Francisco $100 million-plus: Revenues last year 67: Metro areas served 1,000-plus: Real-estate agents employed

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