YARD MAINTENANCE
The time has come for yard maintenance if applicable. Please take some time to clean up the yard by removing dead leaves, grass, and debris. If you have a sprinkler system, you should have it turned on and running regularly by now or very soon. If you are unsure of how to do this, please call Paul at Carlson & Carlson at 303-666-5143 or Robyn's Nest Yard Care 303-884-1046. We will provide this service for you; just tell Paul at Carlson or Pete at Robyn's Nest that you are a Phoenix Realty tenant and he will bill us direct. If you do not have a sprinkler system, it's time to start watering by hand. The best times for all lawn watering is either at night or very early in the morning. Some yards may require watering more frequently than others, and to avoid HOA or City fines, remember that weed removal is expected under terms in your lease.
If you're a resident in one of our single family homes or townhomes with a yard, a great way to insure you don't have a negative impact to your security deposit when you vacate the property is by insuring the landscaping is maintained per your lease agreement. Bushes and trees are trimmed and not overgrown, flower gardens are weeded, the lawn is healthy, well mown and green, and the overall landscaping is pleasant to the eye.
Should you have tall trees with large dead branches, dead trees, or branches that are overhanging on your roof let us know. We will deploy a professional arborist to assess the trees and provide us a quote for ownership to take care of the affected area(s). If you have any questions or concerns on yard maintenance expectations or what an HOA may or may not cover, please be sure to contact us as we're happy to be of service to you and answer your questions.
FURNACE / AIR CONDITIONING
If you have not done so, remember to change your furnace filter with the appropriate type and size. A good telltale sign of a filter that needs replacement is noticeable dust on furniture and fixtures. This should be done at a minimum of every 3 months. Any local hardware store, Target, Sears, Jax, or Walmart should have replacement filters, and they're one of the quickest and least expensive maintenance projects you can do.
If you have air conditioning, you may consider running ceiling or central fans to circulate cooler air throughout the residence. This keeps the air relatively constant around the thermostat as well as spreading cool air throughout the home. Turning your a/c completely off, or at a very high setting while you are away is not recommended; as cooling a "hot" house is less efficient and more costly than keeping your home cool throughout the day. If it appears that your a/c unit is not cooling the home please check and potentially replace the furnace filter before calling for a service call. A clogged filter will prevent the a/c system from operating and cooling properly.
GENERAL
With the Spring thaw, it's time to quickly check your plumbing for leaks. Feel around under your sinks and inspect around toilets and outdoor spigots for signs of small leaks. Please let us know right away if any are found. Catching a leak early is a good way to keep your water bill down and to preserve the home as a whole.
MOVING
Remember, if you are giving your notice to vacate, notice is to be given on the 1st day of the month or before, vacating the last day of the month by noon. If your lease expires and no notice is given you are automatically on a month to month with 30 day notice required.
If you want to purchase a home, you might wonder if you could get pre-approved. You could visit a loan officer and they could help you figure out if you'd qualify. Or you could do a few simple calculations at home to know if you're in the right ballpark.
Step 1: Is your credit score high enough?
Credit score requirements have changed a lot over the last decade. Chances are they will continue to vary, but right now you really need a score of at least 680 to get a good loan. Ideally having a score over 720 would enable you to get an excellent loan.
If your score isn't up there,
take action now to improve it. In our
April Newsletter I had an
article on what factors make up your credit score, how it's calculated, FAQ's, and several steps on how to improve your score. If it is very low, you can hire someone to help you raise it to the level you will need. Or you can
order your credit report and start handling any problems on your own with the credit reporting bureau's.
Links on how to pull your credit report are also
included in the
April Newsletter.
Step 2: Do I have enough income to support a house payment?
In order to figure out how much you can afford in a mortgage payment each month, you will need to calculate two numbers: the front-end ratio and the back-end ratio.
Front-end ratio: Your proposed monthly mortgage payment divided by your gross monthly income (before taxes). This figure should not go over 28 percent.
For example: Let's say you earn $5000 a month, gross. You can afford to spend $5000 x 0.28 = $1400 on your monthly mortgage payment. Note: This must include your principal, interest, taxes and insurance.
Back-end ratio: Your total debt obligations (credit cards, student loans, etc.) divided by your gross monthly income. This amount should not go over 36 percent.
For example: Keeping with the previous example, if you earn $5000 a month, you may spend $5000 x 0.36 = $1800 on your total debt obligations. So, if you have a mortgage payment of $1400, you can spend an additional $400 a month on credit card payments.
Step 3: Do I have the cash on hand that I will need to buy a home?
You will need to have money for a down payment and closing costs. There are government loans that allow you to put little or no money down, and ask the seller to pick up the closing costs. However if you get a conventional loan, you will need money in the bank for the expenses.
Lenders want to make sure that the money for the down payment is your money, not borrowed money. They like to know that you are personally invested in the home, because you are less likely to default that way.
You must show the money you plan to use for the down payment to have been in your bank account for at least 60 days. If you transfer it from another account, you must show that transfer and that you had the funds in that account for the time required.
Some lenders will allow you to receive a down payment (or part of the down payment) as a gift, but if you can have the money sit in your account for two months it is much easier.
If you have any further questions or concerns on this process, or would like a list of lenders to be referred to in order to explore this process further; be sure to contact
Kevin Chard in the office and he'll be happy to be of service to you.