Grand Valley Real Estate Today July 2022

REAL ESTATE TODAY GRAND VALLEY

JULY 2022 | VOL 19 ISSUE 7

Gorgeous 18 Acre Estate

30 Year Successful Kitchen/Flooring NextHome Grand — 970-314-3920 Business Presented by Nathalie Ames

See page 7 for more details Presented by ERA New Age Real Estate

Shilo Bartlett: 970-319-0064 See page YOUR 3 for moreGRAND details

VALLEY PROPERTY SOURCE Photography by Estate Photo Video 970-963-4523

2457 I Road

$1,300,000 NORTH GJ

3 BR | 3 BA | 2812 SF | 5.14 Acres Absolutely stunning brick and stucco estate on 5.19 acres in the North with high-end finishes throughout.

3 bed, 3 bath, 3-car garage home is 2,812 square feet of beauty!!! Completely refinished, gorgeous kitchen with island, new stainless appliances, Quartz countertops, and vaulted ceilings with a breakfast nook that opens to the amazing open deck out the back door. Master bedroom on the main floor, 2 bedrooms upstairs with a Jack-and-Jill bathroom to share, along with a huge bonus room above the 3-car garage. Surround sound in the main bedroom, bonus room and deck. Most of the main level was remodeled in 2021 as well, including $17,000 of cellular window blinds installed inside. Outside you will find a 30’ X 40’ barn with 3 horse stalls inside, 3 outside, hay storage and a tack room, 20’ X 15’ workshop, 16’ X 10’ shed, RV parking, retention pond, paddock area, 2 lean-to sheds, vinyl fencing and 2 large irrigated hay fields. There is also a huge arena/horse area. 5 shares of irrigation through GVWU. Just to name a few highlights of property.

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The best way to sell something: Don’t sell anything. Earn the awareness, respect, and trust of those who might buy.

Real Estate Today | July 2022 | www.coloradorealestatetoday.com

Shelly Ramos Broker Associate RE/MAX 4000

(970) 985-5259

raseeshelly@gmail.com

YOUR YOUR

TEAM TEAM ACCESSIBLE

ACCURATE ACCESSIBLE ATTENTIVE ACCURATE ATTENTIVE

970.812.3504 | www.your3ateam.com

CURRENT LISTINGS

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943 Nathan ODIN DRIVE, Poirier SILT | $900,000 Merrite Wyatt

Kiel Roling

40 acres of freedom bordering BLM land. Energy efficient 3 bedroom and de970-250-9130 970-260-6947 970-216-0322 tached 36’ x 45’ 3 bay barn. Call Merrite Wyatt 970-260-6947

Proudly Welcomes Our Newest Members n

LOT 54 MASTERS RANCH DR, GLADE PARK | $355,000

Beautiful 35-acre lot borders BLM, features a wash through it with a culvert for easy access to all the acreage, and owns 100% mineral rights and the oil and gas rights. Call Merrite Wyatt 970-260-6947

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58447 BANNER ROAD, OLATHE | $300,000

1830 J ROAD, FRUITA | $450,000

These conveniently located 4 acres just had a $200,000 price drop! Call Merrite Wyatt 970-260-6947

Commerical Land listing with 5 Acres of possibility! Right off HWY 50 in Olathe. Property has a special use permit in place for a gravel pit operation. Call Merrite Wyatt 970-260-6947

Mica Quint Sue Maquire Maureen Wixom SUMMER HILL COMMUNITY

SOARING EAGLE SUBDIVISION

Last Filing Now Open – Call for Reservations!

Lots Now Available in the Soaring Eagle Subdivision!

970-216-9992

970-210-6248

970-208-5624

PORTER HOMES CUSTOM PATIO HOMES

Callvalue today to schedule your Providing throughout the entire realshowing! estate process.

Your3ATeam.com E Enjoy low maintenance, easy OM EL H living in this lock & leave D MO community. Includes front yard maintenance, snow removal on common sidewalks, walking paths, and ponds. Numerous lots, including pond lots are currently available.

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Call for your own custom home!

Build your dream home nestled up against the Colorado National Monument.

Learn more at soaringeagleliving.com.

664 BOX CANYON CT $325,000 1.25 acres located in the heart of the Redlands bordering the Colorado National Monument.

Merrite Wyatt

970-260-6947

Bobby Boe

970-640-1903

Real Estate Today | July 2022 | www.coloradorealestatetoday.com

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JULY 2022

VOL 19 ISSUE 7

ADVERTISER INDEX

FEATURE ARTICLES:

COLLBRAN/MESA AREA:

How to Approach a Basement Remodel ..........................................................8 7 Characteristics of Modern Houses.... 10 Real Estate Financing Options ................12

Realty Trek, Janine Bailey ..................................10 United Country Real Colorado Properties Julie Piland ............................................................ 11

GRAND JUNCTION AREA:

www.ColoradoRealEstateToday.com To find out more about advertising OR to REQUEST A COPY OF THE MAGAZINE email:

ads.realestatetoday@gmail.com Call 970.527.7400

Bray & Co. Real Estate — Bobby Boe ..............................................................3 Dan Savoca .......................................................... 10 Maureen Wixom .................................................3 Merrite Wyatt ....................................................... 3 Metro Brokers — Debbie Thomas ...................................................8 Dee Dee Hansen Simpson ............................9 Felecia Bishop ......................................................8 Janell Gear ..............................................................4 Next Home Grand — Nathalie Ames .................................................. 1, 7 RE/MAX 4000 — Carol Francil ..........................................................6 Shelly Ramos ........................................................2 River City Real Estate .............................................5 Sandstone Realty, Bonnie Walker ..................6

TE REAL ESTA TODAY GRAND VALLEY

19 ISSUE 7 JULY 2022 | VOL

ON THE COVER: NextHome Grand

Nathalie Ames 970.314.3920 Gorgeous 18 Acre Kitchen/Flooring Successful 30 Year 970-314-3920 NextHome Grand — Business Estate

Presented by Nathalie

Ames

details See page 7 for more Age Real Estate Presented by ERA New

TY bySOURCE Estate Photo Video 970-963-4523 Photography GRAND VALLEY PROPER 064

Shilo Bartlett: 970-319-0 3 for more details See page YOUR

NEXT ISSUE: AUGUST 2022 AD DEADLINE: July 12 Columbine Publishing & Media, LLC P.O. Box 1356 • Paonia, Colorado 81428

YOUR GRAND VALLEY PROPERTY SOURCE 2022 Advertising Rates Full Page - $350 • Half Page - $210 • Quarter Page - $140 • Cover + Full Page - $625

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Real Estate Today is not responsible for typographical or production errors or the accuracy of information provided by advertisers. ©2022 Columbine Publishing & Media, LLC. No part of this publication may be re-produced or transmitted by any means without written permission from the publisher. The Publisher re-serves the right to reject advertising which may be objectionable by law or considered undesireable by the Publisher. Real estate advertising in this magazine is subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise “any preference, limitations, or discrimination based on race, color, religion, sex, familial status or national origin, or intention to make any such preferences, limitations or discrimination.” We will not knowingly accept any advertisement for real estate which is in violation of the law. All dwellings advertised in this magazine are available on an equal opportunity basis.

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1353 N 22nd Street CITY $325,000

1333 N 22nd Street CITY $285,000

2923 Ronda Lee ORCHARD MESA $285,000

566 1/2 Garfield Dr. Unit D NORTHEAST $167,000

Charming, updated 3 bedroom and 1 bathroom home in great location close to CMU. Features original hardwood flooring. Recent updates include newer vinyl windows, automated sprinklers in front and back yards, paint, updated plumbing, updated electrical with 200 amp service, newer furnace, water heater, and sidewalks. Plenty of parking behind house too!

CUTE house in Orchard Mesa on a large lot fully fenced with mature landscaping and park like green grass!! Room to park an RV, automated lawn sprinklers, beautiful original hardwood floors, stainless steel appliances, and separate dining area. This would make a great starter home!!

Metro Brokers Grand Junction, Inc.

Janell Gear (970) 589-0002 Gear & Associates Realty 4

Pick up your copy today or read the digital version online at:

This house is full of character and charm in the heart of the city!! Close to CMU and the VA Hospital.

Features original hardwood floors throughout with a detached shop (20 X 14) and RV parking area behind house and off alleyway. This 3 bedroom and 1 bathroom property is a great investment opportunity!

Investment Opportunity in Northeast Grand Junction!! 2 bed 1 bath condo with deck on the front and back of the unit. Unit is located on the second level.

“It’s not just property, it’s a lifestyle!”

Visit My Website at www.janellgear.com

Real Estate Today | July 2022 | www.coloradorealestatetoday.com

GRAFF MEADOWS SUBDIVISION E

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812 MEASE ROAD • 2 ACRES • 7+ RV CAR GARAGE/SHOP

OVER-THE-TOP PRIDE OF OWNERSHIP!

Grand Junction - $1,278,000

You have it all here — just move in and enjoy this sprawling rancher with 5 bedrooms, 2 full bathrooms, plus the 5 piece Master bathroom suite. 7+ car garages (3+ attached & the 4+ detached/RV/Shop). Nestled in that back of this subdivision with 2 acres that are fully landscaped. Breathtaking views off your back eastfacing patio where you can enjoy cool mornings and shady afternoons. All new wood laminate flooring. Solid granite throughout the home. In-floor radiant heat.

Wired for surround sound. The detached RV/garage/ shop also has a finished man-cave up above. Plenty of room for all your toys and then some. MLS #20222978

Each office independently owned and operated

120 W. Park Drive Suite 200 Grand Junction, Colorado 81505 www.gjproperties.com

Sandstone Realty, LLC

Carol Francil

970-261-0640 www.carolfrancil.com

Bonnie Walker, Broker/Owner

GRI

(970) 201-4050 bewalker74@gmail.com

3038 F 3/4 Road • $850,000 Rancher on 8.23 Acres with 855 sq. ft. plus 233 sq. ft. unfinished basement that also has a root cellar. Two bedroom, 1 bath, dining off kitchen, living room with rock faced fireplace w/wood insert. Two shop areas, both have 220 wiring & good fluorescent lighting, one with mechanic pit (32x30), other (23x31) insulated, heated, small cooler and large dog run. Room to park RV and septic system has been set up to use for RV dump. Irrigated acres with 4 acres in grass and alfalpha and enough gated pipe for irrigating. Fenced pasture, stall/corral, tack room, water & electricity to corral. Property Zoned RSF-R and cannot be developed due to close proximity to airport flight pattern.

Unobstructed view of Mt. Garfield. Call for more information on MLS #20221198.

VILLAGE AT COUNTRY CREEK - THE PREMIER 55+ COMMUNITY * New Ranch Style Patio Townhomes * 7 Well Designed Floor Plans * Customer Selects Interior Finishes * Phase 6 Underway With 12 remaining to build Prices range from $375,410 up to $496,000, and are subject to change without notice. *Call for availability and completion times View Website www.villageatcountrycreek.com See virtual tour of club house at: https://www.youtube.com/watch?v=9EC2u5n151c 6

Real Estate Today | July 2022 | www.coloradorealestatetoday.com

On the Cover...

G O R G EO U S 1 8 AC R E E STAT E

9683 48 1/2 ROA D, M E SA , CO 81643 $1,950,000 | 18 Acres | 4 Bedroom, 2.5 Bath Main Residence | 2 Bedroom, 1 Bath Cottage This gorgeous 18 acre estate has everything you have been dreaming of. Relax in your wonderfully appointed 5460 sqft four bedroom residence with stunning 360 degree views of the Plateau Valley, the painted mountains of the Roan Plateau, the ski slopes at Powderhorn Mountain Resort and the Grand Mesa. View the stars from your own observatory and entertain your friends in the stunning gardens or multiple outdoor seating areas. The separate, charming, two bedroom guest cottage is perfect for your guests, a caretaker or to rent it out as a vacation rental. The property has ample water rights for irrigating the mature gardens and two hay fields. Your horses will be right at home in their grazing pasture equipped with a newer shed to protect them from the elements. Tate Creek runs through the property and attracts ample wildlife for your viewing pleasure. The detached four car garage can accommodate your vehicles and the additional storage sheds are perfect for your ATVs and other outdoor toys. There is plenty of room for your RV on the property and a place to plug in if needed. This is truly a beautiful and unique property, that checks all the boxes…and then some!

Nathalie Ames R E A LTO R ®

970.314.3920 names@nathalieames.com www.liveandplayincolorado.com

11011 Highway 65 Mesa, CO 81643

Real Estate Today | July 2022 | www.coloradorealestatetoday.com

Each office is independently owned and operated.

Subject to errors, omissions, price change, prior sales and withdrawal without notice. Dimensions approximate.

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How to Approach a Basement Remodel A fully finished and functional basement is a dream for many homeowners. Such a space, when completed, can serve as an entertainment space, a man cave, an artist’s studio, or any number of additional functions.

Despite their usefulness, finished basements are something of a rarity. In an analysis of data from the U.S. Census Bureau’s Survey of Construction, the National Association of Home Builders® found that only around 24 percent of single-family homes built in 2018 have basements. Homeowners who do not currently have a finished basement but are considering such a project can approach the remodel with a few key factors in mind.

Careful consideration of these factors can ensure the project is budget-friendly and worthy of homeowners’ investments.

Investment Value Conventional wisdom among home renovation and real estate experts suggests that a basement remodel is best if done to satisfy current inhabitants and not necessarily to appeal to prospective buyers once the home is put up for sale.

Remodeling magazine reports that a midrange basement remodel costing around $70,000 will provide a return of around $49,000 (or 70 percent) at resale. Though that’s not a poor return on investment, homeowners who are remodeling a basement solely for the potential ROI at resale can find other projects that provide a greater return.

Foundation The foundation of the home must garner ample consideration before beginning a basement remodel. Certain foundation issues, such as soft concrete, cracked or curved outside walls and

Picture Yourself in One of These Brand New Grand Junction Homes!

cracks in the flooring, are indicative of significant issues with the foundation. These issues can be costly to address, and they must be remedied before the basement remodel can begin.

Existing Space Some homeowners may have bought their homes with partially finished basements or even finished areas that they simply want to remodel. In such instances, a pre-remodel inspection from a licensed home inspector can save homeowners lots of money and heartache over the long haul. Partially finished or even aging finished basements might not have been renovated in adherence to codes, which could lead to costly violations down the road. An inspection in advance of a remodel can give homeowners an idea of what they will need to do to bring the basement up to code. Local officials also can provide a list of necessary permits and a detailed description of requirements to ensure the remodeled basement adheres to code.

Soil Soil surrounding the home should be tested prior to beginning the project. Radon is an odorless gas found in soil that the U.S. Environmental Protection Agency notes can increase individuals’ risk for lung cancer. Radon can seep into basements and increase that risk even further if it is present at elevated levels in the soil surrounding a home. Radon tests are simple and inexpensive, and no basement remodel project should begin without first conducting such a test.

Finished basements are valuable spaces. Homeowners who want to finish or remodel their basements should consider a host of factors before beginning the renovation.

Northwest

1352 21 Road

$1,275,000

Northwest • 794 Spur Cross Way • $497,000 BRAND NEW CONSTRUCTION! This 3 bedroom, 2 bath, 2 car garage has excellent upgrades with granite countertops, gas range oven, designer tile and light fixtures, tall ceilings and doors. High quality build by Canyon Vista/ John Bennett. BEAUTIFUL! This is a 1/2 duplex configuration.

Southeast • 2968 Trace Street • $444,900 Beautiful new construction by Spice Builders. 3 bedrooms, 3 baths, 2 car garage is upgraded with granite countertops, custom designer tile, designer lights, gas range oven, and custom/ finished garage and doors. Lovely oversized, covered patio, privacy fencing to match the neighborhood, and open, spacious living!

Felecia Bishop Felecia Bishop Realty Broker/Owner

970-260-8258

fbishop.gj@gmail.com 605 25 Road, Ste. 100, Grand Junction, CO 81505

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Real Estate Today | July 2022 | www.coloradorealestatetoday.com

Amazing two-story home on 10 acres in the northwest area of Grand Junction. This home has 4 bedrooms, 2½ baths plus an office. Family room with stone gas fireplace, open kitchen with island, granite counter tops, plus double oven stove. Oversized 2 car attached garage and RV parking. Extra-large barn (30x45) with ½ bath and lots of room for toys and farm equipment plus a 30x25 open storage area. Beautifully landscaped with wonderful views.

Debbie Thomas

DKT Realty

970-261-3309

debbiet@mbgj.com www.metrobrokersgj.com

REAL PEOPLE REAL EXPERIENCE REAL SOLUTIONS

392 Granite Falls Way

2690 Amber Way

$484,900 • North

$819,900 • Redlands

3 Bedrooms • 3 Baths • 2613 Square Feet Impeccable! Perfectly maintained home in the prestigious Vista Del Canon Subdivision. Pride of ownership is reflected in every inch of this home. Walk into an incredible foyer that intrigues with dimension and light. Very spacious rooms allowing for comfort and enjoyment. Large yard is lush and manicured for entertaining whether its enjoying friends any evening of the year or a great game of kickball, volleyball or Fetch with Fido. Paved RV parking area and a large 3 car tandem garage. Take a look and fall in love.

1183 Shady Lane

3 Bedrooms • 3 Baths • 2004 Square Feet Well Maintained Ranch Style Home. Conveniently located in the North Area Alpine Meadows Subdivision. Great floor plan! Large kitchen with abundant cabinetry combination breakfast nook / family room that flows into a formal dining room and a sunken Livingroom with a cozy fireplace perfect for entertaining family and friends. 3 Large bedrooms, the Primary Bedroom has a 5 piece bathroom with heated floors and a walk in closet with plenty of built ins. Lush outdoor living space with gardens and mature trees create your own private oasis.

2833 Kelso Mesa Drive

$473,900 • Orchard Mesa

$499,900 • Fruita

4 Bedrooms • 2 Baths • 3-car Garage Lovely home with a well thought out floorplan. Bright open kitchen with walk in pantry and eat-in dining room, open to the Great room and a 4th bedroom with French doors. Primary Bedroom has a huge walk in closet, big soaker tub and a walk in shower, this owner made sure all the extras were tended to. Big bedrooms & lots of storage. This Corner lot has an extra spacious covered patio on the eastside of home that is perfect for enjoying the Fruita evenings outside. Great space for raised garden beds. Currently xeriscape front and back. LOCK AND LEAVE if you wish.

4 Bedrooms • 3 Baths • 1789 Square Feet Immaculate home in Mesa Estates that reflects exceptional pride of ownership! Beautiful stucco home with Spanish tile roofing and stacked stone accents really give this home curb appeal pizazz! Bright and open layout, stylish luxury plank flooring, an inviting color scheme and lots of natural light. Open kitchen offers beautiful quartz countertops, center island with room for 3 barstools, upgraded stainless appliances, and nice sized pantry. The primary bedroom features a LARGE closet, vanity with dual sinks and a walk-in shower big enough for 2. Fully landscaped with just enough grass to make your big privacy fenced yard cool, but almost maintenance free.

DEE DEE HANSEN SIMPSON Broker/Owner

970-260-9907

HANSEN & ASSOCIATES REALTY METRO BROKERS

“Authentically Grand Junction, Truly Your #1 Real Estate Agent” #aHomeSoldbyDeeDee

605 25 Road, Suite 100 | Grand Junction, CO 81505 Real Estate Today | July 2022 | www.coloradorealestatetoday.com

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7 Characteristics of Modern Houses Homes contain a variety of components that appeal to homeowners with different ideas about the perfect place to call home. That starts with the style of a home.

Buildings are classified according to share components. A Craftsman style home will have a covered porch with a set of wide base columns, while a Cape Cod home is often defined by a gabled roof and dormer windows. Modern houses, which are sometimes called contemporary homes even though the terms are not interchangeable, will have their own sets of unique characteristics.

Here’s a look at seven features that make modern homes unique.

Minimalist Approach Contemporary and modern homes both employ an approach that leans toward minimalism, including clean design lines. Spaces are open and airy without the clutter of too many ornate architectural details. While modern homes may have some curvature to their design, contemporary ones are all about an angular look.

Neutral Color Palette Modern homes tend to utilize a neutral color palette. Modern homes may use “earthy” elements, such as wood and brick, in ways that do not look rustic. Contemporary homes rely on a color palette of black and white with shades of gray or other neutral colors.

Geometric Shapes Modern homes have strong horizontal and vertical elements that showcase geometric shapes in their designs. Contemporary homes often have flat roofs, while modern homes may not.

Large, Unadorned Windows Most modern homes showcase a lot of natural light by utilizing large windows that are not covered up by heavy window treatments or elements like shutters and thick trims.

Large windows are the focus of the interior and shift attention to the view outdoors.

Open Floor Concept A hallmark of modern interior design, the open concept floor plan removes many of the walls that tend to separate common areas of a home. This helps to foster the spread of natural light and maintains the emphasis on simplicity of design.

Smart Elements Thanks to the proliferation of smart technology, smart homes are cropping up with greater frequency. While smart devices can be included in any home style, they tend to feel like they were designed specifically for modern homes.

In a similar vein, modern homes may include environmentally friendly elements, such as solar panels, upcycled materials, added insulation, and energy efficient lighting.

Updated Kitchen Spaces The clean lines and attention to technology and open space generally extends to modern kitchens. Modern kitchens tend to feature efficient, top-tier appliances with additional storage and space amenities that keep the room from feeling cluttered.

While some may consider modern homes austere, many others are right at home among their clean lines and airy spaces.

26737 Cold Stream | $415,000

TBD Highway 330

TBD Highway 6 & 24 | $275,000

Molina $299,000

This beautiful property has fabulous water rights and great building sites! Use it for grazing/agricultural use….Grow crops, graze animals or build a fabulous home! There is access to Plateau Creek thru the adjoining UTE WATER land. PLUS the adjoining 11 acres are now available from a family member at a separate price IF you buy the 18 acres. The 11 acres have an old house, electric, well, septic and numerous outbuildings. MLS #20202275

REALTY TREK ...

Grand Mesa

First built in 1954, most of the original building was removed in 2006 and the rebuilt structure is what you see today. 8 inch concrete block construction with foam insulation, in floor radiant heat plus a wood stove, and a private well are just a few of the features of this well-built cabin. Cold Stream Pond is right outside your front door - come beat the summer heat and enjoy your own cabin on the Mesa!

DeBeque

73 acres at the base of Mount Logan! Enjoy year-round recreation on your own private parcel of land bordering BLM or build your dream home and enjoy 73 acres of solitude. The property is in 2 separate parcels, so a new owner can enjoy one parcel and sell the other or keep it as an investment to sell later. Easy year-round access to DeBeque or Parachute via Hwy 6 & 24. No HOA!

because owning property is a journey!

Janine Stacy Bailey

BROKER/OWNER

(970) 589-4123

realtytrek@gmail.com 10

Real Estate Today | July 2022 | www.coloradorealestatetoday.com

Dan Savoca

970-270-5070 dan@brayandco.com

SERVING WESTERN COLORADO SINCE 1946

970.242.3647 | 1015 North 7th Street | Grand Junction, Colorado | brayandcosearch.com

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21675 Baron Lake Dr. Cedaredge, CO

147 Mackinaw Way Gunnison, CO

$450,000

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15752 Red Mountain Lane Collbran, CO

49125 KE 1/2 Road Mesa, CO

$549,000

$525,000

$355,000

1.25 acres Lakefront 3 bedroom 2 bath Possible owner carry

3 bed 2 bath • Borders BLM 35 acres with irrigation, garage, workshop, stalls or equipment shed

1.12 acres Irrigation Outbuildings Great views and easy access

47262 KE Road Mesa, CO

67493 Fawn Ct Collbran, CO

213 County Rd 259 A Silt, CO

12508 54 7/10 Road Molina, CO

$355,000

$455,000

2270 Sq Ft Completely Updated and Remodeled Lakefront • Garage/Shed

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$499,000

$799,000

40 acres Amazing views and privacy Irrigation Great Building Location

1.13 acres Shop Lake view 3 bedroom 2 bath

Irrigation and Home 10+ Acres • 40x60 Shop Minerals Negotiable Outbuildings

5+ acres Completely remodeled home 3309 sq ft home 6-10 car garage

8066 Bosque Del Oso Ln Mesan, CO

TBD 57.5 Road Collbran, CO

108 Main Street Collbran, CO

15757 57 1/2 Road Collbran, CO

$300,000

$65,000

$449,000

$440,000

40+ Acres • Borders BLM and goes into National Forest Amazing Views • Private and Remote Hunting Property

.98 Acre Lot Commercial Zoning Corner Parcel Great Location, Easy Access

Collbran Cafe and Bar Income Producing Owner Carry Option Profitable Turn- Key Business

Commercial Shop Office Space 4960 Sq Ft • Completely Remodeled and Updated

Real Estate Today | July 2022 | www.coloradorealestatetoday.com

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Real Estate Financing Options The decision to buy a home is significant. Real estate is the biggest investment the average person will make in his or her lifetime, which underscores just how significant the home buying decision can be.

The real estate experts at Zillow recently reported that the national median price of a home in the United States is $272,446. However, since the National Association of Realtors reported a record low housing inventory late in 2020, the average house price has been rising rapidly nationwide.

The Federal Reserve Bank of St. Louis estimates the median home sales price at $374,900, and certain states have much higher prices. WOWA, a real estate and finance technology company, says the average sale price of a home in Canada was $679,051 in July 2021.

Most people do not have $300,000 to $600,000 in savings on hand to purchase a home in cash. That means they’ll need to rely on financing to pay for their dream homes.

Conventional Lending Conventional lending refers to when a bank or another financial institution loans a home buyer money to buy a home. This is one of the most common ways to fund a home purchase. Personal credit score as well as credit history help determine eligibility and interest rates for conventional loans. Availability of assets as well as income level are some additional determining factors. Conventional loans are traditionally 10-, 15- or 30-year notes and will require a certain percentage as the down payment to secure the loan. The bank will determine the down payment requirement, which is typically somewhere between 3 and 20 percent.

FHA Loan A Federal Housing Administration loan is issued by an FHA-approved lender. These loans are designed for lowto-moderate-income borrowers, according to the financial guide Investopedia. FHA loans require lower minimum down payments and lower credit scores than many conventional

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Real Estate Today | July 2022 | www.coloradorealestatetoday.com

loans. FHA loans also require mortage insurance up front, plus annually for 11 years or the life of the loan depending on the length of the loan.

HELOC A Home Equity Line of Credit, commonly called a HELOC loan, borrows against the available equity in your home to create a line of credit, much like a credit card. These funds can be used for large expenses or to consolidate higher-interest rate debt on other loans, according to Bank of America. It may be possible to use a HELOC to secure funding to make improvements to a home for those who want to flip it as an investment property.

Private Money Lenders Individuals investing in real estate who do not intend to use a property as a primary residence may turn to private money lenders. These investors can tap into capital from personal connections and lend at specified interest rates and payback periods, according to Fortune Builders, a real estate investing resource. Keep in mind the interest rate will likely be higher with a private lender than through a conventional lender. The repayment term also will be shorter.

VA-backed Loan The U.S. Department of Veterans Affairs has a program for acquiring loans through conventional lenders that will be partially guaranteed against loss through the VA. This enables a lender to give better loan terms, such as the option to pay no down payment. Interested parties need to qualify for a Certificate of Eligibility and then work with qualified lenders.

People have several options to finance the purchase of a home. These loans can help make the dream of home ownership a reality. Potential buyers are urged to speak with mortgage professionals or financial planners to consider their options.