Lets talk about Denver's New rent laws

Denver, Colorado has recently implemented new rental laws that aim to provide better protection for tenants and regulate the housing market. These new laws are a significant step forward in addressing the city's growing housing crisis and promoting affordable housing for all.

One of the most notable changes is the "source of income" protection law, which prohibits landlords from discriminating against tenants who rely on government assistance or other non-wage sources of income, such as social security or disability benefits. This law is particularly important for vulnerable populations, such as the elderly and people with disabilities, who may have difficulty finding housing because of their limited income sources.

Another new law is the requirement for landlords to provide a written receipt for rent payments. This law aims to prevent landlords from unfairly evicting tenants for non-payment of rent when they have already paid. Additionally, landlords must provide a written notice before raising the rent, giving tenants enough time to plan and adjust their finances accordingly.

Denver's new rental laws also provide greater protection for tenants who are victims of domestic violence. Landlords are now required to allow tenants to terminate their lease early if they are victims of domestic violence and need to move to a safer location. This is an important step in ensuring that victims of domestic violence have the support they need to leave dangerous situations and start over.

The city has also introduced a new licensing system for rental properties, which requires landlords to obtain a license and maintain their properties to certain standards. This system ensures that rental properties are safe and habitable for tenants, and landlords who violate the licensing requirements can face penalties and fines.

Overall, Denver's new rental laws are a positive step towards creating a fair and affordable housing market for all. By providing greater protection for tenants and regulating landlords' behavior, the city is working to address the housing crisis and ensure that everyone has access to safe and affordable housing. These laws can serve as a model for other cities and states looking to address similar housing challenges.

What are my tax incentives as a homeowner?

As a homeowner in Colorado, you are eligible for several tax deductions that can help reduce your overall tax burden. Here's a closer look at some of the most significant home buying tax deductions available in the state:

1. Mortgage interest: One of the most significant tax deductions for homeowners is the mortgage interest deduction. The IRS allows homeowners to deduct the interest paid on their mortgage for their primary residence. This can be a significant tax break for those with large mortgage balances or high interest rates.

2. Property taxes: In Colorado, property taxes paid on a primary residence are deductible. This includes taxes paid to local, county, and state governments. The deduction is taken as an itemized deduction on Schedule A of your tax return.

3. State and local tax (SALT) deduction: Colorado residents can deduct state and local income, sales, and property taxes up to $10,000. This deduction is taken as an itemized deduction on Schedule A of your tax return.

4. Energy-efficient upgrades: Tax credits are available for certain energy-efficient upgrades to a primary residence, such as installing insulation or replacing windows. The credits are designed to encourage homeowners to make their homes more energy-efficient, which can lower their energy bills and reduce their carbon footprint.

5. Capital gains exclusion: When you sell your primary residence, you may be eligible for a capital gains exclusion. This exclusion allows you to exclude up to $250,000 ($500,000 for married couples filing jointly) of the capital gains from the sale of your home from your taxable income. To qualify for the exclusion, you must have lived in the home for at least two of the five years prior to the sale.

It's important to note that these deductions and credits may be subject to certain limitations, and the specific rules and amounts may change from year to year. As a result, it's recommended to consult with a tax professional or the IRS for the most up-to-date information and guidance on these deductions.

In conclusion, Colorado offers several tax deductions and credits for homeowners, including deductions for mortgage interest, property taxes, and energy-efficient upgrades, as well as a capital gains exclusion. These deductions and credits can help reduce your overall tax burden, so be sure to take advantage of them if you're eligible.

House Hacking.. What is it?

Simply put, House Hacking is a strategy that involves renting out portions of your primary residence to generate income that is used to offset the cost of your mortgage and other expenses associated with owning a home. When done correctly, it allows people to live in expensive areas completely for free, or even generate positive income through home ownership.

When analyzing a property as a potential House Hack opportunity, look for the following features:

1. Multi-Family properties

Anything that is two units or more is a plus, with more units being better than less. This means a triplex is typically better than a duplex, and a four plex is better than a triplex. Have a search set up for multi family homes, then analyze these homes to find out which will end up giving you the lowest housing expense at the end of the day. The goal of House Hacking is to lower your payment as much as possible, not to buy the prettiest house.

Multi-family properties were literally designed to House Hack, so we always start there. When it comes to analyzing them, there are a few things to keep in mind. First, the neighborhood where they are located is important. Not every multi-family property is created equal. In some areas, multi family properties are only located in specific neighborhoods that are “zoned” for multi-family housing. This means there is likely to be a higher concentration of tenants living in the space which is usually considered less desirable for those looking to invest there.

You’re better off buying multi-family properties in neighborhoods where the multi’s are mixed in with the single family properties. This diversity of style encourages less investors to flood the area with tenants and usually improves pride of ownership, and with it, rising home values. Speak to a local real estate professional or property management company to learn more about zoning laws in the areas you’re interested in.

2. Finished basements

Sometimes you can strike gold when you find a property in an area zoned for single family homes that has a finished basement that’s been converted into a separate living areas. Many times, homeowners finish their basements and include kitchenettes, full bathrooms, and multiple bedrooms. If this portion of the home has a separate entrance, that’s even better.

Properties like this allow the homeowner to live in the basement and rent the main space out to a family. This often allows them to live for free while simultaneously building equity and paying down their mortgage. If the homeowner has a family, they can rent the finished basement out to others and collect easy rent money while not having to share their living space. Finished basements are one of the top things to look for in your search.

3. Additional Dwelling Units (ADU’s)

ADU’s are permitted structures added to a property, usually in the backyard, where plumbing, electrical, and other necessities required for habitation are available. These are also referred to as “in-law units’ or “guest houses”. The ADU is a space that can be lived in, or rented to create additional revenue. ADU’s are a great asset to look for in a House Hack property.

Whenever analyzing a property, keep in mind not all ADU’s are permitted. You can check with the local city department to see if permits were ever pulled and if city ordinances allow for the space to be legally rented out. If they are, this is a great property to look deeper into!

4. Multiple Bedroom Houses

If you can’t find any multi-family properties (or properties that have been modified to function as such), you’re next best bet is to find a single family home with as many bedrooms as possible. Since the bedrooms are what you’ll be renting out, it’s important to keep in mind a home with more square footage but less bedrooms isn’t necessarily better.

The same principle applies as in multi-family properties. Three bedrooms are better than two, and four bedrooms are better than three. Concentrate your search on the homes with the most amount of bedrooms that are available in your price range, then work backwards from there. Sometimes buying a more expensive home with an additional bedroom to rent out makes your overall housing cost much lower.

5. Areas Easily Converted to Bedrooms

If you can’t find a property with a large number of bedrooms, you make one. Properties with dining rooms, living rooms, dens, bonus rooms, or lofts can often be converted into bedrooms for a few thousand dollars. This adds significant value to the home’s price, while also adding income that can be generated from the additional living space.

I target 3 bedroom homes with more square feet than their neighbors. If you notice the usual 3 bedroom home is around 1500 square feet, you should keep an eye on anything bigger than that. An 1800-2000 square foot home with only 3 bedrooms may have space that can easily be converted into more rooms. This is especially helpful if you pay for a 3 bedroom house but end up with a 4 bedroom house. The savings really add up when you consider the mortgage interest you’ll be saving over a long period of time.

6. Houses Near Public Transportation

When looking for something to House Hack, it’s important to keep in mind that unit/bedroom count is important, but it’s not the only thing that’s important. Having all this rentable space is of zero use to you if there is no one to rent it out. You need to be targeting homes in desirable areas of town, with strong economic bases-all of this needs to be close enough to public transportation your tenants are going to want to actually live there.

If you buy a great deal in an area nobody wants to live, finding tenants to help you House Hack is going to be an uphill battle. For this reason we start with the best parts of town then look for properties that will work for our goal. If we do the reverse and start with the properties that make the most sense on paper, we end up putting large amounts of energy into analyzing properties that work in theory but not in practice.

7. Houses in Areas Without Restrictions

Many HOA’s (Home Owner Associations) do not allow for non-owner occupancy. These areas would not make sense to target House Hacking Opportunities. On a similar note, many areas do not allow for short term rentals (like VRBO or AirBnb). These areas can limit your options to generate revenue and have to be considered on a case by case basis. Not every area is equal when it comes to House Hacking.

Other things to keep an eye out for are adequate parking spaces, safe neighborhoods where property crimes are low, and areas that aren’t too noisy to sleep (like near a railroad, airport, or freeway). Make sure the area you are buying in will be a place tenants want to live.

8. Houses With Adequate Living Space

While the number of bedrooms is the first thing we look for, we also want to concentrate on houses with adequate living space to allow your tenants to live comfortably. Homes with upstairs lofts, family AND living rooms, dining rooms, breakfast nooks, outdoor deck areas, and other features that allow your guests to lounge comfortably and not be confined to their bedrooms are nice selling features that allow you to charge more for rent and keep tenants for longer periods of time.

Bigger houses with extra bathrooms and multiple bedrooms make the best House Hack Opportunities. Combining this with additional living space will allow you to find better long term tenants and have a smoother process overall.

If you've been wanting to buy a home closer to work, in a better school district, or in an otherwise expensive neighborhood, this may be the solution you've been needing. If you are an aspiring real estate investor who wants to break into the market but doesn't want to carry the financial burden of a mortgage payment, this could work for you too. Your house isn't just a home, it's also a revenue generating asset!

Have Extra Space? We have Ideas!

So, you have extra space but you don’t know what to do with it. While bonus rooms are a great commodity to have, many homeowners struggle to make good use of the space. If this sounds like you, there are many ways you can turn your unused area into a room you’ll never want to leave. 

The first step is evaluating your priorities and constraints. If space is limited, a home office or wine cellar are great options. However, if you have the extra space, consider adding the ultimate game room or an in-home photography studio. The possibilities are endless. Now that most of us are spending more time at home, you may be itching to update your bonus room into more usable space or possibly the space of your dreams. Check out the following ideas and get inspired.

1. Get work done in the ultimate home office

Now that work from home has become a normal part of many people’s lives, creating a dedicated home office is the perfect solution to all your privacy and productivity needs. Home offices can provide that much-needed peace and quiet to increase focus and get work done. The latest design trends include bright, clean, sleek, and modern fixes. Installing bookshelves can add depth and character and bringing in office chairs, throw pillows, plants, and rugs can complement your desk to add a splash of color and texture. Of course, you are going to want to make it your own by adding personal photos and small mementos that keep you inspired. 

2. Design an arts & craft room that inspires

For the creative in you, an arts and crafts room can act as a sanctuary to fuel inspiration and innovation. Every artist knows the key to a solid art room starts with good organization. Begin by adding built-in shelving and fill them with different-sized storage baskets to fit artist supplies of all shapes and sizes. For spare walls, a mounted pegboard is the perfect piece to keep tools such as scissors, wrenches, or hammers within arms reach. If you love to paint or make pottery, reserve a corner with natural light as you create on your easel or wheel. As you clean up your mess, installing a sink will help wash away all of the extra paint strokes or clay that may have been left behind. Finally, tying the room together with a statement wall can showcase the art you are most proud of. 

3. Get creative in an in-home photography studio

From self-portraits to macro photography, having a home studio can save you a lot of money because you won’t need to rent out professional space. If you are a photographer that needs a creative outlet, consider turning your bonus room into a photography studio. Every photographer knows the importance of using natural light. To make your photos pop, installing big windows to let in the sunshine can create the perfect light effect in your photos. If windows aren’t nearby, adding photo umbrellas and softboxes is an innovative way to cast shadows and light contrasts while bringing in that studio feel. For portraits and photoshoots, installing colored backdrops can add a variety of textures and perspectives to your shots. If you are looking for some fun, add a prop bar with masks, wigs, and signs to bring out the wacky and playful side during a photo shoot. To tie the extra space together, creating a photo wall can showcase the shots you are most proud of.

4. Snuggle up with a good book in a cozy home library

If you ever want to get immersed in a story, a home library is a perfect place to do so. There are many different ways to create a reading sanctuary no matter how small or big your extra space is. Built-in shelves can add depth and storage for you to display all your favorite books. If you are looking for a cost-effective alternative, multimedia shelves designed to hold DVD and Blu-ray players can easily hold both hardbound and paperback books. If you don’t have many books, consider supporting your local bookshop and selecting 1-3 of your favorites monthly to begin building a collection. 

Once you have organized all your books, adding a reading chair or loveseat can keep you cozy and comfortable as you read the day away. Lighting is a crucial part of any library. No one wants to have a hard time reading. Considering a room with a large window or great task lighting can solve this problem. For some green details, bring in some plants to keep you company. 

5. Create tunes in a modern music room

Maybe you want to someday be in the Country Music Hall of Fame in Nashville, TN? If so, a music room is a practical bonus room solution. The number one recommendation when creating a music room is soundproofing your walls. Using insulation between drywall and adding acoustic paneling can serve as a noise buffer and improve acoustic quality. Once you’ve got the foundations set, bring in your favorite instruments. Adding a piano in the corner can be a beautiful statement piece. Showcasing your string collection of guitars, violins, banjos, a harp, and a ukulele can reveal the inner rockstar in you. Bring it all together with a drum to create catchy beats.

When designing your space, using musical note wallpaper, dark color tones, and even brick can help you achieve a classic recording studio feel. Posters and records of your favorite bands can double as tribute pieces and inspiration. When you are all done playing, installing hooks to the wall can both maximize storage and showcase your favorite instruments. If you are looking for something more sophisticated, add a home music studio to record your own music. 

6. Center yourself in a peaceful zen room

Yoga and meditation can be a great way to recenter the mind and focus on your goals. Not to mention, it’s an easy extra space renovation. If minimalistic is what you are going for, consider adding a zen room for all your meditation and yoga needs. To calm the mind, soft colors and pastels can bring about soothing effects that help you focus. Also, bringing in Himalayan salt lamps, air humidifiers, natural wood floors, plants, mirrors, rugs, and cushions can provide comfort and serenity as you take in all the sights and smells. If you want to go all out, a small indoor water feature can create white noise as you mediate the day away. 

7. Watch a movie in a stylish home theater

From thrillers to comedies and everything in between, turning your bonus room into a screening room is a wonderful idea for family movie nights, big sports games, or binging your favorite tv show. When creating a screening room, there are many factors you must control. Insulation is key to limit how much sounds travel through the walls. Restricting ambient light is also important so that it does not interfere with video projection or glares onto a flat-screen. If there is a nearby window, installing blackout curtains can solve this problem. For good audio and video quality, surround sound speakers and high lumen video projectors can bring out the best scenes while you watch. 

To really bring the movie theater experience into your home, use red velvet wallpaper, sconce lights, and stadium seating with comfy recliners to mimic that environment. Adding a popcorn machine and snack bar will always leave you munching while you immerse yourself in your show. 

8. Entertain in a decked-out game room

Having a dedicated space to play is every gamer’s dream. Creating a game room is a relatively easy project that can be customized to fit your preferences. To host a competitive game night purchase shuffleboard, table tennis, or billiards. If you are into the classic arcade feel, pinball machines and old arcade games like Pacman can give your space a retro vibe. For the modern gamer, setting aside an area for a couch and TV is the perfect use of extra space to connect to their favorite video game console. Lastly, who doesn’t love a board games night? Make sure you set aside a corner for chess, Monopoly, or Catan. To really decorate the place, adding neon lights, video game posters, or even license plates can elevate the classic game room experience.

9. Work out in a functional home gym

Gym memberships can be expensive or you may not be able to go to the gym due to the pandemic. Installing a home gym is a great and convenient way to stay active. To create a safe home gym, start by adding large mirrors against the walls so you can check your form and improve technique as you work out. The best thing about home gyms is that they are customizable. Depending on what you need, you can bring in different types of equipment such as squat racks, a dumbbell rack, weight plates, or a weight bench. If you are doing cardio, a stationary bike, treadmill, and jump rope can help you burn off some extra calories. If you are the type of person who gets sweaty easily, install a small air conditioning unit and a towel rack to keep you cool and sweat-free.

10. Relax in a personal massage room

Need a place to go after a stressful day of work? Consider adding a massage room to unwind. Creating a space where you will feel relaxed and your masseuse will feel equipped is key. Add built-ins to store accessories such as towels, stones, cups, and oils. Decorate the space with neutral tones and low lights, and consider adding a noise machine to drown out the world. 

11. Preserve your favorite bottles in a wine cellar

For sauvignon blanc, merlot, and chardonnay lovers, a wine cellar is a perfect place to store your wine collection. Depending on the size and technology, wine cellars can range anywhere from $15,000-$65,000. For best wine preservation results, install vapor barriers and concrete floors to keep room temperatures cool and slightly humid. To really take your cellar up a notch, a cooling system can keep your wine at the perfect temperature to ensure that it ages well. Top it off with a large glass-encased wall to showcase your most valuable bottles to all your house guests.

12. Let your kids have fun in a playroom

Ditch the amusement park and create a playroom wherein your kids can let their imagination run wild. Kids playrooms are a versatile option wherein you can create a space that fits their likings. Maybe your kid loves nature? Add an indoor treehouse with a swing and slide so that they can imagine themselves in the jungle. If your kid is into space, decorating the room with stars, rockets, and astronauts can really make them feel like they are on the moon. To complement, small tables are a great addition for toys such as building blocks, cars, as well as coloring books and crafts. When clean-up time comes around, add a cubby bench with boxed storage to hide all unused items. For walls, consider using bright colors, playful wallpapers such as animal or plant prints, or you can even install a mural to draw attention.

13. Create the ultimate teen hangout

As kids grow older, they seek out a place where they can have some privacy and go hang out with their friends. Creating a teen hangout space is a great way to solve this problem. For entertainment, adding a TV and couch can be useful when watching a favorite show or streaming a new movie. If your teen is someone who always gets hungry, consider creating a snack bar filled with their favorite healthy (and unhealthy) treats to satisfy their late-night cravings. One design trend that is becoming popular is a chalk wall. Painting a small wall can serve as a place to draw and sign their names.

Ranch Near Kremmling with Private ski slope sold!

The buyers of a 6,343-acre ranch minutes away from Kremmling won’t have to worry about getting an Epic or Ikon pass for the ski season.

Elk Island Ranch, which sold for $30 million on Dec. 31, features its own private ski slopes, as well as a massive sledding hill. The listing dubbed the land  “a four-season recreational playground of the highest order.”

The buyer was Capstone Property Group LLC, records show.

Seller Charlie Gallagher purchased the ranch for $24.3 million in 1999, according to records.

Gallagher founded Denver-based Gallagher Industries private equity firm in 1986, according to its website. He developed the private ranch concept over the years for his family, according to 5280.

The founder hired Montana-based Kibo Group Architecture to design and Englewood-based Diamond Homes to build the 16,000-square-foot lodge on the property with five bedrooms and 12 bathrooms.

Elk Island Ranch also features a 10,500-square-foot party barn called the Nevada House Saloon with a built-in bar, catering kitchen, stage, dancefloor, upstairs bunkroom and a showroom for “historic ranch vehicles and collection of trophy game mounts,” according to the listing.

The Nevada House Saloon.

With nearly 10 square miles of land, the property houses an Outpost Chalet with two bedrooms for warming up after traversing the private slopes or for discussing the next big game during hunting season.

There’s also a 14,400-square-foot heated storage facility for all the gear and equipment, which was sold with the property, including a plow truck, snowcats, tractor, ATVs, and snowmobiles.

Elk Island Ranch, despite its private setting, is located less than 10 minutes from McElroy Airfield in Kremmling, which services large private jets. It was also once part of the 19,000-acre Grand River Ranch, which was donated to the University of Denver, and gives the owners access to Grand River’s equestrian center, fishing reservoir, dining venues and more.

Check out this Woodland Cottage

"We spend so much of our lives in boxes," says Alexis Borsboom, owner of this cottage nestled among the trees on Mayne Island, BC.

The unique shape is just one reason she and her husband moved in. The rest of the story lies inside its walls - and begins with the walls themselves.

That's because they're made from cob: a combination of clay, sand and straw that's mixed with water and then sculpted by hand. The couple fell in love after meeting in a cob-building workshop; later, they purchased the home and built a life constructing cob structures together.

With soft edges throughout and a wooden staircase, the interior of their home seems like something out of a dream - but subtle nods to 70s decor make it feel familiar.

Cob is a little like adobe. But unlike adobe, which is formed into bricks and hardened before building, cob structures are sculpted while the mixture is still wet.

Working with raw earth means there's not much need for loud equipment on a cob site. And because most of the necessary materials can be gathered from the surrounding area, constructing a cob has very little ecological impact.

This construction style also informs the natural, organic shapes you'll find throughout a cob home, like arched doorways and a space perfectly sized to fit the wood-burning stove.

The kitchen, which sits just off the living area, is a cozy space with enough room for the essentials - plus a breakfast nook for enjoying a morning cup.

Upstairs, a gently sloping ceiling gives the bedroom and workspace a uniquely homey vibe. And just above that ceiling sits a wide, undulating roof. It's crucial - it protects the home from wind and rain. With a strong foundation and the right roof, a cob-style home can last forever. But "if it's left out in the elements, it will turn back into dirt within a year," Borsboom says.

The door on the second story leads out to a small deck that’s perfect for catching the magical sunsets off Canada's western coast.

Alexis describes cob-style homes as a "gentle and beautiful way to live." We couldn't agree more.