Category: Consumer

Here’s Why I’m Not a Fan of Tankless Water Heaters

    Tankless water heaters have been promoted as an energy-saving appliance. The reasoning is simple. A traditional water heater is tasked with keeping a large tank of water hot — typically at 120º F.  A tankless water heater only heats water as needed. 

    The development of heat pump water heaters has changed that calculation. And they are the only water heaters that can earn you a 30% federal tax credit in addition to the $600 to $800 rebate earned by Xcel Energy customers. Xcel says heat pump water heaters are 65% more efficient than standard electric water heaters and can save you $900 in energy costs over 12 years.

    There’s a secondary reason that I don’t like tankless water heaters.  With a tank water heater (whether heat pump  or conventional electric/gas), you can install a recirculation line, allowing you to have instant hot water at even the farthest faucet from your water heater.

     A plumber has installed a recirculation line in every house I’ve owned for 20 years. Here’s how it works. Let’s say your water heater is in the basement and your primary bedroom is on the second floor. You might draw a gallon or more of cold water before hot water reaches your faucet. And that’s water that had been heated but cooled off sitting in your pipes. By running a return line from your sink to the bottom of the water heater, your faucet becomes the “top” of your water heater, and hot water rises to the top of the tank. Voila! Instant hot water on tap. (Note: You are saving water, too, by not running the tap until hot water arrives.)

Running that recirculation line can involve a lot of drywall opening and repair if you have a finished basement and need to snake the line through ceilings and walls to a higher floor. If you have a ranch home with an unfinished basement (no drywall on the ceiling), you’re spared this expense. It helps to save heat loss and energy if you install insulation on the copper pipes going from the water heater to your distant faucet, assuming those pipes are accessible. The return line should be PEX, which is plastic and does not need insulating.

Installing a hot water recirculation line is a job that any plumber can do.

Meet Our Broker Associates and Me at the Farmers Market in Golden June 17th

Every summer, Golden Real Estate gets a “showcase” booth at one of the farmers markets held in downtown Golden, and Saturday, June 17th, is our date this year.

Bring your questions about real estate, or simply come to say “hello.” We’ll have our laptops online so we can even help you look at homes and set up an MLS email alert matching your search criteria.

You’ll get to enter a drawing for a $100 gift certificate to a Golden restaurant. And bring your reusable bags — Golden’s is one of Denver’s top-rated farmers markets!

We’ll be there from 8 a.m. to 1 p.m. The market is in the parking lot next to the Public Library on 10th Street in downtown Golden.

Governor Polis Signs into Law Massive Tax Credits for EVs and Home Electrification

A package of new climate-related legislation signed this year by Governor Polis is designed to make it more attractive for Colorado households to ditch fossil fuels.

Many of the discounts are designed to be combined with other incentives, but not all the savings will be available right away.

Here’s a guide to what’s coming and when:

Electric Vehicles: Right now, Colorado has 80,000 registered plug-in hybrids and battery EVs, a long way from the state’s goal of 940,000 EVs on the road by 2030. The new incentives are intended to speed up their adoption through a $5,000 tax credit on the purchase of a battery-electric or plug-in hybrid vehicle with a suggested purchase price of less than $80,000. For cars priced under $35,000, buyers can get an additional $2,500 credit. Any Colorado resident qualifies, beginning on July 1, 2023. After Jan. 1, 2025, the base rebate decreases until it’s phased out in 2029. 

E-bikes: Denver proved the power of e-bike rebates last year. The state is now hoping for similar success. The Colorado Energy Office plans to launch an e-bike rebate program for low- to moderate-income residents this summer but hasn’t detailed the size of the discounts. 

The plan for all Coloradans regardless of income is clearer. Under legislation signed into law this year, the state will offer a $450 discount on e-bikes starting on April 1, 2024 and continuing through 2032. The discount will be applied at the point of sale. 

Electric lawn equipment: Because gas-powered lawnmowers and other lawn equipment is a major source of ozone pollution, the state will institute a 30 percent discount on electric lawnmowers, leaf blowers, trimmers and snowblowers, applied at time of purchase, starting Jan. 1, 2024 and continuing through December 2026.

Heat pumps: Heat pumps for household space heating and water heating, powered by electricity, are seen as key to reducing pollution from natural gas. Colorado currently has a rebate worth 10 percent of the cost of installing heat pump equipment. It was scheduled to expire at the end of this year, but recent legislation extended it through 2024. The same bill also includes new incentives depending on the technology. 

For air-source heat pumps, a resident is eligible for a one-time $1,500 tax credit from 2024 through 2026. After that, it drops to $1,000 until 2029, then to $500 through the end of 2032. 

For ground-source heat pumps, residents are eligible for a $3,000 tax credit from 2024 until 2026. After that, it drops to $2,000 until 2029, then again to $1,000 through the end of 2032. 

For heat pump water heaters, residents can apply for a $500 tax credit from 2024 until 2026. After that, it drops $250 until 2032. 

You can expect vendors of such equipment to be well versed on all these discounts and rebates.

Nine Signs Your Home May Have a Water Issue

Water damage can lead to serious structural issues and health concerns if not addressed promptly. Here are nine signs that could indicate you have a water problem.

Unexpected Increases in Water Bills: If you notice a sudden spike in your water bill without a corresponding increase in usage, it could signify a hidden leak or other water-related problem in your home.

Wet Spots on Floors, Walls, or Ceilings: Look for persistent damp spots on your floors, walls, or ceilings. This could be an indication of a hidden water leak or poor drainage.

Sudden Appearance of Mold or Mildew: Excessive moisture in your home can lead to mold or mildew growth. Not only does this signify a severe water issue, but it can also negatively impact your health, causing allergies and respiratory problems. Keep in mind that mold requires a steady source of water for it to grow.

Sagging in Walls or Ceilings: Water accumulation can lead to structural damage over time. If your walls or ceilings start sagging or warping, it’s a clear sign of prolonged water exposure.

Persistent Musty Smell: A recurring, unpleasant odor in your home may indicate the presence of hidden mold or mildew, suggesting a water issue. If the musty smell persists despite cleaning, investigate further.

Cracking or Buckling in Floors: Water damage can cause wooden floors to buckle or tiles to crack. If you notice these changes and can’t attribute them to normal wear and tear, it might signal a water problem.

Stained or Discolored Areas: Unusual stains or discolorations on your home’s surfaces can indicate water damage, especially if they are yellow or brown. This could be due to roof or plumbing leaks.

Changes in Lawn or Garden: A leaking water line can lead to unusual changes in your yard. Look for patches of particularly lush vegetation or sinking areas in your yard due to the excess water.

Decreased Water Pressure: A drop in water pressure could indicate a significant leak in your home’s plumbing system.

Water issues in your home should never be ignored. If you notice any of these signs, addressing them immediately is essential to prevent further damage. Remember, the quicker you act, the better.

—Courtesy PunchListUSA.com

Are You Appealing the Jefferson County Assessor’s Valuation of Your Home? We Can Help!

The brokers at Golden Real Estate are ready to provide you with the qualified sales that you can use in your appeal, including their time adjusted sale prices. Call 303-302-3636 and enter the 3-digit code for the broker you want to help you. Or email your request to jim@goldenrealestate.com.

So Many New Scams! Here Are Some We’re Seeing Now

I’m so offended by the texts and emails I receive which are clearly from scammers.  I don’t want you to be a victim, so let me describe some of them.

At least once or twice a day I get an email labeled “payment notification,” “deposit notification,” “ACH transfer completed,” or something similar with no message, only an attachment. But the attachment is not a PDF or document, it’s a file with the suffix “.htm” or “.html,” signifying that it’s a website. I could be pretty sure that by clicking on that link I would have my computer or iPhone infected with some kind of coding which would open me up to identity theft or worse. Don’t click on any link that’s a website! Another frequent email scam pretends to be from Microsoft stating that my password is about to expire. If I click on the link it will, of course, ask for my password! Here’s a screenshot from my Scam folder where I have been archiving the scam emails I receive:

Text messages are an increasing source of dubious and unsavory contacts. Many of them simply try to start a conversation with a greeting (a particularly clever such text message is shown at right), but the phone number is from a strange area code. Delete those!  If it’s a real person, they will call you if you’ve ignored the text.

Be careful out there!

Jeffco Sheriff Warns About Sharp Increase in Scams Against the Elderly

Posted on the Jeffco Sheriff’s “Behind the Badge” blog on May 15, 2023

In the last 60 days, we have taken 24 reports of elder fraud, involving victims age 70 or older. This is a 41% increase from the previous 60 days. Our victims are not numbers, however; they’re real people. People like Susan, who was victimized on April 21st, and whose name we have changed to tell her story.

Susan, 76, got a call from a man claiming to work for an Internet provider. He told her that while he was checking her Internet speed, he noticed she had a $500 credit on her account for services she was entitled to but did not use. He instructed her to get on her computer and when she did, a page was already open that she did not recall opening. The caller told Susan she had accidentally hit a button that selected a refund of $5,000 instead of $500. The caller then told Susan he would lose his job if he didn’t get the extra $4,500 back.

The caller instructed Susan to withdraw $4,500 from her bank and purchase nine $500 gift cards. He stayed on the phone with Susan while she went to the bank and two separate stores to purchase the gifts cards. During the call, Susan asked him several times if he was scamming her. He said no. Once she had the gift cards, the caller instructed her to tell him the gift card numbers and security codes. Susan did. After the call ended, Susan tried calling his phone number back but the number was disconnected.

Unfortunately Susan was scammed for $4,500.00. Could the same happen to your parents? Your grandparents? Even you?

Please talk to your loved ones about scams. Think of how many scam calls, emails or texts you get in a week, and you may not even be targeted like older adults are. Elder fraud is one of the more common and frustrating financial crimes. Oftentimes, victims are not able to recover their hard-earned money. And oftentimes, we are not able to identify suspects who hide behind layers of fake identities and cloned phone numbers.

Scams come in many forms, but how we should respond to them is the same:

> Do not answer calls from unknown numbers. If it’s important, they’ll leave a message.

Do not provide personal information on the phone or in an email or text message to anyone you do not know. Personal information includes date of birth, social security number, credit card numbers, and bank account information.

> Do not withdraw money, send money, purchase gift cards, or make other financial transactions for someone you do not know.

> If you suspect it’s a scam, end all communication – hang up the phone or delete the email or text message.

> If you have been scammed or your personal information has been used without your knowledge or permission (for example, a new credit card arrives in your name), report it to local law enforcement immediately (and cancel the card!).

One of the best ways to help protect your older loved ones from being scammed is to talk to them about common scams and how to avoid them. For more information, visit https://www.jeffco.us/985/Scams.

State Program Pays You $150 When You Replace a Gas-Powered Lawn Mower With an Electric One

Last week I promoted the idea of replacing your gas-powered lawn mower, trimmer and other garden tools with electric ones. A reader alerted me to a Colorado program that provides financial incentives for doing just that.

The program, which is detailed at www.MowDownPollution.org, provides for the following: a $75 voucher for any handheld electric yard tool when a gas version of that tool is recycled: a $75 voucher for an electric lawn mower without the requirement that a gas mower be recycled; and a $150 voucher for an electric lawn mower when you recycle a gas mower.

First you sign up for the program, and get a confirmation email. Then you have 21 days to recycle your lawn mower (for which they provide a list of local recyclers), then you get a voucher which you can redeem at selected Ace Hardware and Home Depot stores, also listed on that website. Only one voucher per household is allowed per year.

Before you can recycle a gas-powered tool, you must drain both the gas and oil.  Denver residents can call the At Your Door Special Collection curbside pickup service at 800-449-7587 for an appointment to recycle that gas and oil. Jeffco residents need to take their gas and oil to the Rooney Road Recycling Center. Get a drop-off reservation by calling 303-316-6262. Adams County residents can go to Veolia Colorado Household Hazardous Waste Recycling Center, 9131 E. 96th Avenue in Henderson. Call 303-526-8155 for appointment. And both Douglas and Arapahoe County residents can call (720) 200-1592 to request a curbside pickup.

Heads Up for Homeowners: Property Valuations by Your County Assessor Are Coming in Early May

Colorado’s constitution dictates that in May of every odd-numbered year, each county assessor must provide every property owner with a “Notice of Value” of their real estate as of June 30th of the previous year.

Your property taxes for 2023 (due next spring) and for 2024 will be based on that valuation, so you may want to appeal that valuation by the June deadline. As I have done in this column every other year for the past two decades, I will publish a guide for how to determine whether you have a case for reducing your valuation and the most successful way to submit it. 

Check www.JimSmithColumns.com for what I wrote in May 2021 and May 2019 to see that process, which may require some updating when I publish it next month.

Federal Pacific Electric (FPE) and Zinsco Breaker Panels in Many Older Homes Are Considered a Fire Hazard

A recent email from Alpine Building Performance LLC addressed an issue which is well known to long-time real estate brokers like those of us at Golden Real Estate, and worth sharing with owners of older homes. If your home has a Federal Pacific Electric (FPE) or Zinsco breaker panel, you can expect it to be an expensive inspection issue raised by your buyer’s inspector. Here’s the full email message from Alpine’s owner, Andrew Sams:

What is the cost to replace one of those electrical panels? The blog post suggests a price range of $4,000-$7,000, but my clients have seen much lower prices from the electricians I have recommended. In a typical home, the replacements I have overseen for my clients were in the $2,000 to $3,000 range using my lone eagle electricians.