You’ve decided that owning a second home, or your first home in Summit County is perfect for your family. Whether buying in Breckenridge, Blue River, Copper Mountain, Frisco, Keystone, Silverthorne or Alma/Fairplay, I want to help you with all of your questions.
Whether you are purchasing your first home or your seventh home, the home buying process can create many emotions and feelings. One of the best ways to ensure the process is not overwhelming for you is to be well educated and properly prepared for the process. And it can be a process.
You are going to have many questions, even if you are a seasoned home buyer. And even an experienced home buyer can forget exactly how the process works. So we are here to answer all your questions. And below, we have tried to detail the most frequently asked questions to start your home buying experience. Here are the top frequently asked questions from home buyers:
The answer to the question is absolutely, YES! There are so many reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. There is no reason to look at homes that are listed for $750,000 if you can only afford up to $500,000. If you are a first time home buyer, speaking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available. These programs can vary from state to state so knowing exactly what’s available to you, is very important. Costs: Another important reason to talk with a bank before looking at vacation properties is so you understand exactly what costs are will be with buying a home. For instance, many of the properties has HOA fees to maintain the properties. You’ll be expected to pay a monthly fee to remove snow, maintain the grounds, trash removal, etc. Many home buyers don’t understand the difference between a down payment, pre-paid items, and escrows. These items can be thoroughly explained by a mortgage professional. We have many mortgage bankers that we work with and will make recommendations to you.
The decision is multifaceted. How much you intend to use the property and whether or not you feel you must rent it either short-term or long-term to help offset expenses will weigh heavily on the decision. And the price range. Condos can still be bought for under $1M. Homes under $1M are scarce and becoming even more rare. A townhome is often a great solution as they ‘live’ more like a ‘home,” but are more likely in a location that will allow rentals.
Can you find a needle in a haystack? Of course you can, but the probability isn’t very high. The chances of finding this type of property in Breckenridge is rare, but we can turn on our radar and help you find that special property.
In this market I recommend you locate your replacement property before selling the home you have now. There is a nationwide housing shortage. If your purchase here is for a retreat, or a second or third home, you need some boots on the ground here to get it done. You don’t want to end up second-home less. Prices are continuing to climb.
Trying to ‘time the market’ has never proven good for buyers in Summit County. Prices have steadily climbed over the decades, right along with the population of the front range. All of Colorado is growing quickly so the sooner you buy, the happier you will be. It’s not easy, and it’s not getting any easier. Owning a home in the mountains is a unique experience. People often come here to ski in the winter, but they move here, and stay here for the summers! Let’s look at some numbers and trends together. I have all the data and would love to share it with you.
If you are planning on living and working in Summit County, there are many deed restricted properties that are very attractive. Deed Restricted housing has been designed by local municipalities to make housing affordable to the work force. The Town of Breckenridge is no exception. There are housing covenants that outline the rules and regulations for each of the deed restricted units. These “rules” outline the employment, occupancy, and income restrictions, as well as the appreciation limits, regulations and procedures for improvements to your home.
Debt to Income ratio is very serious business. The mortgage lenders want to know that you don’t carry too much debt. Your overall debt should not be more than a certain percentage of your income, and your housing debt will likely make up the largest portion of that total debt. Contact me today for a list of highly qualified local lenders and we can decide what will be your best avenue.
Let’s get on the phone and discuss your specific needs. You may be in the market to build your dream house and I can direct you to the best views in the valley. You may want a single room so that you can come up on the weekends and always have a place to stay. I have been selling real estate in Summit County for the last 30+ years and will be able to answer any questions that you may have.
Ron Shelton listens and works to understand your needs and accomplish your goals. He will work hard and smart to provide professional, competent service and an enjoyable transaction.Let's Connect