You can see it now: your serene mountain dream home, nestled among the trees and wildlife. You and your family speeding down the slopes. But before you buy a home in Breckenridge, there are things you should know. Living in the mountains can be peaceful and magical, but new challenges and difficulties can present themselves.
How to Buy your Breckenridge Property
If you are getting a loan to buy your home, there are a couple of options. You can purchase the home as a primary residence, a second home or an investment property. Each methods has its own programs. They will require different amounts down or different percentage rates etc. It is always best to speak to your lender and your accountant as each variable has different tax ramifications.
Choosing a Lender for Your Loan
We always suggest you use a local lender when buying a home in Breckenridge. There are enough lenders in Summit County to choose from and they have competitive rates. Many times buyers will find a lender online that offers them incredibly low rates or they get a lender that says yes to your loan without the knowledge and experience of the local resort town market. Remember, lenders are a commission-based business. For example, there are some condos that many lenders cannot loan on such as a condo/hotel. This is due to the difficulty selling the loan on an open market and often times the loan rate is higher. Using a local lender saves everyone involved potential disappointment and headaches.
Think About How You Will Use Your Mountain House
If you are buying a house in the mountains with a plan to rent it out short-term or long-term, you need to ask yourself if the numbers are of primary concern or is the emotional component. Is this a family dream cabin in the woods or a ski property for the family? Do you want to realize the highest return on investment? Your answers to these questions will be the deciding factor on where you are going to buy a home or condo.
When To Buy A Home
When you buy a home in the mountains, in a resort community, everything is driven by the seasons. Breckenridge is a ski town so the most inventory to choose from typically is in the summer – July and August. Many sellers have kept their property for the winter to ski one last time or if they are renting their property out they want those peak ski seasons rental income dollars. Many times they are preparing their property for the market on the off season, so summer is when the inventory tends to be the highest.
Consider the Time you Invest in Buying a House in Breckenridge
Are you going to rent out your property yourself? Do you have time to book reservations, keep up maintenance, etc, or do you need a rental company that is full service and just sends you a check every month with little to no involvement from you?
Secondly, decide when you buy, do you want a condo where the HOA handles so many of the items so you don’t have to, such as snow removal, hot tubs etc? If you buy a home there are options for hiring someone to come in and check on pipes and make sure they don’t freeze, do walk a through every week and keep and eye on things for you. There are many options for you to find one that works for you and your family.
We have been buying and selling homes for our clients in Breckenridge for over 22 years and can help you make the right decision for your family. Give us a call today to get the ball rolling to realize your dream of living in the mountains.