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What’s the right price point for me?

Before you start house hunting, there’s a big question to answer: what’s your budget? Ultimately, only you can decide how much debt you’re comfortable with and are willing to take on. It’s a big decision, and only you can make it.

First, how much will you put down? If you’re not sure, consider your loan-to-value (LTV) ratio. It’s the portion of a home’s price tag that you’ll need financing to cover after making a down payment. Let’s say you have your eye on a home worth $335,500. You can put down $16,775, so you’ll need to borrow $318,725 to cover the rest. Your LTV ratio would be 95% ($318,725 ÷ $335,500) because the loan you need will cover 95 percent of the home’s worth.

How does this help? Well, your LTV ratio impacts which loan types you can apply for and what your rate and monthly payment will be. Plus, a LTV ratio above 80% means you’ll need to pay extra for mortgage insurance every month. Knowing the financial impact of your choices can help you decide what to put down with confidence.

What’s your debt load? Consider your debt-to-income ratio (DTI). To calculate, take the amount you pay each month in recurring debts divided by your overall monthly income. With some exceptions, DTIs need to be 43% or lower.

What’s your monthly savings? To calculate your monthly discretionary income, subtract any regular payments you make each month from your total monthly income.

What’s your budget for a monthly payment? Add up your average monthly spending across bills, necessities, and typical day-to-day expenses (bank records will help here), and then subtract them from your total monthly income to see a realistic budget for what you have to work with.

The Best Breakfast in Breckenridge According to Locals

Breakfast in Breckenridge tastes better. Most of the local favorites offer great food and stunning views. Get out and wonder around town. Take in the sights and smells. Savor the food – it tastes better at elevation, I promise. Go ahead – sit next to the local, ask them about the next storm or their favorite trails to ski or bike… it’s amazing what we can learn over a cup of coffee.

BoLD

Located in the Village at the base of Peak 9 is BoLD! A relaxed place with reclaimed wood interior dishing out classic breakfasts. You will only be served cage free eggs, 100% pure organic maple syrup and their signature biscuits are freshly baked every morning. And there’s a build-your-own bloody mary bar! Menu items range from $10-$15.

Columbine Café

Located right on Main Street in the heart of Breckenridge, Columbine Café offers a traditional diner feel.  The menu features specialty items like trout and Eggs, their famous hangover burrito, Breck scramble and Salmon Benedict and a killer Bloody Mary. The portions and generous and the price is right. Menu items range from $8-$13 and a $5 kids menu is available.

Cuppa Joe

Off the beaten path, located on Ridge Street, just one block off Main is a hidden gem. Cuppa Joe prides themselves on their friendly, local staff and tasty drinks and treats. Try a Chemex, a pour-over style coffee, flat white, oatmeal latte, Bhakti chai or a Nutella mocha. Their food is generous in size and flavor, offering fresh ingredients, made to order. Try the smoked Salmon and goat cheese burrito, Vegan tofu burrito or a smoothie bowl. Menu items range from $2-$10.

Daylight Donuts

This cash-only, grab and go or dine in breakfast stop is located on the north side of Main Street. Donuts are made fresh daily and go great with a cup of their local coffee. Breakfast dishes such as biscuits and gravy, huevos rancheros, corned beef hash and more range from $4-$10!

The Blue Moose

Tucked in toward the south end of Main Street, The Blue Moose is serving up traditional breakfast options for a hungry crowd. The coffee is hot, the pancakes are stacked tall and the eggs are fluffy. There are a few options that may tempt the more adventurous foodies such as Mike’s Eggs Benedict – delicious and topped with crisp spinach, brie cheese, bacon, and creamy avocado, but sticking to the tried to true works here. The space tends to be busy, especially during ski season. Most folks are looking for a hearty start to their day. Menu items range from $2-$14. Please note: The Blue Moose is cash only.

Summit County is the place to be this summer. Town is bustling with the skiers and also people just happy to be out in the fresh mountain air. I just spoke to a couple of friends of mine that own rental companies and they said they are booking like crazy, which is very different for Summit County as mid-April and May are usually when things slow down. They are typically our shoulder months, meaning the winter tourists are leaving, and the summer people haven’t quite started coming to town. However, not this year. So, if you are a visitor book your stay early and if you are an investor, looking for investment property in Breckenridge, that you can rent out, you will be pleased with the rate of return on your investment. Happy Spring everybody!!