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Purchasing a Second Home or Investment Property

Now is a great time to consider a property in the Crested Butte area for a vacation home or investment.  Currently the prices remain low, but our inventory is lower then it has been recently so that could start to change soon.  Also, if you would like to finance part of your purchase, the rates remain at historic lows for the time being.

 

As with any purchase, you need to determine what you can afford and what type of property you would like to own.  These may change as you work through your search so be open to properties that your agent suggests even if they don’t seem perfect at first glance.  Homeowner’s association dues and property taxes are expenses that can vary from property to property so be sure to take those into account as you look at things.

 

If you are planning to take advantage of the low mortgage rates please be aware that the process is a little more challenging then it may have been the last time you got a loan.  Regardless of how well qualified you are they will require quite a bit of documentation from you to determine that.  Lenders are also looking very closely at properties right now.  That means the appraisal is important, but also if you are looking at buying something that is part of a Homeowners Association, the financial stability and physical condition of the property overall will be taken into account.

 

One thing I hear all the time is that the Colorado Contract to Buy and Sell Real Estate is very long as compared with the same document in other states.  I would be happy to send you a blank one for your review or sit down to go through it with you.

 

Finally, once you have found a property to purchase you need to think about making sure it stays in good condition when you are not hear to keep an eye on it.  For any property (except vacant land) it is important to have someone who will make sure the heat is working, that the snow hasn’t built up too high and that everything is as it should be.  There are a number of companies and individuals who can provide caretaking services and/or help you with vacation or long term rentals.   Most will tailor their services to your needs from simply walking through your home or condo once a month to stocking the house with groceries and picking you up at the airport.