Build vs Buy Crested Butte Home Considerations
I get the opportunity to work with many clients who struggle with the build vs buy Crested Butte home considerations. There are certainly pros and cons for both – and no right or wrong answer.
My brother and I first came to Crested Butte in 1999 for a 4 day ski weekend and to look at land to build a home. We did look at a number of lots in Mt. Crested Butte, but then saw an existing home in the same location as the lots – and after touring the home decided to move forward. We returned to Dallas and told our wives that we submitted an offer on a home! We owned this home together for about 6 years.
My wife Francene and owned two homesites that we never built on – including a ski-in / ski-out lot in Prospect when that development came on the market… We never built on either of those lots. We purchased another second home in Mt. Crested Butte in 2008 – then moved to Crested Butte full-time in 2009. We finished-out the space above the 2 car garage and added a bathroom, then later we added a 3rd garage.
.
Francene and I are currently in the middle of a major remodel of our home. We moved out in April of 2022… We have a great team working on the project. We are very happy – but like everyone wish it would go faster…
We have had a number of change orders that added cost and time. I think only 6 existing windows in our home will remain – and the new windows have a lead time of 29 weeks, so when we added 2 additional windows a couple of months ago, that was a trigger for pushing out our completion date. We hope the project will be completed by September 1, 2023… stay tuned.
I will attempt to provide some perspective below that may help you with your decision…
Buy an Existing Crested Butte Home
If you buy an existing home you can typically expect to put your head on a pillow in about 45 days.
Buying an existing home is certainly the most common choice because of the convenience factor. In most cases luxury homes in the Crested Butte market are second homes, and are sold fully furnished. This is a huge advantage for many families who don’t want to wait to start creating their Crested Butte memories.
Peace of mind is also a big factor when buying an existing home – knowing the total cost of the home is key. Also having a complete inspection done, and knowing there are not major issues with the home. It can also be helpful for buyers to understand the annual operating costs and carrying costs of owning the home.
Most buyers may decide to replace some existing furniture – this is easy to change out as you go…
Crested Butte has a number of micro geographic areas, and homes that come in all shapes and sizes. In addition some homes in downtown Crested Butte may be over 130 years old – and have been updated or remodeled multiple times. Mt. Crested Butte and Skyland and other outlying areas saw development start in the 1980’s – and many of these “older” homes have also have been updated.
Update / Remodel of Your Crested Butte Home
You may find a home in the perfect location – but the home layout or finish-out is not what you expected. This is not unusual – and any existing home that is in a great location with spectacular views can be turned into your dream home with some imagination, time and money.
Some will consider updating areas of the home – kitchens and bathrooms are the most common areas of a home that buyers want to modify. This can be a great option – you can start using your home immediately, and plan for modifications during the off-season.
“The cost to purchase an existing Crested Butte home and update it, may be well below the cost of buying a lot and building a new home”
Kitchen: A kitchen remodel in Crested Butte with new appliances, new floors, new cabinets, new quartzite countertops, new backsplash, new electrical and lighting can easily exceed $150,000.
Full Bathroom: Most full bathrooms with a stand-alone soaking tub, steam shower, heated floor, new shower, new toilet, new cabinets, new lighting, new tile can easily exceed $85,000.
Can you get it done for less – maybe. Design, materials, fixtures, permitting, and labor all add up.
Building Your Dream Home
It is pretty cool to search for that perfect mountain homesite where you will build the dream home you have always envisioned.
I have had the opportunity to work with many clients who have told me – this is the reason I worked my tail off for the past 30 years… I enjoy getting to take clients to explore the various options in the Crested Butte area in the summer or winter. Winter may require a snowshoe trek in order to get to the center of a homesite covered in 4 feet of snow… or to see that same homesite covered in wildflowers in the summer, or the golden colors as the aspen leaves change in the fall…
You may have already decided that you want to build your next home here in the Crested Butte area? I can help you.
We can find your dream location – there are quite a variety of options in the Crested Butte area. There are still vacant lots in downtown Crested Butte, and ski-in/ski-out lots in Mt. Crested Butte, and spacious 35 acre homesites with awesome views in some outlying areas within 10 miles of downtown Crested Butte. You may be considering a homesite bordering national forest, or with private fly fishing access… these are all great options (and also have their pros and cons).
I typically suggest a buyer talk with an architect early on to get an idea of the costs to design and build their dream home. It is not uncommon to spend $1,000+ per sq. ft. (and up) to build a custom luxury home in the Crested Butte area. This depends a lot on the type of home you want to build, the size the materials, the extras… There are many homesites that have awesome unobstructed views – and are on a sloped terrain or steep hillside – the foundation, retaining walls, concrete, driveway and engineering to build the home will be much higher than a flat building envelope.
As a result of Covid and the ability to work remotely – the need for an office or multiple office spaces in your home become more important. We have had our daughters working remotely from our home – and we are incorporating this into new small workspace areas in the home so there are quiet places for Zoom calls and enough space for a desk or workspace to spread out…
There’s a long list of desirable features. Check out some of the most desirable features for homes in Crested Butte here.
This can be an exciting time building your home in Crested Butte, but it can take up to 3 years total from start to finish, and can get pretty expensive. Especially if you prefer to customize all of the details. If you’re not worried about money, then the world’s your oyster. But if you have a budget, it’s important to know what the “must-haves” are for your new home. That way you can cut costs in other areas.
Building a second home in Crested Butte from Texas or anywhere far away can be a challenge. You will also need to be patient and trust your local architect and builder.
Regardless whether you remodel and existing home – or build a new home in Crested Butte you will work with very skilled architects, interior designers, general contractors and sub contractors. It will be awesome when it is done – but it may take longer to complete – and likely cost more than you expect.
Thanks for reading Build vs Buy Crested Butte Home Considerations
Let’s start figuring out if buying or building is best for you – so you can begin your journey to build a lifetime of memories in Crested Butte!
How can I help you with Your Crested Butte Real Estate Needs?
If you are considering buying or selling – I have been in your shoes. My wife and I were second homeowners for 10 years prior to moving our family to Crested Butte full time.
I am consistently among the Top Real estate agents in Crested Butte and among the top 1% of all Coldwell Banker Agents in the world, and I strive to exceed client expectations.
Especially now in these crazy post Covid times you need a trusted advisor to help you sort out your next steps. Call or Text me: (970) 209-5405
You May Be Wondering… How is the Crested Butte Real Estate Market Doing? Get Your Monthly Crested Butte Real Estate Market Reports.
Whether you are a current Second Homeowner or You are Considering Buying Real Estate in Crested Butte – this detailed Monthly Market Report will save you Time and Help YOU make informed decisions.
Get Your Crested Butte Real Estate Market Report Now!
Chris Kopf, Global Luxury Property Specialist
Coldwell Banker Mountain Properties
970-209-5405 or Chris.Kopf@CBMP.com
chriskopfCB.com or call or text: (970) 209-5405
