Buying a Condo as Your Crested Butte Home
You may be considering buying a condo as your Crested Butte home. You are definitely not alone, and there are many beautiful condos in Crested Butte to choose from. The definition of a condo is a separate unit or portion of a multi-unit, or a multi-unit structure or property in which people own individual units. There is also an undivided interest in common areas typically owned by the Homeowners Association (HOA). A condo may be a unit in a duplex, or an individual unit in a larger structure. The condo owner has individual ownership to the interior of the unit “from the paint in.” All owners in the HOA share all maintenance and repair costs for exterior and common areas. If you are thinking about buying a condo as your Crested Butte home here’s everything you should know.
Why People Buy Condos
Many people enjoy the convenience and peace of mind of “lock-and-leave”. They know the HOA and property management people are looking after all the day-to-day operational details of the development or building. This may be the reason you are considering buying a condo as your Crested Butte home. Fortunately, there are many condos to choose from, and perhaps many in the same development. This makes the comparison of different condo units a bit easier than comparing different single-family homes.
Condos come in all shapes and sizes, and a condo that is a duplex unit can feel very much like a quiet and private single family home. While there are many luxury condo properties that cost into the millions of dollars, a condo is usually more affordable. This means it can be good choice and an opportunity to dip your toe in the water to see if being a second homeowner in Crested Butte is right for you.
Things to Consider When Owning a Condo
There are some things to think about if you want to buy a condo as your Crested Butte home. Some people don’t like the communal living arrangement in a big condo building, and may want more privacy or more space than a condo can provide. Typically, condos are rented in the short-term rental market. This means your neighbors on your next visit could be a loud party group. And you may rarely get to meet your neighbor-owner that you share a wall with if you are there at different times.
When looking at a condo, be observant of the condition of the exterior and common areas. If you find the upkeep is shabby, then this is typically a result of a poorly-run HOA. There may also be a large number of owners who are not willing to approve an increase in dues to cover needed maintenance or capital reserves. You may be buying into a condo association that will need to assess the owners when things reach a breaking point. During the downturn in the economy, some condo buildings saw many foreclosures and distressed sales at low prices. New buyers may be “party-hearty ski-bums” who are happy with the status quo, and will always vote no. This may also be a signal to get a copy of the HOA budget and annual meeting minutes to see what is going on.
Some people consider getting a timeshare instead of outright buying a condo. There will be many definitions and arrangements, but typically, fractional ownership is an ownership of use, with no physical division of property. Timeshares are typically condominium units, in which multiple parties hold rights to use the property. Each share owner is allotted a period of time in which they may use the property (usually one specific week). Units may be on a partial ownership, lease, or “right to use” basis, in which the shareowner holds no claim to physical ownership of the property. Timeshare fees may also include management fees. The resale market for some timeshare properties may be non-existent. “Buyer beware” is the recommendation if considering this property type.
Buying a Condo as Your Crested Butte Home Final Thoughts
I hope you see the level of detail and time and effort I put into this candid article Buying a Condo as Your Crested Butte Home. I have become a Top Real Estate Agent in Crested Butte by helping my clients to make informed decisions. Some decisions are not always easy.
This is representative of what you can expect from me as your agent.
If you have questions about what condo might be the right one for you – contact me directly to discuss.
How can I help you?
I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties. To see featured properties or search the MLS – visit chriskopf.com.
How is the Crested Butte Market doing? Click this link to see my monthly Crested Butte Real Estate Market Reports.
Get your Free Copy of my Book – The Complete Guide To BUYING Your Mountain Dream Home
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties