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Get Financial Ducks In A Row Before Selling Crested Butte Home

October 30, 2015 By Chris Kopf

Chris Kopf Crested Butte Real EstateSelling Crested Butte home is a big decision and whether or not you are ready, it may be useful to go through the analysis of adding up all the fixed and variable costs associated with owning and operating your second home in the mountains. Using a one-year time horizon is a good rule of thumb. Adding up all of your expenses for the past twelve to twenty-four months can be helpful in projecting out your expenses for the next twelve months. Below is a list of expenses that may help you pull this information together.

Chris Kopf Crested Butte Real EstateFixed expenses include mortgage payments, homeowner’s insurance, property taxes, utilities (electric, gas or propane, water, sewer, trash, phone, Internet, cable or satellite TV, security system), hot tub service, homeowner association dues, and snow removal (plowing the driveway, shoveling the deck, walkways, shoveling the roof one to three times per year depending on the roof pitch and amount of snowfall). Variable expenses can include property management fees, appliance repair or replacement, hot tub repair, landscaping, window washing, maid service, etc.

Chris Kopf Crested Butte Real EstateIf you have added up all of these expenses for a year, you will see what your opportunity cost of holding your home is. Once you have decided to sell it, you will have to evaluate any offers and negotiations against the possibility of delaying a sale and continuing to incur these holding costs. Sometimes in a final negotiation when I have represented sellers and there is yet another counter from the buyer, the seller can get frustrated. It is not uncommon for a seller to want to throw in the towel, and say, “The heck with this buyer.” I normally suggest my client sleep on it. It can be helpful to put the small gap in the counters into perspective, and usually it represents a very small amount compared with the overall transaction. As well, when I have reminded my client to consider their holding costs and the backdrop of the market conditions, they usually thank me for giving them clarity, and the deal gets done and they can move on with their life.

Get Your Financial Ducks in a Row Before Selling Crested Butte Home

Chris Kopf Crested Butte Real EstateHave you determined the capital gain or loss of the home? What was the purchase price, or the value of the home at the date of purchase (this should be the date that you were listed on the deed)? Add any costs for improvements to the property (you should have those receipts). What is the market value that the home will sell for? Subtract 7% for closing costs and commissions, and any debt amount from the sales price. Now subtract the purchase price + improvement cost from the net sales price. If the result is a positive number, then this is counted and taxed as a capital gain.

If the result is negative, then it is counted as a capital loss. Long-term capital gains taxes kick in if you owned it for more than one year. Short-term capital gains taxes apply if you owned it one year or less.

Chris Kopf Crested Butte Real EstateIn addition to federal taxes, there may be state taxes as well as out of state taxes. (Colorado has a 2% non-resident tax on the profit of the sale of real estate.) Now, to complicate this discussion, if you used your vacation home for personal, rental, and business purposes, you must allocate your gains or losses to personal, rental, and business activities based on the activity during the twelve months before sale. So it may be a good idea to plan for a sale twelve months out and modify your use now to minimize your tax exposure then. Talk with your CPA or financial advisor regarding how the proceeds of your home will affect your tax liability and when may the best time given your situation for selling Crested Butte home (this year or next year?).

Chris KopfHow 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 dream homes and ranch properties in the mountains. To see featured properties or search the MLS – visit chriskopf.com.  How is the Crested Butte Real Estate doing? Click this link to see my monthly Crested Butte Real Estate Market Reports. I appreciate the opportunity to earn your business and would love to help you when selling Crested Butte home.

Thanks,

Chris Kopf

Previews® Property Specialist

Coldwell Banker Bighorn Realty

(970) 209-5405

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

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