Crested Butte, CO, is a great place to own a second home. If you are considering checking out the Crested Butte CO Real Estate market in search of your dream vacation home, here are some great tips to help get you started.
Consider Location
When you’re looking for your second home, take into consideration your personal tastes, interests and hobbies. Crested Butte real estate is an excellent choice for those who love the outdoors and are looking for a vacation home that features abundant natural beauty and numerous options for outdoor recreation. While Crested Butte may be known around the country as a top ski and winter sports destination, it is beautiful year round and has something to offer everyone on any day of the year.
Determine Your Budget
The Crested Butte Real Estate Market runs the gamut in terms of price. Consider just how much you are willing to spend. Don’t forget to add in ongoing expenses such as maintenance, taxes and insurance. Build up your cash reserve to save for a down payment. You may also want to consider renting out the property during the times of the year when you aren’t in residence, in order to offset some of those ongoing costs.
Think About Style
Just what do you want your dream vacation home to look like? Should it be rustic or modern? How big does it need to be? Will you need extra bedrooms to accommodate visiting friends and family? Remember that your second home is not only a financial investment, it is an investment in your future. Be sure to choose a home that fits your personal sense of style so that you look forward to spending time here in the coming years.
Look into Tax Implications
When buying a second home, you’ll need to consider both the property taxes as well as income taxes if you are choosing to rent out the place. A little advance planning during the house-hunting process can save you thousands a year. How much time will you spend here each year? That can have a dramatic impact on the amount of income taxes you will owe if you also choose to rent.
Protect Your Second Home
Protect your new Crested Butte vacation home by getting a proper inspection before purchase to understand what repairs need to happen immediately and what may need to be repaired down the line. Also understand that your lender will require hazard insurance, which is typically higher for second homes since you won’t be there as often. You may also want to consider liability insurance.
Work with a Trusted Crested Butte Realtor
When shopping around for your dream Crested Butte vacation home, it is critical to work with a trusted Crested Butte Real Estate Agent. Not only can we help you find a great home, but we can help you with the ins and outs of owning a second home.
If you are in the market for a Crested Butte vacation home, CLICK HERE to speak with Chris Kopf about all the options that are available to you.
