When you start looking for a home to buy in the Crested Butte Area you might be considering getting a condo. This is a popular choice, especially for people who are buying a second home. However, there are a few things to consider about buying a condo that you might not enjoy. This isn’t the case for everyone but I would hate for you to end up with a nasty surprise! So here’s my breakdown of the advantages and disadvantages of owning a condo in Crested Butte. So you will know is buying a condo in Crested Butte right for you!
What Makes a Home a Condo?
A condo is defined as a separate unit, or portion of a multi-unit, or a multi-unit structure or property in which people own individual units as well as an undivided interest in common areas. The common areas are typically owned by a Homeowners Association, commonly known as HOA. A condo owner has individual ownership of the interior of the unit ‘from the paint in’. Generally the owners in the HOA share maintenance and repair costs for the exterior and common areas.
Is Buying a Condo in Crested Butte Right For You? What You’ll Love about Owning a Condo
As I said, a condo is a great option for many people looking to buy in Crested Butte especially if it’s a second home. It’s very convenient and there’s peace of mind that comes from knowing that the HOA and property management are looking after day-to-day operations, even when you’re not there. Comparing different condo units in the same development is usually quite a bit easier than comparing Single Family Homes. But condos can come in all shapes, sizes, budgets, and levels of luxury. Condos in a duplex unit can feel very much like a Single Family Home, plus more amenities! Many buyers use it as an opportunity to get a taste of what owning a property in Crested Butte is like. And Crested Butte certainly has some outstanding condo developments to offer!
What You May Not Like About Buying a Condo in Crested Butte and is it Right For You?
As nice as it can be to not have to worry about the shared spaces, some people really don’t enjoy communal living. For some buyers, the reduced privacy and space that comes with a condo can be a real downside. The reduced privacy can also come from the fact that other condos around you might be short-term rentals. This means you could end up with large groups throwing parties next door and strangers wandering your halls. You might rarely meet your actual owner-neighbor because you’re not there at the same time. Make sure to really think about if this is important to you and discuss it with your spouse! A good real estate agent will be able to tell you more about the condo complex you are looking in and what you can expect.
What You Should Know About HOA and Communal Spaces
Sharing communal spaces also means you are very dependent on the HOA for upkeep and some buyers shy away from that. Some buyers also think that HOA fees are too high for what they end up actually getting out of it. Large condo buildings might have a front desk, bellhop, maid service, pool, and restaurant, and this could really drive up the fees. Or you might enjoy these amenities so you are happy to pay the fees. This is another reason you should talk to your real estate agent as they can find you more information on the HOA. You’ll also want to check and see if the HOA is working efficiently and doing a good job. When viewing a condo be observant of the common areas and exterior of the building too. If you think everything looks shabby this could be a sign that the HOA is being run poorly or other owners are refusing to increase fees to pay for maintenance. You don’t want to find out about these kinds of things after you’ve already bought it! Living in a mountain town such as Crested Butte you might visualize yourself living somewhere where ski-in ski-out is an option! Keep in mind a nearby slope, or hiking trails can be great amenities to add value to your condo!
Final Thoughts How Can I Help?
I hope you have found this article helpful when deciding if buying a condo in Crested Butte right for you! Stay safe out there. Contact me to help you if you have any questions.
If you want to chat about the real estate market here in Crested Butte – give me a call… (970) 209-5405
I have been in your shoes – as both a Second Home Buyer and Seller here in Crested Butte.
The Crested Butte area offers a wide variety of properties including ski-in/ski-out single-family homes, ski-in/ski-out condominiums, lake and river frontage properties, golf course property, quality homes in Downtown Crested Butte, and true fine mountain homes on acreage.
To see Crested Butte Homes For Sale or search the MLS – visit ChrisKopf.com.
The Crested Butte Real Estate Market is very active. Click this link to see my monthly Crested Butte Real Estate Market Reports.
I have consistently been a Top Real Estate Agent in Crested Butte, and I appreciate the opportunity to earn your business and be your Crested Butte Real Estate Agent.
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Global Luxury Property Specialist
Coldwell Banker Mountain Properties