You’re Sure You Want to Sell Your Crested Butte Home?
This is a valid question, because if you are not really sure you want to sell your Crested Butte home, then you may want to hold off until you are. If you are not sure and you are not motivated to sell your Crested Butte home, then you will only go through the motions of listing it with a crested butte real estate agent, and it won’t sell. You may get frustrated with the process, and probably will not do the things you need to do to help ensure your mountain home gets sold for the highest price. If you are on the fence, here is a checklist that may help you (and your spouse) determine if you are really ready to sell your home. If you answer “Yes” to the majority of the items below, you are probably ready to sell your home.
Checklist: You’re Sure You Want to Sell Your Crested Butte Home?
- You have not been to your Crested Butte home for a year.
- You have not invited someone to be a guest in your Crested Butte home for two years.
- Your kids and grandkids have not visited CB for two years.
- Your old friends have moved away from Crested Butte.
- A day of adventure is now going out to lunch on the mountain and dinner in town.
- You cannot name five people in CB you would call when you are here to have dinner or go for a cup of coffee at Camp 4.
- Your age or health is a concern in terms of being able to do the things you used to do.
- You are scared to ski because you fear if you fall you will get injured, or a snowboarded will hit you.
- You are scared that while walking or getting out of the car at Clark’s Market parking lot you may slip on the ice in the winter and get injured.
- The altitude bothers you and you cannot sleep at night or have trouble breathing.
- Where you once saw Crested Butte winter beauty and adventure, now you see cold and icy danger.
Have You Considered Passing the Crested Butte Home Down to Your Kids?
You should to talk with your CPA or financial advisor and estate attorney to understand the implications and benefits of either selling your home or passing the property down to your children. It may be wise to put the property into a trust, along with money to cover its operating costs for at least ten years (depending on the financial situation of your children). You will need to decide if you want to transfer the Crested Butte property to a trust now, or wait until your death and have the home part of the estate. Putting the Crested Butte or Mt. Crested Butte property in a trust and transferring ownership can help to avoid estate taxes. What you want to ensure is that your Crested Butte home will not go through costly and time-consuming probate. If not handled properly, and if the home is in a different state from your main residence, your heirs may have the complication and legal fees associated with going through probate in two states. There are no simple answers to how to set all of this up; federal and state tax, and estate and gifting laws are subject to change even after you set up your strategy.
Of course, all of this depends on whether your children even want the Crested Butte home. If you have one child it may be easy, but with multiple children you may be creating a future mess as there will be challenges having to do with when each child gets to use the home, who pays the bills, who oversees the service providers, who keeps tabs on the condition of the home, who makes decisions about repairs or remodeling, and at some point, decisions about selling the home, etc.
It is a good idea to discuss all of this with your children. In the end, it may be better to sell the home and put the proceeds in your estate, a gift, a trust, or a 529 plan for the grandkids’ college education.
How Can I Help You?
See all the big picture and all the details of the Crested Butte Real Estate Market in my monthly Crested Butte Co Real Estate market reports – the level of detail is representative of what you can expect from me as yourCrested Butte Real Estate Agent.
What is Your Property Worth today? If you are considering Selling your Crested Butte home and interested in finding out what your existing property is worth, contact me. I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
Previews® Property Specialist
Coldwell Banker Bighorn Realty
#1 Crested Butte Real Estate Agent
in 2014 based on Total Volume