What you should know before buying a second home

If you are interested in purchasing real estate in Crested Butte for a second home, your first step is to contact a licensed and experienced realtor who can help you through the process. While this can be a very worthwhile and profitable venture, there are some things you should be aware of before making your purchase:

*     Spend time there first: Visit the area at least two or three times before making any final decisions. Get to know some of the locals, talk to your agent and find out about things like the crime rate (very low in Crested Butte), recreational activities (more than just skiing), and job opportunities.

*     Know all your costs: The purchase price of the home is only part of your total cost. There are also taxes to consider, maintenance costs, closing costs, utilities, and other carrying costs. Make sure you’re able to afford your second home all year long.

*     Have a large down payment: Financial institutions will likely require more than the minimum down payment required for a primary residence, so try to have at least 30% of the purchase price available as a down payment.

*     Consider a rental income option: To help offset the costs of your second home, consider renting it out for part of the year, or creating a rental unit in one part of the home. This is a great way to create more income and keep costs down.

    Hire someone to manage the property when you’re away: A property manager can take care of things while you’re not there. Landscaping, taking out the trash and other duties can be handled for a nominal fee and will give you peace of mind.

Buying real estate in Crested Butte can be a great investment and you’re sure to be the envy of your friends and family.

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