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Time to ski: How to buy your Telluride Ski home in 5 steps Subscribe via RSS

10/10/2016

If you’ve ever wanted a ski home, now is your opportunity: superstar Tom Cruise just listed his home here in Telluride, CO. All you need is $59 million, and the 10,000-square-foot-home on 298 acres could all be yours.

If that’s out of your price point, it doesn’t mean you can’t achieve your goal of having your very own mountain getaway. Here are the 5 easy steps to making it happen.

1. First you must understand the costs associated with owning a ski home

First, determine what your budget is. Call your lender or ask local agent for a lender they recommend and look at the following:

 

2. Decide whether the home will just be an investment or a second home.

You will need to decide if you will be renting the home with a management company or if you will need to find a caretaker.  There are two options:

3. Take a look at your monthly and transactional cost line items

Supposed you wanted to purchase a property here in Telluride, CO selling for $525,000. Here’s how much it would cost you to buy it as a second home versus an investment property.

4. Always make an offer using a local real estate agent and lender

When it comes to destination properties, it’s best to use a local real estate agent with a good history in the area like Garrettsimon.com

The agent will be able to advise you on all the local nuance of transfer fees, taxes and commissions. For example, in Telluride, the buyer pays a one-time 3-percent transfer tax, but their ongoing property taxes are much cheaper than other areas. In other locations like Aspen, it might be the opposite.

In destination areas, commissions can typically be higher than the national average. In Telluride, real estate commissions are typically anywhere from 6-7 percent and customarily paid by seller. Only a local real estate expert can advise you on this properly. The agent will structure your offer for you, and negotiate to help you buy any furniture, electronics, furnishings, art and housewares you want to remain in the home.

Likewise, for destination property areas, a local lender will understand the nuances like appraisals and resort-style condo lending. Appraisals are much more difficult in less populated areas like Telluride because properties don’t sell as often. Comparable sales used for appraisal reports might be older and harder to find, especially if the appraiser isn’t from a local bank or is coming in from out of town.

For condotel properties with luxury hotel-like amenities, outside lenders often consider these HOAs too complex to lend on or will only offer special financing options. But local lenders will lend in their own communities, so when your offer is accepted, you (and your seller) will know your lender can close.

5. Time to ski and have fun

The memories that your family and you will have in a small ski town like Telluride are priceless. There is nowhere else that I can imagine a family having more fun together and bonding like they will on a ski vacation.  Don’t wait another year when you could own this Winter.

If you’ve ever wanted a ski home, now is your opportunity: superstar Tom Cruise just listed his home here in Telluride, CO. All you need is $59 million, and the 10,000-square-foot-home on 298 acres could all be yours.

If that’s out of your price point, it doesn’t mean you can’t achieve your goal of having your very own mountain getaway. Here are the 5 easy steps to making it happen.

1. First you must understand the costs associated with owning a ski home

First, determine what your budget is. Call your lender or ask local agent for a lender they recommend and look at the following:

 

2. Decide whether the home will just be an investment or a second home.

You will need to decide if you will be renting the home with a management company or if you will need to find a caretaker.  There are two options:

3. Take a look at your monthly and transactional cost line items

Supposed you wanted to purchase a property here in Telluride, CO selling for $525,000. Here’s how much it would cost you to buy it as a second home versus an investment property.

4. Always make an offer using a local real estate agent and lender

When it comes to destination properties, it’s best to use a local real estate agent with a good history in the area like Garrettsimon.com

The agent will be able to advise you on all the local nuance of transfer fees, taxes and commissions. For example, in Telluride, the buyer pays a one-time 3-percent transfer tax, but their ongoing property taxes are much cheaper than other areas. In other locations like Aspen, it might be the opposite.

In destination areas, commissions can typically be higher than the national average. In Telluride, real estate commissions are typically anywhere from 6-7 percent and customarily paid by seller. Only a local real estate expert can advise you on this properly. The agent will structure your offer for you, and negotiate to help you buy any furniture, electronics, furnishings, art and housewares you want to remain in the home.

Likewise, for destination property areas, a local lender will understand the nuances like appraisals and resort-style condo lending. Appraisals are much more difficult in less populated areas like Telluride because properties don’t sell as often. Comparable sales used for appraisal reports might be older and harder to find, especially if the appraiser isn’t from a local bank or is coming in from out of town.

For condotel properties with luxury hotel-like amenities, outside lenders often consider these HOAs too complex to lend on or will only offer special financing options. But local lenders will lend in their own communities, so when your offer is accepted, you (and your seller) will know your lender can close.

5. Time to ski and have fun

The memories that your family and you will have in a small ski town like Telluride are priceless. There is nowhere else that I can imagine a family having more fun together and bonding like they will on a ski vacation.  Don’t wait another year when you could own this Winter.

Contact Garrett Simon 970-708-1155