At some point, life changes dictate a change in property ownership: marriage, children, retirement, or just a desire for change. Whatever the reason, you may want to trade-up in home size, location and/or features, or simply buy a second property. You want to find a new place and Crested Butte might be the best place to buy that second home. Just like when you bought your first home, you need to evaluate your situation and crunch the numbers to see what you can afford. Just because you want a second property doesn’t mean it makes sense for you to buy one now. House Hunters Home Buying Guide has laid out a series of steps to make sure that adding a second property is viable. Here are some things to consider:
- Step 1: Make sure your credit score is towards the top of the ranking and calculate your debt-to-income ratio which should be 33% or less ideally.
- Step 2: Assess your liquidity to decide if trading up is financially feasible
- Step 3: Make a home wish list detailing desired features
- Step 4: Get pre-approved at a favorable mortgage rate
- Step 5: Partner with a real estate broker and identify an attorney to help you with the paperwork
- Step 6: Decide upon a location in which to conduct your search
- Step 7: Set aside time to tour as many homes as possible in your location
- Step 8: Calculate the fair market value of both your current home and the new purchase should you decide that the second home will replace your first
- Step 9: Make an offer and negotiate terms
- Step 10: Close the deal within the terms established
I am here to tell you that with its large lots, world-class skiing and camping options and expansive acreage, Crested Butte is a viable option for workers and families looking to upgrade their living situation. This is a safe community with great schools and within manageable distance of the cities. I’m here to not only help you accomplish the steps above, but also find that perfect next step in your real estate dreams. Give me a call today so I can help you begin your quest for a Crested Butte home!