The home buying process: An overview
The process involved in buying property is pretty much standard, whether you are batting for a single-family home in the suburbs or a luxury ski resort property. If you are on the hunt for a new dream home, check out the various nuances of this particular real estate transaction below:
Finances
The start of any house-hunting expedition begins with checking your finances. Knowing how deep your pockets can go to buy a home will give you and your realtor a better idea on the suitable property options to choose from. This is especially important when learning how to buy your first home.
To arrive at the highest purchase price you can afford, look not just at mortgage installments but also at future expenses once the home is yours. This includes utility bills and insurance. For anything apart from a turnkey property, consider how you will afford the renovation works that will bring it up to the desired standard.
If you can pay for the property fully in cash, knowing how much you can afford is straightforward. If, however, you intend to take up a mortgage, getting pre-qualified or pre-approved can prove your seriousness as a buyer. Preapproval is actually more in-depth than pre-qualification in terms of financial evaluation and the establishment of creditworthiness. Some sellers would prefer pre-approved buyers as it is a better guarantee that the lender will pay up.
Define your needs and desires
Luxury homes have a literal wealth of features to choose from. You can find options based on sheer size, the number of rooms or the presence of special amenities like saunas, pools, home theaters, and wine cellars.
If you have already come up with a budget to work with, you can then limit your options by listing down amenities, fixtures, and features you’d like to see in your desired property. Segregate these into must-haves and those you’d like to have but can do without. In sharing this list with your realtor, they will be able to select the most suitable properties within your budget or properties that can be renovated to accommodate items in your list.
Since both Telluride and Mountain Village have vast tracts of city-owned land, future developments here could make an impact on properties in their vicinity. In case you buy nearby, you can ask your realtor or attorney to research on upcoming projects in the area and find out if their plans will not interfere with the enjoyment of your property.
Hire a realtor
While it has become much easier to explore the real estate market with the help of online platforms like Zillow and Trulia, nothing beats the experience and knowledge of a good realtor.
It is also important to note that in a luxury market like Telluride, privacy is of great importance to property owners. Thus, you might not be able to see their homes being put up for sale in public listings. Your best bet in finding an ideal luxury home is to work with a locally based agent. This expert has a network of connections who can share inside information on unlisted options. They can also help in arranging private home viewings since these particular sellers may not be too keen on having open houses.
A realtor has access to market data that detail the prices of comparable properties on sale. Their knowledge of these real estate figures can help you determine the fair pricing of the property you’re after. They can also preview the property to ensure it fulfills your wish list, saving you a wasted cross-country trip if the marketing material you review does not quite match up with the actual property.
Consult your real estate team
Where a lot of money is at stake, you need to be cautious. Seek the guidance of your realtor, financial planner, and tax attorney to ensure you are making the best decision as you move toward ownership of a property. If there are conflicting opinions from your advisers, consider arranging a meeting so they can thresh things out and recommend the best plan of action.
Specialized home inspection
Given the alpine environment of Telluride, it makes sense to hire an inspector knowledgeable in the requirements of such properties. The serious amount of snowfall here, plus potential bug or mold problems and the often-desired log design may become issues in the long run. A home inspection will ensure that you will not be stuck with costly problems that ought to have been the previous owner’s responsibility.
If you are considering Telluride as your new site for a luxurious lifestyle, do come to us to help you in bringing your real estate goals to fruition. I am TD Smith, your Realtor with mountains of experience in the industry. My team and I can be reached at +1 970.729.1577 or via email at td@tdsmith.com
What Buying a Vacation Home in Telluride Can Do for You
The town of Telluride, CO is an exceptional place to buy a vacation home. With its timeless, “old town” charm and notable tourist appeal, luxury real estate buyers and investors can take advantage of rewarding opportunities in this former Victorian mining town. In this article, we discuss six practical reasons why buying a vacation property here is a smart decision. Read on to learn why Telluride’s reputation as a world-class ski town can help you grow your investment portfolio, how you can maximize tax breaks for a secondary residence, and how a vacation home can set you on the right path toward a satisfying retirement.
Having your own home in Telluride, Colorado can save you from the hassle of finding and booking a place to stay every time you come here. However, before you go looking for a property, it’s important to first do your research and make sure you’re ready for the purchase. With a sizeable investment at stake, you need to look exhaustively into several things, including the property’s potential for profit, your finances, the kind of property to buy, your offer price and buying strategy, and more. We discuss some of the most important details to look into for a successful home buying venture.