Why Do You Want To Buy?
Are you looking for a second home? Are you looking for an investment property? Are you tired of paying rent? Have you outgrown your current home? It is important to identify your “needs” as well as your “wants” when searching for your Crested Butte home. Having a clear sense of your reasons for buying will help me to narrow down the options so that you can choose the right property.
Can You Afford To Buy?
Experts recommend spending between 30-40% of your income on housing. The tax benefits of home ownership can provide a considerable advantage over renting. If you are looking for property in Crested Butte and require a loan, you’ll need a pre-approval letter from a lender or mortgage broker in order to know how much you are qualified for, and this letter is also necessary to submit with any offer you make.
If you are planning to purchase a home in Crested Butte with cash, a Seller will want to see a proof of funds verifying your ability to pay in this manner. Be prepared to submit a proof of funds with any cash offer.
If your purchase in Crested Butte requires a loan, a lender will request your financial records in order to secure financing for your home. A “buyer file” contains all your important financial documents, including but not limited to:
- Financial statements
- Bank account statements
- Investment portfolios
- Credit card statements
- Auto loan statements
- Recent pay stubs
- Tax returns for three years
If your purchase in Crested Butte requires a loan, your credit score will have a huge impact on what type of home you can buy and at what price. A premium credit score may mean a lower interest rate on your mortgage. Check your credit rating with a credit reporting agency such as Equifax, Experian, or Trans Union.
You want to approach home buying from a position of financial stability. Now is not a good time to make sudden career changes or large purchases so please keep this in mind while you’re searching for your dream home in Crested Butte.
Look for a full-time Agent who has experience completing transactions similar to yours.
Ask how much time the Agent will have for you.
- Ask about their credentials and education. A good Agent will continually strive to improve and gain knowledge of the latest real estate trends.
- Does the Agent return your calls and emails promptly? Time is money when attempting to buy a home.
- Ask for a list of homes they’ve sold or a list of references.
- Choose an Agent who listens attentively to your needs and concerns. Pick an Agent with whom you feel comfortable.
Get to know the different areas in Crested Butte and the surrounding area that may be of interest to you. As your Agent, I will take you on a tour to get a better feel of the different neighborhoods and what each area has to offer. We will work together to get you the best sense of the different properties available and their price points.
Select a few properties that are of most interest to you and as your Agent I will make appointments to visit each property. I will provide you with information about comparable sales in the areas you are interested in and the potential re-sale value of the properties you are considering. If you are interested in renting the property out, I can easily discuss the rental potential of each property and make recommendations for rental agencies.
Once you’ve picked out the property that suits you best, I will work on your behalf to submit an offer that is competitive with the current market value while also securing you with the absolute best possible price.
The evening before closing or the morning of closing, you and I will conduct a final walk through to make sure everything is in order. If you are unable to be in Crested Butte for closing, I will conduct the walk through on your behalf.
You will have to change the utilities and services of the house into your name. I will assist you with this process and make sure you have all of the contact information for each service provider.
Several days before closing, the title company will provide you with a copy of your “closing/settlement statement” that details all of the specific financial requirements of your home purchase. I will personally go over this with you to ensure its accuracy. At the last step in the buying process, the title company will have you sign the final documents, including loan documents (if relevant). When everything is complete, the title company will record the transaction for you at the County Assessor’s office, and you will officially own a property in Crested Butte!