As one of the most gorgeous natural areas in the United States, the ski resort town of Breckenridge, Colorado has long been a place where potential homebuyers aspire to purchase property. Purchasing a home in Breckenridge isn’t always cheap, but savvy buyers can currently use a variety of means and resources to find a home that matches their budget and puts them within in reach of their dream house. Here are just a few great ways to buy a home in Breckenridge.
- Keep Your Eyes Peeled
Breckenridge is a very popular area for homebuyers, and anyone interested in buying a house there should seek out regular updates on listings with the hope of scoring on a just-listed property. Sometimes it really pays to get in early on a listed home in the area: Sites like Redfin.com tend to post home listings that are less expensive and less publicized than other brokerages, for example, and quality real estate sites like these can be a buyer’s best friend!
- Don’t Let the Downpayment Throw You Off
In the real estate world, general “rules of thumb” are numerous. Like any rule, however, there are exceptions that should be known to potential buyers. For example, many real estate investors suggest putting up a 20% downpayment on a home to keep mortgage costs down or secure a loan from a bank.
For many people, however, that number is simply unrealistic in today’s high-stakes real estate market: On a $700,000 home, in fact, a downpayment of 20% will run you $140,000. Unless you’re a CEO or a partner at a corporate law firm, that is a massive amount of money to save up, and while individuals selling a first or second home might be able to get that much money together from the equity in their previous house, first-time buyers are going to struggle to save anything close to that. At the end of the day, it’s okay to have a small down payment so long as you’re prepared to take on the rest of the mortgage.
- Don’t Make Your Breckenridge Dream House Your First House (But Do Make It Your Second or Third House)
But this last point is also very important: The people buying million-dollar houses in Breckenridge probably aren’t buying these homes as their first property purchases unless they’ve inherited a massive amount of generational wealth or are highly-trained surgeons or corporate attorneys. In fact, most people buying these homes are using equity from their first or second (or third) home.
The process of getting to a dream house typically goes something like this: A person buys a condo at a reasonable price. After a certain period of time, they sell their condo and use the profit from the sale to buy a townhouse. They sell their townhouse and use the profit to purchase a larger house. They keep “exchanging” one property for a better one until they’ve purchased their dream house. This is why people who purchase their ideal home often refer to the “property ladder.” To get to the top of this ladder, in other words, most people will have to start somewhere on a lower rung.
- Consider Buying a Smaller Property First
There is no getting around the fact that housing prices are steep in Breckenridge. But as we’ve learned from the above examples, a buyer can use the Breckenridge real estate market as a ladder to eventually get to their dream home. While the list prices of many homes in the area top $1,000,000, there are many deals to be had on smaller homes and condos. Because Breckenridge will be a desirable place to own a house for the foreseeable future, these properties will often gain significant value over time. Even small condos in the area can often make great investments for first- or second-time buyers, and such smaller properties can often be had at a fraction of what a top-tier mountain cabin can run in the area. Smaller houses on the edge of town can also be had for much lower prices than the area’s big mansions.
- Continue Building Good Credit
While it’s easy to grow impatient with the home-purchasing process, the truth is that a bit of patience can go a long way when considering the purchase of a house. While you’re learning more about the housing market in Breckenridge, it’s important to maintain a good credit score. A good credit score isn’t just about securing a home mortgage these days; with a good credit score, lenders will be more likely to offer you better interest rates on your loan. Because your total payment per month will be significantly lower with a good interest rate, such rates can often put “unaffordable” houses into your price range. In a place like Breckenridge, that kind of financial savviness can put a dream home within your reach in just a couple of years.
- Keep Your Spirits Up and Give Yourself Time to Find Solutions
Sometimes buying a house can test us in ways that we might not expect. And while buying property would be a lot easier if we all were earning million-dollar salaries and inheriting a few mansions from our rich uncles, the truth is that most of us are going to have to find creative ways to purchase our dream homes. As with any endeavor, a willingness to start small if necessary is the sine qua non of a good investing strategy. Setting big goals is a life skill; buying property will test that skill to its limit.
Indeed, it might take a bit of time for you to realize your dreams, but it’s important for you to maintain a sense of self-confidence throughout the home-buying process. Remind yourself that you will get to your dream house eventually. And now is a great time to begin your journey!