The Town of Breckenridge collects a 1% Tax on the sale of any real estate sold in the town limits. The Transfer Tax is required to be paid at the time of closing. Who pays the 1% is negotiated at the time of Contract. Either the Buyer or Seller is responsible to pay this amount. On some transactions we see the 1% being split the Parties. This money is allocated into the General Fund for the Town of Breckenridge and is used for improvements, maintenance and town events. Some of the Condos in Breckenridge are subject to a transfer fee, on their own. Mountain Thunder Lodge, The Grand Lodge, and others may require an additional 1%.

A cap is placed on available Short-Term-Rental Licenses across Breckenridge and Summit County. Properties in Breckenridge are divided into Zones, where different amounts of "Allowed Short Term Rental Licenses" are available. As of now, in the Resort Zone and Zone 1 there are many licenses available (over 300 in Zone 1), and in Zone 2 and Zone 3 there are no licenses available, and many property owners are waitlisted to receive a license. This is an ongoing process in Summit County, so please do not hesitate to reach out to Your Ski Country Realtor, Ron Shelton, with any questions. Here is a link to the county's website with more information: https://www.townofbreckenridge.com/your-government/short-term-rental-licenses-and-regulations

The answer to the question is absolutely, YES! There are so many reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. There is no reason to look at homes that are listed for $750,000 if you can only afford up to $500,000. If you are a first time home buyer, speaking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available. These programs can vary from state to state so knowing exactly what’s available to you, is very important. Costs: Another important reason to talk with a bank before looking at vacation properties is so you understand exactly what costs are will be with buying a home. For instance, many of the properties has HOA fees to maintain the properties. You’ll be expected to pay a monthly fee to remove snow, maintain the grounds, trash removal, etc. Many home buyers don’t understand the difference between a down payment, pre-paid items, and escrows. These items can be thoroughly explained by a mortgage professional. We have many mortgage bankers that we work with and will make recommendations to you.

The decision is multifaceted. How much you intend to use the property  and whether or not you feel you must rent it either short-term or long-term to help offset expenses will weigh heavily on the decision. And the price range. Condos can still be bought for under $1M.  Homes under $1M are scarce and becoming even more rare. A townhome is often a great solution as they ‘live’ more like a ‘home,” but are more likely in a location that will allow rentals.

Can you find a needle in a haystack? Of course you can, but the probability isn’t very high. The chances of finding this type of property in Breckenridge is rare, but we can turn on our radar and help you find that special property.

In this market I recommend you locate your replacement property before selling the home you have now. There is a nationwide housing shortage. If your purchase here is for a retreat, or a second or third home, you need some boots on the ground here to get it done. You don’t want to end up second-home less. Prices are continuing to climb.

Trying to ‘time the market’ has never proven good for buyers in Summit County.  Prices have steadily climbed over the decades, right along with the population of the front range.  All of Colorado is growing quickly so the sooner you buy, the happier you will be. It’s not easy, and it’s not getting any easier. Owning a home in the mountains is a unique experience.  People often come here to ski in the winter, but they move here, and stay here for the summers! Let’s look at some numbers and trends together. I have all the data and would love to share it with you.

If you are planning on living and working in Summit County, there are many deed restricted properties that are very attractive. Deed Restricted housing has been designed by local municipalities to make housing affordable to the work force. The Town of Breckenridge is no exception. There are housing covenants that outline the rules and regulations for each of the deed restricted units. These “rules” outline the employment, occupancy, and income restrictions, as well as the appreciation limits, regulations and procedures for improvements to your home.

Debt to Income ratio is very serious business. The mortgage lenders want to know that you don’t carry too much debt. Your overall debt should not be more than a certain percentage of your income, and your housing debt will likely make up the largest portion of that total debt. Contact me today for a list of highly qualified local lenders and we can decide what will be your best avenue.