As promised, Part 2 of our tips and tricks for buying luxury real estate in the mountains.
BUYING LUXURY REAL ESTATE: PART 2
Posted by JanL on October 28, 2015
Breckenridge real estate continues to dominate the mountain luxury market in Colorado, with numbers sailing through this year’s second quarter. This only serves as evidence for those looking to buy luxury real estate that you can’t go wrong with the Breckenridge market, but regardless of where you envision your dream home, there are some universal rules of thumb to keep in mind.
As promised, here is the second installment of last week’s Buying Luxury Real Estate – a guide to finding “the one” when it comes to upscale housing markets anywhere.
1. STRATEGIZE YOUR SEARCH PROCESS
Finding your perfect luxury mountain home can be tricky, due to the fact that they aren’t in as high demand as regular properties and there are simply fewer of them on the market. Additionally, it isn’t uncommon for a luxury property to go unlisted on the MLS in order to protect the high-profile identity of a seller.
Develop a connection with a local real estate agent who can provide you with more about the Breckenridge luxury market than an Internet search.
2. WORK WITH A LOCAL LUXURY EXPERT
Having your best interests in mind is key, but a luxury real estate agent should also be an expert in the type of homes they list and the area in which they are listed. The right agent should be able to show you homes that fit your budget and lifestyle, and point you in the direction of locations that are suitable for you and your family. You won’t spend all of your time inside your new home, so get all the information you need pertaining to healthcare, education, shopping and entertainment in order to pick the right neighborhood for you.
Moreover, due to the nature of luxury real estate markets, open houses can occur few and far between. Often times, these homes require setting appointments for private showings with an agent, thus, it is crucial to work with someone who makes your home-buying experience their number-one priority.
3. NOT ALL HOMES ARE PHOTOGENIC
Luxury Breckenridge homes aren’t your typical cul-de-sac development in a cookie-cutter neighborhood. Each Breckenridge property is as unique as the snowflakes that fall here, and it is often times impossible to capture this sentiment from a photograph. Moreover, it’s not uncommon for sellers to submit their own amateur photography to a real estate agent or MLS. Of course, if you absolutely hate pictures of a home you’d likely be wasting your time seeing it in person, but if you find the pictures just don’t provide enough information, resorting to a Google Earth search (always a good idea when considering a home) and reading about the properties features can help you determine whether or not setting up a showing is worth your time.
4. PREPARE FOR THE FUTURE
Your research doesn’t end at home inspections. Whether you’re looking into the Breckenridge real estate market or any other, educate yourself on town ordinances, building and zoning laws, and what potential construction projects are taking place near your prospective new home – now or in the future. Generally, people looking in the luxury market put relaxation near the top of their priority list. If this applies to you, you may want to make sure you aren’t signing up for months of waking up to a noisy construction site early in the morning.
If you’re purchasing a new development, make sure you know the timeline for the construction. Don’t get your cash tied up for unknown lengths of time dealing with construction delays. Also be sure to consider certain factors of your new town, such as the tourist environment and what sort of festivals occur on a seasonal basis. In Breckenridge, for example, downtown can get noisy due to an abundance of activities occuring year-round.
5. IF YOU PLAN ON RENTING, THINK LIKE A RENTER
Often times, luxury properties and vacation homes go hand-in-hand. This is common in Breckenridge real estate, but it’s important to evaluate the tourist-climate of any location if you plan on renting out your home. A home with enough bedrooms and amenities to accommodate a group of people is essential, but even more so is location. Imagine that you’re looking at properties near the ocean. Put yourself in the shoes of a vacationer – where would you rent a house or condo for a seaside retreat? You’d likely want to be as close to the beach as possible. For Breckenridge real estate buyers investing in rental opportunities, we recommend that they look at places in close proximity to both downtown shopping and ski resorts. The majority of tourists want to relax and experience a new place as easily as possible. Staying out in the boonies in a home with remote access to the area they are trying to explore is typically a turn-off.
6. HAPPINESS IS THE BEST INVESTMENT
While a luxury property can present a fabulous investment opportunity, more important is the time you spend within it. Buying mountain luxury real estate is a personal venture, in that your family’s well being and peace of mind is all relevant to getting your money’s worth. Find a home that presents a warm, welcoming feeling in an area you can see yourself settling down for a while. One of the best things about the Breckenridge real estate market is that we assist buyers who aren’t just interested in a property, but in starting their life in a beautiful place as well. As corny as it may sound, it couldn’t be truer: If a home invites you in to stay for the long haul, you’ve found the one. After all, when it comes to buying and selling real estate, the best return on investment are the memories you make.
Slifer, Smith & Frampton
Real Estate Agent