With attractive interest rates and real estate prices per square foot still below many comparable mountain towns, now is the perfect time to buy Telluride luxury property. The Telluride market is seeing momentum with more transactions and dollar volume in 2016 than the previous year. With more convenient air access into the Telluride and Montrose airports than ever before, an exciting master development plan just released by the Telluride Ski & Golf Resort and world-class alpine winter and summer lifestyle experiences to be had, now is the time to make a run at Telluride luxury property.
Here are my Tips for Buying Telluride Luxury Property:
- Make a list of your objectives. These questions are your preferred number of bedrooms and budget, your intended usage of the property, location, access and preferred amenities. Your real estate broker will guide you through this process.
- Finding the right broker who knows the Telluride luxury market is the best bet for finding properties that are for sale but that are not necessarily easy to find because of privacy concerns. An agent familiar with the Telluride market may have inside information about listings before they are listed for sale and the agent will be able to help you determine the market value of a luxury property. Most residential real estate is valued using market comparables - similar properties in the area that have recently sold. Valuing Telluride luxury properties can be a challenge since there are many tangibles and intangibles of a luxury home.
- If you are financing your luxury property, it’s a good idea to obtain your financing approval early in the process. Some property owners may not even want to show their property to yet unqualified buyers.
- Consult your tax attorney on the options you have to properly structure ownership of your property to your advantage. Some options include to hold your property in your personal name, in a corporation or in a trust. There may be additional tax advantages if you are renting your property while you are not using it.
- Be sure to use your real estate agent to schedule a property inspection with an inspector who knows the special amenities these homes often contain, Ice melt systems, radiant heat, lighting, specialized mechanical systems, and the roof condition for the alpine environment are just a few.
With a careful and informed approach and the right real estate broker to guide you, now is the time to find and purchase Telluride luxury property.