Interested in buying real estate in Telluride? Perhaps a mountain condo or multi-generational retreat? A property you can 1031 exchange into or a real estate and rental investment? Look no further for insights into the nuances of what it means to be a property owner in Telluride. It’s my pleasure to present the ultimate buyers guide for Telluride Real Estate.
What to Be Prepared For:
- The 3% Real Estate Transfer Assessment:
- Both the Town of Telluride and the Telluride Mountain Village Owner’s Association (TMVOA) have a 3% real estate transfer assessment almost always paid by the buyer. But before you fret, understand that these funds go for very important property value enhancing programs. In the Town of Telluride, the fund is used exclusively for Town capital projects. In Mountain Village, the fund runs and maintains the free public gondola, Dial-A-Ride on demand transportation for owners and guests, member social events and economic stimulus.
- Understand Your Purchase Power:
- If you are a cash buyer, you are in the driver’s seat. If financing, make sure to get a pre-qualification to understand how much property you can afford. We as Brokers have shown many dream properties that buyers fall in love with only to realize the lenders won’t back the purchase.
- The Emotional Roller-Coaster:
- Offers are submitted and countered. Competing bids may trump your offer. Dates for due-diligence, inspections and their resolutions can be an emotional roller coaster. Title and HOA document review are important part of the process. This is where a knowledgeable and committed broker understanding and representing your interests are worth their weight in gold. You will be well guarded against the risks of the process.
- Appraisal and Inspection:
- Is the home you are purchasing worthy of the price and condition of the property? An independent appraisal is required if you are financing and is a good idea overall for your piece of mind.
- After inspection, the deal can get tricky. What are you going to ask the seller to fix? What if they refuse? Many a deal has been undone by the inspection and subsequent resolution negotiations.
- Home Insurance, Warranties and Title Insurance:
- Your broker will have a list of trusted and recommended professionals to assist you with policies and coverage to put your mind at ease
- Closing – Congratulations!
- The final walk-through will give you the opportunity to make sure you’ve found the perfect property to fulfill your real estate objectives
- Your closing costs and settlement charges will be clearly outlined in the closing statements. Applicable expenses such as property taxes, utilities and rental income will be appropriately pro-rated.
- Your broker should provide you with a buyer’s checklist to switch utility billing, cable and internet services, rental management companies and property maintenance specialists.
Please contact me for additional information and discussion on the Telluride home-buying process. To stay informed, check out my website at www.telluriderealestates.com and Like my Facebook page at Telluride Real Estate News. How can I assist you today?