Your Path to Mountain Property Ownership
Buying property in Colorado's mountain communities is an exciting journey. This guide walks you through the process from initial planning to closing day, highlighting the unique aspects of Summit County real estate.
Step 1: Define Your Goals
Before beginning your search, clarify your objectives:
- Primary Residence vs. Vacation Home: Your intended use affects location, size, and amenity priorities.
- Rental Income: If rental income is important, certain locations and property types perform better.
- Timeline: Are you buying now or planning for future relocation?
- Budget: Include not just purchase price but ongoing costs like utilities, HOA fees, and maintenance.
Step 2: Get Pre-Approved
For financed purchases, obtain mortgage pre-approval before seriously searching. Mountain properties may have unique financing considerations:
- Some lenders specialize in mountain/resort properties
- Condotel or hotel-condo units may require specialized financing
- HOA financial health can affect lender approval
Step 3: Choose Your Community
Each Summit County town offers distinct advantages:
- Breckenridge: Historic charm, world-class skiing, vibrant downtown
- Keystone: Family-friendly, extended ski season, convention center
- Copper Mountain: Value-oriented, naturally divided terrain
- Frisco: Central location, more affordable, strong community
- Dillon: Lakeside living, most affordable entry points
- Silverthorne: Outlets, recreation hub, growing amenities
Step 4: Search and Tour
Work with a local expert who knows the market intimately. When touring properties:
- Visit at different times of day
- Check access routes in winter conditions
- Evaluate sun exposure throughout the day
- Note proximity to ski lifts, trails, and amenities
Step 5: Make an Offer
Your agent will help you craft a competitive offer based on:
- Comparable sales analysis
- Current market conditions
- Property condition
- Your priorities and timeline
Step 6: Due Diligence
After contract acceptance, conduct thorough due diligence:
- Professional Inspection: Never skip this, especially for mountain properties
- HOA Review: Examine financials, meeting minutes, and rules
- Title Search: Ensure clear ownership
- Survey: Important for land and single-family homes
Step 7: Closing
Colorado closings typically occur at title companies. Expect to sign numerous documents and provide certified funds. Remote closings are often available for out-of-state buyers.
Mountain-Specific Considerations
Heating Systems
Understand the heating type and approximate costs. Common systems include:
- Natural gas (generally most economical)
- Propane (requires tank management)
- Electric baseboard (can be expensive)
- Radiant floor heating (efficient and comfortable)
Water and Sewer
Properties may be on:
- Municipal water and sewer
- Well water (ensure adequate flow rates)
- Septic systems (require periodic maintenance)
Insurance
Mountain property insurance may include:
- Wildfire coverage
- Flood insurance (even at elevation)
- Higher replacement costs