Prudential Steamboat Realty

Spring has sprung and winter has left property owners here in Steamboat with some major price spikes in our market. But the question lingering is, "How will I be able to buy up, when everything else has gone up?

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1. Our national market is trending on the decline and the Fed's are holding interest rates at all time lows, so you may qualify for more money at the same rate. Check with your bank or start shopping around for cheap money!
2. Lateral price move to better location. Location, location, location €¦.my Grandmother always said, "buy the cheapest house in the best neighborhood." This will give you room for your money to grow! Buying the best house in the best neighborhood is a GREAT and wonderful move. But for those looking to build equity and don't have the money to buy the perfect house, a fixer is a great opportunity. Let those perfect houses sell and bring up your price per square foot without a drop of sweat! Or put that sweat equity in €¦and then you'll have the nicest house in the neighborhood!
3. Flippers. Some folks say, "Never let the grass get green underneath you." And my best friends mother never let that happen and did VERY well in real estate €¦.except we never knew where to find her! Key being €¦don't get attached to your house. Every two years the government bestows on us a quarter to half a million dollars €¦.tax free. It's a beautiful thing. In this market, it's easy to approach those gains quickly. So keep EVERY SINGLE receipt that you have that goes towards your house. It's essentially purchase price, less any money put into the house.
4. Downsizing. It's not only for the Baby Boomers! I just plain do not have time in my life to keep a huge household clean €¦and the yard, I don't have time (I mean my husband) doesn't have time to do that! A duplex or "cozy" downtown home might just be the answer! Except for those long winter nights, Steamboatians generally hang out outdoors. If you have a ton of stuff to do on your house €¦how are you going to enjoy living the life? PLUS, why not follow the baby boomer trend and get that second little pied a ter €¦check prices out when in Mexico this Spring Break!
5. Upsizing €¦with a legal caretaker! Move out from a condo, townhouse, adorable downtown cottage or duplex by buying a larger home with a legal caretaker. Renting out part of your home can usually be a pleasant experience €¦unlike the poor guy who his house became the ultimate reference for a "demo" party! When screened properly it can actually be very beneficial! I have done this several times and with four children and it is always handy to have a convenient babysitter. For others a dog or cat sitter, housekeeper, (wink, wink) lawn guy, carpenter etc €¦.use it to your best advantage! When budgeting, guesstimate an average of $600 per every bedroom, for a one bedroom caretaker I would average about $800 per month. This equals out to approximately $100,000 more in purchasing power. Hopefully you can eventually not have to rent it and you can use it for an office, art studio, mother-in-law unit or teenage oasis!
6. Build. Scary word, but results are (most of the time) well worth it. It's getting pretty late in the season to decide to just erect the perfect dream home. However, it is the perfect time to start looking for the perfect location! We can finally see the land, so get out your hiking boots and start to explore. A lot of modular's have been spotted rolling into town (literally) and they can be a very good option for those who don't want to customize. My favorite modular home website is: www.fabprefab.com. Not the traditional modular, but a lot more fun! Custom home building takes a lot of time and emotional energy. So look for someone with fair rates (not necessarily the cheapest) that is committed to helping you work through the process!

There are still a lot of great opportunities here in Steamboat and the entire Routt County. You can begin your search by going to our office today at 970.879.8100 or come in and we will give you a personal tour of opportunities here in the valley!