Breckenridge
Costs of Owning Breckenridge Property
By RealEstateColorado.com

If you are entertaining thoughts of becoming a first-time owner of Breckenridge real estate, listen up.  You need a knowledgeable loan agent who will make sure you don’t buy into Breckenridge real estate too big for your britches.  Ask some healthy questions and expect straightforward answers from someone who is looking out for your pocketbook, your time, and your investment in Breckenridge real estate.

After all, mortgage payments in the just-a-tad-cooler Breckenridge real estate market may close in upon your affordability range.  In addition to a down payment for Breckenridge real estate and closing costs, what else could there be?

If you have only lived with parents, at college, or rented an apartment before this time, the extra expenses that come with home ownership may not have crossed your mind.  There is a learning curve, too, and that can be more costly than you imagine. 

Here are some of the expenses to consider when looking at a realistic housing budget.  Costs will vary depending on the size, condition and location of the house.

1. Inspections.  It is best to have professionals sleuth around the foundation, roof, electrical systems, structure than to use your naked eye. 
2. Start-up fees for telephone, utilities, Internet, TV, waste bin, etc.
3. State, city, and/or county property taxes.  Depends on value.
4. Annual insurance premium.  Depends on amount owing on loan.
5. Utilities for more square feet than you are used to budgeting for.  Depends on if you have gas hot water and solar panel heat or gas or electric.  Depends on source of water/well.  Depends on whether you have air conditioning.  Depends on city services.
6. Appliances such as refrigerator, washer and dryer, stovetop, oven.
7. Furniture to fit the home.  Maybe you will need to purchase a couple of rooms of furniture.
8. Repair and maintenance.
9. Yard care.  Can be included in HOA but is usually your responsibility.
10. Pest control.  Can be a regular expense or a yearly expense.
11. Remodeling.
12. Homeowners’ association fees.  These vary broadly and may include some services such as snow removal.
13. HOA requirements such as certain fencing or trees.
14. Unexpected costs.  Keep a savings account for these!

Once you buy, a good way to make sure you have the cash when you need it is to set aside a fixed amount of money in your monthly budget for home expenses. Park the money in a high-yield online savings account specifically for that purpose. That way, you won't have to lean on your credit cards or raid your long-term savings when your home needs a repair or something else arises.

Just run a pros and cons sheet—before making that long-term commitment.