If youve ever wanted a ski home, now is your opportunity: superstar Tom Cruise just listed his getaway estate in mountain hot spot Telluride, CO. All you need is $59 million, and the 10, 000-square-foot-home on 298 acres is yours.
However, a ski home can be yours in five easy steps.
1. Understand the total cost of owning a ski home : First, determine what you can afford. Have your lender look at the following :Cash available for down payment, closing costs and reserves.total monthly cost on your existing home, plus the total monthly cost on the ski home (including principal, interest, taxes and insurance for both homes).
2. Decide between second home or investment property : You need to first consider how you intend to own the property and how much you intend to use it then you estimateyour costs for the purchase transaction. If it’s a second home; mortgage rates are the same as they are for primary residences, so your rate will be the lowest it can be. If it’s a Investment property; the mortgage rates are .25 percent to .375 percent higher than second home rates.
3. Review monthly and transactional cost line items
If you put 30 percent down for an investment property, your estimated monthly cost would be $3,667 (before any rental income you’d receive). Therefore your estimated cash to close would also be $177,750. The monthly cost estimates are $1,862 for a 30-year fixed mortgage at 4.5 percent, and the same as above for HOA dues, insurance and property taxes.
4. Make an offer using a local real estate agent and lender
When it comes to destination properties, it’s best to use a local real estate agent and lender as the agent will advise you on all the local nuance of transaction fees, taxes and commissions.
5. It’s all downhill from here
if you’ve followed the steps above and own a home in a full-service condo developmen. Now all you have to do is call your concierge to tell them when you’re showing up, have a drink when you arrive in your new lodge, then open your front door and hit the slopes
Source: Locati Architects via Zillow