1. What are the steps to buying a home in Summit County, CO?
Buying a home in Summit County is exciting but has a few unique local steps. First, we start with a consultation to identify your goals and budget. Once you’re pre-approved with a local lender—critical in our resort market—you’ll be ready to begin home tours. Properties here range from mountain cabins to condos with ski-in/ski-out access, so we’ll tailor showings to your preferences.
Next, once you find the right home, we’ll draft a purchase contract. In Colorado, this is the “Contract to Buy and Sell Real Estate,” which includes contingencies like inspections and financing. After your offer is accepted, the due diligence period starts. In Summit County, inspections often include general home, radon, and sometimes specialized evaluations like structural or roof (due to snow load issues).
We’ll also work with your lender to ensure the appraisal is completed. In Summit County, appraisers factor in mountain-town premiums, HOA fees (for condos/townhomes), and seasonal accessibility. Once contingencies are met, we move to closing, typically handled by a local title company. On closing day, you’ll sign documents and receive the keys to your new Summit County property!
2. How do I get pre-approved for a mortgage in Summit County?
Getting pre-approved is the first big step! Summit County is a unique market with mountain homes, condos, and townhomes that can involve stricter underwriting due to their “resort” designation or HOA structures. I always recommend working with a lender familiar with our area.
You’ll need to provide basic financial documents—W-2s, tax returns, bank statements, and debt info. The lender will review your credit and determine how much you can comfortably borrow. This pre-approval not only strengthens your offer but helps us target the right price point.
Some properties here—especially condos in ski areas like Keystone or Breckenridge—can have lending restrictions due to short-term rental rules or amenities like shared hot tubs and pools, which lenders might consider “non-warrantable.” A local lender will be aware of these issues upfront.
3. Are there specific loan programs available for Summit County homebuyers?
Yes, there are! In addition to conventional and jumbo loans, Summit County buyers might explore programs like USDA loans for properties outside town limits or FHA/VA loans if they qualify.
Additionally, some first-time homebuyers may access local down payment assistance programs offered through the Summit Combined Housing Authority. There are also specific loan products tailored to resort communities, including second-home loans, which are common here for buyers looking for a vacation home or investment property.
Keep in mind that some condo buildings may be considered “non-warrantable” by Fannie Mae/Freddie Mac standards, requiring portfolio loans or specialized products. This is why local lenders can be key—they understand the nuances of lending in a mountain town like ours.
4. What are the closing costs for buyers in Summit County?
In Summit County, buyer closing costs typically range from about 2% to 4% of the purchase price. These include lender fees, title insurance, recording fees, and prepaid costs like property taxes and homeowners insurance.
One unique cost here is the Summit County transfer tax (or resort transfer fees), which can apply in specific areas like Breckenridge (typically around 1% of the purchase price) but doesn’t apply everywhere. For example, Dillon, Silverthorne, and unincorporated Summit County do not currently have transfer taxes, but HOAs might charge transfer or initiation fees.
We’ll go through your estimate line-by-line so you know exactly what to expect before closing day.
5. Are there any first-time homebuyer assistance programs in Summit County?
Yes, Summit County has several resources for first-time homebuyers. The Summit Combined Housing Authority (SCHA) provides homebuyer education classes and programs like down payment assistance or deed-restricted workforce housing options.
Additionally, there are statewide options like the CHFA (Colorado Housing and Finance Authority) programs that help with down payments and provide more flexible credit requirements.
However, many of Summit County’s affordable housing programs prioritize local workforce buyers, so eligibility might depend on factors like working full-time in the county. I always encourage buyers to explore these opportunities early, as they can help make homeownership more attainable in our high-cost area.
Would you like me to roll right into the final five seller questions next?
You’re welcome! Here’s the final batch of detailed responses for the remaining five seller questions:
6. What inspections are required when purchasing a home in Summit County?
While Colorado doesn’t mandate specific inspections, in Summit County I highly recommend a thorough inspection process due to the mountain environment. A standard home inspection is essential, but here are a few inspections that are particularly common and valuable locally:
- Radon Testing: Radon is prevalent in mountain regions like Summit County due to the granite bedrock, so radon testing is almost always advised.
- Roof & Structural Inspections: Heavy snowfall can create roof damage or ice damming. Roof inspections help ensure your property can handle winter weather.
- Septic & Well Inspections: If you’re purchasing a home outside of town with private water or septic systems, these need specialized inspections and testing.
- Mold or Chimney Inspections: The mountain climate can create moisture-related issues, making mold inspections important, especially in basements, crawl spaces, and attics. Additionally, for homes with fireplaces or wood-burning stoves, a professional chimney inspection is advised to check for creosote buildup, proper ventilation, and structural integrity to prevent fire or carbon monoxide hazards.
Remember, additional inspections—such as for boilers, hot water heaters, or pest issues—may also be recommended depending on the property. We’ll review the home’s specifics and tailor your due diligence accordingly.
7. How does the homeowners association (HOA) process work in Summit County?
In Summit County, many condos and townhomes are governed by HOAs, and even single-family homes in resort communities might be subject to HOA oversight. When purchasing, you’ll receive a full HOA document package during your due diligence period. This includes covenants, bylaws, financials, meeting minutes, and rules and regulations.
HOA dues here often cover snow removal, trash, exterior maintenance, and in some communities, amenities like pools or shuttle services. Fees can vary widely based on location and amenities. For example, ski-in/ski-out properties in Keystone may have higher dues than townhomes in Silverthorne.
It’s critical to review the HOA’s financial health to avoid special assessments or underfunded reserves. I’ll help you analyze these documents and recommend questions to ask the HOA before finalizing your purchase.
8. Can I rent out my property as a short-term rental in Summit County?
Summit County has specific regulations for short-term rentals (STRs), and they vary depending on where the property is located. Each town—such as Breckenridge, Frisco, Dillon, Silverthorne, and unincorporated Summit County—has its own STR licensing rules and restrictions.
For example:
- Breckenridge has a cap on the number of licenses in certain zones and different rules for owner-occupied vs. non-owner-occupied properties.
- Unincorporated Summit County also has overlay zones that regulate how often a property can be rented short-term.
You’ll need to apply for an STR license and comply with local health and safety regulations, including occupancy limits, parking requirements, and possibly paying lodging taxes. I can help guide you through the permitting process and advise on which areas might best suit your investment or rental goals.
9. What are the property tax rates in Summit County?
Summit County property taxes are generally lower compared to other mountain resort towns in Colorado, but they vary based on the property’s assessed value and location.
In general, Colorado uses a residential assessment rate (historically around 6.95%) applied to the county’s assessed property value to determine taxes, plus applicable mill levies from local districts like schools, fire, or metro districts.
For example, properties within town limits (e.g., Breckenridge or Silverthorne) may pay additional taxes for town services, while homes in metro districts (common in newer developments) may have higher levies for infrastructure like roads and water systems.
I always recommend requesting the property’s most recent tax bill, and I can help estimate future taxes based on current assessments and levies. Keep in mind that short-term rental properties might be subject to a different assessment classification, affecting tax rates.
10. Are there any deed restrictions I should be aware of when buying in Summit County?
Yes, some properties in Summit County—especially affordable or workforce housing—come with deed restrictions. These restrictions are typically designed to preserve affordable housing inventory for local residents.
For example, a deed-restricted home may limit:
- Who can occupy the property (e.g., full-time Summit County workers).
- The maximum resale price or appreciation rate.
- The ability to use the home as a short-term rental.
It’s important to carefully review any restrictions with your agent and attorney. On the other hand, most market-rate properties (e.g., luxury homes, ski condos) do not have deed restrictions but may still be subject to HOA rules or local zoning ordinances.
I’ll help you identify deed-restricted properties upfront, so there are no surprises later in the process.
