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I hope we can all agree that buying a mountain home is always the way to go. High-altitude living is entirely different from life anywhere else. The mountains afford you peace, solitude, and privacy, with a spectacular view to boot. Nature is just one step out your front door, allowing a myriad of outdoor play options year round and a constant supply of fresh, piny air. The high altitudes offer milder summers and snowier winters, and in combination with the slower pace, benefits to your health and longevity.
If you’re somebody who enjoys getaways to the mountains as often as possible, you might just save yourself a bundle by buying a Colorado mountain property for sale and using it as a short or long-term rental in between visits. We’ve come up with a list of benefits and considerations when buying a mountain home as a rental to help you make your decision! And if you’ve already made your decision, consider some ideas to on how to build your rental business and where to buy it.
Mountain homes are definitely cheaper to buy than coastal or city homes. And mountain rentals are meant for short, rustic stays because the amenities are outside! There’s no need to spend on a huge, modern place (unless you want to capitalize on the versatility of renting out a luxury home for bachelor/bachelorette parties, family reunions, corporate retreats, etc., of course!) to get an ROI.
Don’t we all want a passive income? The ability to have a second source of income that is constant and requires very little actual work? Well, this is it! According to TurnKey and Vrbo, “the average owner who rents out a second home collects more than $33,000 a year in rental revenue.”
The value of a mountain home is constantly rising, especially these days with people desperate to get out of town. If you’re committed to the home for the long haul, you will continue to make more in passive income with each coming year, especially if the home is located near national or state forests or popular skiing and recreation areas!
Buying Real Estate in general, and rental property in particular, also comes with “tax advantages, such as deductions for interest, insurance, and other expenses,” informs Investopedia. You may even qualify for tax breaks. Be sure to consult a tax professional when the time comes!
We know. It’s a bit of a catchphrase, but it’s also true. The more diversified your investments are, the more covered you are in case of any type of hardship or disaster.
You’ll need to make sure to winterize and fireproof your mountain rental property.
Keep in mind that either you will need to be the landlord, or you’ll need to hire a property management company to handle the in’s and out’s of your rental.
Make sure that the cabin is equipped with an emergency kit in case of a snow storm or flood. It should be stocked with dry firewood, drinking water, non-perishable food reserves, candles, flashlights, blankets, layers, and a power generator.
Be sure to be putting some of your rental profits aside to prepare for inevitable maintenance and cleaning costs. There will be a little more than normal wear and tear on a rental property.
Make sure that you are up to date on any local and state landlord/tenant laws and short-term rental regulations before you buy.
Code of the West Real Estate has a vast catalog of Colorado mountain property for sale. Let us help you find your dream vacation rental! Contact us today to talk to one of our expert Real Estate agents. And we’ve recently expanded to cover houses for sale in Durango, CO! Now that is some sweet mountain Real Estate.
“The People of the State of Colorado find and declare that the use of marijuana should be legal for persons twenty-one years of age and older…”
In 2012 Colorado Amendment 64 was passed legalizing the use and possession of cannabis in the state of Colorado. Although a relatively new industry, here at Code of the West Real Estate we have worked diligently to educate ourselves on the rules and regulations at both state and local levels to assist our clients with top-of-the-line service.
We have successfully assisted many in the sale, leasing, and purchasing of Cannabis cultivation facilities, MIP facilities (Marijuana Infused Products), Hemp facilities, and commercial storefronts for the sale of such products in various locations throughout the state. We have the knowledge and expertise to assist in real estate transactions for cannabis/marijuana operations from the ground up; from site development, moving into three-phase power, to the final production facility for commercial production. We can also assist in the purchase of storefronts and have knowledge of the city and county rules and regulations and will work diligently alongside our clients to ensure that the process is executed seamlessly.
If you are selling a related business or facility, we have top-of-the-line marketing to ensure that your property is marketed not just in the state of Colorado but across the country.
As licensed real estate professionals we understand the cannabis real estate market and have the knowledge and resources to help educate and guide you through the complex regulations that come with starting, expanding or moving your cannabis business including knowledge of zoning regulations, market data, distance requirements, property analysis, etc. Whether you are looking to buy or sell, we look forward to helping you accomplish your cannabis-related real estate goals!
*Disclaimer – We do not practice law and do not give legal advice in any manner. For a complete list of Medical/Recreational Marijuana Laws regarding growing, selling, and consuming please see the Colorado Marijuana Enforcement Division website.
The value of land in Southern Colorado is directly related to the quality and quantity of its water rights. No truer words have ever been spoken! Whether you’re looking for luxury property, cattle, equestrian, hunting, farm, or mountain ranches in Colorado, the success of your operation revolves around water.
If you feel like you’re drowning in a sea of questions when it comes to Colorado Water Laws you’re not alone! In the mid-to-late 1800’s the “First in Time, First in Right” was established. It was designed to give allocation in times of drought to Colorado Ranches and their citizens higher on the list. Basically, it means that those who own a senior water right have the authority to place a “call” on the right to fulfill their need before sending water to anyone with a lower water right.
Adjudication is the judicial process through which the existence of a Colorado water right is confirmed by a court decree. (Glossary of Water Terminology, A) However, adjudication does not guarantee that the water on the property will always be available, and allowed usage and pumping rates may be limited. On the flip side, adjudication legally defines the allowed uses, amount, and location of your water right (Owning Your Water Rights).
Water Wells are another hot topic. Knowing the difference between what permits you can apply for, and how they can be used is key. A minimum of 35 acres of land is required for pulling a domestic and livestock well permit. Property owners with lots smaller than 35 acres can apply for a “household-use only” permit. Household-use-only well permits are issued for ordinary household uses in one single-family dwelling and do not allow for outside water or livestock watering. Generally, individuals may obtain this type of permit if they own a lot in a subdivision that was created prior to 1972, or if the parcel was created by an exemption to the subdivision laws by the local county planning authority (Guide to Colorado Well Permits). Commercial wells are permitted separately. Commercial wells can often require an augmentation plan. An augmentation plan is a court-approved plan that allows a junior water user to divert water out of priority so long as an adequate replacement is made to affect the stream system preventing injury to the water rights of senior users (Glossary of Water Terminology, A).
Tributary groundwater is water in an aquifer that is hydraulically connected to surface water, meaning if you pull water out of the ground you have an impact on the surface water flows of the stream. Non-tributary groundwater is water that is physically separated from surface water by impermeable layers in the aquifer. It is also considered non-tributary when the groundwater is at such a great distance from the surface water that it has little or no hydraulic connection with it. In a non-tributary aquifer, the landowner overlying the aquifer has the ability to pump the groundwater as long as it will not affect surface water levels at an annual rate greater than one-tenth of one percent of the annual rate of withdrawal within 100 years. Under this system of water management, obtaining and exercising non-tributary groundwater rights emulates the basic concepts of beneficial use, non-waste, and anti-speculation (Colorado State Water Law).
The Colorado Division Of Water Resources (https://www.dwr.state.co.us/SurfaceWater/Default.aspx ) as well as the Colorado Water Conservation Board (https://cwcb.state.co.us/Pages/CWCBHome.aspx ), both offer very informative and easy-to-navigate websites. It can be tricky and overwhelming to learn the ropes of Colorado Water Court, but here at Code Of The West Real Estate we never expect you to take that walk alone. We strive to stay on top of the ever-changing Water Laws and have a great list of reputable water lawyers at our disposal. Water is the key to our survival here in Colorado. Whether you’re looking to buy or sell consider letting one of the professional realtors here at Code Of The West Real Estate assist you on this journey.
Colorado is one of many states where marijuana is legal. Cannabis, hemp, and marijuana are used interchangeably. While they’re part of the same plant family, they have some differences in terms of THC levels, legality, and more.
Hemp vs. Marijuana
To compare hemp and marijuana, we need to discuss plant families. Hemp is part of the Cannabaceae family of flowering plants that includes 170 plant species grouped into about 11 categories. Cannabis is one of the categories and includes both hemp and marijuana, scientifically called “Cannabis sativa” (hemp) and “Cannabis indica” (marijuana). Marijuana is the general name for Cannabis Indica (the female flowers containing high levels of phytocannabinoids).
Cannabis plants have two major players THC and CBD. CBD is the non-psychoactive portion of the plant, so users don’t feel intoxicated like when users consume THC. From a legal perspective, hemp has less than 0.3% of the medical and intoxicating cannabinoid, known as THC. There are no cannabinoids—CBD or THC—in hemp oil. Hemp oil contains healthy fats, which is why hemp oil is used in beauty products.
Why use CBD?
You’ve likely heard about products that include CBD. CBD, short for cannabidiol, is derived from the hemp plant. It’s a naturally occurring substance that’s used in products like oils and edibles to impart a feeling of relaxation and calm. Cannabidiol can only be included in “cosmetic” products and only if it contains less than 0.3% THC, according to WebMD. This amount allows CBD to be legal in states. Unlike its cousin, delta-9-tetrahydrocannabinol (THC), which is the major active ingredient in marijuana, CBD is not psychoactive and won’t make you feel intoxicated.
What is Medical Marijuana?
Medical marijuana is the same product as recreational marijuana but is used for medical purposes. More than half of U.S. states and the District of Columbia have legalized medical marijuana in some form, and more are considering bills to do the same. While people use marijuana for a variety of reasons, the FDA has only approved it for the treatment of two rare and severe forms of epilepsy, Dravet syndrome, and Lennox-Gastaut syndrome, according to WebMD. To get medical marijuana, you need a written recommendation from a licensed doctor in states where that is legal. And you’ll need to have a medical condition that qualifies per your doctor and your state. Your state may also require you to get a medical marijuana ID card. Once you have that card, you can buy medical marijuana at a store called a dispensary.
Moving to Colorado to get a firsthand look at these products? If you need help finding Colorado mountain homes for sale, Code of the West is here for you every step of the way!
If you’re reading this, you’ve already dreamt of it—owning a cabin in the mountains: Fresh, piny air, mornings on the deck overlooking the valley, nights by the fire, quiet, seclusion, the simple life. And since the last few years have proven that we can work from just about anywhere, isn’t it time to make the move?
We’d say so! Buying a Colorado mountain home is a dream worth making a reality. And though there are more upsides than down, there are still a few things to get ready for before you make the move.
We aren’t going to lie to you, mountain life is by no means easy. However, the pros far outweigh the cons. But how do we describe in one paragraph what could take volumes to express? Well, we’ll give it our best shot.
Imagine waking up each day to the chatter of wildlife twittering about the fragrant pines. You’ve slept easy in the serenity of the quiet, starlit mountainside. Perhaps you strap on your hiking boots for a morning stroll or your skis for a ride into town, leaving your door unlocked because you’re not at all worried about your safety out here. The fresh, cool air is a gift to your lungs and your mood, as you take in the beauty that surrounds you. You take your time, there’s no hurry, and stop to say hi to your neighbors, the like-minded community folk that have your back in times of need. You return home to snuggle up by the fire. Working or reading, entertaining or enjoying the solitude, you know this is the place for you.
And yet, there will be challenges to mountain life. They are by no means deal-breakers, but knowing now, and preparing yourself ahead of time, will help to maximize the success of your move.
This is first on the list because it is clearly the most important. You’ll want to plan ahead for everything. The big-box stores are going to be far away now, sometimes inaccessible when there’s a big snowstorm. You’ll need to plan when you’ll be able to make the trip and make detailed lists of everything you’ll need for meals, necessities, first aid, work supplies, etc.
As we’ll mention several times in this list, snowstorms can strand you for several days sometimes. You’ll want to make sure you are stocked up on food, non-perishables, toilet paper, fresh water, toiletries, etc. Make a checklist and ensure that you always have what you’ll need to get by comfortably for a couple of weeks (chances are you won’t ever need that much, but better to be safe!).
The mountains are amazing. Majestic and bold, they have survived some seriously extreme weather, as will you! Just know that you will experience pouring rain, super cold temperatures, snowstorms, fog, high winds, and more. However, if you’re prepared, it becomes an awe-inspiring experience. Know that it is coming and talk to your neighbors to find out what implements to have on hand.
Have we mentioned snowstorms yet? Well, there will be some. Make sure you are prepared by stocking up on food and necessities. Having a generator in case of a power outage and plenty of dry wood chopped for a fire. Plan on spending time shoveling and scraping your car free of ice. Also, purchase-
Mountain air is dry. You’ll wake up with a serious case of dry-mouth and will soon notice your lips and skin splitting if you don’t keep hydrated! Always keep a water bottle with you and make sure you’re drinking at least 64 ounces of water a day, more if you are very active. Also, stock up on lotion or oil for your skin and lip balm to soothe and protect cracked lips. And if you’re still feeling parched in the morning, try a humidifier at night.
Make an effort to show up and contribute to all community events and gatherings. This is how you’re going to get to know your neighbors and foster a relationship of trust. Try to always lead with kindness with your new community and avoid conflict wherever possible. Remember, this is a small, tight-knit group. Slights will not be forgotten quickly. And these are the people that you will rely on (and who will rely on you) in times of need. Embrace them!
In the city, we can expect to see a plumber or electrician within the day or if we need medical care, we can see a doctor at once. Now that you are further away from civilization, services will be more difficult to access. So prepare yourself. Have backup plans for electricity (generator, firewood, etc.), plumbing (an outhouse, perhaps), medical care (a fully stocked first aid kit and knowledge of the nearest emergency services), etc. Additionally, adjust your expectations now. You’ve been wanting a slower way of life, understand that in that slowing, everything is affected.
This is a tough one. You’re moving to a place where wild animals are abundant and they have a different pecking order than we do in the city. Your tiny pooch may have the world in his paw, a sweater on his back, and a fluffy bed to sleep in when in suburbia, but here, the little guy looks more like food to its new neighbors. Just be aware that small pets will need to be kept on a short leash. Keep them inside when unsupervised and close by when out.
Wildfires are something to be prepared for; the chances of your property being affected are not large, but it is always best to have a plan when you’re in the wilderness. Make sure that you are properly insured in case of a fire, and more importantly, make sure you have an evacuation plan. That plan should also have backup options and contingencies. Keep your local family, and those outside of the area, abreast of your plans. And remember, take care of your neighbors as well. Collaborate and watch out for each other.
This seems like a no-brainer, yet many move without ever learning the ins and outs of their new town. Plan ahead (have we mentioned this before?), and find out where services are, what events are popular, the closest supermarket, drugstore or gas station, what the town is known for, the best hiking spots, etc. Learning about your new home shows respect for your community and will have benefits when you end up needing gasoline for your generator in the middle of the night.
We hope you are still absolutely ecstatic to make your move and you’ve learned a little about how to make that move successful. We adore our mountain communities and the pace of living in the stunning and restorative great outdoors! It will be a great change, but probably just the change you’ve been craving.
Perhaps you’re curious about what’s involved in buying a home or want to dive in and go for it. Maybe you’re tired of paying rent and building your landlord’s wealth and you’re ready to invest in your own future. Buying a home is exciting, but the process can seem overwhelming. Don’t worry! In this post, we’ll give you some things to consider as you work through the home buying process.
Check Your Credit Report
First, get a free copy of your credit report. You can get a free credit report every year from annualcreditreport.com. It pulls info from the three major credit bureaus and provides your credit score (the higher the score, the lower your mortgage loan rate). Check your credit report annually—even if you’re not buying a home soon. That way you can monitor items on your report and dispute any errors before they hurt your credit score.
Will This be Your First Home?
If it is, research first-time home buying programs. Some cities and states offer first-time home buyer programs that can provide incentives like down-payment assistance, closing cost support and low interest rate mortgages. Some programs provide tax incentives as well.
Determine How Much You Can Afford
Use an online mortgage calculator like our home mortgage calculator to determine what you can afford. In general, lenders recommend that people look for homes that cost no more than three to five times their annual household income. This amount assumes that home buyers have a 20% down payment and a moderate amount of other debt. Keep in mind that just because you can afford a certain amount doesn’t mean you have to borrow that amount. You’ll also want to look at mortgage payment amounts depending on your home loan.
You’ll also want to research different types of mortgages and rates to find the one that fits. You can compare mortgages from different lenders to see how rates, fees, etc. match up.
Find a Realtor
Realtors are valuable resources—they’re full of knowledge, know the area well, have superior negotiating skills and can answer all of your questions. Plus they don’t cost you anything! Your Realtor is compensated by the commission from the seller of the house.
Get Prequalified
Getting prequalified allows you to know how much a lender will give you for a home. This info allows you to look for homes in your budget. If you can, obtain a pre-approval prior to looking for houses. Pre-approval takes prequalification one step further because the lender verifies your financial documents in advance (W2s, paystubs, bank statements, tax documents, debt to income ratio, etc.). Depending on the market, a prequalification or pre-approval might be good to do before you browse potential homes.
Find a Home and Make an Offer
Browse homes online to locate what types of homes and areas you like. Start looking at homes with your agent and find one that you like. Work with your real estate agent to negotiate an offer. Once you and the seller have reached an agreement on price, the house goes under contract. This is the period when you and your agent will complete all of the remaining steps in the home buying process (home inspection, loan approval, appraisal).
Time for a Home Inspection
Part of the home-buying process is a home inspection. You’ll arrange a home inspection to look for potential home issues so you’re not surprised after purchasing. Don’t worry, your real estate agent has home inspector recommendations. Most home purchases are contingent on the home inspection so that buyers can renegotiate or back out if there are any major issues. As the buyer, you can ask the seller to fix items that the home inspector found. Your Realtor can help guide you through the home inspection process, so don’t stress!
Get Home Insurance and Set Up Utilities
Your lender requires homeowner’s insurance. Contact your current insurance agent for an estimate and then shop around at other insurance companies for quotes. That way you can ensure you have the best insurance price. Once you have a closing date, contact utility companies to set up your services (gas, electric, water, trash, Internet, etc.). You don’t want to get the keys to your home and have to move in the dark!
Close on Your Home
Your agent arranges a title company to prepare the closing paperwork. You’ll sign the closing paperwork including your loan documents. Once the closing is complete and the home loan is funded, it’s time to get the keys to your home. The final step–it’s time to move!
Please reach out if you have additional questions or want to start looking for a home in southern Colorado! There’s plenty of amazing properties to choose from. Your dream home is out there waiting for you, and we can help you get it.