Compare buying a Condo to buying a new home at grand view.
|Down Payment required||$7,500||$50,000||N/A|
|HOA / Lot Fees||$750||$300||N/A|
|Total Monthly Outlay||$1320||$1300||N/A|
|Age of Home||NEW||Modern||N/A|
|Floorplan||3 Bed / 2 Bath||2 Bed / 2 Bath||N/A|
|High Efficiency Home||N/A|
|Room for dog, kids, etc||N/A|
|Drive to work||30 Min||15-30 Min||N/A|
|Full service Community||??||N/A|
|Lines to Restaurants||None||Long||N/A|
|Walk to Restaurants||??||N/A|
|Walk to K-12 schools||N/A|
|Walk to Groceries||N/A|
|Auto service and parts||N/A|
|Walk to haircuts and style||N/A|
Yes, that means you will lease the land instead of owning the land. There are distinct advantages to leasing that ownership cannot offer. When you lease the land the infrastructure is paid for and maintained. This means the sewer, water, power and roads that are in/on the ground are maintained and upgraded as needed in the lease. In the harsh environment of living at 10,000 feet elevation this means a lot of savings to you.
The neighborhood has Rules and Regulations much like an HOA in any traditional neighborhood would have. These rules and regulation protect everyone living in the community and keeps the neighborhood a quiet, clean safe place to live.
This is not for everyone but works for people who can afford a new home but do have the time or finances to own and operate personal property. This is a much simpler way to live and own a home. After you initial lease your land lease will increase 3% to 5% per year.
The federal government puts out some good guidelines on home ownership. In general a family unit should not spend more than 33% of your gross income on housing and you should have a min credit score of 650. So it is easy to figure. Just take your payment for your new home including the home payment, land lease, taxes and insurance and times that by 3 to see if it is less than your monthly gross income.
A good example would be our brand new 3 bedroom 2 bath homes which are about $1400 per month on average (this assumes good credit and a 10% down payment). You take $1400 times 3 and get $4,200 per month. This is your guideline for affordability.
We have homes that are more and less than the example and credit scores vary. Home vary from $1000 to $1600. If you are close then you should call us and we will help you apply.
Fairplay is a lovely mountain community with 1 stop light just 21 miles or 30 minutes south of downtown Breckenridge, Colorado. It is by far the closest full service community to Breckenridge that is truly affordable for those people making 40k to 65k per year as a family unit. Restaurants, shopping, hardware, schools, you name it because it is probably in Fairplay. If you work in Summit County then you will commute. You can ride the bus or drive as many people do but you will need to plan for a 30 minute ride. In the winter is can be a little slower but they work hard at keeping the pass open and easy travelling. If you like quiet, safe, friendly and affordable living then Fairplay might be perfect for you. Check out the Town of Fairplay’s website to see all the fun things to do in the area.