Best Places To Buy A Vacation Home In Colorado
The best places to buy a vacation home in Colorado are well worth the investment. In fact, Colorado may well be one of the best places to buy a vacation home in the United States. Firstly, the state is incredibly popular thanks to its reputation as a world-class skiing destination. Secondly, there is much more to Colorado than skiing, with stunning lakes, hiking trails, and hot springs all contributing to its vacation atmosphere. The towns, sometimes undeservedly neglected, are also worth looking at.
best places to buy a vacation home in colorado
If it's mountains you are after, Aspen, Colorado, is a showstopper. This area in the state's Vail Valley area comes highly recommended by Jonathan Spears, a leading luxury real estate agent with Spears Group. Jonathan that not only has a great understanding of the Colorado real estate market but also owns a vacation home there himself.
If you really want to go for it in terms of the ski appeal, then Breckenridge is the place for you. Jeremy Scott Foster, real estate writer and founder ofTravelFreak (opens in new tab), points out that 'Breckenridge is the most visited ski resort in North America. About 3 million tourists each year visit the town located at the foot of theTenmile mountain range. The town has a laid-back vibe, making it a perfectplace for vacation rental homes.'If you're worried about only making rental income in the winter season, Jeremy has this to say: 'Year-round activities like mountain biking, fly fishing, and hiking keep the town alive all year. It is one of the most captivating destinations in Colorado. Tourists enjoy characterful historic district, trendy bistros, quirky museums, boutique shops, vibrant après-ski, and gourmet restaurants.'
Elizabeth also cautions against buying in a ski resort by default: 'When people think about Colorado for vacation, people think mountains! Colorado has some of the world's best ski resorts. But keep in mind that those ski mountain towns have two mud seasons in fall and spring when skiing isn't an option and the trails are too muddy to hike. So if you are looking to rent out an investment property in these areas then calculate a high vacancy rate during mud seasons.'
Hello! My husband, siblings and I are wanting to come together with my parents to buy a family vacation home in (ta && ta.queueForLoad ? ta.queueForLoad : function(f, g)document.addEventListener('DOMContentLoaded', f);)(function()ta.trackEventOnPage('postLinkInline', 'impression', 'postLinks-103249594', '');, 'log_autolink_impression');Colorado. We would maybe go a week during the wintertime, but since we aren't huge into skiing, we would spend most of our time there during summer.
I own a second home (that I don't rent) in (ta && ta.queueForLoad ? ta.queueForLoad : function(f, g)document.addEventListener('DOMContentLoaded', f);)(function()ta.trackEventOnPage('postLinkInline', 'impression', 'postLinks-103250266', '');, 'log_autolink_impression');Estes Park and I actually AVOID being there during the peak summer tourist season. Because almost 4.6 million people visit Rocky Mountain National Park each year and 80% of those people come through Estes Park, both the national park and the town of Estes Park are extremely crowded and busy - more so than any other place in Colorado. If you want primarily a summer home, Estes Park is not the best place to look.
Bloomberg recently did a study to determine the best places in the United States to own a vacation home. Colorado had the most of any state with five of the top 15 spots. What cities were on the list? Why are these cities the best cities to own a vacation property? Should you invest in real estate in these five markets?
Bloomberg looked for small pockets of wealth in more than 500 areas across four equally weighted metrics: vacation home stock, share of the workforce employed in real estate and recreation-related industries, home valuations and household income. The final index is comprised of 70 micropolitan statistical areas. A micropolitan statistical area includes one main urban center with a population of at least 10,000 but fewer than 50,000 people, at least one county and all designated hamlets, villages and townships.
Pagosa Springs and Florissant, Colo. ranked 19 and 23 respectively on a list of the top 25 cities to buy a vacation rental property. Other southwestern states with rankings included three cities in California: Big Bear, Twentynine Palms, and Palm Springs. Also on the list are Big Sky, Mont., and Bear Lake, Utah. Gatlinburg, Tenn., took the first spot with a median home sale price of $320,111.
One of the perks of investing in a second home is that if you are tired of the city life or just needed a break or possibly relish a new environment, or want to go skiing with friends or family, you could always opt to stay at the property you own. Moreover, you don't even have to consider or worry about booking a vacation rental.
Owning a vacation rental has its pros and cons. Before investing in a property, note that there will always be a start-up cost which is furnishing the property as well as providing amenities that is in good working condition. But of course, that's not the only cost to take into consideration. Securing the property such as installing smart locks, etc., and more importantly, insuring the property from damages is crucial to any homeowner.
Apart from that, this town is home to year-round activities such as fly fishing, hiking, and mountain biking, making it the perfect location to invest in a vacation rental home. Even with the off-season, owning a vacation rental home is still profitable with its year-round activities for travelers to enjoy from. Typically, a home might cost close to a million dollars however surrounding towns such as Dillon and Frisco offer slightly lower property values and a great location for an Airbnb investment.
More importantly, Colorado Springs offers great outdoor activities such as Ziplining, hiking, etc. Don't forget, it is home to the Air Force Academy and Olympic Traning Center, and is also known as a Military town. Among Colorado Spring's famous destinations are Pikes Peak (one of the highest peaks in Colorado accessible by car), the Garden of Gods, and the Cheyenne Mountain Zoo. March to May and September to October are the best time to visit Colorado Springs.
Vacation rental homes have gained immense popularity in the United States with the advent of services like Airbnb and HomeAway. Travelers can now rent a furnished house or apartment on a short-term basis as an alternative to hotels. As new vacation rental management services begin popping up homeowners are looking at the opportunity to earn money from their vacation homes. Or, they are considering adding one to their investment portfolio.
Breckenridge is the most visited ski resort in North America. About 3 million tourists each year visit the town located at the foot of Tenmile mountain range. The town has a laid-back vibe, making it a perfect place for vacation rental homes.
Estes Park is located in the heart of Rocky Mountain National Forest and a great place to buy a vacation rental home. The National Forest is considered the gateway to the Rocky Mountains and hosts over 3 million visitors every year. Tourists flock to Estes Park to watch Elk herds take over the town or visit the historic Stanley Hotel. Surrounded by forest and snow-covered landscapes this quaint little mountain town is a perfect place for a vacation rental home.
Daned Kirkham, senior director of real estate at Vacasa, an international vacation rental management company based in Portland, Oregon, says that all vacation-home buyers should establish clear financial goals early in the buying process.
You should work with a real estate agent who specializes in buying vacation homes and understands how they are different from primary residences. The National Association of Realtors provides training and accreditation for certified vacation home agents, called Resort and Second-Home Property Specialists.
A specialized agent can also help guide the buyer toward a property that makes the most sense. Kirkham says that agents and brokers who have data on local vacation rental performance will also understand the home features that guests in that market are seeking and what amenities help a listing to stand out.
Littleton is frequently ranked as one of the best places to live in the country. The town has its own historical museum with a connected farm, and the historic main street features shops, restaurants, and bars. See our guide to the best things to do in Littleton.
Greeley is home to the University of Northern Colorado which is known for music, health, and education programs. Thanks to this, you can find music professors and others performing live music in a few places about town.
Fort Morgan is a small city of about 11,000 people on the eastern plains. It has more affordable homes than many places in Colorado and has about a 20% lower cost of living than the Colorado average. There are also lots of parks and open spaces.
Lucrative opportunities remain in the Centennial State for Airbnb hosts who know how to read and navigate the local regulatory environment. Thus, investors need to familiarize themselves with the prevailing Airbnb laws in their chosen market before buying a vacation home to rent out.
According to federal laws, if you rent out a second home for over 14 days in a calendar year and use it for personal purposes for up to 14 days in a calendar year, you qualify for vacation rental tax benefits. As a Colorado Airbnb host, you need to take advantage of all available deductions to minimize expenses while optimizing cash flow and Airbnb profit margins.
However, recently there has been a debate about whether this type of rentals should be allowed in incorporated areas in order to bring financial benefits to local homeowners and local authorities (as tax revenue). Local governments have not taken concrete steps toward making vacation rentals legal in Douglas County, CO. 041b061a72