According to the U.S. Census Bureau, over 90,000 homes in Colorado are vacation homes. It makes sense given that Colorado is “vacationland” for people worldwide. If you’re thinking about second home ownership, here are some things to consider.
Think about your vacation preferences. Do you prefer the flexibility of choosing from a variety of destinations and staying in different locations for an annual vacation? Or would you rather have the reliability of a permanent vacation home where you can store gear, explore familiar surroundings and control availability? Each has advantages, but the latter allows you to avoid searching for hotels and rentals, and depending on location, may save travel expenses.
Be ready to renovate for renters. Make sure you have extra resources beyond purchase price to meet the expectations of renters. Homes that are tastefully updated with modern amenities will rent more easily and at higher rates than run-down homes. You may also need to update the home to fit specific needs of the local area. For example, if the home rents to a high number of retirees, you may need to add accessibility features in bathrooms or main-floor sleeping accommodations.
Two homes means two of everything. Calculate your true costs for mortgage, insurance, property taxes, utilities and homeowners association (HOA) fees. Maintenance costs are also sometimes a surprise, so be realistic about whether you want to do it yourself or hire a third party.
Through our partnership with Leading Real Estate Companies of the World®, WK Real Estate can connect you to top-performing brokerages around the country and across the globe. Wherever you're looking for a vacation home, we have the network to help you find it—and close with confidence.