Buying a vacation home is an incredibly rewarding experience, especially in a market like Summit County where you’ll be able to enjoy skiing and other outdoor recreational pursuits throughout the year. However, it’s important to manage your expectations when you start the vacation home buying process, especially if you spend most of the year living in another city or state. In today’s blog post we’ll share a few tips on how to balance expectations and realities when buying a vacation property in Summit County.
You May Notice a Difference in Price Range
Depending on where you live you may notice a difference in the price range for vacation homes here when compared to similar property listings in your area – especially if you’re thinking about buying a luxury home or buying at one of the major ski resorts. Keep in mind that the vacation home market is different from the ordinary residential market and is subject to a different pricing approach. Spend a few minutes browsing through our property listings so you can get an idea of what the pricing in Summit County is like, and be sure to use our advanced search tool to search in any price range you desire.
Making the Offer on a Vacation Home
After you’ve found that perfect vacation home you’re going to need to put in an offer. As the real estate market here can be very competitive at times, it’s vital that you submit a strong offer that is going to be taken seriously by the seller. It can be tough to determine whether or not there are multiple bidders on a listing, and if your offer is lower than the others it may be disregarded. One of our real estate team will be happy to consult with you to craft an offer that has a high chance of being accepted.
Do You Plan on Renting Your Vacation Home?
Another factor you’ll need to consider is whether or not you plan on renting your vacation home out to short-term tenants and others who are visiting the area. This can be an excellent way to generate a new stream of income – especially if you’re not going to be using the vacation home for most of the year. However, you’ll need to ensure that you purchase a home that will be popular with those who are coming in to ski during the winter or enjoy our hiking, mountain biking and other pursuits in the summer. Consider larger homes with multiple bedrooms as you can rent your home out to groups of travelers, or a ski-in/ski-out condo at one of the local resorts as skiers are willing to pay a premium for this kind of access.
Contact Us Today for More Information
When you’re ready to start the hunt for that perfect house or condo for your new vacation home in Breckenridge, Keystone or the surrounding area, we’re ready to help. Contact The Smits Team at your convenience at (970) 668-2121 or by email. Thanks for visiting and we look forward to welcoming you to the area!