If you frequent a particular area to get away, you may be considering a vacation home. Vacation properties are great for people who love certain areas and want the convenience of a second home whenever they desire a change of scenery. While a vacation property has many benefits, it is important to weigh any disadvantages and consider what is most important to you while searching. Here are a few essential considerations when searching for Castle Rock properties and vacation homes.
Pros and cons of buying a vacation home
Buying a vacation home can also be a great investment over time because you have the option to rent out the space short-term to other vacationers, providing you with a profit on the home when you are not staying there. According to ipropertymanagement.com, 450 million people worldwide use vacation rentals, making it a lucrative market. There is also an upswing in remote workers traveling to work from vacation rentals, with 44% of workers reporting they prefer to work from a home that isn’t their own. In the spirit of inviting people into your home, purchasing a vacation home grants you the freedom to let friends and family stay when you are not there, as well as invite as many guests on your trips as you would like. Owning the property also lets you choose how frequently you would like to visit and for how long, a luxury that is hard to find when planning a vacation. Even if you are not interested in renting out the home, buying a vacation property is still a great investment in your future time and convenience and provides flexibility for other guests. Another great advantage of vacation homes is the second community you can find, as you will likely grow fond of neighbors and community members as you stay more frequently.
A few drawbacks of owning a second home could be the maintenance and upkeep, inaccessibility, and potential trouble renting out the space when you are not using it. Maintaining a vacation home is difficult if you are not in close proximity to the property. This can involve necessary repairs, as well as general outages such as internet and electricity. Some of these issues may fix remotely, but for the repairs that require diligent planning and presence, you should consider the time and travel this will take when looking at vacation homes. Important things to do include getting yearly inspections, creating a home maintenance checklist, and considering hiring a property manager for your vacation home. If you need to visit the home for another reason other than leisure, the same downside of the distance from your main residence could apply. If this is something you do not mind and anticipate trips for maintenance being infrequent, then it should not hold you back from buying another home.
Another downside worth mentioning is similar to the benefit of renting out the home to other vacationers –– keeping in mind that it can be difficult to regularly rent out your property and maximize profit if that is something you are considering. During peak season for the area you are looking in, it likely would not be difficult to find regular short-term renters. However, during off-season travel and for longer periods, it is not as promising to find vacationers and renters. If you are looking at Castle Rock houses for sale, you will likely get plenty of use out of a home during the winter and typically find people interested in renting. During the summer, that may not be the case. This is because many skiers flock to the Colorado mountains during the winter and peak ski season, but mountain towns and suburbs do not receive the same foot traffic in the off-season.
Choosing the right type of vacation home
Buying a vacation property is a big decision, and you should factor in where you enjoy going on vacation most and can relax away from home. If you enjoy relaxing at the beach or in a coastal area, you will likely find the most enjoyment from a property in a beachy area. The same logic applies to mountainous areas and cityscapes, as you should be searching for a vacation home in an area you love. You could also account for how many people will typically stay at the home when you visit, as well as what activities you will partake in. If you want to purchase a home that you can stay in while on ski trips with your family, you should look for a larger home that has enough rooms to accommodate, has adequate storage for equipment, and a close proximity to a ski resort. If your typical vacation is a weekend getaway to the city on your own, it may be more suitable for you to look at small apartments.
Explore and assess the location
After considering what type of vacation home you are interested in buying, you can hone in on where you would like to purchase the property. Once you have an area in mind, it is important to become familiar with the area and what is nearby. Keep an eye on real estate to gain a better understanding of the area’s market value, so you are prepared when you start looking. Take note of nearby stores and restaurants, activities, and overall satisfaction of residents. This may be a vacation home, but during the fraction of the year you stay, it should be enjoyable and relaxing. Another important aspect of the location to pay attention to is accessibility. While you may escape to your vacation home to relax and spend time on the property, transportation to, from, and throughout the area still needs to be considered. If your vacation home is difficult to access, that will cause extra time and planning whenever you visit. Accessibility really depends on the area, but what matters is finding a home you love in an area that suits your needs.
Purchasing a vacation property is a great investment in both yourself and real estate. Considering all associated costs, vacation homes can generate passive income on top of providing peace of mind that you have another place to call home in an area you love. While it may take time to find the right vacation home for you, once you find a property, it will be yours to enjoy for a long time. If you have any questions about Castle Rock properties or think you are ready to purchase a vacation home, reach out to Meridian Group Real Estate.