Can Your Colorado Vacation Home Pay for Itself?

     

     

    Often referred to as the “last great Colorado ski town,” Crested Butte is known for its small town charm and fun vibe.  Crested Butte’s amazing scenery, outdoor adventures and year round activities create the ideal opportunity to own a vacation home.  Come relax and enjoy the mountains anytime!

    Owning a vacation home that pays for itself is easier than you think.  Of course, no house is really free.  However by earning money on your home when it would otherwise be vacant, your Crested Butte home can essentially pay for itself.

    On average, rental property owners can make $20,000-$40,000 each year on a condo and $80,00-$130,000 on a single family home.

    How much you can earn from your vacation home depends on 3 major factors

    1. Property Expenses:

    • How much do you plan to spend on your home?  What will your mortgage payment be?
    • Are you planning on making any renovations or changes to the property?
    • Do you need to purchase furniture or other items for your guests or is this included with the sale?
    • What are the other expenses associated with the home for example; property taxes, property insurance, homeowner association fees.

    2. Rental Potential:  

    • How often do you plan to rent your home? Do you plan to stay in your home or rent it out during high season?
    • Location of your new home.  Are you looking to buy in town, on the mountain or another location?
    • How many guests can your home accommodate?
    • What amenities are available to your guests that make your home appealing to visitors?  For instance is your property ski-in ski-out, have a hot tub, close to transportation?

    3. Management:

    How you choose to market and manage your property can definitely impact your bottom line.   Here in Crested Butte there are a variety of options to help you manage your property.  You can choose to manage everything from listing to cleaning yourself or have someone else completely take care of your property with plenty of  options in between.

    Of course having a vacation home that covers its cost is amazing, but owning a vacation home has other financial benefits as well. You are contributing to your wealth and your future by gaining equity as well as long term appreciation.

    Click here to find an example of a home the earns over $135,000 a year 26 Elk Ave.

    If you are interested in finding out how to vacation in Crested Butte for FREE, give me a call today!

    With over 24 years of experience in the Gunnison Valley, I’d love to help you enjoy Crested Butte time and time again!

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