Can everyone afford a second home in Summit County?

If you enjoy swishing down the slopes of your favorite Rocky Mountain ski resort or hiking one of the nearby fourteeners and are looking for a way to spend more of your time doing those types of activities without spending too much of your money, I may have the answer you have been looking for.

You have probably spent some of your time checking out property in the areas you love most and have been taken aback by the prices. Owning property in your favorite area will allow the money you put towards renting condos on every visit back into your pocket in the form of appreciation. But how can you become a second home owner in Summit County?

One way that has been growing in popularity recently is partial ownership. Rather than purchasing an entire condo you purchase only a fraction of it. Different than a timeshare where your purchase is for the time, you are actually an owner of the property. Currently, the Mountain Living Team has a 1/5^th share of a 2 bedroom condo in Silverthorne available for $49,900. This particular property is different still in the fact that you would be purchasing 1/5^th of the partnership that owns the condo. Above and beyond the initial $49,900 purchase price there is a $125/mo fee that includes the property taxes, utilities and HOA dues.

Partial ownership is not the only option when trying to figure out how to afford your Summit County vacation home. Another option is to use it for short term rentals when you are not using it. An added benefit of owning Summit County property is that tourists are almost always in town. This adds the option of short term vacation rentals as a way to pay a portion of the expenses of owning the property. Management of your rental property can be as hands on as personally speaking to and approving every person that wants to rent your property to completely hands off and letting a company handle all of the details. They simply send you a statement showing your rental income/expenses and either a bill or check for the balance. There are a variety of properties available for sale that easily accommodate the needs of short term renters. Currently the Mountain Living Team has several options available. From a $469,900 Copper Mountain condo that will rent exceptionally well during ski season to a cozy Frisco condo under $400,000 that makes a good year ‘round rental property.

If you like the idea of owning a second home in Summit County but don't know how to make it a reality, contact the Mountain Living Team. We can help you find a way to become a homeowner in Summit County, Colorado.