Buying a Vacation Condo in Breckenridge is Often Preferable to Buying a House
People looking to enjoy comfortable lodgings during their vacation have quite a few choices to pick from. They can choose to reside at a hotel or fine resort, pitch a tent at a campground, or even look to rent a home for a short duration. One popular choice for many individuals over the years is the purchase of a vacation home that can serve as a launching pad for seasonal merriment. In fact, the rise of people buying vacation homes was noted by the National Association of Realtors, who reported that there were 1.13 million vacation homes bought in 2014. (1) However, experienced Realtors, such as Ron Shelton of Breckenridge Associates Real Estate, may recommend another option: condominiums. Realtors also note that choosing to buy a condo as a vacation residence in resort areas, such as Breckenridge, Colorado, instead of a typical house is will allow the owner peace of mind that is hard to get with a single family detached residence. There are some proven advantages to choosing a condo over a house to use as a vacation home.
One such reason is demand. The town’s population swells from its permanent 4,500 residents to a daily influx of 39,000 during the season. A family vacationing in winter are looking to hit the slopes, not hang out in the backyard. A condo provides all the amenities that a home offers for a visiting family (bedrooms, kitchen, laundry, and bathrooms) in a smaller, more convenient package.
The lack of a yard for a condo highlights one of its strengths as a Breckenridge vacation home choice: less maintenance. A condominium operates under the auspices of a homeowner’s association, and this association’s manager handles all the unpleasant tasks associated with the common areas of the condo. Residents are not responsible for mowing the lawn, cleaning the pool, or taking the trash out to the curb. All of this is handled for them by the HOA and those entities that such services are contracted out to. Realtors, such as Ron Shelton of Breckenridge Associates Real Estate, know that people on vacation want to have fun and not do any of the dreary chores or upkeep that a homeowner normally must do.
Another reason why some are choosing condos instead of houses for a Breckenridge vacation home is of greater neighborhood security. Of course, the main factor in choosing a condo as a vacation home is the price. Licensed Realtors, such as Ron Shelton of Breckenridge Associates Real Estate, know that condominiums sell for far less than the typical home.
As for why condominiums are often more desirable as a vacation home, Realtor Ron Shelton of Breckenridge Associates Real Estate notes, “The cost of purchasing a vacation home is one of the main contributors for why people choose a condo over the typical single-family dwelling. It’s far easier to buy a condo than it is a standard home, and you can help build equity through ownership of a condo just as you can with a home. Mortgage payments and other expenses could also be deducted from your yearly income tax. Another reason why condos have become huge is that they are usually easier to find at a popular resort destination. There’s only so many standard homes found close to hot destination areas, but the smaller footprint of condos allows for a far greater supply. Condos can also provide revenue by renting them out through Airbnb or VRBO. To further reduce costs, multiple people could band together and use the condo as a timeshare. A condominium offers all the amenities of a regular home but with far less hassle. Maintenance and other chores are handled by the HOA. Overall, a condo can often be found in a very desirable location and for less cost than a standard house, and there can be a greater sense of community as neighbors will look out for one another. Naturally, one should also be fully apprised of what the rules the homeowner’s association has and what fees are expected. We can help our clients shop around and find the right condo that serves as their perfect vacation getaway.” (6)
References:
1) https://www.nar.realtor/news-releases/2015/04/vacation-home-sales-soar-to-record-high-in-2014-investment-purchases-fall
2) https://en.wikipedia.org/wiki/Condominium
3) http://www.townofbreckenridge.com/live/living-in-breckenridge
4) https://www.census.gov/construction/nrs/pdf/newressales.pdf
5) https://ycharts.com/indicators/us_existing_condocoop_average_sales_price
6) Quote from Realtor Ron Shelton of Breckenridge Associates Real Estate
