Colorado is a favorite vacation spot for people all over the world. Each year, approximately 84 million people travel to the state, particularly to cities like Boulder, ranked as one of the best places to live in the country, and Denver, which offers all the amenities of the best metropolitan areas. And then, of course, there are the gorgeous mountains!
Many people dream of owning property in Colorado so that they can have a permanent place to escape to. If you are ready to explore owning a vacation home, here are six reasons why Colorado is the place to invest.
It Provides Good Cash Flow
Cash flow for Airbnb and vacation rentals in Colorado is high and steady. Short-term rentals pull in two to three times the revenue of long-term rental property. The revenue you can earn on your New Castle real estate depends on the size of the property, number of bedrooms, bathrooms, and other amenities. The ability to ski in and ski out is the amenity that drives the highest price, but hot tubs also help to increase your rental rates. The rate you can earn also depends on the location and the view. Not all areas allow for short-term rentals, however, so be sure to check with the local regulations.
It Can Be Your Personal Vacation Spot
When you own a home in Colorado, you’ll have a permanent vacation spot that is always ready for you and stocked with all of your favorite things. No more uncomfortable hotel pillows and thin blankets for you – you don’t even have to pack a bunch of luggage! Just hop on the plane or into the car and arrive at your home away from home, nestled in beautiful scenery with plenty of activities and entertainment for you to enjoy. Because you will be living here, even if only part-time, you will feel as if you are a part of the community. You will get to know your neighbors and the people at your favorite shops and restaurants. You will feel like you are getting away on a vacation and you will be able to call it home. That is a wonderful reason to take a look at some of the Glenwood Springs, CO homes for sale and consider making one your dream vacation home.
It’s an Investment that Appreciates
Appreciation is strong for Colorado and New Castle real estate. Currently, home values are up by at least 20% and in some areas of the state, they are up by 33% over last year. Colorado has been, and will continue to be, one of the most popular states for tourism and vacation homes. The limited supply of available homes, and a limited amount of suitable land for building new construction, ensure the property values of existing homes will continue to rise. Colorado real estate makes wonderful legacy property where you can pass on a solid investment for your future generations. A home in Colorado also provides you with a place to retire. What a great thought – retiring and living full-time in your favorite vacation spot.
It Has Financial Benefits
When you own a second home you may receive additional tax advantages. Talk with your accountant to confirm exactly what benefits you can accrue. You may be able to deduct your property taxes and mortgage interest, just like you do with your primary home. If you claim rental revenues as income, you may be able to deduct expenses related to the rental activity. You may also be able to deduct the wear and tear from use by customers as depreciation. If you sold property to purchase a new Glenwood Springs, CO home for sale, you might be able to defer the capital gain and not pay taxes on the sale of the first property. Best of all, you accumulate equity that appreciates when you own real estate.
It Can Be Easier to Own Investment Property in Colorado
You could own investment property anywhere in the world if you want to. But you want to own investment property in an area that will provide you with a good return on your investment. You also want to properly maintain your investment and ensure your equity continues to grow. Owning a second home in an area where the practice is common provides you with the needed services to make the process easier for you. In many areas of Colorado, the property owners are there around half of the time. Some towns have less than 50% of the residences occupied year-round. Because of this, Colorado has all the services you need to maintain your home while you are gone. There are even services that can handle all your rental activity for you. If you want to own investment property, be sure to look at available properties through New Castle real estate.
We Have the Professionals to Help
Any real estate agent can show you a listing from Glenwood Springs, CO homes for sale. However, a realtor experienced with investment property will be able to help you find the best property for your needs. They will be connected in the area and help you find the resources for managing the property when you are away. They will know which areas allow for partial rentals and which have stricter guidelines for rental properties. If you are looking for a vacation home, a realtor experienced in the area will know the best locations to fulfill your vacation goals. A real estate agent who has experience negotiating during our current seller’s market will be adept at getting you the property you want at the price you need. An experienced realtor will know how to look out for your best interests and will help you build your wealth through real estate ownership.
The realtors at Rimkus Real Estate have been helping homeowners and investors find the best Colorado real estate for their needs since 2012. We understand the area and are ready to earn your trust. Contact us today for help finding the right Colorado vacation home for you.