Traveling to Colorado is like arriving in an enchanted kingdom, a place where the mountains touch the blue sky and every day seems to glide into the next. When you reach Winter Park, you’re not just visiting one of America’s best-kept secrets; you may be visiting a place to call home. But before you leap into luxury homeownership, here are a few things we think you should consider.
Consider the Market Outcome in the Luxury Area
It can be tempting to spot the luxury home of your dreams and immediately expect the market value of that home to only continue to rise. Still, it’s always best to look at the outcome market of the surrounding area to be sure that you’re making a choice that can financially benefit you for years to come.
Looking at the picture at large, luxury homes and villas in resort communities in Summit County are seeing long-term appreciation. As Summit County is located amongst natural amenities that draw in visitors year-round, it’s a safer investment for second homeowners. Luxury housing demands are consistently high, with less than 20% of land in Summit County is privately owned. With a limited supply of resort homes and a growing number of annual visitors to areas like Winter Park, there’s excellent potential for resale value and the potential to make passive income throughout the year. Of course, no one can perfectly predict or guarantee the outcome of the market, but there is something to be said about how we spot trends in the luxury market.
Whether you’re purchasing a home with the intent of using it as a vacation home for the family or to manage it as a vacation property for others, there’s always a way to get the most out of your investment, regardless of the area you’re looking to purchase within, be sure to request an up to date market report from your real estate team. It’s a chance to get a clearer overview of purchasing histories and upcoming market trends.
There are countless benefits when purchasing a luxury home in a bustling resort area. Remember that nearly every luxury market property will boast incredible views, a premiere location, and unmatched proximity to recreational activities. It’s always important to keep your unique needs for your future home and community in mind.
Just like you would with any property—with the label of “luxury” or not—it’s important to know when a home is truly right for you. That’s why we love talking to our clients about their personal needs and their list of wants from a home and surrounding community. It’s not always possible to tick every box of “wants” on your list, but it’s always necessary to tick every box in your “must haves”. Take these into consideration:
- Are you looking for new construction or a historic property?
- What type of outdoor amenities are a must-have?
- What amenities do you expect to see within your luxury home?
- Are you looking to be close to seasonal activities or want ultimate privacy?
- Is a “ski-in ski-out” property important to you?
- How family and pet friendly will your property need to be?
Is This Your Primary Home or Secondary Home?
Thinking about using a luxury mountain property as a second home? You’re not the only one! Lakota at Winter Park, for instance, is a prime market for those looking to use their second home as a form of passive income. Colorado, in general, is a popular place for short-term rentals, and many property owners find their passive rental income helps offset their annual home expenses.
If your plan is to use your luxury purchase as a rental property, talk to our team before you begin your search. This will help us make sure we can find the right subdivision and HOA that doesn’t have restrictions against renting short and long-term.
Start Your Winter Park Adventure
Are you ready to start your Colorado adventure? Let’s talk! Your perfect home is waiting for you at Lakota in Winter Park. We truly believe our mountain resort community is unlike any other, and we’re excited to show you why. Our team is here to help you find the property you’ll be proud to call home.