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Buying a ski home? Here are some important tips

What if you didn't have to pack a bag to go on a weekend ski trip anymore? What if you just hopped on a plane, landed in Vail, Colorado, and took a taxi to your own ski-in-ski-out cottage, where you have your skis, gear, ski clothes and a massive supply of hot chocolate warmly waiting for your arrival?

Vacationers purchase approximately 1.13 million getaway homes in their favorite destinations every year. Maybe 2018 will be your year to buy such a home to enjoy during your winter ski holidays.

Consider these tips before buying a ski home

There are a few things you'll want to keep in mind before you buy a vacation ski home:

Buying a ski home is an investment. For one, you're investing in fun experiences to be enjoyed by your family for many years to come. Secondly, you're making a property investment that could rise or fall in value depending on market conditions. You'll want to keep both these factors in mind when selecting the ski home of your dreams.

How much time will you be spending at your ski home? Is this a home you'll enjoy for half of the year, while spending the other half in a different house? Is this going to be a weekend getaway home? Consider how much time you'll be spending in this home and make sure it accommodates your needs comfortably.

Will you rent out your home when you're not there? Some people prefer to keep their homes empty when they're not in them. Others need to rent out their home when they're not in it to create additional income that helps pay the bills. You'll want to create a plan for how you'll be renting your property and how much income you'll need to generate from it. There are different options for renting out your property, like Airbnb or working with a traditional rental property managing company.

What's your budget? Be careful with your budget and don't overspend. Remember: You're buying this property to make your life better, not to create stress and monetary concerns that you wouldn't have otherwise. When determining your budget, don't forget to estimate future maintenance costs, homeowners association and condo fees, utilities, insurance, furniture and other costs.

Are you ready to buy your vacation home?

If you're ready to buy a vacation home, be sure to research the law as it applies to real estate purchases. It's great to work with a real estate agent, as they are highly knowledgeable about what's available; however, nothing is better than an in-depth understanding of Colorado real estate law when it comes to navigating a vacation home purchase safely and effectively.

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