Be honest. How nice does a vacation sound right about now? You can’t deny that after all of these months cooped up in our homes, a change of scenery sounds irresistible. Let’s swap those one-time plane tickets and fancy dinners for the fresh Colorado air and a reason for adventure. Maybe you are looking to purchase a second home for pure enjoyment? Possibly for some additional income? A worthwhile investment? Or it could even be all three, but all in all, there are some undeniable short term and long-term benefits of purchasing a second home in Colorado.
A second home provides the perfect reason to escape. Whether it’s for personal leisure or family bonding, the memories you create are invaluable, and you can’t put a price tag on memories. Not only will you bond with your loved ones, but a sense of community will also form as you explore your new neighborhood. Creating a sense of belonging as you discover new restaurants and meet the local grocery store owner is the perfect way to become a local. However, since this is a second home, you may not be a permanent local. But do not fret! With such high tourism rates in mountain towns like Telluride and Vail, wannabe locals will be knocking at your door for a little staycation of their own.
As the real estate market continues to skyrocket, this is the perfect time to consider purchasing a second home in Colorado. Let’s look at Telluride, for example. There was $125 million in sales in August alone, which shattered their December 2019 one-month sales record of $96.9 million. In fact, Telluride is on track to beat the all-time annual sales record of $760 million, which was set in 2007. Not only are mortgage rates low, but purchasing an additional home, particularly in a mountain town, turns your disposable income into financial safety. The National Ski Areas Association reported a record-breaking 24 million visits in the 2018-19 year, further proving a desire for the mountains. While purchasing an additional home is an investment, it has its benefits. For instance, a second home is considered a personal residence. This means when tax day comes around, you can deduct both property taxes and mortgage interests from your taxes. I am not a qualified tax professional, but that sure sounds enticing.
Acquiring another home is a big commitment and a purchase that would benefit from a professional’s advice. Finding a Realtor® whom you trust is crucial in the success of your second home. Our brokers at Kentwood will provide you with the expertise and insights into the Colorado real estate market to assure you that you made a rewarding investment. Feel free to contact our Kentwood professionals today and take your first step in creating priceless memories.