3 Questions to Consider When Thinking About Buying a Second Home

If buying a second home has been on your mind, there are three questions that’ll help you determine if it’s the right move for you.

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Buying a second home, for some, would be a dream come true—another home away from home. For others, it makes little sense. Those folks wonder, “Where is the value in buying a second home when I could Airbnb wherever I’d like to travel to in the world?” That question is fair, and they’re equally legitimate thoughts on the subject. 

If you’re someone who is leaning toward making this purchase, there are three questions you and your family should consider:

1. Is it going to be fun? A perk of buying a second home here in Colorado is that you’ll never be far from the mountains, and access to skiing, water, and hiking trails could make for long-term enjoyment for you and your family. 

Buying a second home and opening it up for short-term rent when you’re not there is a great way to pay the mortgage and even receive cash flow.

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2. Could it make money for us? I’m speaking from experience, as my family and I bought a cabin for vacation stays and with the intention of renting it out when it wasn’t in use. Following the purchase, it didn’t take long before we had renters coming through, helping us shoulder the mortgage cost. This way, we can make visits when we like (Christmastime, the summer months, etc.) and allow renters to stay short-term for the rest of the year. Buying a second home and opening it up for short-term rent when you’re not there is a great way to pay the mortgage and even receive cash flow.

3. Can it grow? Don’t be dissuaded by the fact that growth may not be as rapid as it would be in, say, Denver. Instead, look at this purchase as a long-term investment that you can one day pass along to your children—putting the property in their name, creating an LLC, or buying it with your 401(k) are viable options. 

If you have any questions about buying a second home or if you need any help whatsoever with your real estate needs, please give me a call. I’d love to chat with you!

Check Out These Expert Market Predictions

What’s happening now in our local real estate market, and how will things play out through the rest of this year? Find out in today’s message.

Buying a home? Click here to perform a full home search
Selling your home? Click here for a FREE Home Price Evaluation 

Call me at 303-974-9471 for a FREE home buying or selling consultation to answer any of your real estate questions.

Now that we’ve entered the new year, we’d like to take a moment and share our predictions for what lies ahead. Will our market cool off? Will it stay hot? Let’s discuss these points and more.

First of all, our team doesn’t anticipate a market slowdown as we progress into 2019. There may be periods of cooling, but we believe conditions will remain hot in general. Why? Well, there’s still not enough inventory to sustain current demand. Builders are selling out more quickly than they can build, and there are fewer resale homes on the market, as well.

I don’t have a crystal ball, but these predictions are my best estimation of what the future of local real estate will hold.

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Beyond the low inventory, interest rates are still historically low. This, along with currently high rental rates, serves as a strong incentive for people to get out in the market and buy.

Of course, I don’t have a crystal ball, but these predictions are my best estimation of what the future of local real estate will hold.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.