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Second home vrs. investment property? What to consider.

Investment vrs second homeMost Buyers at some point reach a difficult real estate crossroads: Do they renovate an existing home to fit their current needs, or do they go out and buy another house that’s already the way they like it?

This is a question with no one-size-fits-all answer.

The most important issue is location. Are you buying a ski in ski out property for rentals or do you want something you and the family can enjoy as well? Or maybe you want a cabin in a more rural area of Breckenridge.

The second major question is budget: Is it more economical to renovate your new purchase or buy another one? The answer to this question will depend upon your desires, your budget and your needs. Many buyers tell me they want an older property so they can renovate. Before you do this, consider trying to do this if you live out of state. Many families can make this work and enjoy it. Also consider the higher cost of supplies and labor in the mountains.

After considering all this if you still want an older property, start with your list in hand. Consult with a realtor or builder. A realtor can discuss re-sale issues with you and a builder can tell you about pricing and timing.

With over 15 years in the Breckenridge real estate market, we do have a great team of people to refer you to. We are also happy to answer any questions you might have if this is an idea you are considering. Click the blue/gray “Live Chat” button above or click here to send us an email.

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