IS RESORT REAL ESTATE AN INVESTMENT

Many times I have heard the comment, "I plan to own this place for a long time, so it's not really an investment". Unfortunately life does not always follow the plan we originally lay out. Too often, life changes cause you to re-evaluate your situation and what assets are important. This can be the result of job changes, marital status, illness or even worse, death. There are countless reasons why we may need to rethink where we are in our lives.

For this reason, I tell every client, your home purchase in Steamboat Springs, or any other town for that matter, is an investment. What does that statement mean?

1. Buy what you feel your family will really enjoy. Odds are, other people will feel the same way. If you focus on purchasing a property that will live well and feels great when you are inside, your probably not alone. Too many times I see people purchase property just because it feels like a cheap price, not a great home. Odds are when you end up selling, potential buyers will not feel it's that great a home either. Some times you can get lucky, but what this economy is showing us, is that only good homes get offers in tough markets, even if they are low.

2. Focus on the best homes or condos within the best neighborhoods. Buy the end unit, with extra windows, or buy the home on the best lot with views. This is your opportunity to be picky, so focus on buying the best.

3. Get as close to the beach as possible. Beach? What if we are looking in the mountains. In the mountains, this means as close to the Ski Base or the center of downtown as possible. When markets turn, the majority of buyers want to be near the Beach or Ski area. Property in the closest locations will be the first to see a turn to the upside. Also, this will increase your ability to generate rental income should the market be difficult to sell in (such as now).

Hopefully these thoughts reinforce what you were already thinking as you consider making a real estate purchase. If you have any questions about Steamboat Springs contact me at chris@mybrokers.com. Good luck buying!