Do you realize how expensive it is to rent in Summit County Colorado? For example, while searching in the Summit County Daily Classifieds for rentals, Frisco‘s average price for a 2bd/1ba condo rents between $1300 to over $2000 a month and typically does not include utilities. Also, that little four legged friend you love can’t go with you, either. What does someone do in this situation? They end up sharing a space with roommates and other pets. This may be acceptable for a short time, but eventually if you are planning on staying up here for a minimum of 5 years, it would be wise to acquire your own property.
The problem is coming up with the cash for the down payment. If you get creative, start saving now, or if you have other investments that are just stagnant, maybe you could cash those in for your down payment. Buying a property vs. renting enables you to build equity for your future and have a tax write off. When you rent, there aren’t any financial benefits to you for your future.
I have met several people who are long term locals that live in Summit county and spend anywhere between $400-$1000 in rent. I think the biggest fear is the commitment to have a mortgage, they fear of losing their property, but guess what, you have to have a place to live. Wouldn’t it make sense to own something and have someone pay you to share half the expenses?
If you are a person who travels to Summit County, Breckenridge, Frisco, Keystone, Copper on a regular basis and rent every year, just think what it would take to buy a property and rent it out when you are not using it. There seems to be several people who look for seasonal rentals every year, this can be quite a profitable business for those who own property. You not only have a place to stay when you want it, but there are people looking for that place to rent from you. Wouldn’t it be a better investment to own your own place and be the one in control of renting it, than vice verse?
If you are considering buying at all for investment, recreational use, or a place to live on a full time basis, this is the best time in years to buy that property. Interest rates are low, Sellers are more flexible on their position of selling, and there is a lot of inventory. Why risk it in the stock market , Summit County is still a strong investment for the future.
For more information on investment properties or an option to buy as opposed to renting please contact Leah Baxter at ReMax Properties of the Summit, 970-389-6367. www.leahbaxter.com or email firstname.lastname@example.org.