Buying a second home in the Denver CO Area?

Easier than ever before:

Because we use technology in new and innovative ways more and more each day, telecommuting is easier than ever before.  You can work where you play and own a second home or resort property to vacation and squeeze in work vs work and squeeze in vacation.

Talk with your Realtor or Real Estate Agent:

Considering purchasing a second-home? Whether as an investment or for personal use, now is the time to get the information you need to make an informed decision about second home ownership. A qualified real estate agent can help guide you.  There will be financial considerations to think about, looking for just the right community and they may even visit with a resort property specialist.

What and Where?:

If you are planning to use your second home as a vacation home, make sure you consider what your needs are. Depending on you looking for a secluded location in the mountains or somewhere with lots of activity and social venues? Natural settings are great, but don't forget about cultural and social resources, as well as golf, tennis and other popular sports facilities.

Who owns where?:

When considering areas of the country there are some trends? For example, buyers from the Northeast may be a feeder market for second homes in the South. Many people living in San Francisco may prefer to have second homes in areas like Lake Tahoe, while people in Boston may like to have a second place in Cape Cod.   Within two to three hours away from your main home is often considered a more usable second home when you can get to it easily without plane travel. You may be able to get more out of a property you can get to quickly and frequently.  Since you know the area, chances are you'll make a better real estate investment closer to home provided there is an area and activities that interest you.  In Colorado, many people from Denver may like to have a second home in Vail or Steamboat Springs depending on how often they may use it and their freedom level.

Investment property:

If your second home is more of an investment, discuss the options with your real estate agent about property management options.  This can be an important financial factor, as well as an important thing to consider when looking for peace-of-mind.

Location, Location, Location:

Location is always an important factor for those buying a second home.  When considering it as an investment property, the goal will likely be appreciation and rental value.  Most people would likely own investment property within 15-30 miles of their main home.  An option for some people who live in the outskirts of Denver, may also consider buying a loft in Downtown Denver to stay at when attending plays, professional sporting events like the Denver Broncos, Denver Nuggets or Colorado Rockies who all play near downtown Denver.

What about Uncle Sam:

There are also tax implications to consider with your investment so be sure to discuss options with your tax advisor. If you rent your home for more than a certain amount, you may have to declare the rental income though potentially your expenses could be deductible. You'll want to confer with your tax advisor to learn how your purchase will affect you financially and current tax rules.

Ready to start looking?

It is likely to consider homes used today and retired in tomorrow may have a good return on investment, but there is no guarantees, so use a well qualified real estate agent, ask lots of questions and purchase wisely.  Consider how to use your second home and what is important to you, then call your Denver CO Area real estate agent like Frank Nuebel at 720-273-3514 to discuss the possibilities.  When you do business with us, you find out what service is all about because we offer concierge type service to all our clients.

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