Getting a second home is always a better source of part time income….If you are planning to buy a home in denver then you need to look at these points which describes why should you purchase a second home at denver.
Over the last few years, people are moving to Colorado from all over the country at a very high rate. From the thriving local economy to an abundance of beautiful nature and things to do, it’s really no surprise.
If you own property in Denver, then you know how lucrative the last few years have been. Property value is higher than it’s ever been before and rent prices are soaring. However, this trend is not limited to Denver.
While there are still some good deals in purchasing real estate to be found in the suburb communities of Denver, savvy investors have already moved in quickly. A few years ago if you could have foreseen Denver’s growth, it would have been the place to buy, but now it’s turned into a very competitive and expensive market. Aside from the Denver metro area, the next best place to invest in Colorado real estate is in the mountains. Whether it’s a second home, your primary residence, or an investment property you are looking to rent out, the mountains are a major appeal for Coloradoans.
Real Estate in Denver While there’s definitely an appeal of living in an isolated mountain town nowhere near a city, the reality for most people is that the city is where the best jobs are located. For that reason, city-dwellers often opt for a second home in the mountains they can visit on weekends and holidays. While there are a plethora of mountain towns within 2 hours drive of Denver, the closest one with a world class resort is Winter Park. Also, the highway to get up to the mountains, I-70, has some of the worst traffic in the country (especially during ski season) and traveling to Winter Park allows you to avoid the notorious Eisenhower Tunnel choke point.
Things to ensure before owning a second home:
1.Make Sure You Can Afford It:
It’s extremely important to budget for having two mortgage payments unless you own your primary home free and clear. One thing that’s really going to help with this is
If you’re going to buy a second home, it’s very important to consider the location. You want it to be far enough away that you can get away from the world, but not so far away that you never get there. If you plan on hosting family a lot, maybe look for something that’s centrally located within a few hours of everyone. Make sure that the property you buy is within easy driving distance of everything that attracted you to this place to begin with.
The cost of homeowners insurance on a second home will be higher. The Insurance Information Institute lists a couple of reasons for this, including that the property won’t be occupied consistently. This puts you at increased risk for theft or the frozen pipe scenario described above.
Your second home’s location can also play into your rates. If you have a remote location in the mountains or a beach house, Mother Nature can throw more at you and put you at increased risk for home damage.