Owning real estate in Breckenridge, Colorado is a wonderful thing, except when your lifestyle may have changed a bit, but the expenses just keep rolling in. Many of us start off with the idea that owning a second home in a resort town will be a great place to gather with family and create some wonderful experiences and memories that will last a lifetime. And guess what? You were right, but the ongoing expense of owning a vacation home seems to never end and may even be affecting the way you feel about your property.
Is it time to share your home with other families?
It may be time to explore sharing this wonderful home with other families and allow them to enjoy all the amenities that your home has to offer. The real estate market in Breckenridge seems to be getting some of its legs back in the last few months; however, that doesn’t mean it’s necessarily the right time to sell. It really just depends on the specific situation that is unique to each vacation home owner.
For instance, you may have purchased your home during the incredible market run up that happened in the years 2005-2008, and while things are looking better these days, the drastic loss in values that were experienced in 2009 may prompt you to wait a little longer before considering selling your property.
However, if you were on of the many who has owned in Breckenridge for several years, you may feel that the appreciation may not be at its peak, but you’ve had years of enjoyment from your vacation home and now is a as good of time as any to sell and try something new.
For those who feel the need to hang on a bit longer, let the market stabilize, and return some of the lost value from 2009, the answer may me renting your home to guests on a short-term basis. With a competent vacation rental marketing specialist and good management, short-term rental income can give you the best of both worlds, be allowing you to continue to enjoy all of the benefits of vacation home ownership, yet off-set the expenses with income generated from the short-term rentals.
BONUS – A better return on your investment!
How much you continue to use your vacation home will certainly determine the amount of income the property will generate on the vacation rental market. I work with owners who use their home several weeks a year, as well as owners who don’t use their home for personal use at all. These owners now consider their vacation home a long-term investment property, and are taking advantage of the revenue generated from the short-term rentals to enhance the value of their investment.
Whether you just want to generate an extra $20,000 per year to off set the expense of personal use or generate an extra $60,000 per year to really make a dent, the value you receive is a better return on your original investment. And maybe most important of all, the value of a renewed attitude toward your vacation home and the real reason your purchased it in the first place.