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People buy mountain real estate for varied reasons. For some, a mountain home is the perfect vacation getaway. For others, it can be a great investment. Many people in Breckenridge and other parts of Summit County buy it for a combination of both reasons.
Remember, the major tax advantage to owning real property is the possible ability to deduct the interest of a mortgage loan or equity loan. The interest paid on a mortgage may be deducted from your income and real estate taxes might also be deductible on your federal return.
Sure it’s a big decision to make. Yet people seem to find that they end up using their investment properties – and enjoying them – more than they ever thought they would. After all, owning a ski-in/ski-out condo at the base of the mountain is tempting to even the most novice of skiers. Second-home owners should be forewarned: there is the imminent possibility of falling in love with the area and a move to Summit County could be the next step!
When buying mountain real estate, there are many questions to ask. First, where do you want to live? Will it be a remote, rural area, secluded in the forest? Or would you prefer a family-friendly neighborhood with playgrounds, schools, and parks? Are you buying strictly for the winter mountain sports and want to live as close to the lifts as possible? Or is summer more your season and you want to be close to hiking and biking trails or the lake? “Location. Location. Location.” The old adage really rings true here in the mountains when buying real estate.
You’ll also want to ask yourself what type of features you want. Will it have multi-levels for privacy? How many bedrooms and baths will it have? What type of maintenance is available (e.g. snowplowing, trash removal, etc.)? Do you want a yard? Are there amenities that would make a good property great? What house characteristics are important to you – for example, do you need a lot of storage for winter equipment? Do you want a wraparound deck to watch the views? Does your family need a hot tub after a hard day on the slopes? Do you want to be near any particular town?
It’s important to know whether the property will be an investment, a vacation home, or both and equally important to know what you want out of your dream mountain home.
If you can imagine it, we can find it.
*The contents of this article should not be viewed as tax advice. Please consult your tax advisor.
© Copyright 2004 by YourMountainBroker.com
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