Are you thinking about how to buy a second home in Vail? People purchase homes and condos in Vail for a variety of reasons. For many, it’s the dream come true to buy a second home at an amazing mountain resort. Some choose to buy a small condominium that is near the slopes so they can visit during the winter to ski. Mountainside condos make for a wonderful summer destination as well, presenting sunny skies, mild weather and easy access to warm-weather outings ranging from awesome hiking and biking to thrilling whitewater rafting and Gold Medal fly-fishing.
Vail has larger luxury estates nestled on the mountainside or tucked away from traffic that make for a perfect second home, too. Luxury private homes in Vail have multiple bedrooms – often as many as seven or eight – and a lengthy list of high-end amenities that can include upmarket appliances, enhanced master suites and bathrooms, a private hot tub, indoor and outdoor fireplaces, a den or media room, or a patio and decks with stunning mountain views. A sizable second home allows affluent owners to entertain multiple guests or host large parties for friends and family.
Real estate in Vail is always a good investment. The world-class resort continues to grow and prosper year after year, and property values are consistently on the rise. It’s true – there are uber-luxurious properties that cost more than $10 million … even $20 million. But in fact, most of the residences in Vail are listed for under $1 million. Some three-bedroom homes in the area can be had for under $750,000.
To buy a second home in Vail is a big decision – and a smart move. There are a few different circumstances in which you, as an owner, can benefit greatly. You can use your second home as a residence, or you can rent your second home for income. But should you purchase a smaller ski condo, or do you buy a house? Below, we address all this, as well as discuss the advantages of fractional ownership at a world-class ski resort.
Buy a Second Home as a Residence
If you’re looking to buy a second home in Vail to use strictly as a residence for yourself, then you have lots of freedom to pick exactly what you want. The Vail real estate market has homes, condos and land for sale in all shapes and sizes in various locations throughout the Vail Valley.
If you want to be in the middle of the action with easy access to skiing, consider purchasing a condo at legendary Vail Village or Beaver Creek Village. The Austrian-inspired Vail Village has heated cobblestone streets and distinct architecture that resembles a European ski village. Vail Village has high-end boutique shopping and some of the finest dining in the state. The village is the spot to be for après-ski and night life, as well as key events throughout the year. It’s the hub of Vail.
For more laid-back surroundings, consider a luxury condo at Lionshead, just west of Vail Village. The village at Lionshead is newer and markedly more Western in its design than Vail Village. The ski community has upscale businesses and immediate access to the slopes, but it’s considerably less busy. At Lionshead, you can jump on the gondola and be to the top of the mountain in minutes. From there, you can ski the entire resort.
East of Vail Village is Golden Peak; another great spot with luxury condos right on the slopes. Golden Peak is where the ski school and terrain park are located, so there is some activity there, but not an abundance of services. It’s the most private of Vail’s three base areas.
Private homes in Vail can be near the slopes or a little further off the beaten path. Those who choose to purchase a private home in Vail want to live the complete mountain lifestyle. Owning a home gives you the opportunity to entertain guests and enjoy the residence for all four seasons. From hiking and biking right out your front door to immediate ski-in, ski-out access in the winter, where you decide to live will probably greatly depend on what you enjoy doing most!
Rent Your Second Home for Income
If you buy a second home as an investment, you can make considerable income by renting it to vacationers throughout the year. There are several ways to do this. First, you can handle it yourself and rent your condo or home through websites like AirBnB.com. The second option is to hire a professional property management company to handle it.
A good property management company can help maximize your rental potential and doesn’t put all the pressure of marketing and preparing a property for guests on you. (Not to mention assisting guests with minor details while they are in town.) For a nominal fee, property management companies will oversee your property and handle all tasks related to it – everything from making beds and providing housekeeping services during stays to watering the plants and shoveling snow. They will also make sure your property is rented to quality tenants, collect rents and handle any other issues that arise.
If you rent your second home for maximum income, there are a few important things to consider. Initially, you’ll want to purchase a residence that is in a desirable location for vacationers. In Vail, this would be near the ski lifts, one of the villages or on the bus route. The more secluded private homes can offer the utmost in privacy.
The next item to consider is décor and amenities. If you choose to enter your property in the Vail rental market, remember it is quite competitive. The best way to have an advantage over other similar rentals is to have nicer amenities and features than your competitor. So, it’s important to keep fresh linens, stylish furniture and top-of-the-line electronics and appliances to attract high-end guests.
Fractional Properties Offer Affordable Luxury
Real estate can be expensive, and not everyone can afford to purchase outright in Vail. For many, a six-figure price tag for a ski condo may seem overwhelming. Luckily, there is a third option for die-hard ski lovers who want a place in Vail. It’s called fractional property ownership, and it’s one of the best ways to get a foothold in Vail real estate. Countless owners started with a Vail fractional prior to making the dream purchase of a ski condo or private ski home.
Fractional opportunities work like a traditional timeshare. Owners purchase dates at a specific property, typically sold in two-week intervals. You can own one two-week blocks, or you can own multiple blocks. Owners can then elect to use their vacation week or exchange it on a vacation exchange network, such as Interval International, which is owned by Marriott Corp., for stays at additional ski resorts or other desirable vacation destinations around the world.
Berkshire Hathaway HomeServices Colorado Properties has a devoted fractional ownership division called BC Fractionals. The division is based at the company’s Villa-Montane office in Beaver Creek. BC Fractionals offers properties at top luxury resorts like Four Seasons, Park Hyatt, Ritz-Carlton Vail and The Timbers. Entry-level pricing can be affordable to most, depending on the week and unit. Peak times like Christmas, New Year’s, Presidents’ Week and Fourth of July command steeper prices.
With two-week stints at such an affordable rate, it’s easy to understand why fractional interests are gobbled up quickly on the open market. In many instances, you could spend more tens of thousands on lodging for a luxury ski vacation anyway, so why not own your own place. If you’re an avid skier who frequents Vail every winter, it makes a lot of sense. Especially when you consider the trade value and added perks that come with fractional ownership. Purchasing a fractional is a cost-effective lifestyle investment for vacationers who want to experience Vail Valley, as well as premier resorts and destinations around the globe.
The best way to start your hunt for a second home in the Vail Valley is by talking with a broker first. We look forward to helping you achieve your dream!