More than 12 years have passed since my husband and I purchased our first cabin in Cimarron, Colorado, located in the Arrowhead Subdivision. This purchase was so personally and financially rewarding that we started buying more vacation homes throughout different states.
Buying a vacation home or a second home is a great way to enjoy something new and different and provides ample opportunities to spend your downtime recreating, hiking, hunting, fishing, shopping, or doing whatever makes you happy.
Another outstanding benefit of owning a second home is that we can turn them into vacation rentals when we are not there. We successfully manage some stellar rentals properties in remote areas in Colorado and other fantastic states.
If you're wondering where is the best place for a second home or how to leverage a second home for rental income, keep reading! I'm sharing my top tips to help you maximize your investment property in Western Colorado or anywhere else.
Understanding Where to Invest in a Second Home
Location, location, location matters! If you want to guarantee a return on your investment property, you must pay attention to the location of your second home. Not only does the location determine what activities you can enjoy, but it matters to potential renters too. Look for places with lots of things to do or seasonal activities... that's why Colorado mountain cabins make such great investments!
Amenities Matter, Even for Colorado Mountain Cabins
The location of your investment property directly affects the amenities available for you and your guests. When we started looking at Colorado mountain cabins, we wanted to ensure access to winter sports, community amenities, and emergency facilities. That's why we purchased a cabin in the Arrowhead Subdivision.
Second Home Financial Benefits
If you plan to use your second home for rental income, research the rate of return for like properties in your target location. For example, rental properties near Colorado ski towns rent for incredible rates during ski season!
Goals for Your Second Home
Finally, consider why you're buying a second home. Are you most interested in rental income? Do you want to use it as a retirement property? Do you eventually want to sell your primary residence and move there full time? Where is your dream spot to relax? Answering these questions will help you find a home that appeals to your needs, your renters' needs, or both!
Finding Your Second Home in Colorado
These are just a few things to think about when buying a second home in Colorado. Remember, you want this to be a pleasant and enjoyable experience, and we can help you with that! If you have questions about buying or selling a vacation property in Colorado, reach out to me, Jennifer Thomas, at 970-209-2378 for guidance!