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Considerations IF YOU ARE CONTEMPLATING
a property in Summit County now...
Maybe you have tossed around the idea to invest in Summit County and if an investment in a resort market like here in Summit County would be an attractive option... let me provide some considerations that may be helpful.
Property values have been appreciating steadily over the past decade… (see graph below **) I have put together some points which may be helpful when exploring the opportunity of owning Real Estate in Summit:
Do your homework:
1. Market Analysis: Research the resort market looking at historic trends in property values
2. Long Term vs Short Term Goals: Evaluate whether looking for a property that your family and friends can enjoy for years is of interest or if a shorter term investment fits better with your life style planning.
3. Budget: Determine your budget and financial goals. Think about the costs associated with purchasing and maintaining a property in a resort area.
4. Rental Income potential. Evaluate the market in Summit as a whole and the short term rental regulations. Many Resort communites have implemented regulations that affect Short term rentals. Would you consider a seasonal rental—do you want to spend time in the winter and/or summer?
5. Property management. You will need a reliable PM company unless you want to manage it yourself. Weigh the cost of a property management company and evaluate whether you are interested in managing it yourself (if you have time or are even interested).
6. LOCAL KNOWLEDGE…A real estate professional in the area is invaluable in the decision-making process. A professional ( think Kerry Gibson) can share with you the local regulations, zoning rules, mortgage professionals and help you find “a match,” the property that will meet your wants, needs and future goals.
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