Buying a vacation home is usually the culmination of a lifelong dream and will pay off in more ways than one. When you buy Lone Tree real estate, you are not only investing in your future, but you are securing a great second home that will be your base of operations for vacations, holidays, and special family gatherings for years to come. Additionally, you can rent out your vacation home when not using it, which will provide a nice income as well as help pay for the various costs of owning a second home.
Location, location, location
There are many places in Colorado to purchase a vacation home, but few communities have the great central location that Lone Tree
does on the southern fringes of the Denver metropolitan area. While Colorado is known worldwide for its great winter sports, it is also an outdoor paradise in the summer. People who buy Lone Tree homes for sale will find themselves having easy access to ski resorts in the nearby Rocky Mountains as well as all the great places in the region for summer sports, such as hiking, mountain biking, horseback riding, and whitewater rafting.
Lone Tree has great freeway access to wherever it is you’re heading, including downtown Denver for sporting events, concerts, and other entertainment options, and great dining and shopping. Denver International Airport is just 30 miles away and is easily accessible via a highway to the east that skirts the downtown area.
A great base of operations
One of the top benefits of owning a vacation home
is that you don’t have to pay for expensive hotel rooms during the high season in the winter and popular summer months, and you don’t have to eat every meal at a restaurant. Your Lone Tree real estate will be your base of operations no matter the reason for the vacation, whether it’s a week of skiing or a long holiday weekend of golfing, or other summer fun. You can keep all your recreational equipment at your vacation home and not have to lug it around with you when you travel to and from Lone Tree.
Where memories are made
Families who own vacation homes can look forward to years of family fun and memories that will last a lifetime. Returning to the same home over and over again will give you a sense of continuity and comfort that you won’t get if you stay in a hotel or a different short-term rental every time you go on vacation or need a long weekend away to recharge your batteries. You’ll also get a great feeling for all the great restaurants and bars in the area, as well as all your shopping needs.
A vacation home will be a great place for family get-togethers to celebrate big occasions such as birthdays, graduations, weddings, and retirements. Speaking of retirements, a vacation home can become your primary residence when you’ve retired. It will still hold special meaning when children and grandchildren visit for the holidays and other special occasions.
When you own a vacation home in an affluent suburb like Lone Tree, another benefit is being able to rent it out during the long stretches when you aren’t using it. This has the potential to bring in a nice income stream that will not only help pay for the cost
of a second mortgage, homeowners insurance, and property taxes but will also provide a nice profit. There are many styles of single-family homes available in the market as well as luxury condos.
There are two keys to making this work. The first is to select a luxury home in a great location that will not only be perfect for you to enjoy but will attract high-end renters. Some examples include a home in a gated community with great amenities like a clubhouse and swimming pool or a golf community right along a fairway. Second, shop for a home with the right amenities that are perfect for you and your family and that, again, will attract high-end renters. These amenities could include a home theater, a rec room, a home gym, a landscaped backyard with a full outdoor kitchen, and a security system with an alarm system and extensive outdoor lighting.
Be sure to research all local laws and regulations covering rentals to make sure you comply. Also, suppose you plan to rent out your second home and don’t live in the immediate area. In that case, you’ll need to hire a management company to handle all aspects of the rental, including vetting renters, taking care of payments, making any emergency repairs, and handling general maintenance. The talented real estate agent you choose to help you buy Lone Tree real estate can be a great asset in guiding you through the process of renting it out.
As with your primary residence, there can be tax advantages for purchasing a residence to use as a vacation home. Along with hiring a smart, experienced real estate agent, you should also hire a tax attorney who can spell out exactly what deductions you can take for a vacation home.
Generally speaking, if the primary objective is to use the home for vacations and you plan to rent it out for fewer than 14 days a year, you can claim tax deductions for mortgage interest and property taxes. If you rent the home for more than 14 days a year, you must claim the income but can deduct certain expenses related to renting it out, as well as depreciation. Again, be sure to consult a tax attorney before finalizing any purchase.
Find a great agent
These are the major things to look for when buying a vacation home in Lone Tree. Once you’ve decided it’s time to start viewing Lone Tree homes for sale, working with top area real estate agent Tasha Carrington
will ensure a smooth, successful transaction.*Header photo courtesy of Tasha Carrington