5 Tips for Investing in Luxury Condos in Summit County

5 Tips for Investing in Luxury Condos in Summit County

  • Maureen Lathrop
  • 02/9/23

Summit County is one of the most desirable locations in Colorado. Located just outside Denver, Summit County is home to some of the best skiing and riding destinations in the world. Nestled in the Rocky Mountains, Summit County hosts stunning mountain terrain and endless snow, as well as some of the best restaurants, shopping, and bars in quaint mountain towns. With so much to love about Summit County, it’s no wonder that real estate is still in demand. According to the Colorado Association of Realtors, the median price for condominiums and townhouses in Summit County increased 14.1% from October 2021 to October 2022, from $635,500 to $725,000. The days on the market have also decreased over the past year by 36.1%, indicating a high demand for condominiums in Summit County.

If you’re thinking of investing in a luxury Summit County real estate condominium, there are a few things to keep in mind. Our guide will walk you through the best tips for investing in one of the hottest properties in Colorado.

Choose a great location

One of the most important things to keep in mind when buying any property is the location. Many other aspects of the property can be adjusted, but the location is here to stay. As purchasing a luxury condominium is a long-term investment, you want to ensure that you choose a location that works for you. Consider what you’ll be using the property for. Are you purchasing a vacation home primarily for access to the incredible skiing and riding in the area? Which mountain resort do you and your family frequent? Does it make more sense to choose a condominium at Breckenridge for its amazing beginner terrain and diverse trails, or are you a more advanced skier or rider and want the challenge that comes from cruising around Keystone Ski Resort?

You also want to consider the opportunities outside of the winter season. Often, resorts have incredible summer activities, from hiking to live music to alpine coasters and slides. There’s also plenty of outdoor adventure in the Rocky Mountains nearby. Hiking, climbing, mountain biking, and kayaking are all on offer during the summer in Summit County. If you’re looking to live in Summit County year-round, you might want to position yourself in a central location that has easy accessibility to the plethora of activities available in every season.

Assess the amenities

When searching for Summit County, CO homes for sale, you’ll want to consider what amenities your new condominium has to offer. Of course, there are luxury amenities within the condominium itself, such as indoor fireplaces, stunning floor-to-ceiling windows, wrap-around porches and private hot tubs, and expansive bathrooms. However, there are also often amenities available within the condominium association. Many luxury condominiums in Summit County are associated with resorts, which means that condominium owners have access to resort amenities such as indoor and outdoor swimming pools, fitness centers, hot tubs, lounges, and more. These amenities can be an incredible benefit to the owner. They can also help increase the nightly rate should you choose to rent out your condominium.

Another great benefit of living in a luxury condominium is that regular maintenance is typically taken care of by the condominium association. This means that you can take landscaping, leaf removal, and snow removal all off your plate. The condominium association normally will handle these things, so all you have to do is relax and enjoy the view.

Review the HOA agreement

Before you choose the condominium for you, you’ll want to read over the homeowners association (HOA) agreement. The HOA agreement will explain what maintenance you’re responsible for versus the association, what your fees are, and if there are any restrictions with renting your condominium out to other guests. Once a potential buyer purchases the property and signs the fine print, they are legally bound by the bylaws and regulations of the HOA. Thus, it’s important to assess your HOA and make sure the agreement won’t limit the way you intend to use your condominium.

Increase your income

As long as your HOA agreement has no limitations, a luxury condominium in Summit County can be a great way to increase your income. If you plan on using your condominium as a second home or vacation home, you can rent it out to vacationers to increase your income. Summit County is an extremely popular location with tourists, as many come to see the foliage change in the fall, experience epic skiing and riding in the winter, and explore the mountains in the summer. There’s always demand for property in Summit County, and owning a luxury condominium here in the right location can help you turn that demand into increased income.

Position yourself for more fun

Your life is a wild adventure, and there may be a time when you feel a call to explore outside of the mountains. Consider the resale value of your condominium prior to purchase in case you decide to relocate at another time. The great news is that condominiums in Summit County are in high demand. There are plenty of investors looking for new properties, adrenaline addicts looking for the next epic line of terrain, and outdoor enthusiasts looking to connect with nature. People from all perspectives love the raw nature and adventure that Summit County offers. Even if you decide to resell your investment, there will be plenty of demand.

If you’re ready to get started investing in Summit County, CO, real estate, you’re going to need a great realtor like Maureen Lathrop. Maureen works with Colorado Mountain Living and has over a decade of experience in real estate and knows the luxury market inside and out in Colorado. If you’re ready to search for your luxury condominium, Maureen can get you started.

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We bring an unusual and compelling mix of expertise and character to Summit County real estate that benefits you and your search for the perfect mountain home. Beyond being listener, we are anticipator - connecting with clients to understand their needs and always staying one step ahead.