If you’re like many people who have visited Aspen, you’ve fallen in love with the community – but should you buy a vacation property here? This guide gives you the pros and cons of buying a vacation property in Aspen so you can make the right choice.
Should You Buy a Vacation Property in Aspen?
First things first: If you spend more on vacationing in Aspen than you’d spend on buying a vacation property of your own here, it’s safe to say that purchasing a home may be a better deal for you. There are ski-in, ski-out condos, single-family homes and a wide range of custom-built estates all over the city, and having a place to call your own out here may be the perfect way to enhance your experience.
If you’re considering buying a vacation property in Aspen, here are three things to keep in mind:
- Your property will be an investment, and it’ll cost you cash, too
- You’ll be able to enjoy longer vacations
- You’ll have your own place to rest and recharge in Aspen throughout the year
Here’s a closer look at each.
Your Property Will Be an Investment – and It’ll Cost You Cash, Too
Buying a vacation home in Aspen is an investment, just like any other real estate purchase. You’ll be the one paying to maintain it throughout the year. You may want to hire a team of cleaning professionals and other experts to help maintain it while you’re out of town.
Most experts agree that real estate generally appreciates in value, though there’s always some risk involved in buying a property. No two properties are alike, and yours may appreciate faster or slower than other, similar homes – or it may depreciate, depending on its age, condition and location.
If you play your cards right, you can also earn an income from your Aspen vacation home by renting it out to vacationers when you’re not in residence. Many Aspen property owners do that – and with the right location and price, you may even make a profit.
Related: Common closing costs for cash buyers
You’ll Be Able to Enjoy Longer Vacations
Rather than spending your cash on a vacation rental, you’ll have your own place to go – and that may mean you can take longer vacations. And if you work remotely, you may be able to extend your vacation even more. The point is that you won’t have to let your budget dictate how long you can spend on vacation because you’ll already be making a mortgage payment (if you’ve used a mortgage, that is) on your vacation home.
You’ll Have Your Own Place to Rest and Recharge in Aspen Throughout the Year
You don’t have to worry about timing when you own a vacation property in Aspen. You can visit any time of year, whether it’s ski season or you’ve been itching to see Maroon Bells in springtime. You’ll be able to ride the gondolas up the Rockies whether there’s snow, fall foliage or spring and summer flowers, dine in our fabulous restaurants and sip your favorite brew in any of the charming cafes that line our downtown area’s streets.
Related: The five contingencies you should never waive when you buy a home
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
If you’re also looking for a home for sale in Aspen or a nearby community, check out our listings by price:
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- Over $1 million
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