Have you dreamed about owning a vacation home in Colorado Springs? If you are in a position to own a second home, contact The Platinum Group, Realtors. We have a group of relocation experts that can find a perfect home to fit your lifestyle. The Pikes Peak area has a host of activities to keep you moving and enjoying life. If you find a Colorado Springs home you love and plan to be in it for awhile, now is potentially a good time to purchase a vacation home. Below are some advantages to getting into the second home market:
Convenience
Location for
Long-Term Profits
Although all short-term assets fluctuate in value, vacation properties are more likely to retain their value and will most likely appreciate in the future. This is because they are generally located in sought out areas geographically. Colorado Springs has been rated as one of the best cities to live in the country by numerous sources, making it a popular place to spend vacations.
Tax Deductions
If you do not mind opening up your home to guests, you can share it and charge a rental fee. As long as you don't rent out your home for more than two weeks, you can deduct the mortgage interest and property taxes on your second home. In other words, for tax purposes, you can treat this the same way you would the mortgage on your primary residence.
Rental Income
If you decide to rent out your home for more than two weeks during the year as well as use it personally, you're eligible to deduct operating expenses. This includes interest, utilities, cleaning fees, lawn maintenance, and management fees. To determine what you are eligible to deduct, consult a tax professional regarding vacation rentals. Your rental fees will vary according to seasons and the popularity of the location of your home.
Convenience
The ability to store your personal items exclusively at your second home makes travel and packing easier. If you love biking, fishing, skiing or other activities that require the use of bulky gear, the convenience of storing it at your home allows you to easily make an unscheduled trip for the weekend. This also alleviates the hassle of packing it in your car or hauling it through an airport.
Head Start on Retirement
You may be considering a place of retreat after you retire. If you live in a place that has 100+ degree weather in the summers, you may want to spend the other seasons in a place with a milder climate. By getting a vacation property in your desired location, you can test the waters. Locating and buying a home prior to retirement allows you to experience the benefits of a refuge before actual retirement. If it turns out to be not what you expected, you can amend your plans.
Location for
Gatherings
Vacation homes become a place where family and friends create memories. Relationships are formed and good times can be had for years. Get-togethers at vacation homes bring families together from all over, even if just for an annual reunion. The feeling of owning and passing on a vacation property from generation to generation, especially a site of happy gatherings, is immeasurable.
Access Other Vacation Homes
Many vacation homes are located in popular areas that people like to visit, such as the mountains, beaches, golf courses, and resorts. As a result, homeowners in one location like to trade time in their home for time in a home located in another region. You could swap your rustic cabin for a seaside cottage for a week. This would work out well for both parties.
Platinum Group, Realtors Can Help You Find Your Dream Vacation Home
Buying a second home in Colorado Springs offers some great benefits. Platinum Group, Realtors can guide you through the process of buying a second home. We understand spending quality vacation time with friends and family is important, and can also be a great way to increase your income and cash flow. We can help you find a vacation home that you can enjoy for years to come!
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