Vacationers to CO (Denver, Estes Park: apartment, rentals, how much)

[calien]

Curious how many non-permanent CO residents (on this board) have vacation homes or take regular vacations here? I'd love to have the 2nd home here, but am curious how others before me have done this. If you love the mtns do you spring for a place where you love but might not have all the comforts (shopping, restaurants, medical facilities) of the big city? Or do you find a home base in Denver and take the 1-2 hr trek to the location(s) of your desire when you visit. Or do you 'save' the money and just come visit as much as possible camping / staying at rentals?

Just looking for some experienced words of wisdom.

[brightdoglover]

I visit every year. I bought and sold property in SW Colorado twice now with the daydream of spending summers there instead of the humid East. I don't see it as a place for me to grow old/older (more car dependent, no history there) but keep fighting with my draw to the big mountains. I know there's more to daily life than a view and low humidity, but. But.

I would happily have a summer home in SW Colorado (and saw a mobile with a great view that I could easily afford) but my home base is 2,000 miles away and I'd have to work more, not less. to have a second home. Then there's the issue of maintaining a second home (from far away) and how about a car, and what about pets. I have long believed that it makes much more sense to rent for vacation/daydreams and if you cost it out, it will likely be much more sensible to rent than to buy somewhere, especially in advanced age.
But.
Can't seem to let it go, either. As much as New England makes sense for me in daily life (and the option of making decent money part-time in retirement) and having my dream house in the East and pets and and, I cannot seem to let go of the white-capped peaks.

[Mike from back east]

Originally Posted by calien

Curious how many non-permanent CO residents (on this board) have vacation homes or take regular vacations here? I'd love to have the 2nd home here, but am curious how others before me have done this. If you love the mtns do you spring for a place where you love but might not have all the comforts (shopping, restaurants, medical facilities) of the big city? Or do you find a home base in Denver and take the 1-2 hr trek to the location(s) of your desire when you visit. Or do you 'save' the money and just come visit as much as possible camping / staying at rentals?

Just looking for some experienced words of wisdom.

The call on the "buy vs rent" decision hinges on how much a 2nd home would be used. In parts of COLO many vacant 2nd homes are subject to break-ins and vandalism. My opinion is that if a place is not used all that often it is better to keep money in the stock market where one can get in/out quickly and not depend on a housing market that is often difficult to exit and fraught with surprises (oops! the well pump died). Many in these forums suggest visiting resorts and/or renting places in different areas of Colorado to get a variety of experiences before deciding on an area to buy into....you may not even like it, or suffer altitude sickness.

[StealthRabbit]

I keep 2nd home in various parts of USA including colorado.

As a cost neutral solution, Get a place with a guest home for you, and rent out the 'big-house' to someone who maintains and watches the whole place.

I prefer places on acreage with a shop and apartment for me and a few extra RV sites for friends.

Do comply with your local zoning, and plan to restrict your stays and keep your neighbors happy (Bring them salmon and fresh berries).

I grew up near Estes Park, so more 2nd homes than primary (Then). Can rent your place out through a management agency, for 30-50% fee. or you can rent fulltime for about 50% less and no fee (then you have no place to stay).

Generally... it is far better to invest your capital in something that spins off enough extra cash to fund your vacation rentals wherever you feel like. Something like a triple net Commercial property with a national tenant (Subway franchise or similar).

[beezle1]

My advice is to find a place that is within reasonable driving distance, so you don't have to fly there from your home base. ADT signs and stickers (or actually getting a security system) may discourage breakins. Find a neighbor to keep an eye on your place for a small fee. Wireless IP cameras (Foscam makes some nice reasonably priced ones) are easy and a great tool for keeping an eye on things remotely.

[jazzlover]

Generally speaking, second homes are both an environmental scourge and a money pit when built in the Colorado mountains. Of course, most non-permanent residents don't give a crap about the former (but they should), but the money pit part should really get their attention. As several noted, it's much more financially prudent to just rent (by day, week, month, or season) where one wants to vacation. Moreover, one is not tied to just one place to visit. Most people, when they own a second home, feel some obligation to spend most of their vacations there. It's a lot more fun to be able to go other places, and a lot easier when one isn't tied to a second home. Maintaining two residences far apart is no fun--I've had to do it a couple of times when I was trying to sell a residence that I still owned in one locale from whence I had relocated to another. I hope that I never have to do that again.