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I want to buy something that will provide me with rental income when I am not using it. Where should I start my search?

Many homeowners in the Crested Butte area rent their properties  for some or all of the year.  There are a few things to think about before deciding if this is the path for you.  First, the property will need to be furnished.  This may seem obvious, but if you decide on a property that is being sold unfurnished, this can be a significant expense.  Second, if you are planning to use the property during times when a lot of other people want to be in Crested Butte, you will have a difficult time making much income.  This includes the Christmas/New Year’s holidays, Spring Break and July and August.  Third, are you comfortable sharing your home with other people or would you rather have it been just the way you left it every time to you return?

 

If you are looking to have a place where you can come and stay during various times of the year, but also make some income from it when you are not using it then you really should focus on properties in Crested Butte or Mt. Crested Butte.  There are other places where homes are available for vacation rentals, but it is difficult to make any significant amount of money on those.  Think about the type of properties you may have stayed in when you came to stay here and what things were important to you – access, number of  bedrooms, amenities (hot tub, pool, etc.) – and then try to buy something that would work for you.

 

The town of Crested Butte is a popular place to stay year round.  The bus system makes it easy to get around and even up to the ski area.  All types of properties have the opportunity to be a good vacation rental, but there are locations that may be better then others.

 

Condos in Mt. Crested Butte can be a good place to start since they are plentiful and can be affordable.  There is a balance of association dues and what they may help to provide in terms of amenities that can boost rental income.  Homes on the mountain can be good rentals as well.  Surprisingly, unless the home is on the bus route, these homes rent better during the summer months then during the winter.  This is likely because people have driven here and are planning activities that require driving to do them (golf, hiking, biking, etc.)

Posted in: Buyer FAQ