Complete Guide to Breckenridge Real Estate
Whether you’re interested in moving to Breckenridge or you’d like to purchase a vacation home in the area, real estate in Breckenridge is a wise investment. Home values have been steadily increasing over recent years so many homeowners have found that their home or condo is worth well more than its initial purchase price. Those who buy homes in Breckenridge with the intention of renting them out to travelers are frequently pleasantly surprised with the amount of rental income they receive.
As of November 2017, the median home sales price in Breckenridge was $670,000 with the median rent per month coming in at $3,500. In August 2016, these figures were $499,977 and $2,700, respectively. That said, markets can and will fluctuate. If you’re considering purchasing a home in Breckenridge, make sure you do plenty of research beforehand to ensure that you’re well-prepared regardless of how the markets fare.
Purchasing an investment property can require a bit more consideration than buying a home in which you plan on living full-time. If you’re moving to Breckenridge and want to buy a home or condo, all you need to consider are your personal preferences. But with an investment property, you need to think about what amenities will be best, which locations are ideal, and much more. As such, we’ve put together a guide to Breckenridge real estate to help you pick the perfect investment property for your needs and wants.
Choosing an Investment Property
As previously mentioned, you’ll need to consider a number of factors as you start your search for the best investment property. The market will dictate your property options, but even if you don’t find a great home or condo right away, don’t let that deter you. Finding a great vacation home or condo will take some time but it will be well worth it once you start enjoying the benefits of receiving regular rental income.
Pick the Best Location
Your investment property’s location will factor into how many guests you receive throughout the year. Typically, the closer a property is to the lifts, the higher the rental income will be. Breckenridge’s busiest season is the winter and visitors love the convenience that comes with being close to the slopes. Summer guests, however, want the convenience of being close to shops and restaurants. As you narrow down your choices, it’s also a good idea to take a look at historical sales data, which will give you a good idea of how much your potential property will appreciate over time. You can read more about the different locations in Breckenridge below.
Find Great Amenities
Guests love amenities! Preferred amenities include hot tubs, swimming pools, fitness centers, and saunas. While condos tend to have more access to facilities like swimming pools, these extra items will increase your Homeowners’ Association (HOA) dues. Take these HOA fees into consideration as you look into your potential rental revenue.
Consider the Home’s Condition
Homes or condos that are need repairs or upgrades will usually be available at a lower price. But this can mean more of an expense in the long run. If you don’t live nearby, this may mean that you’ll need to hire third parties to complete the necessary jobs. The larger the projects are, the more time they’ll take, the more expensive they’ll be, and the longer your new investment property will be off the market. The costs of repairs can quickly add up, especially when you remember that you’ll also need to furnish your home or condo and stock it with things like dishes, utensils, and appliances.
Calculate Your Potential Income
Your realtor will be able to help you identify those rental properties that have historically had a gross rental income that comes in between 5 to 10% of the purchase price, which is ideal. Then, you’ll need to figure out how much things like insurance, utilities, taxes, housekeeping, and property management fees, among others, will cost you. Don’t forget that not all ski seasons are created equal. Some ski seasons will bring far more guests to Breckenridge than others.
Decide How Often You’ll Stay in Your Property
If you plan on visiting Breckenridge frequently and staying in your investment home, make sure you factor your preferences into your decision as well. If you plan on spending more time in town during the summer, that means that you can capitalize on winter guests and vice versa. But if you won’t be coming to Breckenridge at all, you can make your choice based solely on which locations, amenities, and other items will get you the most rental income.
What are the Best Locations in Breckenridge?
As you probably already know, there’s no shortage of beautiful locations in Breckenridge. But not all locations get the same amount of visitors. Some locations are more popular in the summer, others in the winter, and still others get a steady stream of visitors all year long. If you’re not sure which location in Breckenridge you should consider as you look into purchasing a vacation home or condo, here’s a quick look at some of those that are the most popular among visitors.
Main Street / Downtown
Properties close to Main Street are popular among renters throughout the year. Not only are these properties within walking distance of shops and restaurants, but they’re also close to Carter Park and the Riverwalk Center. Some properties are also just a short walk from the lifts or the Gondola and many of them are on the shuttle route. In this area, there are homes, condos, and townhouses of older and newer construction.
Peak 7 is located on the north end of the ski resort. It’s home a variety of large, luxurious homes that are spread out, giving them a private, secluded feel. Some properties offer ski-in/ski-out access and some are within walking distance of the Gondola. Peak 7 also features some ski-in/ski-out condos. It’s a popular choice among those visitors who like to be a bit off the beaten path while also enjoying high class accommodations.
Peak 8, with its mix of homes and condos, is an incredibly popular location in the winter as many properties boast ski-in/ski-out access. Guests can easily walk to the Gondola as well as the the Colorado and Rocky Mountain SuperChairs. Many properties are also on or close to the shuttle route. The base area hosts concerts and festivals all year long and, in the summer, the Epic Discovery Fun Park opens up on Peak 8.
Located at the base of Peak 8, the Four O’clock neighborhood features homes and condos, many of which have ski-in access. This neighborhood is popular throughout the year thanks to its convenient ski access and the fact that it’s within walking distance of Main Street. As an added bonus, many Four O’Clock properties have amazing ski resort views.
The Peak 9 area primarily includes condos, but some private homes are here, too. It’s a popular choice for families and those learning to ski as it’s home to two ski schools. Guests will enjoy easy access to the Beaver Run and Quicksilver SuperChairs while also being just a short walk or shuttle ride of downtown Breckenridge. Properties are primarily ski-in/ski-out or within a short walk of the lifts.
In the Warrior’s Mark neighborhood, you’ll find condos, townhouses, and luxury homes, most of which boast amazing mountain views. The lifts and downtown Breckenridge are just a short shuttle ride away. There are also resident-made trails that will take you to the Quicksilver SuperChair. Warrior’s Mark is a popular choice among visitors in both the winter and the summer.
North Breckenridge features several subdivisions, all of which have newer construction townhouses, condos, duplexes, and homes. These subdivisions are close to the Breckenridge Golf Club and the Gold Run Nordic Center. They are a bit further from downtown and the ski resort, though. There are private shuttles available for some properties and at the entrance to the area, there’s a free shuttle stop.