If you’ve found your dream home, you may have dreams of a second vacation home. Say you spend your winters in Park City hitting the slopes. If so, have you ever thought about buying your very own ski property so you don’t have to worry about going through the trouble of booking great lodging every time you’re in the mood to ski? Here are a few great reasons to consider buying a property for the sole purpose of skiing.
You’ll Have a Ski Home Away From Home
It’s great to get away every now and then. What’s not so great is having to go through the trouble of finding a great hotel at an equally great price. Nothing ruins a great getaway fasterthan a hotel with hidden fees, bedbugs, noisy guests and poorly surveilled parking lots. By buying a Park City ski property of your own, you don’t have to worry about a lack of vacancies or poor housekeeping staff.
You Can Rent the Property Out
There may be a year when you change your mind about heading to Park City to get in some skiing. Rather than let your real estate investment sit empty all season, you can rent it out to someone who is in the mood for skiing. You can also rent out your property when you aren’t using it for the rest of the year. That way, you’ve got an extra flow of income you can save, spend or invest however you see fit.
You’ll Enjoy Close Proximity to the Lifts
Depending on the location of the house or condo, you may be lucky enough to score what’s known as a ski-in, ski-out property. That means you live close enough to the lifts that you can easily ski to them from your property and ski back. This cuts down on your travel time and increases your ski time. If you’re unable to find a ski-in, ski-out Park City property, look for something that’s on a shuttle line. This level of accessibility may be well worth the cost of finding such a gem.
Your Property Retains Its Value
While the real estate market fluctuates just like the stock market, vacation properties are unique. This is because there’s limited space to construct properties on mountains. By scooping up a ski property in Park City, you’re more likely to see your property retain its value and potentially appreciate in value. That said, you still want to do your research to fully understand how the money you invest in a ski property will manage the future whims of the market. Remember, there are no guarantees.
You Can Take Advantage of Tax Deductions
Depending on how you use your ski property, you may have the chance to take advantage of tax deductions. Specifically, as long as you don’t rent the property out for longer than two weeks out of the year, the interest on property taxes and the mortgage become tax deductible. You’ll want to speak with an accountant familiar with vacation properties to understand more about this, though, just so there aren’t any unfortunate financial surprises when tax season rolls around.
Rather than spend another dime on hotels in Park City every winter, look into ski properties. As you can see, there’re plenty of advantages to enjoy while you get in some great skiing.