buying a home from a distance

Thinking Of Buying A Ski Condo? 4 Things To Decide Before You Sign A Contract

23 October 2017

Jeffery Wright

For ski aficionados, owning a ski condo is a dream vacation plan. But before you jump into a contract, it's important to understand how to make the best vacation home decision. Here are 4 key things to do as you before and during your ski home for sale search.

​Learn the Area's Amenities. What the condo complex offers is one part of the amenities you'll experience as a vacation home owner, but what the town supplies is another. Look beyond the complex and learn how to get along as a resident of the town. What are the transportation options? Ski towns can be hard to get around in during the snow season, so what public transport exists? How are grocery store and other shopping offerings? What are the prices? Can you find things that are important to you?

Look at Rental Income. One of the best ways to pay for a second home is to rent it out to other skiers while you're not using it. If you think that being a short-term landlord might be a good option for you, though, you should give some thought to how your condo will appeal to renters. What extras can you offer? How convenient is it? What prices can you reasonably expect from renters? Talk with your real estate agent about the market for rentals both on and off season.

Understand Your Needs. If you're going to invest in a vacation property, be sure you will use it sufficiently. Assess realistically how much you will travel there, and if choosing a different location will help it be used more often. What other entertainment options exist in the area? What amenities can you not live without? How many people will you let use the place, and what would they need to have an enjoyable trip? Buying a home that doesn't fit your lifestyle will only result in a waste of money, so be honest with yourself about what you really want. 

Establish a Budget. Finally, keep in mind that this is a financial investment that you don't want to become a burden. Avoid this problem by ensuring that you can fit the costs of the ski condo into your monthly budget. Talk with mortgage brokers about the additional requirements of a second home mortgage. Learn about condo association fees as well as utility averages in the town. Even if you'll be renting out the unit, be prepared to cover the basic costs each month without any additional help.

By spending some time learning about the practicalities of ski condo ownership, you can find a property that makes you happy and keeps your wallet in good shape.

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