Steamboat Springs real estate has plenty to offer future residents. Home to a few incredible ski resorts, Steamboat Springs somehow still manages to feel like a small town despite the influx of tourists during the winter months. Even in the summer, however, visitors flock to the
hot springs and
gorgeous town center.
For many, Steamboat Springs real estate is more than just a fun place to visit. If you’re thinking about investing in Steamboat Springs condos for sale or commercial real estate, there are several considerations you should keep in mind.
These are the three easiest ways to invest in real estate in the area today. Start padding out your investment portfolio, and set yourself up for a lucrative future.
Short-term rentals
Airbnb, Vrbo, and
other short-term rental sites are huge in most tourist towns, and Steamboat Springs real estate is no exception to that rule. While there are
plenty of resort rooms available for those only staying a day or two, many families or larger groups travel and want the convenience and safety of having their own private space, away from crowds. This is where you, a potential property owner, can come in.
Steamboat Springs condos for sale can make the perfect investment opportunity for those looking to start their real estate portfolio for short-term rentals. A condo is great for an investor like you because you don’t need to worry as much about upkeep and maintenance. You’re not hiring out lawn care in the summer, and you don’t have to worry about building upkeep. Just furnish and keep up with the unit itself, and you’re making money.
There are concerns with Steamboat Springs condos for sale as short-term rentals, of course. Some condo associations won’t allow it at all, and those that do often have strict rules for just how often in a month you can rent it out. If you rent to the wrong group of people who end up having a party, your neighbors can cause a lot of issues.
Single-family homes are an option for short-term rentals as well. Steamboat Springs real estate has a large variety of home styles and sizes, so you can find something which fits well within your potential budget. If you’re not sure what a home might rent for, looking at online listings for similar rentals will give you a better idea. You can also talk to your realtor and see what they can recommend when it comes to pricing.
With short-term rentals, remember that it is very seasonal. During the ski season, you will see the most visitors and, during the summer, renting will slow considerably. Tourists still visit Steamboat Springs real estate in the summer, but there are fewer of them, so prices and demand will change.
You can make a lot of money with this, but remember your time and expenses add up, too. Not only do you have to furnish your unit or home, but a cleaner needs to come in between every stay. This cleaner could be you, but more likely, it will be someone you have to hire. There are protections for homeowners on many of the websites which allow short-term rentals, but there is still an inherent risk.
Long-term rentals
This is the classic investment property situation. If you’re looking at Steamboat Springs condos for sale or single-family homes for a longer-term rental, you’re in luck! While Steamboat Springs real estate market is up, so are rental prices for long-term rentals. Depending on the size and location of the home, you can easily get $2,500/month for a smaller studio apartment to $5,000 for a larger home.
Those who look at Steamboat Springs real estate rentals are often either working in the area or are a visitor experiencing the neighborhood as a local before they commit to actually buying a property. This is a very different type of renter than someone looking at a short-term rental unit.
There are obvious benefits to long-term rentals. You most likely don’t need to furnish the unit – though some in the area are at least minimally furnished – as it depends on who your ideal renter is! You won’t need to clean the unit every week, and you don’t have to worry about booking stays just to cover the mortgage.
Things to keep in mind if you’re looking at Steamboat Springs condos for sale as a long-term rental option is, as always, the condo association. While many condo associations have no problem with long-term rentals, you should always double-check before you put an offer in. Make sure you understand all the regulations before you commit.
Commercial real estate
Finally, there is commercial real estate. Steamboat Springs real estate is gorgeous and vibrant, and there is a lovely local downtown area that
thrives during the ski season. If you’re interested in owning commercial real estate local to you, or you want to support the community with your investment portfolio, this could be a great option.
There are a few things to keep in mind before purchasing commercial real estate of your own. Does the location already have a tenant, or will you need to put it up for rent to encourage a new business to start? If there isn’t already a tenant in the location, why isn’t there? Is there something wrong with it? How much is the rental potential of this particular piece of Steamboat Springs real estate, realistically? Does work need to be done to the building or the area to make it usable? Some Steamboat Springs real estate dates back
over a hundred years and often requires at least some renovations.
This is not to discourage you from looking at commercial Steamboat Springs real estate at all, but as something to keep in mind while you’re looking at properties. The traffic the location gets and the condition of the property should be at the forefront of your mind. A strong realtor who knows the area can make a big difference when you’re looking at commercial real estate because they will be able to give you a better idea of what locals think of the location and what potential it has.
Look for Steamboat Springs real estate
If you’re ready to set yourself up for success and start looking at Steamboat Springs real estate investments, please don’t hesitate to reach out to
Cheryl Foote today for expert guidance. Cheryl has worked with some of the best Steamboat Springs condos for sale and has lived in the area for over 25 years. She knows the ins and outs of the area and can set you on the right path when it comes to finding the perfect investment opportunity for you.
