After living in a cramped New York underground apartment, many city dwellers love renting or owning a luxury home near the beautiful Colorado Rockies. Investing in the Colorado real estate market makes sense with the current residential housing trends. Luxury home owners in New York, for example, gravitate to Colorado because of outrageous real estate costs in the Big Apple. Also, baby boomers want to get away from the hectic city life and enjoy the certain lifestyle that comes with wide, open Colorado spaces. According to a recent article by The New Haven Register, home buyers in New York pay millions for underground apartments. In fact, Brooklyn could become home to legal basements and cellar apartments to handle the housing crunch. When investing in Colorado real estate, play up the outdoor assets and cozy amenities. Create outdoor living spaces with outdoor kitchens. Invest in homes with decks, balconies and cozy fireplaces.
Renting out to the part-time tourists
Some New Yorkers gravitate to Colorado because it’s a bit of a “resort” market. Consider buying a home in Colorado that can be rented out during the popular months for visitors from cities such as New York and D.C.
Buying an investment with a view
Make sure to buy a real estate investment with a view. Mountain charm is the draw for many city dwellers. Experts say a surge in wealth due to the stock market and housing boom is creating a huge second home market. So if you decide to sell your luxury investment property in a few years, expect rapid home appreciation. But the key is a stunning view of the mountains as well as access to Colorado’s quintessential activities such as hiking.
Colorado and Hawaii enjoy some of the fastest luxury price growth results in the country. In fact, the areas are beating out San Francisco and New York. Moreover, 8 percent of vacation buyers believe it’s a good time to buy real estate, according to an article by VailDaily.
At The Principal Team, we believe people should invest in real estate during the current housing boom. Owning a second real estate property gives you greater options, helps build wealth and protects you with financial diversification. For more tips on investing in real estate, please contact us.