How to Choose What's Right for Your Mountain Home

Congratulations! You've made the decision to start your search for a mountain home. Now it's time to decide what type of property is right for you. Let's talk about the pros and cons of each!

 

Condominiums

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Generally speaking condominiums are the least expensive option in Summit County but that's only due to their smaller size. In fact, condominiums actually have the highest price per square foot of the three options. As of the date of this post, condominiums throughout Summit County have a median sold price of $609/FT. So what are the benefits that justify this higher price per SF: 

  • Location, Location, Location-Condominiums buildings are going to have the best access to whatever you want to access. Whether that be ski-in-ski-out access or main street dining just out your door condominiums offer the best access.
  • Amenities- The majority of condominium buildings offer some sort of amenity. In our market, a community hot tub is a fairly standard offering. Some complexes offer private pools, tennis courts, fitness centers, game rooms and more. The highest end offerings could include a private shuttle or access to private lakes for fishing and paddle sports. Don't forget that these amenity spaces aren't included in the price/SF I mentioned above so you're actually getting a better price/SF than it appears. If you value the use of amenities, condominiums are a great way to go. 
  • Low or No Worry Maintenance- When you buy a condominium, you are buying the space inside the walls of your unit. For most buildings this means that you won't need to worry about a vast majority of maintenance expenses. If the water heater or furnace goes out, that will likely be an issue central to the building and not your sole expense. HOA's keep a reserve of funds for these emergency repairs. You can also count on the HOA to deal with things like building repainting as necessary, parking lot maintenance, snow removal, etc. 
  • All Inclusive Dues-Many Condominiums include all inclusive dues of all of your utilities. This even encompasses cable and internet service. What that means for you is that you can budget a fixed amount every month for your cost of ownership. As opposed to a single family home where your heating bill can spike in December. The HOA also is able to negotiate collectively to receive better rates for things like internet service. So next time you seen an HOA fee that seems high ask me what is included rather than writing off the property all together. 

So what are the cons? 

  • Homeowners Association-is HOA a bad word? Maybe. We've all heard the story about the resident HOA snitch who goes around reporting neighbors for violations. Let's call her Glenda. Maybe your Christmas wreath on your door violates some obscure rule, does it affect Glenda? No. Is she going to report you anyway? Absolutely!  In reality, HOA's are generally a benefit. They protect your asset and  your property value. They also make sure someone isn't in your parking spot when you arrive later than you expected because of the Blizzard on I-70.
  • Space and Privacy-If your dream is to get all of your friends and family under one roof, condominiums are probably not the way to go. While it's possible to host a super bowl watch party in your condominium, uncle Jerry may not be happy sitting on that wooden barstool for 4 hours. Likewise, if you want a private hot tub, let's explore a townhome or single family home. 
  • Neighbors-This is pretty self explanatory and is hit or miss. You could have great respectful neighbors but suddenly they decide to sell their property. I'm sure almost everyone has lived in an apartment building before with noisy upstairs neighbors but if not, below is a video for you. I generally prefer top floor units or any units in concrete construction buildings. 

 

Townhomes and Duplexes

The best of both worlds! Modern townhome and duplex architecture has evolved to a point where once you're inside, you will be fooled to think you're in a private single family home. Many duplex neighborhoods use clever design to make sure that the few shared walls will not effect your experience. Take for example this floor plan from the Lakota Duplexes in Winter Park, CO. You'll notice the shared wall (bottom) does not border your sleeping spaces, this property also featured staggered decks for privacy. 

 

Pros: 

  • Lower starting price point than single family home. Generally speaking starting in the $700K-$800K range for Summit County (sometimes less expensive). Some luxury duplexes in prime areas can go as high as $2 Million. 
  • More privacy than condominiums.
  • Garages are common. You may need to compromise for a one-car garage or a two-car tandem garage
  • Some complexes have amenities like an owners clubhouse or a private shuttle to the ski area.  
  • Homeowners Association is commonly in place to maintain the appearances of the properties and take care of exterior issues. At a minimum you will likely have a party wall agreement with your neighbor to structure maintenance costs.
  • Shared expenses such as snow removal

Cons: 

  • HOA fees can add an additional expense. Particularly if you don't have interest in using amenities. 
  • Typically smaller garages than a single family home.
  • All Inclusive HOA fees are less common than condominiums so you will have more variable expense.

 

Single Family Homes

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With a median sales price of $1,525,000 the Summit County single family home epitomizes mountain luxury. If you want a property for big family gatherings or for maximum short-term rental revenue, the single family home may be the route to go. Because single family homes are on individual lots you have more privacy and separation from your neighbors. And depending on if you're located in a covenant controlled community, you will have more freedom in how you use your property. Say you'd like to store a snowmobile trailer or a boat at your mountain home, we can find you a property for that. Conversely, some of the newer developments are covenant controlled homeowners associations to maintain a certain aesthetic.

Another great benefit, is some single family home lots may be eligible to accommodate an Accessory Dwelling Unit (ADU). Think of this as an additional apartment on top of your detached garage. Rent it to a trusted local tenant for extra revenue and the security of knowing someone is nearby to check on your mountain home. Summit County also has programs to waive water and sewer tap fees for a locals housing ADU and they are discussing new benefits. 

Pros: 

  • Maximum Rental Revenue
  • More privacy than condominiums and townhomes
  • Private garages, land, and detached storage areas
  • Potential to add an Accessory Dwelling Unit  
  • Neighborhoods with and without homeowners associations are available. Reach out and I'll help you focus your search depending on which you prefer
  • Flexibility on how you use your property

Cons: 

  • Median Price is higher than other property types
  • Higher variable expenses and more maintenance items to stay on top of
  • Snow removal costs