With beautiful scenery, excellent amenities, and a wealth of exciting activities on offer year-round, Colorado Springs is the ideal place for a vacation home. The biggest question that people have about vacation homes in Colorado Springs is whether to rent or buy a property. 

Buying a vacation property can give you a guaranteed place to escape to on holiday and potentially bring in income and build equity. However, renting a holiday home for the short-term can free you from maintenance costs and other financial obligations.

If you’re wondering whether you should rent or buy a vacation home in Colorado Springs, these are some pros and cons to consider.

Pros of Buying a Vacation Home in Colorado Springs

Owning a vacation home can provide many benefits for your well-being, finances, and family life. If you can afford to buy a second home, these are some of the rewards you might reap.

Your Own Private Escape

The most obvious benefit of buying a vacation home in Colorado Springs is that you will have your own place to escape to on holidays. Forget about scrambling to find an Airbnb and paying hefty high season rates. You’ll have your own personal and private retreat waiting for you where you can create years of fond family memories.

Potential Rental Income

Many people who buy second homes rent them out when they are not using them. Rental income can help pay down the mortgage, cover taxes and maintenance costs, and even bring in a profit. A property management company can help you run your rental property like a business.

Build Equity 

A vacation home can be an excellent investment, as it can build equity over time. The more you pay down your mortgage, the more equity will be available to you. In addition, if your second home appreciates in value over the years, you may be able to sell it at a profit.

Pros of Renting a Colorado Springs Vacation Home 

Not everyone can afford to buy a second home, so if that’s the case, you may be better off renting. Here are a few reasons why you might opt to rent instead of buy a Colorado Springs vacation home.

Few Additional Costs

When you rent a vacation home, you typically just pay the rental rate and perhaps some small additional fees for extra services and utilities. You don’t have the responsibility of covering the mortgage, maintenance costs, insurance or property taxes.

Opportunity to Experience Different Areas

Renting gives you the freedom to try different parts of Colorado Springs. You might try a different neighborhood every time you visit, or even try a number of different homes in various communities on the same trip. From Central Colorado Springs to Monument and Manitou Springs, there are plenty of unique spots to explore.

Wood and stone vacation home in Colorado Springs mountains

Cons of Buying a Colorado Springs Vacation Home

A home is a big investment, whether it's your primary residence or a vacation home. It’s important to be aware of the potential burdens of owning a second home.

Added Expenses

Like any home, a vacation property costs money to maintain and can even incur extra expenses. You will have to pay mortgage interest, repair and maintenance costs, property taxes, insurance. Plus, you may have to pay for listing fees and property management services if you decide to rent it out.

Renter Wear and Tear

Renting out your vacation home can take a toll on the building. Renters tend not to be as careful in a rental property as they would be in their own home, so you may find that things are constantly getting broken or worn out.

Cons of Renting a Vacation Home in Colorado Springs

Renting a vacation property comes with its own set of burdens that go beyond just the hassle of searching the perfect holiday property.

High Rental Rates

Unless you are traveling in the off season, you can expect to pay high rental fees for a Colorado Springs vacation home. During the summer and winter, high demand causes rental rates to skyrocket, so you may be paying top dollar for a place to stay.

Living in Someone Else’s Space

No matter how comfortable your vacation rental is, the fact remains that you’re staying in someone else’s home. Everything from the artworks to the furniture and cooking utensils belong to someone else, and if anything breaks, you will have to pay to replace them.

Buying a vacation home can be a great investment, but also one that you don’t want to take lightly. If you’re considering purchasing your own Colorado Springs vacation home, we suggest renting a few properties first to get an idea of what areas you prefer and what to expect from Colorado Springs real estate.

Interested in learning more about vacation homes in Colorado Springs and the surrounding areas? Contact us online or call 719-598-4700 to speak to one of our local real estate experts today!

 

pathway leading to the garden of the gods, just outside Colorado Springs, CO

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