Having a vacation rental home (or several units) in Aspen is an excellent investment. This is a popular luxury resort destination with activities for all four seasons. There is much to do and enjoy in this mountain paradise all year round, from the fantastic skiing in winter to the hiking, biking, golf, and fishing in summer.
You will find numerous reasons to purchase an investment property in the Roaring Fork Valley. You might use it as a second home or vacation property for certain times of the year. During the other time, you can rent it out. You may earn a decent income while also watching the property value go up over time if you rent your home or condo. The Aspen real estate market continues to expand, and house values in this location continue to rise every year. It is one of the world's most sought after active luxury markets!
While property prices remain high, it is apparent that the Aspen real estate market is an excellent long-term investment. Let's take a look at what this neighborhood has to offer the potential buyers.
Aspen-Snowmass Continues To be A Popular Tourist Destination
Whatever happens around the globe, travelers will continue to flock to the Aspen-Snowmass area because of its beauty, recreational options, and relaxed, affluent lifestyle.
Aspen is a world-class skiing destination with numerous opportunities and terrain for both experts and beginners. Hikers, cyclists, and outdoor enthusiasts who like horseback riding, rock climbing, fishing, and other activities go to the Roaring Fork Valley.
Throughout the year, Aspen offers many popular events that draw tourists of all types. Highlights include the X Games Aspen in January and the Food and Wine Classic in June, which is the ultimate gourmet experience. If you want to acquire Aspen real estate to rent it out for the short term, there will be many interested tourists seeking a place to stay.
While some mountain communities are built entirely on their ski prospects, Aspen is a flourishing community all year round! Visitors are often drawn to Aspen for its magnificent winter natural beauty and excellent skiing conditions, but many returns to enjoy the city's amenities throughout the hot summer. Surprisingly, Aspen collects more sales tax during the summer than it does in winter! People have discovered that Aspen is more than just a snowy tourist destination - it's also a great place to live.
Residents appreciate the sunny natural beauty of Colorado during the summer for rafting, hiking, biking, fishing, horseback riding, golfing, or even paragliding! There's never a shortage of exciting activities to do in Colorado.
Ride down 25 miles of exhilarating downhill trails at the Snowmass Bike Park, which is suitable for mountain bikers of all skill levels. Bring the whole family to the Lost Forest for an exciting adventure that includes a climbing wall, ropes challenges, hiking trails, disc golf, and even a zip line tour!
Residents who enjoy the great outdoors will enjoy trekking the Maroon Bells, two of North America's most photographed summits; these Twin Peaks remain snowy even in the summer when the pathways are blooming with flowers. Cycling and camping are the two most popular activities at Maroon Bells.
Aspen real estate isn't overpriced - the luxury residences are magnificent and have made their place as one of the most coveted ski destinations in the United States. These properties are magnificent and vast, with an average luxury property size of 8,781 square feet. Over the last decade, an increasing number of high-end buyers have flocked to Aspen, and this trend is projected to continue in the future.
Rental During Off-Season
Despite Aspen's year-round popularity, you may choose to spend some time elsewhere; perhaps you're a frequent traveler, or maybe you'd like to spend time at another property during the summer. Don't be concerned! Because Aspen homes are so in demand, you'll have no trouble renting out your property if you so desire.
Property on the lower end of Aspen's home pricing spectrum can rent for $5,000 to $7,000 per month; however, if you've invested in a luxury home, you'll be able to rent it for much more. This might be a terrific method to create additional income, making your property a fantastic long-term investment.
Mortgage Interest Rates Remain Low
If you're looking to buy a condo in Aspen for personal use or to rent for extra money, there's no better time than now in terms of mortgage interest rates. As of May 13, the rate on a 30-year fixed-rate mortgage is only 2.991 percent, while pre-approval and a 15-year fixed-rate mortgage provide rates of only 2.105 percent. While those who take out second loans for vacation or rental properties will pay a slightly higher rate, they will profit from a once-in-a-lifetime opportunity to save money on interest and monthly payments.
Though no one can forecast the future, Aspen real estate agents understand that these rates will not stay for an indefinite time, and are advising their customers to buy now before the rate increase.
Values and Prices Continue to Increase
In April 2021, the typical list price of residences in Aspen was $1.6 million, up roughly 73% from the previous year. Though real estate experts are not expecting such a dramatic increase in 2022, they are convinced that property prices and values in the Aspen-Snowmass area will continue to rise. When you acquire an Aspen condo for sale, you can be confident that your investment will slowly increase in value over the next several years.
Are you prepared to make a real estate investment in 2022? If you are looking to buy a primary or vacation house, or if you want to buy a property to rent out and earn extra money, Aspen should be on your list of places to look.
The real estate market in this part of Colorado is booming, and now is the time to capitalize on it. Buying an Aspen luxury real estate is a good idea, so discover a resort home that suits your requirements.