5 Reasons To Buy Okemo Mountain Vacation Home
With the stock market in turmoil, many people are looking for alternative investments. Most of us are scared to death of jumping into the market right now and wondering what to do with their nest egg…other than sticking it under the mattress.
Christine Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental marketplace) and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment, says buying a vacation home is an excellent home is a good investment right now.
Okemo Mountain home values are down right now, but history shows they always rebound, making a vacation home a great long-term investment. Christine doesn’t recommend buying with the thought of flipping it in a year, but buying as a long term investment.
You are probably asking why buying a vacation home is a good investment.
First, there are deals to be had. Prices are lower than a few years ago during the peak of the housing bubble. The excessive number of foreclosures is also keeping prices down and inventory up, making sellers more negotiable.
Interest rates also remain reasonably low, with rates hovering 6-6.5 percent. If you have good credit, there is mortgage money to be had.
Below are Christine Karpinski’s 5 Reasons Why the Vacation Home Rental Market Is Holding Strong…Even in our Weak Economy
1. It’s easy for consumers to find information on vacation homes. By visiting respectable websites travelers can quickly find the vacation home that’s right for them. HomeAway’s network of vacation rentals includes over 300,000 properties all over the world, making it possible for almost anyone to find one within a two- to three-hour driving distance from their home.
2. Vacation homes tend to be less expensive than hotel rooms. This is especially true if you’re traveling with extended family or a group of friends. HomeAway recently contrasted a three-bedroom vacation rental private condo in Orlando with a popular three-star hotel and found that the condo was cheaper by more than $1,700! “That’s a big difference, and in a tenuous economy it seems even bigger,” notes Karpinski.
3. When airfare gets expensive, people start taking road trips instead. Even with gas prices relatively high, it’s still far cheaper to drive a couple hundred miles to your mountain cabin than to fly to some lavish vacation destination. “Even with the bad economy, people need to take vacations,” says Karpinski. “In fact, psychologically, they may need to get away more than ever. A fairly inexpensive stay in a nearby vacation home is the perfect solution.”
4. The weak dollar makes U.S. tourist destinations attractive to European travelers, whose currency is still strong. “On my recent trip to Hawaii, I noticed a lot of German tourists,” notes Karpinski. “And when I speak to many of the vacation homeowners I work with, they confirm that they’ve encountered a surprisingly high number of European travelers lately.”
5. Business travelers still need a place to stay. When corporations must meet with business associates-who increasingly hail from overseas-they need good lodging solutions. Enter the vacation home. “More and more executives are putting their guests up in vacation homes instead of cramped, impersonal hotel rooms,” notes Karpinski. “It’s a far more comfortable option; plus many companies work out deals with homeowners whereby they can get ‘volume discounts.’ It’s a win/win for all parties involved.”
Learn more about buying a Okemo Mountain vacation home by visiting ISellVermontRealEstate.com or give us a call, 800-659-1819 #103.
A slower Okemo Mountain VT real estate market is creating more of a demand for reverse 1031 exchanges. Properties are taking longer to sell making it difficult for sellers to adhere to 1031 exchange 180 day rules. But there is another option called a Reverse 1031 Exchange allowing for the roll-over of proceeds after closing on another property. Inman had a great article by Ilyce Glink addressing reverse exchanges. Read what she has to say:
Q: We are Canadian citizens who have owned a home in Fort Myers, Fla., for four years. There is no mortgage on the property.
We have put the property up for sale, and have made a down payment on a new house. We have bought and sold in the past, and I understand that as long as the new house is equal or higher in value, there are no capital gains taxes owed on the profits under IRS tax code 1031.
Okemo Mountain Real Estate: Is Cobuying A Second Home for You?
Craig Venezia is a nationally recognized expert on home mortgages, and the author of Buying a Second Home: Income, Getaway, or Retirement. Second-home ownership in Okemo Mountain is more popular than ever due to such factors as the shrinking American family, older and wealthier households, and new technologies for working from home. One out of every three homes purchased in the United States today is a second home.
If you dream of owning a second home, but realize it isn’t in your budget at the moment, cobuying an Okemo Mountain second home may be just what you need to make your dream a reality.
Listen to Craig Venezia’s podcast. It may help you decide if cobuying is right for you.
Learn more about buying an Okemo Mountain second home by visiting ISellVermontRealEstate.com.
Do I Really Need To Complete The Honey-Do List When Selling My Okemo Mountain Home?
That is the question all Okemo Mountain home owners should ask themselves when they consider selling their home.
The first item on the fix-it list: clear the clutter! If your closets, attic, basement, garage, and other storage areas appear neat, half-full and organized, your house will seem to have more storage space. To accomplish the clutter – clearing task, empty the house, hold a garage sale, and use the profits to help offset the next set of fix-it priorities.
Check your house for “curb appeal”. The exterior is the first impression a prospective buyer has of your home. Make it as inviting as you can. Think of it as outside decorating. Clean (or paint, if necessary) the exterior, re-sod brown spots and crab grass, mow the lawn, pull weeds, remove dead trees or plants, and trim the shrubs.
Flowers give warmth and personality to a home. Plant them tastefully in pots or beds at the entrance, on decks and around patios. If it isn’t flower season, at least clean the beds, remove the dead leaves, and cover the ground with fresh wood chips or other clean looking mulch.
If you have a limited budget, make the most of it. Put the money where it is most obviously needed and the return the greatest and most visible.
Fix Little Things
Take care of the little obvious things: fix leaking faucets, stop running toilets, replace broken windows, kill pet or mildew odors, repair holes in screens, remove mildew from tile, and re-caulk around bathtubs and sinks. Walk around; look at your house with a prospective buyer’s eyes. Small things tell buyers whether or not a house has been maintained.
A coat of light-colored, neutral paint-white or off-white-will make your home’s interior look crisper, cleaner, and also larger. Many buyers may not be able to imagine their sofa in your decor. White interiors work for the greatest number of people without their having to redecorate immediately. If you just moved, would you want to redo every room?
If the carpet is in reasonable condition, have it shampooed. If it is worn, threadbare or a non-neutral color, consider replacing it with beige or gray. You do not need to purchase the best quality money can buy. Lifetime wear is not required. You want it to look great now. Neutral walls and carpet do not offend anyone. Almost all furnishings look good with them. Rental property managers know this and have been doing it for years.
Consider having your house inspected by qualified inspector. Safety- and health-related items, such as radon and electrical problems could kill a sale if not properly attended to. It is much better to fix these items on your own time schedule and financial terms than hurriedly during a contract negotiation. Roof leaks, even if inactive, are also deal breakers.
What else do you fix amongst the inspector’s flagged items? Unless you can realistically get money back, fix only the problems with major systems. You want to keep your home’s selling price as low as possible to increase the pool of buyers.
Do not undertake any major remodeling in preparation for sale. It places more limitations on the size of your buyer pool. Tastes vary, and some people will dislike the results of your efforts. You will have to raise your selling price to reflect your fix-up investment, thereby pricing your home out of the range of other potential buyers.
A neutral color scheme in a house that sparkles brings you the highest return in the shortest time when selling your Okemo Mountain home.
Learn more about Okemo Mountain real estate at ISellVermontRealEstate.com or give us a call, 800-659-1819 #103.
You can’t turn on a TV, computer or radio these days without hearing about financial crisis America is experiencing and the proposed $700 million dollar government bailout.
It is still unclear how this legislation will affect every day folks like you and me, but there are some things we can do to protect our personal financial futures.
Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers, makes 4 suggestions for protecting ourselves in today’s troubled economy in an article on Rismedia.com:
1 – Make Sure Your Investments Are Protected Through the SIPC.
2 – Make Sure All Your Bank Accounts Are Covered with FDIC Insurance.
3 – Max Out Your Home Equity Line of Credit Before Your Lender Cuts Off the Limit.
4 – Stop Making Extra Mortgage Payments and Take Out a Mortgage Even If You Don’t Need One.
Please read Nicholas’s entire article to best understand his suggestions. They are so important, I did not want to try to paraphrase his comments.
If you have question concerning Okemo Mountain real estate, visit ISellVermontRealEstate.com or give me a call, 800-659-1819.
Not so long ago helping the environment meant recycling plastic and newspapers, but today it has evolved into “green” thinking and extends to our Okemo Mountain real estate, homes and living environments.
According to a recent NAR survey, nine out of 10 Realtors® said their clients are interested in energy efficient features of green homes and the potential cost savings of such features. An overwhelming 90 percent agreed there will be even more interest in green building practices a year from now.
Results of a Harris Interactive poll by Move, Inc. show potential home buyers consider “green” building features more important than luxury amenities. Almost half of the adults surveyed (49 percent) said features such as solar panels or energy-saving appliances were “important,” compared to just 31 percent who rated luxury amenities important.
Ninety-three percent of all home buyers are not willing to pay more for green or energy efficient features when building a home, according to a recent independent study commissioned by The New York Times Customer Insight Group.
However, a recent survey from Green Builder Media reports U.S. home buyers are willing to pay a premium for more environmentally friendly, green-built homes.
More than half of home builders surveyed (250 residential builders across the U.S.) said that buyers are willing to pay a premium of between 11-25 percent for green-built homes. The same builders report that the average green home buyer is between the ages of 35-50 with a college degree and fair understanding of green products.
Despite the conflicting statistics, the U.S. Green Building Council believes thinking “green” is an industry and Okemo Mountain real estate trend, rather than a passing fad; not only does it save on energy costs, it is better for our overall health and the environment as a whole.
Learn more about Okemo Mountain real estate by visiting my website, ISellVermontRealEstate.com or giving me a call at 800-659-1819 #103.
As of July 14, 2008, upfront MIP premiums became risk-based on credit scores and the annual premium increased across the board. Instead of the original plan of making FHA loans more affordable for potential Okemo Mountain home buyers; the new legislation is doing the exact opposite and makes it more expensive.
Details of the Housing and Economic Recovery Act:
Here are some key provisions of the Housing and Economic Recovery Act that most affect Okemo Mountain home buyers:
It remains to be seen the overall effect the Recovery Act will have on both the individual home buyer and the housing industry as a whole.
From the Experts:
“We’re going through a major financial crisis…let’s be clear: Fannie and Freddie can’t be allowed to fail. With the collapse of subprime lending, they’re now more central than ever to the housing market, and the economy as a whole.”
– Paul Krugman, Professor of Economics at Princeton and New York Times columnist, 7/14/2008
Okemo Mountain Second-home Sellers Pay For Tax Credits
You have probably heard, last week President signed into law the Housing Rescue and Foreclosure Prevention Act. This is the most comprehensive housing bill to be enacted in over a decade. The bill is designed to help more buyers of Okemo Mountain real estate realize their dreams, as well as, boast the struggling housing and mortgage markets.
One of the biggest benefits, and probably one of the most talked about provisions in this legislation, is the $7,500 tax credit to first time home buyers. Tax breaks are all well and good, but they have to be paid for somehow. While first time home buyers are getting a break, second home sellers will be paying for the $15.1 million dollars in tax cuts.
Up until the new legislation went into effect last week, homeowners could exclude up to $250,000 taxable profit on the sale of their home if they’re single taxpayers and $500,000 if married filing joint returns. The catch being, they had to live the in house as their primary residence for two of the five years before it is sold.
Many second home owners took advantage of this by moving into a property that was once a rental or vacation home, live there for two years prior to selling and benefiting from the tax-free profit.
Cute and Cozy single family on approx. 14 acres, with 1 bedroom, plus a finished upstairs that can be used for more sleeping room, game or family room. Updated bath, eat in kitchen, wood stove and very large wrap around deck with cedar hot tub,heated by woodburning unit.
Located across from the Black River surrounded by trees and a stream, only 9 miles from Okemo Mountain on the Shuttle Bus Route.
Own your own piece of Vermont with plenty of room for expansion!
Offered for: $199,900.00
Move-in condition ranch style home sporting 3 bedrooms, 2 full baths, formal dining room, updated eat-in kitchen, full basement. All the rooms are large and airy. The living room has a corner fireplace for those cold Vermont nights. The kitchen has one of 2 double doors. There is an attached 2 car garage with heat – plus another detached 2 car garage with separate driveway, electric and bathroom – How about a guest cottage?.
The manicured front and back yard make you feel as though you were in your own private world, but you can walk to the stores, bakery and post office.
Proctorsville (part of the town of Cavendish) is only about 3 miles from Okemo Mountain in Ludlow. The Okemo shuttle bus will be happy to pick you up as it travels back and forth to the mountain.
This is truly a home worth seeing!
Offered for: $349,900.00