It is no secret people want to work, live and play in Colorado. We have seen some of the largest increase in home value and population throughout the country. Denver is becoming home for many tech start-ups and Fortune 500 companies, which means home to millennials and young families alike. With a city growing and world-class recreational opportunities only 72 miles away, wanting to own a second home or lifestyle property is a natural progression.
So how do young people get in the Summit County market at prices they might not initially be able to afford? I have one word, partnerships. In today’s real estate market, many people are using LLC’s to own property in several capacities: family trusts, investments and of course today’s hot topic, partnerships. Purchasing property amongst one or two friends allows the cost of real estate to be disbursed evenly amongst the group; and there you have it, you own a mountain property. Forming an LLC takes the emotion and risk out of purchasing a property with friends, while affording the utopian lifestyle of having a home in the mountains where you can ski, bike, hike and partake in all of the activities. All the while, the timing for an affordable mortgage by splitting the cost with partners in addition to record low interest rates makes sense as a financial choice as well as sustaining an investment you can actually enjoy. Colorado shows no signs of it’s population boom decreasing, so why not enter the market now while there is still opportunity? The concept of having a property in a beautiful place with your favorite friends is not a pipe dream, it’s actually a smart way to invest. Enjoying a lifestyle that lends itself to having the perfect mountain getaway might just take a little creativity and a group of like-minded comrades.