Ski-in Ski-Out Colorado anyone?
I am considering a life hack and wondering if anyone has real data or life experience that could help me make a decision. The basic plan is to purchase or build a ski-in ski-out house or duplex in Colorado. I may never use it to ski. However, I would lease out my house in Austin and live there in the summer. Think: snow bird (but escaping heat). Assume I do the marketing but outsource the operations to someone.
Here are the questions:
1. Could I "live for free" in the summer on the ski season income? What if I also discount the carry costs of the 3 months I am there?
2. I want to own the dirt. Will this plan work with a cabin/house/duplex instead of condo?
3. Should I go luxury/middle/cheap? Where is the real bang for buck? Obviously, I would prefer nicer but would rather make the best financial move.
4. Should I buy or build? Given the lots I have seen, seems much cheaper to build but maybe I am really (2x) underestimating construction costs in ski areas. What are your costs to build?
5. What is the best mountain for this and why? http://www.coloradoski.com/resort-season-dates
6. Is ski-in ski-out short-term the best idea? I picked that because I want to focus on maximizing the ski season income but maybe you have a better idea. Cheaper area? Seasonal staff rental? Student rental (Gunnison)?
Not sure if anyone has a crystal ball with these kinds of answers but I figured I would ask. I could answer all these questions pretty well for Austin but I am at a total loss for a ski town.
I will be backpacking up there next week and may go radio silent on this thread for a few days. I will obviously ask around while I am there but I figure you guys probably think more like I do than the average agent. Also, BP is based in Denver right? So, someone here has to have answers...
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You'd want a house with a mother in law suite. That way, you could stay when every you wanted and rent out both. Anything at a Vail resort or similar will be astronomical in price as far as homes go. Beaver Run condos in Breck gross $35k+ a season, but that comes at a price.
I'd avoid renting to staff or college kids. You can find homes in Summit county that are close to the ski areas starting at $300k.
$250-300sqft to build a luxury home there.