While the number of sales have held steady, the average price per square foot at the condos went up from $279/ Sq. Ft in 2013 to $303/ Sq. Ft in 2014. One Storm Meadow Townhome sold in 2014 for $873,900 and it’s not included in the average $/Sq. Ft calculation above.

Search for all Storm Meadows Condos currently for sale, or scroll down to see the sold stats.

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So to optimize your return, the obvious solution is to rent it on a nightly basis to other Steamboat visitors when you’re not here and make some extra money.

What makes this question hard to answer is because there are many unknowns in renting your place. Sometimes the condo you choose is going to have rental history numbers. This is a good number to look at so you know the future potential for rentals. But obviously it is not guaranteed that it will produce the same income in the future.

What if it’s a worse winter than last year? If Steamboat has no snow, the skiers are less likely to visit. Or it may be a better year, who knows? When will you be using your condo? If you’re using your condo during peak periods such as Christmas and New Year and spring break, your property won’t make as much in rental income.

Another reason why it’s hard to say what your rental income will be is because you have tens if not hundreds of choices when it comes to management companies. Most association management companies will also provide nightly rental services to owners, and most owners will go with those companies to save on the hassle of employing a different firm.

While some condo complexes in Steamboat do not allow the owners to hire an outside management company for nightly rentals, at most properties you do have a choice.

Recently, I was showing two bedroom two bath condos to a couple who wanted to stay at their property in the summer, and rent during the winter season. They wanted to maximize their income during their winter rental period and had asked me about rental numbers.

The unit we looked at had rental history from the management company that also managed the HOA. To have a thorough comparison, we also looked at the rental history for 2 other similar condos in the same complex. One was managed by a different management company and the other was managed by an owner through VRBO®.

The differences in the rental income were staggering: 26K for one company, 51K for another, and the vrbo property reported over 80K in gross income!

Finally, you have to know what the management fees are for the company you’re hiring to rent your condo. You may think that the gross numbers are great, but then you find out that the company charges 45% for the service, and you’re left with just a little over 1/2 of the gross rentals. Not as great as you thought, huh?

So when you ask us for the rental income history for condos, please don’t be surprised when we say “it depends”!

For more information about best income-producing properties, give Kasha Banas a call at (970) 846-8284 or email her at [email protected]

The post How much can you make from renting your condo? It’s a hard question to answer! appeared first on Steamboat Ski Condos.

• Ongoing maintenance of a property– It costs money to maintain a property. In Steamboat, this can add up pretty quickly. The main expenses you’ll face owning a second home are yard maintenance in the summer, and snow removal in the winter. Other things inclu
• Who keeps an eye on things when you’re around? You might have to hire someone check on things. Most HOA’s will monitor things when you’re not around. Especially when there is a cold snap, or a leaky roof, or anything worrisome going on, most HOA’s will send their maintenance people around to make sure there are no issues with the individual units within the development. If you own a single family home, you might want to have someone check on things on a regular basis so things like a pipe leak or a broken window don’t go unnoticed.
• Fewer bills to pay each month– Many of the local HOA’s will include many utilities as part of the HOA fees. Not having to set up water and sewer, trash service, cable, building insurance and then having to pay for it on a regular basis can get tiresome. Most HOA’s cover most of these expenses. The most common expense that is not covered by the homeowner’s association in Steamboat is electricity. Even then, it’s one or a couple of bills instead of multiples.
• Other amenities– Unless you’re buying a multi-million dollar property, most homes in Steamboat don’t have pools, tennis courts, shuttles, etc. Some might have a hot tub, but then you’ll need someone to maintain it regularly. When you own a condo in Steamboat that has many of these amenities, you feel like you’re on vacation. You don’t have to leave the complex to enjoy all these perks, and they are all included in your HOA fees.
• Stress less vacation. Sometimes a second home can become a second job. You come to Steamboat to relax and enjoy everything this great town has to offer. If you come home and the heat is not working or there’s a leaky roof, you might spend most of your vacation trying to get it fixed. Most people don’t want to do that on their vacation!

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