Whether you’ve invested in luxury real estate or not, there’s always plenty to learn! Generally, real estate one of the best investments you can make, and at The Porches, we have luxury properties you will love. We make special effort to put our clients first in everything, and that’s why we’re going to take some time to educate you on common mistakes investors make. Read on!
Failing to Plan
- Want to plan as you go? Experts say that this is the biggest mistake you can make. Having a plan and sticking to it is the only way to come out on top in this process. Inexperienced investors do it backwards: they look for a home they think is a good deal and then create their plans around it. Don’t do it. Instead, make a plan and look for a house that will fit that plan.
- This is easier said than done, especially if you look at one property at a time. When you’re focused on one property, chances are good you will fall in love and abandon the possibility of other properties. Don’t fall into this trap. Keep multiple properties in play simultaneously. This will divide your focus and allow you to think clearly. View buying a luxury home as an investment, not a transaction. You’re investing in the future here!
Doing It Alone
- Because you’re building a bridge into the future, you can’t afford to act on your own. You will quickly find that a good team makes all the difference, and you’re only as strong as the weakest member. You’ll want a healthy relationship with a real estate agent, a closing attorney, and most likely, a lender. These people will guide you through the process and advise you when unexpected situations crop up, which they always do.
- The Porches offers another great opportunity for you to join a team: our fractional ownership system! We have created a structure that empowers people to maintain one of our world-class vacation homes and share it year-round. If you cannot afford the whole house on your own, you can join a few other people, pool funds, and take care of the house. Nobody can live in their vacation home year-round, so it makes sense to share both the expense and the enjoyment. If you are curious, we are ready to answer your questions!
Trapping Yourself
- If the luxury property doesn’t work out, do you have more than one exit strategy? Simply expecting to sell or rent it out isn’t good enough. It may not sell, or the real estate market may fall. The good news is, our luxury vacation homes in Steamboat are very popular and there is always a lot of demand for them. However, it still pays off to be aware of your options and be ready to act on them.
Whether you go in for fractional or whole ownership with The Porches, we are here to put your needs first. We want you to come out on top every time. That is why we offer so many great services. When you stay with us, you get access to The Barn, the center of The Porches community. It features a heated pool, hot tub, business center, fitness center, steam room, fire pit, and a game room for the kids. We also offer a door-to-door ski valet service and a private shuttle that can take you around the resort and into downtown Steamboat. There is always management staff on-site, so any needs you have can be addressed immediately. Let our staff take care of grounds maintenance and cleaning while you enjoy the best that Steamboat Springs has to offer. Start a conversation today!
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