7 Things to Consider When Buying a Luxury Condo in Summit County

If you're looking to buy a luxury condo in Summit County, it can be hard to know where to begin. There are so many factors and considerations to keep in mind, but some are more important than others. Here's what you need to know before signing on that dotted line:

(Tip: Feeling overwhelmed? Contact us and we can do the heavy lifting for you by researching properties and providing you with up-to-date information or helping you find a suitable investment that meets your budget and needs.)

1. Location is key for a Summit County condo.

It is important to consider the location of your Summit County condo, ideally somewhere that's convenient to what you do on a daily basis.

• Commute: Consider how long it'll take for you to get to work or the ski slopes and back each day.  Or is having easy access to I-70 and the Front Range an important consideration for you? If staying local in Summit County is your main goal, keep in mind that while free parking can be found throughout the County, many parking lots in the area charge a fee, and finding parking can be difficult during peak hours and seasons in the resort towns around Summit County. Even though driving your own car to work is often necessary, there are other ways to get to work in Summit County.
• The Summit Stage offers free public transit options all around Summit County (including services to and from Park and Lake counties)  to provide people with access to parks, lodging, shopping, and medical centers. If you haven’t yet taken a ride on the Summit Stage, I’d highly recommend trying it!
• In addition, there is a comprehensive network of recreational pathways, the Recpath, connecting towns in Summit County with a paved trail that is relatively flat, family-friendly, and popular with both pedestrians and bikers. Finding a condo that is walking distance to this Recpath offers the convenience of non-auto transport around Summit County.
• Restaurants: From gourmet to down-home, there are plenty of amazing restaurants nearby when you buy a condo in Summit County. In Frisco and Breckenridge, you’ll find bistros, bars, cafes, and more. If you’re looking for a more relaxed atmosphere, Silverthorne and Dillon both offer many delicious restaurants that won’t break the bank either. With so many great dining options nearby, it's easy to find the perfect place for a romantic dinner or a family meal. Whether you prefer Italian cuisine, Mexican fare, or something in between, Summit County offers something for everyone.
• Shopping: If boutique shopping is more your style, look for condos near Frisco or Breckenridge, where there are plenty of shops within walking distance. Larger shopping centers are located in Silverthorne and offer even more convenient options.
• Local Attractions: Breckenridge, Keystone, Copper Mountain, and Frisco—the most popular tourist attractions in Summit County—are full of things to do. From skiing in the winter to hiking in the summer, these towns offer a variety of activities and entertainment options. Whether you’re looking for nightlife or just a quiet stroll through the downtown area, condo living in Summit County provides plenty of options for relaxing and exploring. 

 

2. A condo must suit your lifestyle.

If you are buying a condo, there are several things to consider. One of the most important factors is whether or not the condo will suit your lifestyle. Think about what views you'd like to enjoy from your condo in Summit County. Mountain views, lake views, ski-in ski-out access, or proximity to a bustling resort will help set the tone for "home sweet home"—make sure to check out that view before signing a contract!

Another factor to consider is condo amenities. Many Summit County condo complexes, especially those in the resort towns of Keystone, Copper Mountain, and Breckenridge, offer a variety of features such as an indoor or outdoor pool, hot tubs, fitness centers, and more. Have a look at the community rules and regulations before you buy; some condo communities have restrictions on rentals, pets, or certain activities that may not suit your lifestyle.

If you plan on living in the condo alone, then it's important to think about how many people will be visiting and if they will be staying overnight. If you're only going to be using your luxury Summit County condo for work purposes, then it's fine if there isn't an extra bedroom available for guests at all times (though having an extra room never hurts).

Buying a condo in Summit County is an exciting decision! Just remember, your condo should suit your lifestyle, so make sure to consider all the factors involved when looking for the perfect place.

 

3. The building must be well maintained. Look at the roof, the parking garage, and other visible areas of the condo to see how it is being taken care of.

When you are looking for a luxury condo in Summit County, it is important to make sure that the building itself is well maintained. You should check out the roof and parking garage of the building you are interested in to see how they are being taken care of. Look for signs of wear and tear, maintenance, damage, and repairs. Look for any signs of neglect on these things, too. If you see anything that looks like it needs some work done on it or something that has been damaged over time, this could be an indication that there is less attention paid by management to other areas as well.

 

4. Review your apartment's homeowners' association (HOA) fees to make sure there aren't any upcoming expenses about which you weren't told.

From vibrant ski resorts and mountain towns to secluded lakefront properties, you can find the condo of your dreams here in Summit County. Whether you're looking for a winter wonderland or a peaceful summer escape, there's something for everyone in Summit County. Just make sure to research condo complex fees and taxes before you buy—a condo in a resort area may come with higher associated costs. 

After you've reviewed the financial documents, you should ask the HOA Board members and manager about any upcoming expenses that have not been included in your annual budget.

They may be able to give you more information than is available on their website or in the financial report, including:

• How much money has been spent on capital improvements in recent years?
• what projects are currently in the works; and
• the exact amount of money that will need to be raised from existing homeowners in order for those projects to be completed.
• In addition to researching condo fees and taxation information, you should also take some time to walk around the condo complex. If possible, meet with residents who have been living there for a while and ask them questions about their experience. Ask them what they like most (and least!) about living in the condo complex, as well as any problems that they have encountered. This will give you a better idea of what to expect when you move in. 
• Finally, make sure that you read through the condo documents thoroughly before signing on the dotted line. You'll want to understand exactly what rights and responsibilities come with condo ownership in Summit County. Knowing what you have to do as a condo owner will help make sure that buying a condo is a positive experience. 

 

5. Is the building pet-friendly? If so, what are the limitations? If not, consider a single-family home instead.

If you have a pet, consider whether the building is pet-friendly. If so, what are the limitations? Be sure to ask about any fees or restrictions that could affect your decision to buy.

 

6. Make sure there are enough parking spaces and storage areas available.

As you seek a new luxury condo in Summit County, you'll want to make sure that there are enough parking spaces and storage areas available. This is especially true if you have a large family or plan to keep more than one car in the building's garage. If this is not possible, then it may be time for you to look into getting your own storage unit just outside of where you live.

 

7. Are short-term or long-term rentals allowed in your Summit County condominium?

That depends on both the condo community, and the town, that you live in. When purchasing a luxury condo in Summit County and intending to rent out your unit for a portion of the year, it's critical to understand whether there are any municipal or HOA restrictions on short-term rentals.

Many condo communities have rules and regulations regarding rental agreements that must be followed by their residents. Check the condo association’s governing documents to see if there are any restrictions or special requirements for short-term or long-term rentals of your condo unit. If you do want to rent out your condo, you must comply with whatever rules and regulations are in place.

In addition, many communities in Summit County have recently imposed limitations on short-term rentals. Notable exceptions (at the time of this blog post) include most areas of the resort communities of Keystone and Copper Mountain. Our website has the information you need to learn more about the rules and regulations regarding short-term rentals in Summit County. View short-term rules and regulations. 

 

Conclusion

The luxury condo market in Summit County is booming, and there are many reasons why. Luxury condos offer buyers a lot of benefits that they wouldn't find in other homes. But with so many options available, how do you know which one is right for you? The best way to ensure that your next purchase is a good one is to do your research ahead of time so that when the time comes to buy, you'll know what questions need to be answered before signing paperwork! Good luck condo shopping in Summit County!

Pro Tip: Get in touch with us, and we'll do the legwork for you, investigating available properties and giving you up-to-date information on the Summit Colorado condos for sale based on your interests and budget. You're sure to find the perfect condo for your Colorado mountain dreams.