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Questions re: Condo Ownership

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Seems most folks here do not own, but I thought there might be a few...

If you could go back and make the decision to buy or not to buy again, what would you choose to do and why?

Do you guys rent out your places? Ski-on/off vs near/around the base?
 

cdskier

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Bought a condo 4 years ago at Sugarbush and it was the hands down best decision I ever made. I live in NJ, but still make the 5 hour drive up to Sugarbush nearly every single weekend from January to late April. In December I usually have time off from work to use up, so I'll do some mid-week skiing and then get holiday related stuff done on the weekends back home in NJ.

My condo is near the base (on the free shuttle route). I technically can ski back to it if I don't mind a long flat traverse, but I find it easier to just take the shuttle back most of the time.

As for renting, the first year I had my condo I had it available for renting through an agency. Decided it just wasn't worth it for how much they take for their share plus all the cleaning and linen fees, etc. I'd rather have the flexibility to go up whenever I want at the last minute and not need to worry about leaving my condo a certain way in case someone wants to rent it. I do "rent" it to some family the first half of President's week. I trust them though so I don't need to worry about leaving personal stuff out, etc and I don't have to deal with an agency.
 

SkiFanE

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Although we have a small place in a ski town, the decision to buy or not is the same. For us, family of 5 - it was life changing. Skiing goes from being an activity to a lifestyle once you and kids get 50+ days in. First year or two we did random rentals theu agency - but then one bad renter and decided not worth it, then kids were in weekend programs and then we committed 100% . Our purchase wasn't an investment, it won't grow like the Burbs, but that's fine, we didn't go in with that as a requirement.
 

joshua segal

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For me, having a slopeside changes the sport. Mine is ski-on/ski-off. When I get up, I don't have to shovel snow, worry if my car will start or the condition of the roads. I don't have to deal with base lodges or public rest rooms. If my clothes or gloves get wet, I go in and change, while I toss the wet stuff in the drier. Buying this condo was one of the best things I've done skiing-wise.
 

laxski

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We have owned a condo at Mt Snow for 15 years it has a shuttle over to the mountain and a Ski-home trail which our place is located on.No regret at all, had a run of 10 years averaging 25 days a year. We rented every year for a few weekends clearing around 3 grand to help pay the bills.Both girls are college athletes so we rent it for the season last year and that went well, probably will rent it for season again this year to help with college cost.
 

BenedictGomez

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If you could go back and make the decision to buy or not to buy again, what would you choose to do and why?

If you're looking for an honest poll/assessment, know that the odds are people who have made that significant and substantial purchase decision, are not going to tell you he/she did the wrong thing, even if they know it to be true. Buyer/consumer psychology.
 
Joined
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If you're looking for an honest poll/assessment, know that the odds are people who have made that significant and substantial purchase decision, are not going to tell you he/she did the wrong thing, even if they know it to be true. Buyer/consumer psychology.

oh ok... thanks, sigmund :thumbup:

i wouldn't look at it as an investment, but if rent could help cover the cost that would be a game changer
 

steamboat1

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I'm in a unique situation being I ski weekdays for the most part. I'd never consider buying. Have a place pretty much to myself most of the time. Housing costs including everything is well under a grand per year & I ski roughly 40 days. It is 20 minutes to the nearest mountain though, not ski in ski out.
 

Vortex

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I have had an off mountain town house, on Mountain Condo and now a house. If you are going to buy a condo with the need to rent it to support it, I would suggest you pass. If you want to occasionally rent it, go for it, if you understand what you are in for. Renting means work. If you have kids get close to the mountain or on mountain. Make sure they have easy access to a friend network. Make sure they want to come as much as you want to. Things to look for is the reserves in the association, how many delinquent owners in the association. I suggest renting for a year before buying. You find out the real story that way. I agree with Skifane. Its a lifestyle change, and for the better. We stopped taking travel vacations. We go to the mountains now. Its a great step to make, just take your time. Good Deals pop up, word of mouth equals good deals if you do your research. If you have not done research, you will regret it. Take your time, but be ready to jump if you need to. Walk in with a pre qualification for a Mortgage and show you are organized. Sellers like to see you are a safe choice as a buyer. Owning a house most likely will increase in value. A Condo is not always as safe. When you are young the activity of a condo might be fine. As I got older. l like to not have to hear anyone but me. Never going back to a Condo again.
 

NESkibum

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I have been a seasonal renter for the last 4 years and have found it to be great. We have a place directly across from the mountain on the direct shuttle route and it works out perfectly for our family. Based on the price of the condos in the complex it would cost 3X to own what we pay for the season which is 6 months. Based on the cost savings differential seasonal renting has worked out great for us.
 

drjeff

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If you're looking to buy for a lifestyle change, and are aware that just like primary home ownership has it's unexpected costs that you WILL incur over time, and enjoy the area in which you're looking to buy, then in my experience in 8 years of owning at Mount Snow, it's worth every penny.

If you're looking to buy and have your property function as not just a second home, but also as an investment where you're annual rental income will at least cover your yearly expenses, then chances are that you'll end up disappointed, especially if you want to use your place on typically anything other than off peak weekends and/or weeks during the ski season.

When my wife and I bought our condo at Mount Snow, it had a stable history of an older couple from Florida who rented it every summer. We chose not to rent it for the 1st summer, more as a way to "try out" the area during the summer, a time when we historically had spent much time up in Southern VT. We found that we liked the area just as much during the summer as during the winter and made the choice not to put our place into the rental pool (the complex that my place is in has it's own on site rental office). When we took that experience, plus had heard of some issues friends with places had had with some renters in the past and also being honest with ourselves and realizing that if we wanted to make it "our" place that the amount of personalizing that we'd want to do with it would make it very challenging to regularly remove a bunch of our personal things and place them into the locked "owner's closet" when it would of been rented out, made the decision to not put our unit into the rental pool, and easy choice for us. We haven't regretted either the purchase or the choice not to rent it at all.

FYI - one of the things that makes our place for us "easy" is that the complex were in has association fees that really do take care of everything on the outside of the place (snow removal, firewood stocking, painting, the roof, exterior windows, lawn mowing, landscaping) as well as having full time, year round staff to handle most type of issues from needing doors replaced to window replacement, to minor plumbing and electrical issues that will take care of things (for a fee) with reliable results that our owners association stands behind. It really does allow me to when I leave my place to just turn down the thermostats, turn off the main water supply, lock the doors and not worry about it while I'm not there. That is a very worthy thing for my personal sanity!! ;)
 

fbrissette

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oh ok... thanks, sigmund :thumbup:

i wouldn't look at it as an investment,

For me, it was definitely a lifestyle decision. Unless you own a company or rent it on key holidays (in which case you have to empty your condo every time), it is definitely NOT an investment.

However, you get to ski a lot, if conditions are shitty you come back early or get the backcountry/slackcountry gear and go look for hidden stashes.

I would highly recommend ski in ski out (get a smaller ski in ski out place instead of a larger place away). No driving in the morning, no dragging boots in the parking lot, no lunch or shitty cafeteria food, you can lounge in your sofa during lunch while your wet gear is in the dryer and ski boots on the dryguy. If someone is tired, nobody has to wait in the cafeteria.

BG the psychologist is entirely correct in that ski condo buyers who regret their purchase will usually sell quietly and won't talk about it. Been at Jay for 6 years and on the condo board for 4, and I have yet to meet an owner who regrets his decision. Most sales are by owners whose kids have grown up.

Personally, I would sell my Montreal home and rent before I'd get rid of my ski condo. It may be a different story ten years from now when my son is older and I get closer to retirement, but all those years skiing as a family (instead of freezing my butt in a hockey arena) will be with me forever.
 

fbrissette

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I...that if we wanted to make it "our" place that the amount of personalizing that we'd want to do with it would make it very challenging to regularly remove a bunch of our personal things and place them into the locked "owner's closet" when it would of been rented out, made the decision to not put our unit into the rental pool, and easy choice for us. We haven't regretted either the purchase or the choice not to rent it at all.

Same story on our side. We have so much outdoor gear stashed in the condo that emptying it for rental is simply not possible anymore.

FYI - one of the things that makes our place for us "easy" is that the complex were in has association fees that really do take care of everything on the outside of the place (snow removal, firewood stocking, painting, the roof, exterior windows, lawn mowing, landscaping) as well as having full time, year round staff to handle most type of issues from needing doors replaced to window replacement, to minor plumbing and electrical issues that will take care of things (for a fee) with reliable results that our owners association stands behind. It really does allow me to when I leave my place to just turn down the thermostats, turn off the main water supply, lock the doors and not worry about it while I'm not there. That is a very worthy thing for my personal sanity!! ;)

+1. Taking care of one home is more than enough.
 

RustyGroomer

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Not certain mine was the best decision, but if I may answer in a few months after my walk to the lift through 20" it will be a resounding yes. I guess what I'm saying is times it's worth it & times it's not.

Like Josh said. To not have to shovel & to be able to click into my skis out my door are pretty priceless for a skier. Hell, I take a few runs & ski home for bacon.

By far the best benefit. Everyone can come & go as they please. Cars stay parked.
 

Whitey

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I am surprised this hasn’t been mentioned yet. Maybe it’s just me and my family. We ski enough that committing to one mountain and getting seasons passes and either renting or buying a condo (or house) would probably make financial sense for us. But the one thing that’s stopped us is that we really enjoy skiing all over the northeast and going to different mountains. It also has the added benefits that if during the season the snow sucks in one area like southern VT but is OK in another area, like northern Maine – then we can just go where the snow is the best.

We have a lot of friends who have places and have made commitments to a single mountain. But the only time we see them/ski with them is when we go to ski their home mountain. Whenever we ping them with ideas like “we’ve got a house for a week up at Saddleback, why don’t you come and ski/stay with us” they usually don’t go because they have already sunk a lot of $ into season passes and lodging at their home mountain. It’s hard to go and spend $500/day (or more) on lift tickets at another mountain when you’ve already sunk a several thousand on season passes & lodging at your home mountain.

So for us, we’ve stayed away from it. I’ve been able to take my sons to just about every major ski area in the northeast over the last several years because of that. We’ve really enjoyed going different places and chasing “the good snow”. We will start doing some western ski trips soon too , so that competes with the concept of locking into 1 mountain as well.
 

VTKilarney

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I live in the mountains, but I've looked at beach houses. It is a lifestyle choice. Period. There are much better investments out there.

I've run the numbers and I keep realIzing how much cheaper it is to rent. I'm sure that a ski condo is similar.

The other major drawback for me is that the people I know who own beach houses don't take any other sort of vacation. I like variety.
 
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ALLSKIING

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I am surprised this hasn’t been mentioned yet. Maybe it’s just me and my family. We ski enough that committing to one mountain and getting seasons passes and either renting or buying a condo (or house) would probably make financial sense for us. But the one thing that’s stopped us is that we really enjoy skiing all over the northeast and going to different mountains. It also has the added benefits that if during the season the snow sucks in one area like southern VT but is OK in another area, like northern Maine – then we can just go where the snow is the best.

We have a lot of friends who have places and have made commitments to a single mountain. But the only time we see them/ski with them is when we go to ski their home mountain. Whenever we ping them with ideas like “we’ve got a house for a week up at Saddleback, why don’t you come and ski/stay with us” they usually don’t go because they have already sunk a lot of $ into season passes and lodging at their home mountain. It’s hard to go and spend $500/day (or more) on lift tickets at another mountain when you’ve already sunk a several thousand on season passes & lodging at your home mountain.

So for us, we’ve stayed away from it. I’ve been able to take my sons to just about every major ski area in the northeast over the last several years because of that. We’ve really enjoyed going different places and chasing “the good snow”. We will start doing some western ski trips soon too , so that competes with the concept of locking into 1 mountain as well.

I thought about this as well. I love to ski different at mountains. When we were looking at condos killington was my first choice for a few reasons. First living on LI I didn't want more then a 5 hr drive one way. The second was killingtons location. 30 min to Okemo...1 hr to Sugarbush and MRG....1 hr to Magic, Stratton and Bromley. 1.5 hrs to Stowe. To me those are all easy day trips.

This will be our second season with the condo and loving it. Also using it way more in the summer then anticipated. We also decided not to rent for a few reasons. The main reason was that we wanted to skiing weekends and holidays and you can't do that if renting to help cover bills. The other was we wanted to personalize the condo and that doesn't work with renters.
 

cdskier

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I love in the mountains, but I've looked at beach houses. It is a lifestyle choice. Period. There are much better investments out there.

I've run the numbers and I keep realIng how much cheaper it is to rent. I'm sure that a ski condo is similar.

The other major drawback for me is that the people I know who own beach houses don't take any other sort of vacation. I like variety.
.

In terms of numbers, once I pay off my mortgage the cost of the condo per year would be almost identical to what it would cost me for a seasonal rental just for the winter in my same complex. So that is pretty much a wash. And I have the added benefit of being able to use it all year round if I choose. And I can really customize it and make it "my own." And I do also have equity with owning my condo. Even if the market goes down, eventually if I ever chose to sell it I would still get "something" back. Maybe it wouldn't be what I paid for it, but as far as I'm concerned that wouldn't be a loss since I would have had the opportunity to use it for years. So for me owning over renting just makes sense.

Also, in terms of variety, a mountain house/condo can be used all year round for a wide range of activites. A beach house not quite so much :)
 
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