Mt. Snow Condo Purchase = a go! Some questions...

[mlctvt]

One other important issue is your Homeowners insurance policy. My company would not allow me to rent the unit without a major change in the policy and a major increase in cost. This is one reason we no longer rent our unit.
I asked others in my complex how they handled insurance and it seems most just didn't tell their insurance company they were renting their places. Sounds like Insurance fraud to me or at least they could deny coverage in case of a claim.

 

[Geoff]

If you are going to rent privately, be aware that the Vermont Dept of Taxes has people combing the internet looking for people like you who aren't collecting and paying the lodging tax.

 

[MommaBear]

Congratulations! My kids have been asking why WE didn't get a place right across the street from Carinthia. We are about 3 miles south of the mountain.

We recently re-financed our place and ran into the same issues with rentals. Banker had several questions - including how many of the units get rented out - before they would even take my application! Thankfully, almost all of our 10 units are treated as second homes rather than rentals. It seems the new appraisal laws are now the thing to trip you up.

When we set up our insurance we asked about renting the unit. They were completely opposed to it but then redid our policy to allow for 90 days of rentals (non-consecutive - can't rent for large block of continuous time). Unfortunately, a burst pipe in the unit next to us - just before the big ice storm hit - negated any rental for last year. We're going to try again this year. First year, we used it EVERY weekend after we closed in November. Nice.

As for the Dew Tour - be prepared for gridlock in front of your drive. I was really surprised at the volume of cars in that area during the night competition. My kids watched it in person that night (dropping off and picking them back up was a nightmare) while my husband and I enjoyed dinner at TC's and watched it on the TV. It was my birthday that day so dinner was free.

And let me know when the AZ/Mount Snow crew thing takes place!

 

[vcunning]

What about Giants fans??? :blink:

I think the Giants fans hang out at Killingtonzone.com.

 

[jaywbigred]

Congratulations! My kids have been asking why WE didn't get a place right across the street from Carinthia. We are about 3 miles south of the mountain.

We recently re-financed our place and ran into the same issues with rentals. Banker had several questions - including how many of the units get rented out - before they would even take my application! Thankfully, almost all of our 10 units are treated as second homes rather than rentals. It seems the new appraisal laws are now the thing to trip you up.

When we set up our insurance we asked about renting the unit. They were completely opposed to it but then redid our policy to allow for 90 days of rentals (non-consecutive - can't rent for large block of continuous time). Unfortunately, a burst pipe in the unit next to us - just before the big ice storm hit - negated any rental for last year. We're going to try again this year. First year, we used it EVERY weekend after we closed in November. Nice.

As for the Dew Tour - be prepared for gridlock in front of your drive. I was really surprised at the volume of cars in that area during the night competition. My kids watched it in person that night (dropping off and picking them back up was a nightmare) while my husband and I enjoyed dinner at TC's and watched it on the TV. It was my birthday that day so dinner was free.

And let me know when the AZ/Mount Snow crew thing takes place!

Momma and others -- thanks for the heads up. Preliminary feeling is that between our families and some friends, we will probably be able to rent it out all the weekends we want (Xmas/NYE, MLK, Prez, plus 1 or 2 more) without needing to list or use an agency. I was already thinking about the Insurance and tax issues. My gut is to wing it on the insurance, given that we will know the renters well, but to prob be honest about the rooms tax.

I think the Giants fans hang out at Killingtonzone.com.

V. funny.:smash:

 

[jaywbigred]

Welp, closing went fine, we spent the weekend up there, and had a blast. Got to mingle with the locals in Walmart and Kmart down in Bennington, and hit up a number of places in West Dover and Wilmington for meals. We were able to keep the cable on and ESPN carried the game, which turned out to be a bad/heartbreaking thing.

On a related note, does anyone know any good contractors/home remodelers/builder types in the Mt. Snow area? We are pondering making some changes to our ground floor, and wanted to get some folks in to let us know if the changes we are interested in are a) viable and b) the approx. cost.

 

[Glenn]

Congrats!

Grab a copy of the Deerfield Valley News.They have a really good list of all sorts of service providors. In fact, get a subscription. It's only $35 a year. It comes out once a week.

 

[ts01]

... I asked others in my complex how they handled insurance and it seems most just didn't tell their insurance company they were renting their places. Sounds like Insurance fraud to me or at least they could deny coverage in case of a claim.

Yup. Why bother paying premiums when you're quite unlikely to recover any claim? Honesty is the ONLY policy with the ins co on stuff like this, otherwise all you're buying is a headache.