Buying a Vacation Property FAQ
Q: I am looking to buy an investment property in Keystone. Where should I buy?
A: This truly depends on your goals for your property. We rent properties near the slopes as well as further west near the golf courses. Our experience indicates that quality condos closer to the ski lifts generally have more rental potential than those further away. The biggest factor in being able to rent your property is ensuring that it is updated with quality furnishings and decor. Regardless of where it is located, the better updated your property, the better we will be able to attain your rental goals. We are happy to schedule an appointment to speak with you in person or by phone to provide the best information. so please give us a call any day of the week and we will be happy to provide as much information as we can.
Q: Tell me about taxes. How does that all work?
A: SummitCove will collect and pay all state and local sales and lodging taxes for you as part of our management. There is no need for you to obtain a sales tax license. With regards to income taxes, SummitCove will send out monthly statements and also send a year-end IRS Form 1099-MISC so that the income can be reported to the IRS.
Q: How far in advance to I need to reserve my own property as an owner?
A: As long as the dates are open, you have the ability to put a reservation in our system as little as 24 hours before your arrival. If it is under 24 hours, we just request that you call us so we can be sure your property is clean and inspected prior to your occupancy. You can also reserve your property for yourself years in advance. If you know you want to spend every Christmas in your property, you are welcome to create your standing reservation.
Q: Can I market my own property and book guests myself?
A: Yes! We consider this a partnership and welcome our owners to do their own marketing. We can make some suggestions as to where the best marketing dollars are spent. We will take care of other advertising channels such as HomeAway, VRBO, AirBnB and hundreds of others. The best way for you to market is to coworkers, local classified ads, local print ads, and local coffee shops.
Q: How can I make sure my property performs as best it can?
A: Keep your property updated and in great condition. Buy new furnishings, keep the clutter down to a minimum on shelves and bookshelves. Remodel areas that are not amazing and continuously improve your property and replace items that need replacing. People want to stay in places nicer than home and if you give a guest that experience, they will come back again and again.
Q: Can I clean my own property after I use it?
A. Yes! If you can leave your property in guest ready condition, we welcome you to clean it yourself. Our Owner Services team will go over our SummitCove Property Appearance Standards that we train our housekeepers to perform consistently. If you are only staying 1 night an using 1 bed, this is a recommended option. However, you will find our cleaning prices competitive and worth being able to leave and not clean up at all.
Q: What other costs are there to having my property managed?
A: The costs are pretty minimal. SummitCove will perform annual deep cleanings, dry cleaning of comforters, washing of blankets, preventative maintenance checks, restocking of kitchen utensils, dishes, etc, and annual lock service if you have an electronic lock on your property. It sounds like a huge amount, but this is all in an effort to keep your property in 1st Class Rentable Condition that people want to stay in. The annual cost will typically run 2-3% of the rental income, but is billed by parts and labor only and is not a percentage of your rental income. If you live locally and keep your property in updated condition and fix things when you visit yourself, annual costs will be less.