Learn how to find the perfect ski condo in Ketchum or Sun Valley, Idaho and be realistic about rental income and expenses. Your expenses for a Ketchum or Sun Valley condo can be partially offset as a rental.
What Type of Rental is Best For You?
Long term rentals
Long term rentals of 6+ months typically require less management and can provide housing for local workers. These rentals can be furnished or unfurnished.
Seasonal rentals are popular for 2-4 months covering winter and summer. Most tenants of seasonal rentals are looking for furnished condos.
Short Term Rentals
Short Term rentals in vacation towns have taken considerable heat recently. Many view these rentals as taking away valuable housing stock for locals. While there is some truth to this, most owners of AirBnb’s I know, block out dates for themselves throughout the year and use supplemental rent to offset their costs. These units would not be available for year round housing stock as owners make frequent visits to their properties throughout the year.
Ketchum recently enacted rules regarding short term rentals. Most significant is the need to acquire a permit and provide safety measures for renters. Ketchum IS NOT restricting rentals. More details on this: Ketchum Short Term Rentals
Avoid These 5 Mistakes:
1. Dive Into Market Statistics and Potential Rental Income
Renting your Sun Valley area condo can cover expenses such as HOA fees, maintenance and taxes. Most rentals will not cover a typical mortgage with 20% down, but can cover some mortgage expenses. Will your condo be a long term investment, over 5 years or shorter? Consider all aspects of future resale to include views, location and future developments nearby.
2. Deeply Consider Amenities and the HOA.
How much are you willing to pay for extra amenities? Is a pool or hot tub a priority? Does the HOA have adequate reserves and is it managed well? A good real estate agent in Sun Valley will provide you with details on HOA’s and help you interpret the minutes, rules and budget. Take time to look into the HOA rules and meeting minutes to make sure you agree with how it is being managed.
3. Don’t be Blind to Negative Aspects of High Density Living
Some condo complexes can be noisy during peak season. Is a townhome better suited to you? Make sure you visit the complex during different times of the day and season to get a feel for how busy and noisy it is.
4. Don’t Underestimate How Much Storage Space you Really Need
Most condo’s in Sun Valley and Ketchum provide storage lockers. These greatly vary in size. How much size do you really need? Garages come at a premium and a typical value for a garage is $100k+.