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Maximizing the Value of Purchasing a Vacation Home in Big Sky Montana

The fear of prolonged recession has slowly started to come to an end, and with it, the real estate market is picking itself back up allowing many families to take advantage of dramatically lower prices by purchasing vacation homes. Mountain property is particularly appealing for homeowners who are looking to escape the lifestyle of a city or suburban area.

Luxury Properties in Montana Maintain their Value

Montana is among some of the most popular locations for second home buyers to purchase a mountain residence, with the Big Sky and Bozeman areas leading the charge. According to the statistics of real estate websites like Zillow, since roughly 2008, the New York East Hamptons average home price saw a -.7% Y-o-Y (year over year) drop in value (Zillow, 2010), the Poconos saw between a -4% and a -20% Y-o-Y drop (Zillow, 2010) and the Stateline of Lake Tahoe dropped a whopping 30% Y-o-Y (Zillow, June)!

Meanwhile, the average home values for Big Sky Montana have fallen by almost 50% since the peak creating incredible value for those seeking a great deal in a pristine location. Unlike most ski towns, Big Sky is spread over many square miles offering genuine solitude in a stunning mountain setting. Lift lines are almost non-existent and summer activities abound, setting Big Sky in a league of its own. While there can be no certainty that prices will appreciate in the near term, an increase in sales activity indicates that prices may be firming.

Through this shift in the market, we’re also seeing a trend in second home owners purchasing more vacation properties than investment properties. The investor as a buyer has all but disappeared from the second home market. Through the tax incentives, it is possible to make a profit on a vacation home. According to Realtor.org the amount of homes overall purchased for vacation purposes has doubled since 2007 (Realtors.org, 2010).

Montana’s Accessibility is Better than You Might Think

Montana is known for being spacious and free and it’s hard to understand the term Big Sky until you have actually been there to see it. The homes in Montana’s mountains are the perfect blend of exclusivity, luxury and accessibility. The towns and cities of Montana are small and quaint, so getting out into the wilderness doesn’t require more than a few miles of driving in any direction. Visiting Montana is also a simple process thanks to its 123 different airports scattered across the state. You can come and go from your vacation home as often as you please.

Specific Considerations when Purchasing Mountain Property

There are issues aside from finances and home value to consider when purchasing your vacation home. These issues include altitude, the home inspection processes, and local weather. Oftentimes, mountain homes are serviced by well and septic systems, a new experience for urban buyers. In addition, mountain regions tend to be less stable geologically so through engineering should be performed before purchasing that future dream building site. In most mountain locations, air conditioning is not necessary and the dry Montana air is conducive to evaporated cooling for those rare hot days. Efficient heating on the other hand is a necessity and radiant heat is preferred in most luxury homes.

Before heading directly up to the mountains of ANY area, families should concern themselves with the potential hazards of high altitude, cold weather and possible remediation to the issues. Traveling from sea level to a mountain location can take the body over a week to adjust, but the effects can be mitigated by ample hydration and rest.

If you’re at the decision point for purchasing a second home, consider the Big Sky Area Montana to maximize your investment. Montana is affordable, close-knit, easily accessible thanks to local airports, and attractive all year round for their unbelievable summer outdoor activities like hunting and fishing as well as winter world class skiing at some of the nation’s best skiing resorts. The home and land prices in Montana resorts have fallen dramatically since the peak creating some of the best value for money available in the West.

We invite you to see for yourself why Montana is quickly becoming a premier destination for vacation properties and 2nd homes.

Bibliography
Realtors.org. (2010). Field Guide to Vacation, Resort, and Second Homes. Retrieved June 30, 2010, from Realtors.org: http://204.146.162.1/library/library/fg305

Weather.com. (July, 1 2010). Aches and Pains 101. Retrieved July 1, 2010, from Weather.com: http://www.weather.com/activities/health/achesandpains/achesandpains101/index.html

Zillow. (2010, June 30). Big Sky Home Prices and Home Values in MT. Retrieved June 30, 2010, from Zillow: http://www.zillow.com/local-info/MT-Big-Sky-home-value/r_37423/

Zillow. (2010, June 30). East Hampton Home Prices and Home Values in NY. Retrieved June 30, 2010, from Zillow: http://www.zillow.com/local-info/NY-East-Hampton-home-value/r_38288/

Zillow. (2010, June 30). Kidder Township Home Prices and Home in PA. Retrieved June 30, 2010, from Zillow: http://www.zillow.com/local-info/PA-Kidder-Township-home-value/r_397421/

Zillow. (June, 30 2010). South Lake Tahoe Home Prices and Home Values in CA. Retrieved 30 2010, June, from Zillow: http://www.zillow.com/local-info/CA-South-Lake-Tahoe-home-value/r_40979/

About the Author

Jason Frey has been selling luxury properties in Montana since 2005. His knowledge of the Bozeman and Big Sky Real Estate Markets along with his love for the outdoors makes him an invaluable resource when considering purchasing a primary or vacation home in Montana.

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