Next on the list.
Well, we have arrived at week 5 of the Definitive Guide to Buying a Vacation Home in Colorado (week 1: Aspen, week 2: Beaver Creek, week 3: Breckenridge, week 4: Keystone). This week Durango, Colorado is our town of choice. Our model will be the same: a condo around 1,000 square feet. I will list general sales prices, rental income potential, estimated mortgage payment, and cover things to do around the town.
Let’s get started, shall we?
First stop of the night – El Rancho on Main Street. It is a great place for all age groups, football, pool, friendly atmosphere…it doesn’t get much better. The Diamond Belle Saloon is a great place to experience wild west decor, good food, live music, and you may even catch a staged gunfight!
When the sun is shining…
From personal experience, I can say you have to try the Durango and Silverton Narrow Gauge Railroad Museum. It is a great museum and you can ride the steam-powered locomotive through some beautiful scenery, but only if you aren’t scared of heights! There is also the Colorado Trail, the San Juan National Forest, horseback riding, snowmobiling, rafting, golf, and hot springs among the massive amount of history here.
So now that you are in love with Durango, what would it cost for you to buy a vacation home here? The asking price for a 2 bedroom, 1 bath, 1,138 sq. ft. the condo is a very reasonable $245,000. With an estimated monthly mortgage payment of just over $1,000, Durango is a perfect place to put down vacation roots. The rental income potential is a little lower than in most places. This condo might rent for around $900/month.
Use knowledgeable and experienced buyer agents.
Colorado buyers agents can give you current listings, provide complete and total representation to you, and only you as the buyer. They can also negotiate very well at closing. Of course, they will give you many trusted local resources. At the same time, they will fill in any blanks you may have on the prospective neighborhood.