Thinking about buying a Condo - Questions

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Thinking about buying a Condo - Questions

Postby NJ SKI » Mar 3rd, '15, 11:16

I've searched and doesn't appear to be very recent on purchasing a condo in the Killington area. Me and the wife have been going to Killington 7+ years on an annual basis now. Now that we got our oldest is on skis (she is 4) and absolutely loves it we have started to think about purchasing a place up there. We have looked on realtor.com at places and can make it work financially but have some questions. We are mainly looking at 3 bedroom/2 bath options and like the Pinnacle and Whiffletree options at first look (but granted we have not actually been with a realtor yet to visit places). So we have some questions for people who already own places up there.

1. We would most likely think about renting when we are not there. We know full well we will not break even or make money but wanted to know how often do places like these rent. If no restrictions do they rent out every weekend during the season? Is there any rental during summer or fall leaf season. Our plan would be to use maybe 1 weekend a month and several weekdays a month. We would also use over summer/shoulder months as we enjoy hiking, mountain biking, etc.

2. I'm assuming based on pricing that renters would most likely be bus groups. Any I mistaken? Do they destroy the units typically or being 3 bedroom, it is more families on weekend holidays.

3. What is your experience on utilities bills? Realize winter will be high but on average what do the bills run? One reason we like the condo option is reduced maintenance and not needing to worry about having snow plowed or grass mowed.

4. Any other condo complexes you would recommend? We would want to be off the access road and near the base lodges as well as the restaurants etc.

I am sure there is additional information that I have forgotten but this should get us started.

Thanks!!!
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Re: Thinking about buying a Condo - Questions

Postby Bubba » Mar 3rd, '15, 11:58

I used to own a condo at Trail Creek but sold it a few years ago. I rented it, then lived in it full time, then rented it again before selling. I admit to being partial to Trail Creek but each development has its own positives and negatives. It's whatever's right for you. When you start looking, ask the realtor to take you around to see all of them just to get a flavor for each that you might be interested in.

NJ SKI wrote:I've searched and doesn't appear to be very recent on purchasing a condo in the Killington area. Me and the wife have been going to Killington 7+ years on an annual basis now. Now that we got our oldest is on skis (she is 4) and absolutely loves it we have started to think about purchasing a place up there. We have looked on realtor.com at places and can make it work financially but have some questions. We are mainly looking at 3 bedroom/2 bath options and like the Pinnacle and Whiffletree options at first look (but granted we have not actually been with a realtor yet to visit places). So we have some questions for people who already own places up there.

1. We would most likely think about renting when we are not there. We know full well we will not break even or make money but wanted to know how often do places like these rent. If no restrictions do they rent out every weekend during the season? Is there any rental during summer or fall leaf season. Our plan would be to use maybe 1 weekend a month and several weekdays a month. We would also use over summer/shoulder months as we enjoy hiking, mountain biking, etc. I was on the resort's rental program although there are other property managers out there that handle rentals as well. The Killington program requires you to fill out a calendar in the fall and the spring telling Killington which days you want it for your own use. All other days are considered open for rentals. If you want to use it on a day when you were not prescheduled, simply call Owner Services and let them know. They'll accommodate you if they can, sometimes moving a scheduled rental to another available unit. My place used to rent regularly during the winter and less so during the summer as one would expect. Trail Creek picks up a lot of overflow from the Grand when there are conventions so summer rentals may be better there than elsewhere. Trail Creek has among the highest per night rental rates of all the condos in Killington so check the rental history and income for any place you're looking at. A development like Trail Creek may sell for higher prices but the economics may be better with rental income than elsewhere since you're planning on lots of rental nights.

2. I'm assuming based on pricing that renters would most likely be bus groups. Any I mistaken? Do they destroy the units typically or being 3 bedroom, it is more families on weekend holidays.Again, from my experience, different developments cater to different markets. Pinnacle, Mountain Green and Whiffletree handle more bus groups; Trail Creek does not take buses per Board of Directors policy. There is always the potential for damage regardless of the renter but bus groups tend to be younger and damage seems higher. Key rule wherever you own is to not leave anything in the unit that you'd be upset if it broke. Also, make sure of how the rental management company handles breakage and insurance.

3. What is your experience on utilities bills? Realize winter will be high but on average what do the bills run? One reason we like the condo option is reduced maintenance and not needing to worry about having snow plowed or grass mowed. Fuel and utilities is specific to each development and individual unit. Many places were built with electric heat but converted to propane later. I had a 2 BR/2 Bath + loft unit and my utilities were about $1,000 per year lower with propane than the equivalent Trail Creek unit that had stayed all electric. Condo dues generally don't include heat or electric so ask questions of the seller. Condo dues will also vary with the amenities at the development, i.e. a pool, etc. Finally, as long as I'm on dues, make sure to ask about reserve funds, upcoming projects, etc. that will impact costs.

4. Any other condo complexes you would recommend? We would want to be off the access road and near the base lodges as well as the restaurants etc.

I am sure there is additional information that I have forgotten but this should get us started.

Thanks!!!
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Re: Thinking about buying a Condo - Questions

Postby NJ SKI » Mar 5th, '15, 14:51

Thanks this is very helpful. We hope to be back up in April/May to look around to talk to realtors and also get some late spring skiing in. We will certainly add though notes to our list. Definitely agree that we should look at all the various communities.
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Re: Thinking about buying a Condo - Questions

Postby rad1 » Mar 5th, '15, 16:34

NJ Ski - I own a small boutique rental business that assists second homeowners in renting their vacation properties in killington. As part of your due diligence I would be happy to share with you what I know about the rental opportunities in killington, which seasons are hot, how to figure out which direction to go in and which developments are in demand. I personally know of a great option in Sunrise right now - a three bedroom, two bath with a motivated owner. If you want to connect let me know me know the best way to reach you.
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Re: Thinking about buying a Condo - Questions

Postby NJ SKI » Mar 31st, '15, 08:57

rad1 wrote:NJ Ski - I own a small boutique rental business that assists second homeowners in renting their vacation properties in killington. As part of your due diligence I would be happy to share with you what I know about the rental opportunities in killington, which seasons are hot, how to figure out which direction to go in and which developments are in demand. I personally know of a great option in Sunrise right now - a three bedroom, two bath with a motivated owner. If you want to connect let me know me know the best way to reach you.


I be happy to hear your perspectives on the market and communities. Feel free to email me at rbair1979@yahoo.com.
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Re: Thinking about buying a Condo - Questions

Postby NJ SKI » Mar 31st, '15, 09:00

If anyone has any recommendations on realtors on the buy side it would be greatly appreciated. We realize its a rather small pool which specializes in Killington to pick from.

Thanks in advance!!!
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Re: Thinking about buying a Condo - Questions

Postby mviv39359 » Jan 15th, '18, 12:12

NJ Ski,
Did you end up with a condo?
What was your first year impressions. I am going down the same path and have a lot of similar questions.

Thanks in advance.
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Re: Thinking about buying a Condo - Questions

Postby NJ SKI » Jan 19th, '18, 11:45

mviv39359 wrote:NJ Ski,
Did you end up with a condo?
What was your first year impressions. I am going down the same path and have a lot of similar questions.

Thanks in advance.



We did end up purchasing a condo after looking at several different complexes. We have been really happy with the decision and have used it more in the off season then we ever thought we would. We have and continue to rent our unit but didn't go with Killington to manage it. Too many bad stories and didn't like the split as we could get better with someone else. For the most part there haven't been too many weekends the unit has been empty during the ski season. Not that we are getting a ton of rentals but 1 to 2 a month and we use the rest of the time. The little bit of income is nice but its not a money maker for us by any means and we never had the expectation it would be. Feel free to PM me with any more detailed questions.
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Re: Thinking about buying a Condo - Questions

Postby icedtea » Jan 19th, '18, 11:55

NJ SKI wrote:
mviv39359 wrote:NJ Ski,
Did you end up with a condo?
What was your first year impressions. I am going down the same path and have a lot of similar questions.

Thanks in advance.



We did end up purchasing a condo after looking at several different complexes. We have been really happy with the decision and have used it more in the off season then we ever thought we would. We have and continue to rent our unit but didn't go with Killington to manage it. Too many bad stories and didn't like the split as we could get better with someone else. For the most part there haven't been too many weekends the unit has been empty during the ski season. Not that we are getting a ton of rentals but 1 to 2 a month and we use the rest of the time. The little bit of income is nice but its not a money maker for us by any means and we never had the expectation it would be. Feel free to PM me with any more detailed questions.


Hey what complex did you end up buying at? I’ve been looking and it’s hard to gauge what’s the best option.
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Re: Thinking about buying a Condo - Questions

Postby NJ SKI » Jan 19th, '18, 15:05

icedtea wrote:
NJ SKI wrote:
mviv39359 wrote:NJ Ski,
Did you end up with a condo?
What was your first year impressions. I am going down the same path and have a lot of similar questions.

Thanks in advance.



We did end up purchasing a condo after looking at several different complexes. We have been really happy with the decision and have used it more in the off season then we ever thought we would. We have and continue to rent our unit but didn't go with Killington to manage it. Too many bad stories and didn't like the split as we could get better with someone else. For the most part there haven't been too many weekends the unit has been empty during the ski season. Not that we are getting a ton of rentals but 1 to 2 a month and we use the rest of the time. The little bit of income is nice but its not a money maker for us by any means and we never had the expectation it would be. Feel free to PM me with any more detailed questions.


Hey what complex did you end up buying at? I’ve been looking and it’s hard to gauge what’s the best option.


We went with Trail Creek. We ultimately decided we wanted to be closer the access road so that ruled out Sunrise as kids are in the ski programs both at Ramshead and now KSC plus easier access to eating/drinking locations. We also liked the reputation of the HOA Board and long term planning that they do on major maintenance. We were not looking for all the amenities as we are there to ski so wanted HOA fees to be reasonable and not supporting all the extras we wouldn't be using. They are nice to have but didn't really want to pay for something we wouldn't use all that often. Trail Creek has a small indoor pool and 2 hot tubs plus a couple pieces of exercise equipment which is more then enough. For rental purposes, its on a bus line so you can park your can and leave it but we typically drive anyway as we have found it just as easy given we are up early and looking for first chair. They also had wood burning fireplaces which the wife really liked. Gas (which a lot of condos have) is certainly easier but there is something nice about having a real wood burning fireplace.
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