MissySki
Angel Diva
I love having a ski condo at Sunday River in Maine, I live in Massachusetts and did seasonal rentals for a number of years before buying on mountain. It is wonderful especially not to have to pack things up to bring up and back each season and having access whenever I want to. It truly is my home away from home. I have never rented it out yet since buying in 2021, but our association does use a specific rental company for any who want to do short or long term rentals.
I do not love HOAs in general from past experience with a primary residence, and I wouldn't do that again. BUT it's a godsend when you are 4 hours away like I am, so I like it in that regard for a second home. One weekend there was a leak detected from my unit going into the unit downstairs from us, but we had no idea where it was coming from. Turned out it was the seal under the floor of our toilet which was very old... we had been planning to replace the toilet overall at the end of the season in year one when we bought but then this happened on a random Sunday as I was about to leave for home. It was right ahead of MLK weekend, and the property managers dealt with everything including getting a new toilet of my choosing and installing everything that week. It was all set and cleaned up for my return that Friday of the long weekend... I was SO GRATEFUL I didn't have to do anything from a distance or stay there to have a plumber come etc.
I also think it's much cheaper to deal with all of the amenities and maintenance as a condo association. Not that our dues are cheap, but when I parse it out it's much cheaper than everything would be individually. Our dues cover a pool/hot tub/sauna/etc. area, trash removal, snow removal, master insurance, putting away money for deferred maintenance like we put on a new roof last year, siding, and paving as needed, cable and internet, any little projects the group decides to take on, property management. For a second home, I think this is all awesome to have taken care of and jointly paid for and I love the pool/hot tub/sauna which I certainly wouldn't have all of in a standalone property. I feel like I'm on vacation every weekend, I park and don't need to leave if I don't want to since I'm on the mountain and have a kitchen. We keep some food stocked during the season and bring up what's needed each week as well. If there is a snowstorm I don't have to go anywhere or drive to the mountain or shovel or wait for a plow or clear my car off until I'm ready to... that's all really awesome! We are also usually one of the first to open in New England each season and stay open until late April and occasionally early May so not too shabby.
I also second what @elemmac said earlier in this thread... it's a lifestyle purchase. At least mine is... I don't rent it out and I use it all the time in the winter, it supports my ski lifestyle and makes me happy. It's not an investment for me, but I do know I could cover my expenses with a seasonal rental if I for some reason needed or wanted to do that in the future. You should go into this type of purchase really clear about what you want and/or need to get out of it. Also understanding that the market for ski homes is still hot and up currently, but I remember many years before Covid where units at Sunday River sat on the market forever and were dirt cheap. And boy do I wish I had bought then when I was thinking about it, but I waited and Covid gave me the push as I watched prices jump up and up and up. I thought I was the dumb person who bought at the top of the market that would surely correct, but I didn't care overall because I have no intention of selling in the foreseeable future. Instead, prices have kept going up and seem somewhat stable currently where they are, which is still very well above what I paid. You never know which way things might go in the future for the vacation home market though, so make sure you are okay with that either way from both a mental and financial standpoint. It may not always be something that can be quickly liquidated like it is currently, but I assume that is a well thought out part of anyone's plans to purchase a vacation home and especially in more seasonally based locations.
I do not love HOAs in general from past experience with a primary residence, and I wouldn't do that again. BUT it's a godsend when you are 4 hours away like I am, so I like it in that regard for a second home. One weekend there was a leak detected from my unit going into the unit downstairs from us, but we had no idea where it was coming from. Turned out it was the seal under the floor of our toilet which was very old... we had been planning to replace the toilet overall at the end of the season in year one when we bought but then this happened on a random Sunday as I was about to leave for home. It was right ahead of MLK weekend, and the property managers dealt with everything including getting a new toilet of my choosing and installing everything that week. It was all set and cleaned up for my return that Friday of the long weekend... I was SO GRATEFUL I didn't have to do anything from a distance or stay there to have a plumber come etc.
I also think it's much cheaper to deal with all of the amenities and maintenance as a condo association. Not that our dues are cheap, but when I parse it out it's much cheaper than everything would be individually. Our dues cover a pool/hot tub/sauna/etc. area, trash removal, snow removal, master insurance, putting away money for deferred maintenance like we put on a new roof last year, siding, and paving as needed, cable and internet, any little projects the group decides to take on, property management. For a second home, I think this is all awesome to have taken care of and jointly paid for and I love the pool/hot tub/sauna which I certainly wouldn't have all of in a standalone property. I feel like I'm on vacation every weekend, I park and don't need to leave if I don't want to since I'm on the mountain and have a kitchen. We keep some food stocked during the season and bring up what's needed each week as well. If there is a snowstorm I don't have to go anywhere or drive to the mountain or shovel or wait for a plow or clear my car off until I'm ready to... that's all really awesome! We are also usually one of the first to open in New England each season and stay open until late April and occasionally early May so not too shabby.
I also second what @elemmac said earlier in this thread... it's a lifestyle purchase. At least mine is... I don't rent it out and I use it all the time in the winter, it supports my ski lifestyle and makes me happy. It's not an investment for me, but I do know I could cover my expenses with a seasonal rental if I for some reason needed or wanted to do that in the future. You should go into this type of purchase really clear about what you want and/or need to get out of it. Also understanding that the market for ski homes is still hot and up currently, but I remember many years before Covid where units at Sunday River sat on the market forever and were dirt cheap. And boy do I wish I had bought then when I was thinking about it, but I waited and Covid gave me the push as I watched prices jump up and up and up. I thought I was the dumb person who bought at the top of the market that would surely correct, but I didn't care overall because I have no intention of selling in the foreseeable future. Instead, prices have kept going up and seem somewhat stable currently where they are, which is still very well above what I paid. You never know which way things might go in the future for the vacation home market though, so make sure you are okay with that either way from both a mental and financial standpoint. It may not always be something that can be quickly liquidated like it is currently, but I assume that is a well thought out part of anyone's plans to purchase a vacation home and especially in more seasonally based locations.
