Most of the real estate buying public concerns themselves with residential real estate, specifically their primary residence. Most market assessments discuss the residential market with occasional commercial market updates.
What is often overlooked is fun real estate, real estate that people buy for the fun of it. There is no such classification, of course, but it is real and something to think about whether it is your first real property acquisition, or an addition to your portfolio.
The first thing that comes to mind for many is a time share property. Buy a week block of time in a resort that you like. Most have arrangements that allow you to trade your use for another resort, or to rent your unit out instead of using it. It sounds like a lot of fun, especially when you are in the middle of a wonderful holiday at the time you bought it. There are pluses and minuses to timeshare ownership, but that isn’t our purpose today.
Fun real estate can be remote land that you can retreat to for the weekend, or a week at a time. Someplace that allows you to escape to your own land and enjoy the natural beauty around you. Whether 40 acres in the middle of nowhere, or an acre in a rural environment, it is yours and yours to enjoy. You can make improvements to it as allowed by county code that will personalize it and enhance your fun.
Such a sanctuary retreat can be combined with your hobbies if you buy in the right location. If you like to ride motocross or horses buy in an area that allows you to ride freely.
We’ve had stargazers buy remote property for the clarity of the skies they enjoy when they are on vacation at the property. Lakes and rivers afford obvious water based recreational enjoyment.
Whatever your source of recreational enjoyment, buy accordingly.
Fun real estate can also be in an urban environment. If you enjoy opera, concerts, or other events that are usually based around people, you have to go where the people are, the city. In that case you might look to a well located and appointed condominium or townhouse that will allow you to slip in to town and into an environment that is totally you, your condo. The right condo in the right location can be a fun asset for the entire family, your friends, or even business associates that you might let use it once in awhile.
Ranches have long been recognized as a fun real estate toy of the rich and sometimes famous. A place to get away to enjoy the outdoors, ride horses, and ATV’s and maintain the rural lifestyle of Western Ranch living. Gatherings around brandings, barbecues, etc., create long lasting memories for those in attendance. Ranch properties are a great vehicle for easy family events/gatherings, having special time with friends, or simply to get away and recharge for the rigors of life back at home. The right ranches are worthy of the brand, FUN.
Our Advice: Don’t always look at real estate based on price, return on the dollar, or cash flow. We’ve long maintained that there is an element of emotional return on the investment in all real estate.
In “fun” real estate the primary investment focus is that of emotion, fun. There are many sources that contribute to emotion so there is no way to measure the fun element without being the buyer and able to consider what it means to you to own the property.
Your agent can help you assess many aspects and components of buying and owning fun real estate, but only you know what it will really mean to you to own and enjoy a specific property.
Fun might be buying lots to give to grandchildren over time, buying “the cabin” for family card/board games that will last a lifetime, or buying a hobby mine for a place to sweat and dream. Whatever it is the fun it generates will be repeatable for it will be yours as it is real property and you will own it.
Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. firstname.lastname@example.org, www.carsonvalleyland.com.