Proper values in Park City are on the rise with interest rates still bottoming out. That is why many people are planning to buy a vacation home or rental property here. Although the process of buying a vacation home is similar to buying a primary residence, you can find the perfect property if you know some tips. This post will guide you with your search for the best vacation homes for sale in park city utah:
Figure Out How you will Pay for the House
If you are buying a vacation home with cash, you can often negotiate a more aggressive price. But, if you are financing, you must understand the financing considerations for the property you want to acquire. For instance, Park City has two condo projects where the HOA has sued the builder. These projects won’t be financed by lenders.
Decide If you Will Rent Out the House
If you are like other vacation homeowners, you may want to stay in your new home during the summer and rent it out during ski season. Other owners prefer to take advantage of the possible income available during peak season times. Also, you must think about tax considerations. The IRS considers your home as a personal residence if you live there for more than 14 days or more than 10 percent of the time you rent it out every year. But, if such conditions are not met, they will consider your home as a rental property and all rental receipts must be reported as income.
Know Who Will Manage the Rental Property
If you decide to rent out your property, will you manage it by yourself or hire a property manager? Although it is quite tempting to rent the house yourself and keep all the rental income, there are lots of work involved such as checking renters in and out, collecting deposits, scheduling cleaning, and more. Park City has a lot of reputable management companies that offer assistance.
Consider your Preferred Lifestyle
Do you prefer to be on a ski slope or nearby or to be able to walk to historic Main Street? Is a more residential neighborhood a better option for you? This is a personal decision. Keep in mind that proximity to Main Street and ski slopes mean higher prices. Buying a vacation house in Park City is a life-changing experience so make sure to choose the right one that suits the kind of lifestyle you prefer.