Buying a second home can be a major purchase, whether you are trying to maximize your favorite vacation spot, or making your first foray into a real estate investment.
The costs of purchasing and maintaining a second home quickly add up and vary greatly depending on how the property is used. If you choose to use a mortgage, those options will also be determined by how you intend to use your second home. For example, shared usage via companies like Pacaso, is becoming more popular. Unlike fractional ownership, where your weeks of usage are assigned and can change from year to year, the shared ownership option allows you to pick your days/weeks and book via an app. Typically there are 8 shares in today's Pacaso's model, but the number of owners can be lower. If you’re looking for a Park City home for sale, and inventory or pricing isn’t what you were expecting, consider a shared home. It’s a great way to establish a foothold, get to know the community, and decide where you want your very own home. Some great choices are homes in Jeremy Ranch, Promontory homes for sale, and Silver Springs Homes. A favorite among many is Deer Valley ski-in/ski-out condos and townhomes.
As someone who owns a vacation home in Park City, here are my top reasons that may help you decide as you move forward.
Why Park City?
Being home to one of the world's largest ski resorts, it provides a highly sought-after property that welcomes any outdoor adventurer. You’ll find a variety of lovely Park City condos and townhomes for sale, matching your desired mountain lifestyle for a ski-in ski-out property, with luxury amenities, dining, private golf courses, and ski slopes. Residences provide breathtaking views, a nature-filled superb location, and the key to a mountain lover's fantasy. Value appreciation has been strong, providing a great return on investment.
Park City Home is a Passive Income Home
Park City is always attracting tourists no matter what the season. You can take advantage of this by making your home a rental investment, whether you wish to offer it nightly or seasonally. This is a terrific way to build equity while renters pay your mortgage, taxes, HOA dues, and upkeep expenditures.
Easy Access to Salt Lake City and the newest International Airport
Park City vacation homes and investment properties offer an easy trip for you or for your renters. You’ll have no problem getting there considering it's so close to the Salt Lake City International Airport. An easy commute up Hwy. 80 and you’re at your front door in approx.. 35 mins. The highway is 3 lanes minimum, in each direction, and is maintained by snowplows as a priority.
With comfortable access to Salt Lake City, you can easily enjoy a wider selection of entertainment, shopping, dining, and services without compromising the privacy you have when you return to your Park City property.
Tax Advantages
Mortgage interest can be deducted, up to $750,000 under current tax rules. You can also deduct up to $10,000 in property taxes. Before making any decisions, consult with your accountant, or another tax specialist, to ensure that you understand precisely how much a second property would save you on your tax return.
Work with a Trusted Realtor to Find Your Ideal Second Home
Finally, the exciting part! Whether you're searching for a vacation home or investment property, you'll want to deal with a local real estate agent.
If you're searching from out of the area, and won't be able to view the property in person initially, a professional agent can act as your eyes, ears, and nose on the ground. Many Park City properties have been put under contract via Facetime tours. Buyers can then fly in and perform their Due Diligence according to contract terms. Old Town homes for sale are really popular and this may be the only way to get one before it gets scooped up by someone else. Another highly competitive situation is ski condos with great ski access. These come up less often, command a higher purchase price, and sell quickly so consider letting your agent know what you are looking for and they can potentially find one for you that is not yet on the market. You’ll have the advantage of being the first one to know about it.
Feel free to give Park City Home Sales a call to discuss your needs and how we can help at 435 640-0217 or you may also search for Park City Homes, Condos, Townhomes, and Land for sale here.