Park City Real Estate, Buying a Second Home

Imagine watching the sun rise over Utah’s Rocky Mountains, enjoying the Sundance Film Festival in the middle of January, hiking or biking a mountain and reaching the peak.   These are just a few reasons why Park City Real Estate is the ideal place to have a second home.    The possibilities are endless and are available year round.   In fact, purchasing a second home accounted for roughly 36% of residential property sold in the United States for 2006 according to the National Association of Realtors.   

If you are looking for the one of best kept secrets for second home market, you need to check out Park City Real Estate. The market in Park City offers every price range for every buyer.  According to NeighborhoodScout.com, for mountain and lake resorts Heber Utah, just outside Park City is still a bargain in an emerging market.   From the Salt Lake International airport, it’s only a 45 minutes drive and you are at your second home. 

If you’re wondering whether you can afford a second home, you should consider three elements; location, finances, and clearly identify what type of property will be best for you.  Considering there are condos, homes, fractional ownership and other real estate offerings. 

Location is the first rule of smart real estate investing and Park City Real estate is no exception.   There are many great areas such as Old Town, Deer Valley, or The Canyons - each offer year-round activities and charm.   Each distinctive area of Park City has incredible views, great restaurants to choose from and all kinds of shopping. 

Finances are an important factor when deciding if you can afford a second home and how much you can spend.  In my experience, there are a few ideas to make that second home more realistic.   Paying the mortgage yourself is one way to look at it and the other way is to offset the cost of ownership by offering your unit as a rental when you are not using your second home.   I personally own several properties in Park City, and I’ve found that for me, this provides a way to not only enjoy my investments but also to capitalize on cash flow opportunities through the rental market.   The Park City rental market has been historically very strong, and with the right Property Management company you may have the investment pay for itself or it can may a significant contribution toward your monthly mortgage payment.  Additionally, there could be tax advantages to making a second home investment.   My recommendation is to consult a tax planning professional for more information on the possible tax advantages of second home ownership..

Lastly, it’s critical to pinpoint exactly what type of property will be best suited for you.   If you are looking for a true home to accommodate guests or even your family, there are many fabulous subdivisions with their own unique architecture, flair and price ranges.   Some people prefer to have a condominium so they can enjoy their property with no labor or maintenance involved.    There are so many condo projects within the Park City Real Estate market; you really have to narrow it down to the square footage you need or even the year it was built.  As a realtor, I can help you evaluate some of the advantages or disadvantages of different types of properties.   If you are thinking about Fractional Ownership, there are some exciting new projects that are making the market sizzle.  

With Park City Real Estate as a second home, you can’t go wrong.   You can enjoy this perfect get away spot while maximizing the benefits of second home ownership.  There are many new developments in the area and there are also those existing properties that make Park City the gem it is. 

Come to Park City and let me show why you should choose Park City as your second home.   You won’t be disappointed.  Call Granda Metz  at (801) 571-3825 or email info@grandametz.com  You can get more information on Park City Real Estate at   www.grandametz.com

Enjoy!

Granda

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