While looking for a new home, so many factors take part in the buyer’s decision. Whether it’s location, amenities, appearance, or nearby attractions, you want to be sure you are investing in the right property.
Park City is home to a wide variety of different properties to choose from, helping to make your decision a bit easier. Let’s take a look at five different types of Park City properties you’ll love!
For families looking to settle in the Park City area in the traditional sense, single-family homes are the best option. The area features a wide variety of single-family homes, from the practical to the luxurious.
While single-family Park City properties may be on the expensive side of the national average, they have consistently increased in value over time. Now considered one of the hottest places in the nation to own a home, buying a single-family home in Park City will ensure your investment is secure.
Whether you choose to live in your house year-round or look for renting opportunities, this is one investment a family should consider.
Since it is a popular skiing destination, many condominiums and townhomes are available to buy in Park City. In addition, since there are two major ski resorts within the city, there are multiple developments to choose from–all excellent investments!
Many owners in Park City own multiple properties and simply use their condos or townhomes in the area for a few weeks per year, and many rent out the rest of the time to visitors. As a result, Park City offers a rare treat: many ski-in ski-out properties to choose from that rivals other resorts like Steamboat and Vail.
But unlike Vail and Steamboat Springs, Park City isn’t hours away from a major airport or city. And prices tend to be less expensive than resorts in Colorado, making Park City a better choice.
Searching for a condo as a buyer in Park City requires a significant amount of local market knowledge to narrow down your search. In addition, the market here has many submarkets that can be very different, which makes it challenging to search the area from afar.
For example, buyers looking for a condo in Deer Valley will have different requirements and needs than those searching in other parts of the city. The best way to manage this is to contact a local real estate company to help guide you through this sometimes tricky process.
There are many options available to those looking to buy a supplementary property in Park City. Full ownership is the traditional way many people purchase a second home just as they would their primary residence. However, since real estate traditionally appreciates over time, buying a vacation home can be justified as a recreational expense and an investment.
This is especially ideal for someone who wants to use the property at any time and desires that flexibility. Owners that choose this option may either keep it to themselves or place it in a rental pool to get some income to offset costs of ownership.
Another option is fractional ownership of vacation homes – these are also called private residence clubs. This concept allows the owner to enjoy up to three months of homeownership privileges at a luxury resort but at a fraction of the cost of whole ownership.
Fractionals and private residence clubs offer you the opportunity to purchase a deeded share in a residence that gives you a certain number of weeks per year at the property and use of all amenities.
Prices for this type of investment range widely from $40,000 to more than $1 million, depending on the location, number of weeks, number of bedrooms, and level of luxury. Residences may be hotel suites, cabins, townhouses, villas, or detached homes.
Raw Land to Build On
Are you looking for a bit of a project? Investing in raw land in the area can be an excellent investment that can pay off in the long run. With plots available all around the city, purchasing raw land ensures that your vision of a perfect project turns into a reality.
If you have some time on your hands, the possibilities of owning raw land are endless. Are you looking to build a mountain mansion and rent out rooms? Looking to build a smaller house to experience nature truly? Whatever your decision, the place to start is purchasing a plot.
For those looking for a larger retirement home in the area, luxury homes are always viable. Home to one of the largest proportional luxury home markets in the United States, Park City offers buyers a wide variety of different options all over the area.
Some of these homes include ski-in access, trail or hiking access through the property, swimming pools, and hot tubs. Whatever you prefer, finding the perfect luxury home for your tastes can help you finally realize the vision for your dream home.
Park City has properties available for every taste, lifestyle, and family. So if you’re looking to make a move to Park City, let us help you find the perfect spot.