Buying real estate can be a confusing process. Between the actual home, the financing, and dealing with a real estate agent or homeowner, there is so much to consider. Since you have decided to invest in Park City real estate, you also need to consider the city’s new status as home to the United States largest ski resort. Whether you are an investor or a potential homeowner, the tourism factor cannot be ignored. We would like to offer you these Park City specific real estate buying tips.
Some buyers and sellers might shy away from real estate agents to avoid commissions. In some markets you might be able to do that, however in Park City a real estate agent is near-essential. One thing you need to consider about this particular market is you may be dealing with out-of-state and/or international individuals or firms. Park City real estate agents can guide both parties through the legalities of the transaction as well as the nuances of this market. Since the seller’s contract is typically responsible for commissions there is rarely an increase in costs to the buyer. However, as a buyer obtaining your own real estate professional provides you with the security of making sure your interests are protected as well.
Thanks to the Internet, searching for a home is easier than ever. The MLS is readily available however it can only take you so far. Keep in mind the home on the screen is only as good as the photographer taking the photo. Looks can be deceiving but it is a good place to start.
In the Park City market it may not be possible for you to visit multiple times before purchasing so using online sources gives you a solid list of walk-throughs. At the showing come prepared with a solid list of questions to ask such as:
- Major mechanical—Heating, air conditioning, pools, hot tubs, or extensive water features can be a nightmare if you assume everything has been well maintained and is in good working order. Ask for service records. Be wary of extensive home warranties. They sound great but can mean the seller is fully aware of the amount of work to be done.
- Seller’s situation—Ask why they are selling and how long they have owned the property. The answer to both can yield a lot of information. If the seller has a lot of equity or the sale is time sensitive, they can be more willing to negotiate. Take special note of a home that looks too perfect. Staging is an excellent tool to give the home a desired appearance when in fact it is disguising condition issues or may be vacant.
- Buyer’s situation—Ask why they are interested. Do they have a home they need to sell before this purchase can go through? Financing, down payment, other properties of interest, and whether or not they are local can give the seller leverage when accepting an offer.
- Property use—In the Park City market you also need to know if the home has been a vacation rental or primary residence and/or if it will be used as such. A seller may not want the family home to become a rental property. A buyer may not want a well-used property.
These are just a few of the things to consider when purchasing property in Park City, Utah. We hope you consider them carefully. The Park City, Utah market is definitely one zip code where working with a competent, caring real estate professional will make all the difference in your buying experience. If you are interested in becoming more familiar with Park City please call Jensen and Company at (435)901-8333 for information on local real estate.