There are so many things to love about the Park City area: excellent year-round weather, some of the best winter sports globally, unique events, and proximity to a major airport. However, most people don’t think about Park City being an excellent investment for vacation home buyers.
As property ownership around the area continues to skyrocket, more and more homes and complexes are being built. However, there is still some availability for those looking to move to the area or own an additional home in the area. While many come to Park City for the winter activities such as skiing and the Sundance Film Festival, there is plenty to do year-round.
From biking to fishing to hiking, Park City provides ample opportunities for you, your loved ones, or someone that may be staying at your property to fully experience what the beautiful state of Utah has to offer.
Top Reasons For Investing in Park City
When it is often difficult to find a reliable investment, Park City has been host to one of the best investment opportunities in the nation: property. The value of homes in Park City continues to increase as people worldwide have fled to this quiet mountain town during the last two years.
But what is the reason for this? And why should you consider this investment opportunity? We break down the top reasons for owning a vacation property in Park City.
Park City Real Estate Holds Its Value
The first reason you should consider owning a vacation property in Park City is that the property consistently holds its value. While the economy and the real estate market may often be unpredictable, Park City homes have consistently held their value since the recession of 2008.
Another reason to own a vacation home in Park City is the tax benefits of owning property in Utah. Under the current tax law in Utah, homebuyers can write off up to $750,000 in mortgage interest. For most people who buy second homes, a combined first and second mortgage will not exceed this cap. Also, buyers can deduct up to $10,000 in property taxes.
Please speak to your tax advisor before investing.
Let’s consider the additional income stream. You can do this by renting out your house and/or condo to others. As an owner of the property, you have the option to lease it out on a nightly or seasonal basis. Beware that not all HOAs allow nightly rentals–check before you buy.
There are reputable companies that specialize in property management in Park City. If you decide to rent out your vacation home, your taxes will change if you do so. Outside companies can handle renting your home and maintaining it while you relax and earn money.
Property managers are needed for rentals and long-term care, mainly when the owner isn’t available. If you don’t plan on living in the residence full-time, it is wise to hire one to look after your property. They can take care of things like collecting rent, paying condo or home things, and just making sure your property is adequately looked after.
There are several different types of property managers, from full-service agencies to those who allow al a carte service. We can recommend reputable, professional companies for you depending on your needs.
One non-financial reason to buy property in Park City is the abundance of fun and memories that will occur when you purchase a home in this lovely area. A vacation home is a perfect way to create lasting memories with your family. After all, it can be challenging to find time for family and friends in between work and household chores.
Year-round, Park City offers the perfect opportunity for families to enjoy nature. It is possible to turn off your phones, disconnect from social media, and spend some quality time with your loved ones; if you have a place where you can go. Buying a piece of property in Park City can allow you and your loved ones the perfect opportunity to disconnect and find a little slice of heaven.
There is something extraordinary about a vacation home here. Besides all the amenities included, there is a level of simplicity and peace you will feel. Your family can share endless memories during the holidays. With breathtaking mountain views and year-round activities nearby, nature lovers won’t be able to take their eyes off the place. Retirees will be able to enjoy all the things they’ve always wanted to do.
Let Us Help You
With great restaurants all over and some of the best hiking, mountain biking, and skiing in the world, Park City is the perfect retreat for both homebodies and explorers. If you would like to look into a Park City real estate opportunity, consider using Jensen and Company for all of your real estate needs.
Jensen and Company is a local-rooted company that specializes in vacation homes. We can help guide you on your journey and answer any questions about the vacation home purchasing process.