Thinking of buying a second home in Park City or Salt Lake as an out-of-state buyer? There are some important things you need to know about the local market, timing your purchase, and understanding the lifestyle. Read up on 5 things to keep in mind before you make the investment below.
1. Work With A Local Agent
If you own property in your current state, you probably have a trusted realtor in your network who can refer you to a local Utah agent.
It’s important to work with an agent who works and lives in the area you want to buy in, so you can get specialized advice about the communities, properties, and market you’re looking at—whether you’re interested in an exclusive Park City resort residence or a suburban estate steps from outdoor recreation in Salt Lake.
A local agent will also be able to manage all of the ground work necessary to prepare for an out-of-state purchase, like setting up virtual showings, picking up keys, or coordinating any contractors or services you require to prepare your home.
2. Goal Setting
Before deciding to purchase a vacation home in Park City or Salt Lake, it’s important to get specific about your goals. Think about your usage.
- How much time each year do you plan to spend at this home?
- What does your daily life look like while you’re living at your vacation property?
- Is this a long-term or a short-term asset?
Starting off with a solid foundation of what your needs and wants are for your new lifestyle will make the search process that much easier. Working with a local agent, you’ll have hands-on assistance to help connect you with the properties and communities that align with your vision.
3. Property Type & Location
Park City and Salt Lake vacation homes come in a variety of property types. It’s important to figure out what style of home works for your needs.
- Do you have a family?
- Do you plan to do a lot of entertaining while vacationing?
- Do you want a property that’s low-maintenance, like a condo?
- Do you need a ski-in/ski-out home, or a more traditional residence?
Whatever your ideal retreat looks like, there is a real estate opportunity available. Diverse properties throughout the areas exist, from golf-oriented communities in the resort-forward Park City to the charming urban luxury enclaves in Salt Lake.
4. Understand The Market
It’s important to get familiar with the real estate landscape in Park City and Salt Lake before entering the market. As one of the country’s premiere ski destinations, the competition for real estate in these areas is high.
Working with a local realtor will help you understand the unique characteristics of the market, and help you take action at the right time. They’ll also be able to bring off-market listings to your attention, and otherwise leverage their network to create unique opportunities for you.
A local realtor will explain the differences between Park City and Salt Lake lifestyles and real estate, and share the nuances that exist in each market.
You can also learn valuable information about the demographics in each area, amenities available, market history and trajectory, municipal and development plans, and more to help strengthen your market understanding and ultimate decision.
5. Understand Potential Longterm Costs
Home maintenance costs in Park City and Salt Lake will likely differ from what you’re used to.
- If you’re purchasing a condo, you’ll need to factor in HOA fees and other associated payments that come with living in a managed residence
- If you’re interested in a golf community, you may be required to pay membership fees
- Consider the costs associated with maintaining a home in a mountain climate: snow removal, heating, etc.
- Potential property management costs for maintaining the home while you’re away
Buying a second property or vacation home in Park City and Salt Lake is exciting! But you’ll want to start by following these 5 steps first, so you make the most of your investment. If you want more information, connect with our local experts today.
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