Buying your vacation rental home is a big piece of starting your business. That is why you may want to partner with an experienced agent to help answer frequently asked questions. You can expect any great agent to try to clearly understand your goals. Thus, if you will tell your agent that you want to buy one of the best vacation homes in park city utah, they will ask many questions to make sure no stone is left unturned and that you find the perfect home for your situation. No matter your goals, the best vacation rental properties in Park City share the same characteristics including the following:
When picking the best location, you must focus on local elements such as the local landscape, the surroundings, and understanding if nearby homes and businesses complement your desired experience. Sometimes, the best location does not strongly indicate a return on investment. For instance, an older condo project that has a low price and HOA dues could have hidden costs in the form of planned owner assessments and deferred maintenance. The rental differential on a skin in/skin out property may not be enough to justify the higher purchase price. It’s important to take your time understanding your intent for the vacation home. This allows your chosen real estate strategies to work better for you.
As with other towns, the location will drive appreciation in Park City. Appreciation happens according to supply and demand. You can expect a limited supply of properties in walking distances to Historic Main Street, the ski slopes, and other amenities. Also, there is a strong demand for construction, which tends to experience strong appreciation even if located further from the major amenities.
Economic Indicators Turning in the Right Direction
When investors decide where to purchase properties, they look at job creation, unemployment, economic stability, population migration, rental yields, and housing prices. In Park City, all these factors are moving in the right direction. It is only thirty minutes from Salt Lake City, which tends to have one of the strongest economies in the country. Also, it is one of the major feeder markets of Park City for resort real estate.
The unexpected expenses and income of owning a vacation property in Park City will determine the profit. Some people find it more important to spend Christmas with their family in their vacation property than the income they are giving up. But, for investors who prioritize cash flow, vacation rental properties can generate tremendous income relative to their cost.