Buying a Home in Park City Utah
Home Buyers Guide for Park City - Invest in Park City
Congratulations on making your first steps toward buying a home in Park City Utah. Perhaps you are already a homeowner or perhaps you're buying your first home, second home, vacation home, or you're looking to relocate. Regardless of the reason for the move, I want to provide you with some tips, strategies, and basic information about buying a home in this beautiful part of the country.
For starters, I specialize in all of these communities below. There are several high-end, exclusive, and gated communities, beautiful condominiums, perfect resorts ideal for second homes and vacations, and homes that are perfect for year-round occupancy. Whether you're looking to invest, live here permanently or part-time, start browsing through the communities and find some beautiful homes that fit your search criteria.
First Steps to Buying in Park City
These are the basic steps to buying a home:
- Making an offer
- Agreeing on an offer
- Setting up a home inspection
- Final appraisal and financial approval
- Final signing and closing
Before moving, you have to figure out if you can afford the move. Can you afford a home in Park City? This is more of an affluent community and while you can buy a multimillion-dollar mountain estate, you can also find a great studio apartment for around $100,000. There's quite a range of home prices and of course, condominiums tend to be the least expensive, but you'll need to consider in condo association dues. These can range anywhere from $100 a month to several hundreds of dollars each month and will include maintenance and building or resort amenities.
If you are financing the purchase, meaning that you're not buying with all cash, it's important to understand how much you can afford before looking at properties. There's nothing more frustrating and disappointing than finding a beautiful home only to discover after exploring the financing side that you can't afford it. I recommend sitting down with the lender, discussing your needs and your goals, and allowing the lender to work at the numbers that fit within your budget. Armed with this information, you can make a better-informed decision and narrow your search to properties that meet your budget.
Making an offer
As a 20+ year real estate veteran in Park City, I can help write up a solid, tight, and expert on offer the sellers will love to accept. And I don't just submit the offer. We make sure to write up the offer with your terms, your price, but also with the seller in mind. Communication is key and understanding why the seller is selling their property and what they need out of the deal could really help construct the offer so that it is a win-win for both parties.
You want to make sure that you attach an earnest money deposit with the offer. This shows how serious you are about buying the property and typically the higher the earnest money, the more appealing the offer is to a seller. This earnest money will get credited toward the purchase of the home at closing. Once mutual acceptance happens between buyer and seller, the earnest money gets deposited. The offer can go back and forth with several counteroffers until both parties agree or the deal is simply terminated.
In seller's markets where there is low inventory, buyers can tend to waive the home inspection but we usually don't recommend this. Even new construction should have its own inspection. Builders and developers can definitely make mistakes and you want to do a final walk-through to make sure everything is as it should be when you close on the home. A home inspection is a great way to learn as much about your investment as possible. This is incredibly important when you are not actually going to be living there full-time as in an investment property or second home. The inspector will tell you details about the property without raising an alarm and will help you plan for the future with repairs, negotiated with the seller, and planning for maintenance in the future.
Once all of the details have been finalized, the buyer and seller will be called in for final closing. This is where you'll need to bring closing costs, any down payment, and will finalize all of the finance and deeded documents. Once all of the funds have been disbursed, you can be handed the keys to your new home.
I would love to help you find the perfect home in Park City or surrounding areas such as Tuhaye, The Colony, The Preserve, Deer Crest Estates, and Victory Ranch. Start browsing some of the newest listings below or simply contact me at the form below to be notified when new listings that meet your search criteria and price become available. Feel free to contact me at any time to get in touch with a local lender that is very well-versed in helping Park City home buyers find the right investment properties, second home or vacation home or primary residence.