Buying a Home Away From Home
Most of our blog entries are about all the things we love about Park City. Beautiful weather, world-class resorts, year-round outdoor activities, international festivals, proximity to the Salt Lake airport, … we could go on and on, but you get the idea. However, there’s one point we don’t write about often: what a great place Park City is for vacation home Real Estate investment. Of course, that’s what you would expect a Real Estate firm to say, so we encourage you to research this down to the last nail. What we know you will find: buying a second home here is one of the soundest financial decisions you can make. We’ve put together our top five reasons why we believe this to be true.
#1 Park City Real Estate consistently holds its value
Yes, 2008 was a bad year for all of us. However, the 2008 financial fiasco showed up here as a dip, not a free fall as deep as the Mariana Trench like many other markets experienced. Furthermore, the Real Estate economic recovery here moved much more quickly than other resort communities. Since then, home values have steadily risen at reasonable rates.
#2 Cut the cost of your vacation and take the hassle out
What percentage of your vacation costs is paying for accommodations? A lot, right? Coordinating everything that is needed to rent somewhere to stay is expensive and stressful. If you already own your lodgings, you have the freedom to go there anytime that works for you. That means no dealing with third parties, no strict time schedules, and no surprises.
#3 Tax Advantages
Under current tax law, you can write off up to $750,000 in mortgage interest. For most people who buy second homes, combined first and second mortgages do not exceed this cap. Also, you can deduct up to $10,000 in property taxes. Before you make any decisions, consult your accountant or other tax professional to make sure you know exactly what a second home will save you on your tax return.
#4 Make money when you’re not there
Why not make some extra cash off of your vacation home while you’re not using it? Renting your house out to others is a great way to do just that. Because you own this property, how you rent it is entirely up to you. You can offer it up nightly or seasonally. Park City has many reputable and effective property management companies that specialize in this. They can take care of renting your home and maintaining it while you relax and watch the money roll in. Just be aware that if you decide to rent out your vacation home, it will change the details of your taxes. So, before you make any decisions, consult your accountant or other tax professional.
#5 Creating family memories that will last a lifetime
Creating lasting memories with your family is essential. That is precisely what you will do by purchasing a vacation home. After all, making time for family and friends can be difficult. Between work and tasks around the house, it can even feel impossible. But if you have a place where you can go with your loved ones, turn off your phones, and spend some quality time together, all of that can change. All you have to do is pack your bags and hit the road!
Now, back to the things we love about Park City. At the end of the day, these are the things that really matter when investing in a vacation home here. Beyond all the amenities you’ll enjoy, there’s a simplicity and peace you will experience. Your family can spend the holidays together, creating endless memories (whether it be on the slopes or around the dinner table). Nature lovers won’t be able to take their eyes off the breathtaking mountain views. Retirees can relax year-round, knowing all the things they’ve ever wanted to do are right out their front door.
If, after reading this, you feel inspired to investigate buying a vacation home in Park City, we would love to meet you and answer all your questions. All of us at Chin-MacQuoid-Fleming-Harris are certain that you will agree that Park City has it all!