For many people, selling a home is something they only do a few times in their lives. These types of large transactions are not something the average person does every day. Since it’s something done so infrequently, it’s easy to get caught up in often avoidable mistakes.

They say, “practice makes perfect,” but how can you practice at selling a house?

Luckily, here at Chin Fleming Harris Luxury Resort Real Estate, we do get a lot of practice. By helping our clients buy and sell real estate in the Park City area every single day, we’ve become acutely aware of the pitfalls and exactly how to avoid them to ensure a smooth transaction.

In this post, we’re sharing how you can avoid some of the biggest mistakes when selling a vacation property.

Not Knowing About Upcoming Bookings

If your property is part of a rental program or a property management program, you need to be aware of any upcoming bookings. This is because any confirmed bookings will need to be honored right up through closing.

Additionally, bookings can interfere with showings, so it’s imperative for your agent to know when the home will be occupied to schedule showings accordingly. This is not strictly limited to vacation rentals. If your family is using the property while it is listed for sale, your agent will also need to know to ensure showings run smoothly.

For more on selling a vacation property used for rentals, read these posts next:

• How to Sell a Rental Property with Tenants
• What to Know About Hiring a Property Manager in Park City

Turning Off Various Home Systems

If you are selling a vacation property in the winter, it’s especially important to ensure the property is always accessible. This means keeping up with things like snow removal.

Many homes in Park City have heated driveways to melt the snow, and sometimes, a homeowner may try to save a little energy and turn it off when they are not using the property. It’s important that you keep it turned on! Most snow melt systems run on a sensor and only work when they are actively melting snow.

This not only keeps your driveway clear and accessible, but if the snow melt system is turned off, it could raise concerns for buyers: Is it not working? Why is it not on? These are questions we get regularly when a heated driveway is off.

In addition to the heated driveway, some homeowners may also turn the thermostat down when the property is not in use. While it’s a great way to reduce energy consumption and save on your heating bill, showing a cold house to a potential buyer is an uncomfortable experience.

When your vacation home is listed for sale, always make sure it’s a pleasant temperature inside.

Selling a home in Park City? Here are a few more posts you might find helpful:

• How to Get Your Home to Sell Fast
• How to Sell a Ski-In, Ski-Out Property in Park City
• Selling Your Park City Home with Discretion

Not Keeping Up with Maintenance and Cleaning

If your vacation home is unoccupied, some of the regular maintenance and cleaning may fall by the wayside. If it’s not right in front of us, we’re less likely to remember that shelves need to be dusted. When selling this type of home, making sure the property is well-maintained and clean is critical.

At least once per week, we recommend having someone enter the home to spot clean, dust, flush toilets, and just make sure the home still looks pristine.

Other maintenance, like washing windows and cleaning gutters are important for curb appeal. Deferred maintenance is a huge red flag for vacation home buyers. No one wants to buy a vacation home that needs a lot of work or seems like it would be a hassle to maintain.

Learn more about the prep and maintenance side of things by reading: How to Get Your House Ready to Sell.

Ignoring the HOA

Some Park City vacation properties are located within communities with a homeowner’s association (HOA). If your property falls within this category, it’s important to know exactly what’s going on with the HOA. Make sure you look at the meeting minutes and note if there are any special assessments forthcoming.

Forgetting About Due Diligence

When selling a home, there is always a due diligence period. Among other things, this is when the buyer is responsible for doing inspections. On a luxury vacation home, the due diligence period can last longer than a typical property because there may be other things to consider. For example:

• Depending on the property, more than a simple home inspection might be required. Elevator inspections and roof inspections are just two that come to mind.
• The buyer will also need to obtain property insurance. In some cases, home insurance in Park City can be a challenge.

These are just two examples. The due diligence period depends entirely on the property, but you should be prepared for a longer due diligence period when selling a vacation home.

Wondering what kind of timeline you can expect? Read our post: How Long Does it Take to Sell a Park City Vacation Home?

Not Being Aware of Fees

There are certain fees attached to selling a home. Things like real estate commission, title transfer fees, property tax or HOA prorations, and settlement fees are just some of the closing costs to consider. In many cases, the amount of these fees differs from state to state. If you’re selling a Park City vacation home from out of state, you should ask for a pre-estimated closing statement to get a better idea of the closing costs you can expect.

Keep reading these selling posts next for even more insights:

• How to Sell Your Park City Vacation Home When You Can’t Be There
• When is the Best Time to Sell a Home in Park City
• 6 Signs it’s Time to Sell Your Park City Vacation Home

Not Communicating with Your Lawyer or Accountant

Selling a second or third home comes with different tax ramifications from selling a primary residence. If you’re selling a vacation home, it’s essential to loop your legal team and accountant into the transaction so they can advise you on things like capital gains and other implications.

For more on this, read our post: What are the Tax Implications of Owning a Vacation Home?

Not Working with a Local Real Estate Team

The best way to get the best results from your home sale is by engaging the services of a local, trusted real estate team early on. A great real estate agent can help you maximize your sale in more ways than one. For example:

• They can advise you on the best ROI renovations and upgrades, saving you money and improving your bottom line.
• They know the local market and comparable sales in your area, giving you the best possible pricing strategy.
• Professional staging and photography ensure your home looks its best and captivates buyers from the moment they see it.
• A real estate agent affiliated with a high-end brokerage will also have access to resources and tools to market your home to the right people and get the most exposure.
• A true local will know how to position your home and not only sell the property itself, but paint an aspirational picture of the lifestyle that goes along with it.
• They will negotiate on your behalf and handle all the logistics of the sale.
• And much, much more!

Thinking about selling your vacation home? Chin Fleming Harris Luxury Resort Real Estate has been a trusted Park City real estate team for over 30 years. We’ve helped countless sellers navigate the process, avoid the pitfalls, and ultimately sell their homes with exceptional results.

Get in touch with us today by calling 435-647-8083, emailing info@CFHparkcity.com, or filling out the form below. We’d love to hear from you!