So you’re thinking about buying a home in Park City. If you’re new to the area, welcome, we know you’re going to love it here. If you’re already familiar with Park City, congratulations, you have excellent taste!

Buying a home in any city is often a long and complex process. From the moment you decide to buy to the day you get the keys, there are a lot of moving parts. It’s easy to get overwhelmed. 

In Park City specifically, there are numerous unique factors that can play into your purchase, making it absolutely essential to work with an experienced Park City real estate team that knows the nuance of buying in PC. 

With over 25 years of experience living, working, and playing in the area, we’ve helped countless buyers secure their dream homes in Park City. Here are some of the most common questions we get asked:

What Are the Rental Property Regulations in Park City? 

Park City is a fabulous tourist destination, and as such, it’s quite popular for investors. Whether you’re looking to buy a home and use it as a short-term vacation rental or you are an investor looking for long-term tenants, Park City has great opportunities for you. 

However, Park City is also very specific about the areas where short-term rentals are permitted. The boundaries can change from neighborhood to neighborhood. As a result, if you’re thinking about buying a property in Park City to use as a rental, it’s critical that you understand the unique rules in the specific neighborhood you are considering. 

Do you have questions about investing in Park City? Read these posts next:

• Is Park City Good For Investors?
• Benefits of Owning a Vacation Home in Park City
• Is it Better to Buy or Rent in Park City?

What Future Developments Are Coming to Park City? 

Buying a home in Park City is a long-term investment. If you’re purchasing for yourself, you are probably wondering if the area you are moving to will be developed in the future. Imagine the disappointment in buying a home with a beautiful view only to find a new development announced just a few years after you move in.

One of the great things about living in Park City is the emphasis city officials place on conservation. The open space and natural vistas are two significant things that make Park City a wonderful place to live, and as a result, there are strict regulations about developments and conservation easements to keep Park City as beautiful and natural as possible. 

Is Now a Good Time to Buy a Home in Park City?

Unfortunately, there is no cut-and-dry answer to this question, the reality comes down to your unique goals. For example, what type of property are you looking to buy? If you’re thinking about a resort property, the busy season is typically winter. 

However, buying in the winter can come with its own challenges. For example, a blanket of snow could conceal specific features of the property you would want to see before making an offer. 

Your own personal schedule could also play into timing. Are you moving your family with school-aged children? You’ll probably want to close in August before the school year starts. Are you planning on using the property as a rental? You will likely want to close before the busy tourist season so you can prepare properly.

In any case, you can buy a home in Park City at any time of the year if you’re working with a local real estate team who can help understand your unique needs and wants. 

Get answers to your Park City real estate questions here:

• How to Buy a Second Home in Park City Remotely
• Why Buy a Luxury Condo in Park City
• Best Park City Neighborhoods for Permanent Relocators

Do I Need Mortgage Pre-Approval to Buy a House in Park City?

The short answer is–yes! Getting pre-approved for a mortgage is essential in Park City. If you are financing your home purchase with a mortgage, you need to know how much you can afford. 

A pre-approval will give you a better idea of the mortgage you can take on and can help inform your decisions when looking for homes. Pre-approvals are also important for dealing with sellers.

For example, if you are in competition with another buyer for a home, and you have pre-approval and the other buyer does not, chances are the seller will choose your offer. Getting pre-approved eliminates some of the risk for the seller and ensures that you have the means and the backing of a financial institution to move the deal forward and close. 

What are Taxes Like in Park City? 

Utah is one of the few states that uses a flat-fee structure for tax. 

When it comes to income tax, residents are charged a flat fee of 4.65% (2023). This is slightly below the national average. Property tax in Park City is also slightly below the national average at 0.55% for a primary residence and 1.130% for secondary properties. 

Wondering what type of people live in Park City? Read our blog right here.

Can I Put Solar Panels on My Roof?

Much like the ability to put your home on the rental market, installing solar panels on your property very much depends on a few different factors. 

As a city with a strong commitment to the environment and preserving natural resources, solar panels are allowed, in general. There are also financial incentives for installing solar panels such as tax and installation rebates. However, the process for installing them might differ depending on your unique property. 

For example, the city has made the application process quite easy. In most cases, only a single building permit is required to install solar panels. However, additional approvals could be required depending on specific zoning or whether or not you are proposing to install them on a historic building. 

If your property is currently managed by a homeowner’s association (HOA) you will also need to check with them before officially applying with the city. You can learn more about applying for a solar panel permit here.

What is the Cost of Ownership in Park City?

The cost of living in Park City is higher than the national average, with the bulk attributed to housing. When buying a home in Park City, there are several other costs you should consider. Here are a few things to think about:

• Property taxes and utilities: Property taxes are slightly lower than average in Park City and utilities are closer to the national average. However, it’s important to factor in heating costs if you’re moving from a moderate climate, you can expect higher heating costs since winter is long in Park City.
• Home maintenance including snow removal in the winter: Park City winters can be hard on your home, read our blog here to learn more!) 
• HOA fees: If you live in a condo, you will likely pay some sort of condo fee or HOA dues. These costs typically range from $500-$700 per month and can include a variety of costs. Some HOA fees cover amenities and the maintenance and repair of the building, while others also include some utility costs or even insurance fees. It’s important to know exactly what is included in your HOA fees when budgeting for the cost of ownership.

Curious about Park City Vs. Deer Valley? Find out what homeowners need to know right here.

Work with a Park City Real Estate Team that Can Answer Your Questions

Buying a home in Park City is a big decision. It’s important to go into the process with clarity and confidence. A big part of that comes with working with a local real estate team that can help answer your questions honestly. 

When you are fully informed, you can make the best decision for you and your family. No two buyers are the same, and therefore, no two home purchases are the same. At CMFH, we work with homebuyers from all walks of life and have spent our careers dedicated to helping our clients successfully navigate the Park City real estate market. 

Are you ready to get started? Give us a call at 435-647-8035 or email us directly at info@cmfhparkcity.com today.