Even the most career-driven professional needs to take a break. Maybe you love taking off to an exclusive tropical resort for a few weeks. Perhaps you love experiencing the history and charm of ancient European cities. But if your idea of a vacation involves outdoor activities, luxurious amenities, and breathtaking mountain views, Park City might just be the ticket.

It’s no surprise that every year, countless vacationers return to Park City. For many people, Park City is their happy place, which is why many frequent visitors choose to own real estate here.

Owning a vacation home or a second property is a goal for many. Not only does owning a second home give your family someplace that feels like home away from the hustle and bustle of everyday life, but there are also a lot of other practical advantages to owning a vacation home.

If you’re thinking about buying a vacation property in Park City, keep reading for everything you need to know.

Jump to Section

1. A Closer Look at the Park City Real Estate Market
2. What Makes Park City so Good for Vacation Real Estate?
3. Types of Vacation Homes in Park City
4. How to Buy a Vacation Home
5. Practical Things to Know About Owning a Vacation Home in Park City
6. Selling Your Vacation Home

A Closer Look at the Park City Real Estate Market

Although Park City has an abundance of year-round activities, events, and amenities, our primary “busy” season is still very much the winter. As a world-class ski destination, people come from all over the world to enjoy our perfect snow and pristine peaks.

As a result, our real estate market is a little bit different from other places in the US.

How is Park City Real Estate Different than Other Markets?

When you buy a home in Park City, you’re buying a lifestyle. Vacation home buyers are often less concerned about specific home details and instead they care more about how the property is going to support their unique lifestyle needs.

That said, there are not only vacation home buyers here. There are many permanent residents who call Park City home. As a result, our market is somewhat truncated with permanent residents seeking neighborhood properties and vacationers looking more for resort properties.

Get more insights on the biggest ways Park City real estate is unique. Read: How is Park City Real Estate Different than Other Markets?

When is the Best time to Buy a Home in Park City?

Since Park City technically has two types of markets, the answer to this question depends on what type of property you’re considering.

• Neighbourhood Properties tend to follow a more traditional real estate cycle with activity starting in the spring and reaching a peak in the summer
• Resort Properties appeal to vacation home owners, and therefore, the market aligns with the tourist season. The peak of this market is in the winter when the resorts are open.

So, when is the best time to buy a vacation home in Park City? Winter, spring, summer, or fall, it’s possible to find a great vacation home in Park City at any time of year, as long as you’re working with a top Park City real estate team.

For an in-depth look at the best time of year to buy a home, read: When is the Best Time to Buy a Home in Park City?

Other Types of Real Estate in Park City

In addition to permanent residents and vacation home owners, Park City is also popular for real estate investors. Some investors choose to own property in Park City and rent it out on a full-time basis. Other investors purchase a vacation home with the intention of renting it out when they are not using it.

Investors typically have a different goal in mind when it comes to owning real estate here. Yes, the lifestyle aspect is still important, but there are other things to consider, such as what neighborhoods are best for investors, what kind of ROI can you expect, how the market is affected by the stock market or other economic factors, and more.

If you’re thinking about buying a Park City vacation home with the intention of renting it out, read: What to Know About Investing in a Park City Vacation Home

Wondering how Park City real estate compares to other resort towns? Read these posts next:

• Alta Vs. Park City and Deer Valley
• Brighton Vs. Park City
• Snowbird Vs. Park City
• Park City Vs. Breckenridge
• Deer Valley Vs. Aspen
• Park City Vs. Jackson Hole
• Park City Vs. Vail

What Makes Park City so Good for Vacation Real Estate?

So, what makes Park City such an excellent choice for vacation home owners and even retirees? We can’t boil it down to one specific reason. Instead, there are a plethora of things that make it appealing to own a vacation home here, including:

• Park City is one of the biggest resort towns with more amenities and restaurants. The size difference becomes even more prominent when you include nearby Deer Valley.
• Although we’re known for our winters, there are plenty of summer events, activities, and incredible recreation all year long.
• Park City is a great home base for recreating in Utah, since we are so close to many amazing resorts, beautiful state and national parks, and more. (Fun fact: Many Park City homeowners head down to Moab in the spring; it’s the perfect shoulder season spot!)
• Getting to Park City is a lot easier than other resorts. We’re conveniently located close to several public and private airports.

Discover the best of Park City and Deer Valley with these posts next:

• Best Art Galleries in Park City
• Best Restaurants in Park City
• Best Gyms in Park City
• Best Hotels in Deer Valley
• Best Spas in Park City and Deer Valley
• Best Private Ski Lounges in Park City and Deer Valley
• Best Aprés Ski Spots in Park City
• Best Hiking Trails in Park City
• Our Favorite Park City Breweries and Distilleries

Types of Vacation Homes in Park City

Finding a vacation home in Park City is about finding a specific property that helps you live your best life, partake in your favorite activities, and allow your family to enjoy downtime together.

Every person is unique, which is why it’s so great that Park City has a variety of property types.

Be in the Heart of it All with a Luxury Condo

Luxury and convenience are brought to new levels with the condos and resort properties in Park City and Deer Valley. Boasting amenities like ski-in, ski-out abilities, shuttles, access to pools and spas, concierge services, and more, condos in Park City are perfect for someone who wants maintenance-free living close to the action.

Many luxury condos also include exclusive access to certain off-site amenities, golf and club memberships, and more.

Read: Luxury Condo Amenities in Park City to learn more about what you can expect from these properties.

Privacy and Prestige in a Gated Community

Park City has a rich history and has the prestigious neighborhoods, unique architecture, and historic homes to prove it. There are also numerous gated communities that provide excellent amenities combined with privacy and security. Whether you’re looking for a tranquil gated community off the beaten path, where you can stargaze at night or a dynamic ski-in, ski-out home with everything you need within walking distance, there is a Park City gated community for you.

Read: The Best Gated Communities in Park City to find out which neighborhoods make the list.

Homes for Any Niche

As a town that puts a high priority on recreation and quality of life, there are homes that suit any interest. Obviously, ski-in, ski-out properties are popular, but Park City also has some fabulous golf communities, too. Are you an avid mountain biker? You can find homes within riding distance of the trailhead (no more loading your bike on the car!) There are even several Park City neighborhoods known for their stunning equestrian properties.

Looking for ski-in, ski-out homes in Park City? Read: How to Buy a Ski-In, Ski-Out Home in Park City

Building Your Own Home

Park City has strict regulations around developing land; as a result, we have a lot of beautiful green spaces, but it makes new homes and new developments extremely sought-after. There are still numerous new developments in Park City, including the newest crown jewel in the area, Deer Valley East Village.

Some discerning homeowners may choose to purchase a new build in Park City from a developer. Furthermore, some homeowners may choose to build a custom property either on their own or with a spec builder.

Read: Spec Home Builder Vs. Development Builder to learn the difference between these two types of builders.

How to Buy a Vacation Home

Now that we’ve covered the local Park City market and why it’s so great for vacation homes, let’s take a closer look at the “how”.

Is it Better to Buy or Rent in Park City?

It’s the age-old question. But contrary to popular belief, the answer is not the same for everyone. Here’s a breakdown of when it’s better to rent or buy:

Learn more about the pros and cons of buying a vacation home in Park City and Deer Valley with these posts next:

• What are the Benefits of Owning a Vacation Home in Park City?
• Is it Better to Buy or Rent in Park City?

Buying a Home From Another State

As a resort town, many homeowners in Park City live (at least part-time!) in other states or countries. Many buyers either purchase their vacation homes remotely or after coming to town for a quick house-hunting trip. Here are a few tips about buying a home from out of state:

• Google is your friend! Do as much research about the area as possible. (Make sure you check out the CFH blog for a local real estate team’s perspective!)
• Try to obtain as much media as possible about the home you are interested in. At the very least, this should include high-quality images, videos, and even 3D floor plans and virtual tours.
• Find a trustworthy Park City real estate team. They are your boots on the ground, and they can help you find great opportunities, they can FaceTime you at showings, and can effectively negotiate on your behalf.
• Be prepared to sign documents digitally. Long gone are the days when paper copies are needed for everything.

Do you still have questions about the ins and outs of buying a vacation home in Park City? Here are a few more posts you might find helpful:

• How to Buy a Vacation Home
• Why Sign a Buyer-Broker Agreement
• Why Buy a Luxury Condo in Park City

Practical Things to Know About Owning a Vacation Home in Park City

Owning a second home comes with its own set of unique rules and stipulations. From how you finance the sale to how you obtain insurance, there are certain elements of buying a vacation home in Park City that you may not be used to.

Let’s preface this by saying that for any specific financial advice, we strongly encourage you to speak with your financial planner or accountant.

Mortgages for Vacation Homes

Depending on how you plan to use the property, your mortgage advisor may present different options for financing. For example, a vacation home used by you and your family would fall under a different category than a home primarily used as an investment property.

Whether you’re getting a traditional mortgage, paying in cash, or financing via a securities-backed loan, there are a variety of options available to finance a vacation home.

Tip: Although you may have an established relationship with a lender back home, when purchasing a vacation home in Park City, we recommend opting for a local lender. Local lenders are experienced in the nuances of vacation real estate, and in some cases, they may have programs in place with specific developers, allowing you to save some extra money.

It’s always best to consult your financial planner or accountant on anything related to finances, but for a high-level look at other financial aspects of owning a vacation home, check out these posts next:

• What are the Tax Implications of Owning a Vacation Home?
• Capital Gains Tax in Utah: What Homeowners Need to Know

Other things to Consider

If this is your first vacation home or your first investment property, there might be some phrases or terms that are new to you. Two important terms to know include:

• Property Management Companies – Property managers are the intermediaries who handle all the logistical elements of operating a rental property. In Park City, they help with things like setting room rates, housecleaning, home maintenance and emergency services, snow removal, and more. Different property managers have different offerings, so it’s important to do your research before hiring one to manage your investment.
• Homeowners Association – Also known as an HOA, this is the organization that creates and enforces the rules and regulations of living in a condo or planned community. When you live in a neighborhood that has an HOA, you will be required to pay a monthly fee and will be expected to abide by the rules. HOA fees in Park City could cover things like garbage collection, snow removal, cleaning and maintenance, landscaping, building amenities, utilities, and more. Fees and what’s covered can vary, so it’s important to learn about the HOA before buying a home under its jurisdiction.

Local Tip: Obtaining home insurance in Park City is a little different than other areas. Your ability to get coverage can depend on certain environmental factors. For a closer look, read: How to Get Property Insurance in Park City.

Selling Your Vacation Home

There may come a time when your vacation home is no longer serving its purpose. You may start to notice the signs. Perhaps your kids have grown up and are going on family vacations of their own. Maybe your priorities have changed, and now you’d prefer a private home in a gated community vs. a luxury condo in town.

Regardless of the reasons why, selling a vacation property is a bit different from selling a primary residence. First and foremost, it’s important to remember that you’re not just selling a property, you’re selling a lifestyle.

Getting Your Home Ready to Sell

When selling a vacation home in Park City, it’s all about the preparation. Making sure your home has excellent curb appeal, ensuring the interior presents well, and highlighting the home’s unique lifestyle features are all essential first steps in a successful sale. There are several aspects to preparing your home including:

• We recommend starting with decluttering, deep cleaning (including windows!) and de-personalizing. Walkways should be free of snow in the winter, and landscaping should look sharp in the summer.
• When you work with a top Park City real estate team, your listing services will likely include some level of staging. Whether it’s a full stage or simply adding a few accents here and there, the purpose of staging a vacation home is to help buyers envision themselves enjoying the lifestyle.

Learn more about vacation home staging and get our expert tips. Read: Do You Need to Stage a Home to Sell it in Park City?

Do You Need to Renovate?

If your home is a little older, you might wonder if it’s worth your time to renovate it before listing. While it’s true that buyers are attracted to finished properties and the appeal of a move-in-ready home, there’s no need to go overboard. In fact, some renovations and updates cost more than the return you will get on the sale.

The truth is that no two homes are alike, and the benefits of updating your property before selling it all boils down to your unique listing strategy.

When is the Best Time to Sell a Park City Vacation Home?

Much like buying a home, the timing around selling it all comes down to you and your unique needs. However, the unique resort real estate market in Park City could offer specific advantages you should know about.

For example, if you are planning on selling a ski-in, ski-out property, it might be beneficial to sell in the winter when buyers can experience the full wow-factor. Or maybe you’re selling a property that you use as a rental? Perhaps it’s better to sell that type of home in the summer when there are not as many bookings.

With so many different factors, there is no black and white answer about the best time to sell. A great Park City real estate agent can successfully navigate any season.

How Long Does it Take, and How Much Does it Cost?

Two very common questions we are asked, with two not-so-simple answers. The time it takes to sell a vacation home can depend on the price point, condition of the property, how accessible it is for showings, and more.

Furthermore, the cost of selling may need to include provisions for minor repairs, home inspections, real estate fees, and more.

Take a deep dive into these topics with these blogs next:

• How Much Does it Cost to Sell a Home in Park City?
• How Long Does it Take to Sell a Home in Park City?

Is Park City your part-time home? Wondering about selling your vacation home remotely? Read: How to Sell Your Park City Vacation Home When You Can’t Be There

CFH is Your Source for Park City Vacation Real Estate

Whether you’re looking for a place in Park City to hang your skis or you’re thinking about your next vacation home venture, CFH Real Estate is your go-to real estate team for buying and selling in Park City and Deer Valley.

We’ve helped countless buyers and sellers achieve their goals and find their peace with a Park City vacation home.

If you’re thinking about buying a second property in Park City, or you’re planning a sale in the future, get in touch with us today. Call us at 435-647-8035, email us at info@CFHparkcity.com, or fill out the form below.