Take advantage of escaping to Park City whenever want and claim all of benefits of owning a tried-and-true investment property when you choose to purchase a vacation home in our favorite Utah mountain town.
If you’ve been considering owning a vacation home in Park City, we’re here to confirm that it’s an option worth exploring. We believe buying a second home here is one of the soundest financial decisions that you can make, but we also know it’s a big decision that requires a sizable investment and significant commitment. So… is a vacation home right for you? Check out our list of eight fun and practical reasons to invest in one this year!
Stress melt: Always have a place to stay
We all know that accommodations can make or break a whole trip — and finding the perfect hotel or vacation rental can be a hassle. Perhaps the dates you want aren’t available or the rates don’t fit your budget, the location is unfamiliar/inconvenient, or the property choices are simply underwhelming. The beauty of owning your own vacation home is that you won’t worry about any of that! Head to Park City whenever you want at a price you already know fits your budget.
Enjoy the commute: Proximity to your favorite activities
Looking to fly into Utah in the morning and be skiing in the afternoon? You can when you own vacation home in Park City. Choose from a slope-side condo or an Old Town gem, or if being on the golf course is your dream, head to one of Park City’s luxury, private club communities and still enjoy private member clubhouses at the resort. Picture it: Instead of hauling you and your crew to the mountains at the crack of dawn and returning at night, you can roll out of bed and click into your skis at whatever time and for however long you like!
Looking for more reasons to love Park City? Read these posts next:
- 5 Reasons to Buy a Vacation Property in Park City
- 7 Undeniable Reasons to Make Park City Your Home
- A Pet Owner’s Guide to Moving to Park City
Lighten the (packing) load: Leave your things behind
While you’ll always need to pack certain things (think cell phone or daily medications), a vacation home in Park City means that there’s a whole host of things you can leave behind! No more lugging your ski gear – or any gear, for that matter! Keep a second set of personal and family belongings on site and know you’ll never need to suffer through another lumpy pillow or search for a wine opener. Consider leaving everything from coats, clothes, and shoes to toothpaste, bicycles, baby gear, and non-perishable food and beverages.
Cut your costs: A vacation home makes vacation feel less financially burdensome
Theoretically, beyond the cost of your mortgage, spending time at your vacation home should cost you $0. Not only will you be more apt to take that last-minute long weekend or stay that extra week, but also – particularly when it comes to skiing and other Park City-specific recreation – you’ll save on passes. Whether it’s a full-season ski pass, an Ikon or Epic Pass, or even a pass to the MARC, Basin Recreation Fieldhouse, or the Sundance Film Festival, being a Park City homeowner means savings for you. Of course, being able to store your gear at your vacation home also means saving on rentals for everything from skis to bikes to cars. And having a full kitchen offers the convenience and savings of being able to cook at home.
Take advantage of tax advantages
While your vacation home offers a break from the daily grind, it also can also offer a tax benefit: Tax laws allow most owners to lower their taxable income by claiming tax deductions for vacation homes. What’s deductible depends on several factors, notably how often you visit and whether you allow renters. But if you bought your vacation home exclusively for personal enjoyment, you can generally deduct your mortgage interest and real estate taxes – just like on a primary residence. Additionally, the tax law allows you to rent out your vacation home for up to 14 days a year without paying taxes on the rental income – even if you rent your home for $10,000 per night.
Make memories to last a lifetime — while fostering connections to community
Creating lasting memories with family and friends is essential, and we’re sure you’ll do so over and over when you purchase a vacation home in Park City. Making time for family and friends can be difficult, but it certainly becomes easier when you can host your loved ones in a place where you can spend quality time together, reconnect, and enjoy all your favorite activities as a group.
What’s more, these return trips translate to a personal connection with our community. Fostering this connection translates to several benefits – including knowing exactly where your favorite grocery items are at the market and the best place to stop for a coffee. But we also think you’ll find purchasing a vacation home in Park City will strengthen your affinity for our town and Utah as a whole (wait until your first road trip to Moab!), thus deepening your role as part of our local community.
Discover the best Park City Events by reading our blog here.
Get ahead financially: Use your vacation home as a source of income
A vacation home can be a great way to generate passive income – either by renting the property nightly or seasonally (as allowed per your respective HOA) — and make money for you even when you’re not there. Your home is considered a rental property if you rent it out for more than 14 days per year, and/or if your use of the home doesn’t exceed 14 days or 10 percent of the days it’s rented. Since the home is considered a business, and you can deduct rental expenses including mortgage interest, property taxes, insurance costs, property manager fees, utilities, and property depreciation.
It’s worth noting that it’s possible to exceed the 14-day limit if you stay at your property to perform a repair, as days spent maintaining or fixing your home don’t count as personal-use days. Just be sure to document your maintenance activities by keeping all relevant receipts.
A sound investment: Park City vacation homes hold value
Despite real estate trends in other parts of the country, the market remains healthy and vibrant in Park City. We were particularly delighted to see a recent report in the Deseret News exploring how Park City compares to other upscale markets across the nation.
According to the report, while the number of properties sold in the Park City area declined nearly 30 percent from 2021 to 2022 (2,790 down to 1,962), the average sold price increased almost 10 percent, from $1.7 million in 2021 to more than $1.9 million in 2022, according to the Park City multiple listings service. Additionally, the average days on market in the same time frame dipped more than 14 percent — from 56 days in 2021 to 48 days in 2022. And although the total dollar volume sold dropped 21.3 percent (from nearly $4.8 billion in 2021 to over $3.7 billion in 2022), the ratio of the sold price to original list price has remained essentially flat, above 97 percent, according to the Park City MLS.
The report concludes with a most telling anecdote, as the highest sold price for a Park City property jumped from $19.4 million in 2021 to $42 million in 2022. That number is poised to be broken in the near future. Last year, billionaire entrepreneur Russell Weiner (founder of Rockstar energy drink) broke Utah’s record for most expensive home sold when he bought a mansion at Park City Mountain Resort for $39.6 million. Weiner put it back on the market in February for $50 million.
Curious about buying a home in Park City? Contact us today at 435-647-8035 or email us at info@cmfhparkcity.com today!
