20 IMPORTANT FACTORS TO CONSIDER WHEN PURCHASING PROPERTY IN PARK CITY NOT FOUND ON THE INTERNET PRESENTED BY: JEREMY WILSTEIN & DEAN DELEONE THE WILSTEIN TEAM PARK CITY REAL ESTATE 1750 SUN PEAK DRIVE, PARK CITY, UT 84098
20 IMPORTANT FACTORS TO CONSIDER WHEN PURCHASING PROPERTY IN PARK CITY NOT FOUND ON THE INTERNET WHY IS THIS LIST IMPORTANT? In the modern age of innovative real estate property search websites like www.BuyParkCity.com, Zillow, Trulia, and Realtor.com, people sometimes get overly-absorbed in the technical side of the online property search process. Relying solely on the internet to self-educate on the complex and highly segmented Park City real estate market is daunting. It is important to understand the current market conditions in Park City, but there are many other factors to consider. Below we have presented 20 important factors we feel are extremely beneficial and critical to understand. This list will empower you with the proper information to not only purchase your desired property but to continue enjoying your investment long after signing papers at the closing table.
THE LIST Presented below are the top 20 factors to consider when purchasing a property in Park City, which are not found on the internet. While the list is numbered from 1 to 20 it is not in order of importance. 1. Recreational Access • Where are the winter and summer trails, parks, lakes, ski and snowboard resorts, dog parks? This is important! Why else would you move to Park City? 2. History of sales and offers on a property • It is insightful to find out what the seller bought the property for, when they bought it, and if they have had previous offers on the property. 3. Location • We are not talking about a street address, but rather the characteristics of that exact location. What are the views? What kind of exposure does the property have? Does the property face North or South, East or West? What is the landscaping vegetation in the area? 4. Future Development • Does the condo project or home site have future development potential that may affect views, traffic, noise, or property values? 5. Nightly Rental Eligibility • If you want to rent out your property on Airbnb, VRBO, or with a full-service property manager to offset carrying costs or make a profit, are you allowed to do so? 6. Pets • Does the Homeowner’s Association allow pets? • What kind of restrictions are in place?
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7. Seller Motivation • Sellers do not post their motivation for selling on their property listing. It is important to understand motivation for effective negotiations. 8. Homeowner Association Information • Are the HOA and its rules healthy and reasonable? • HOA financials, minutes, budget, dues, and inclusions are important so you know what type of HOA you are investing in. 9. School District • Within what school district does the property fall? What kind of reputation do the local schools have? 10. Flood Plains and Insurance • Is the property in a flood plain? Will you have to factor in additional money for flood insurance? • Does the project carry flood insurance? 11. Ski-in/Ski-out Property • What are the ski access and easements? • Is the property impacted by noise from snow-making machines, snowmobiles, and groomers? 12. Financing Resort Real Estate • Many condo projects do not conform to conventional financing requirements. It is imperative to use a local, experienced lender when purchasing condos in Park City. Not all lenders are created equal, and not all lenders can finance all projects. 13. Comparable Sold Properties • What are the other homes, condominiums, or vacant lots in the area selling for? This is important to not pay too much for a property or lose it to another buyer in our competitive market place. 14. Covenants, Conditions & Restrictions (CC&Rs) • CC&Rs are used in many “common interest” developments, including condominiums, townhomes, planned unit developments, and subdivisions, to regulate use, appearance, and maintenance of property. Want to change your exterior and add a deck? Best to check what the rules are first. 15. Unlisted Properties • The market is extremely competitive. Do you want to know about new listings before they hit the MLS? Gain a timely advantage to negotiate a property before it is officially listed and before the public knows about it. Sounds pretty good to me, but you must tell us what you are looking for!
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16. Commute • Where is work located in relation to your desired property? Will resort and school traffic affect your commute time? Do you travel to the airport regularly? Our small-town population swells exponentially at different times of the year. How will this affect your drive time? 17. Property Management • Is a property management company necessary to monitor systems and security on your second home? Will you need a property management company if you want to put your Park City property in the rental pool? What type of management companies and levels of management are available, and what services do they include? 18. Public Transportation • Where is the bus stop in relation to your new home or investment? Can guests or family easily get to your property and around town without a car? Park City runs a fleet of electric buses for free, leave the car at home and help the environment! 19. Amenities • What kind of amenities are offering in your location? Where are the closest grocery stores, pools, restaurants, bars, walking paths, dog park, trails, or mountain resorts? What kind of amenities do certain condo projects offer? 20. (Fill in the Blank) • Help us out! Did we miss a topic which is important to you? Go ahead complete the list for us and let us know what number 20 should be.
CALL TO ACTION While this is a detailed and educational list, now we need to make use of it and put it to work! If we were successful in our presentation of “20 Important Factors to Consider When Purchasing Property in Park City, Not Found on The Internet,” this list may have given you more questions than answers, and that’s the point! Our intention is to create dialogue and discussion on these points addressed above so you can be better informed to make an educated decision when the correct property presents itself. Go ahead and email or call us with your questions or comments, and we will go to work researching the properties you are considering.
“Remember you don’t know what you don’t know, so lean on us to find out what you need to know.” -Jeremy Wilstein
We sincerely appreciate the time you took out of your busy day to consider the importance of this information. We hope this list is a worthwhile resource in the quest for your Park City Property. A lot of thought and consideration went into the preparation of this document and nothing would make us happier than to receive some feedback from our readers -- that’s you!
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Send all questions, comments, or feedback to:
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Jeremy Wilstein – Jeremy@thewilsteinteam.com – 435-640-8992 Dean DeLeone – Dean@thewilsteinteam.com – 435-602-9093
While the internet is a powerful source, it compliments, but does not complete, the real estate experience.
FROM ALL OF US AT THE WILSTEIN TEAM, MAKE IT A FANTASTIC DAY!
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