Park City Ut. Rental Property Investments
They’re Out There and They're in High Demand!
When any investor first begins to mull over the idea of acquiring a rental property in Park City Utah it’s usually in competition with an array of other investment types—each with its inherent plusses and minuses. Some of them are new ideas (new technology company stocks; new forms of commercial exchange)—but real estate is definitely not one of those. It may not be innovative, but being a landlord has always been one of the leading sources of passive income.
Right now long term rentals are in high demand in Park City.
What is exciting about rental property is why it has always been recognized as a sound investment. When the income from a Park City rental property is able to pay for its own underlying mortgage, it self-propels its growing equity. The rental property’s investment value grows as the loan is paid down month by month, year after year. Added to that is any appreciation in its market value.
And with the best Park City rental property scenario, when rental income exceeds mortgage and other expenses, it will even throw off an extra income stream.
Needless to say, choosing the right rental property in Park City is worth the effort! Much of that effort involves making a serious effort to map out and project values, income and expense:
- Neighborhood: Consider how the overall desirability of the neighborhood is likely to affect its appeal to tenants. Are there attractive amenities like parks, shopping and entertainment venues? What do the local classified ads reveal -- is the area’s vacancy rate high or low? How do rental prices compare with adjacent neighborhoods?
- Project Ancillary Expenses: Determine the historical...
Summer fun in Park City Ut
Looking for lots of great things to do this summer? Check out the links and video below and go have fun!
Spend the 4th of July in Park City!
FRIDAY, JULY 4, 2014
7:00 am • Pancake Breakfast in City Park
$7 adults, $5 kids 12 and under.
8:00 am • Cole Sport 5k Mountain Fun Run
Pre-registration until 5 p.m. on July 3
MORE INFO & REGISTRATION
11:00 am • 4th of July Parade • Main Street, Park City
Famous 4th of July Parade with over 70 floats celebrating Park City's Historiy
10:00 am - 9:00 pm • Celebration in City Park
Rugby games, live music, Rotary BBQ, beer garden, and children's...
Inexpensive Upgrades Boost Park City Utah Home Values Painlessly
Especially when it comes to major decisions like buying or selling your home, human nature seems to tilt toward delaying action until it’s the end result is absolutely certain. After all, nobody wants to make a life-changing move that turns out to be anything short of fantastic!
So even when you’ve outgrown your current home…or found yourself in a daily long-distance commute because work has moved…or any number of other reasons why you know you should be looking for a new house…it can be difficult to commit to such a looming decision. Adding to that is one of the most common assumptions many Park City homeowners believe: that they have to spend a boatload of money to increase their home value.
The truth is: it ain’t so!
You can strategically update your Park City house before you put it on the market without cratering your bank account.
· Make it Spacious
Adding space to a room increases any Park City home value. Tearing out walls isn’t necessary when there are so many other ways to achieve the same thing. Simple options include removing built-in shelves, enlarging windows, or (the simplest) just removing “stuff” that’s hogging perceived space.
· Go Green
More and more, you can improve your Park City home value by installing modest “green” upgrades. Today’s buyers may not necessarily be eco-focused—they may simply have a good sense of the increasing cost of water and power. “Going green” as a way to add home value to your area property can be no more costly than switching to low-flow toilets, adding a wifi thermostat with “smart” technology, or putting in a low cost drip watering system....
Moving to Park City Utah? 5 Tips for Avoiding Moving Scams
Moving to Park City (or moving to anywhere) is adventure enough without including one of the moving company scams that are all too common.
It seems hard to believe that unscrupulous carriers can continue to operate, but the fact is, there are a lot of them out there. If you will be moving to Park City anytime soon, you don’t have to worry about any of the rip-off artists if you follow some straightforward guidelines:
- 1. Check the FMCSA
The Federal Motor Carrier Safety Administration runs a household goods program designed to aid consumers. Their website includes a search feature that records past complaints for known companies…but be aware that only interstate movers are listed. Along with complaint information, it lists company contact details so you will know you’re dealing with the people they say they are.
- Check Online Reviews
A search engine search of the company can be helpful: just enter the company name plus ‘reviews’ or ‘ratings.’ You’ll often find Yelp entries, and with luck, recent experiences by customers moving to Park City.
- Get A Written Estimate
You should be skeptical of any moving company that is willing to provide a quote over the phone or internet. This may not be evidence of a scam, but often means that you are dealing with a broker rather than the company itself. In fact, the U.S. Department of Transportation red flags any over who doesn’t offer or agree to an on-site inspection of our household goods “or gives an estimate over the phone or internet”…the too-good-to-be-true estimates, demands for large upfront deposits, or failure to hand you the “Rights and Responsibilities When You Move” pamphlet...
How Listing Your House in Park City Utah
Can Work…the 2nd Time!
Listing your house in Park City Ut anew after it’s lingered on the market for a while can bring surprisingly quick success…with the right tactics.
The truth is, if a home hasn’t sold in today’s market, there is usually an identifiable reason. Here are some tips that can reverse what happened when listing your house the first time failed to strike pay dirt:
- Compare prices of comparable homes that have sold in your neighborhood, and use those as the benchmarks. If your area listing was priced to allow 10-20% for negotiating room, that’s the likely culprit. Consider listing your Park City Utah house at 1% to 5% below your competitors—it’s a proven way to get more feet through your entryway.
- A well thought-out marketing strategy with multiple advertising channels can be a necessity in a competitive area. Discuss taking advantage of social media platforms like Facebook and YouTube with your Park City real estate agent. Is there a way you as a homeowner can help? Consider holding mid-week open houses in the evening hours so visitors can drop by on their way home from work. Being extra flexible and accommodating can make the difference in getting qualified buyers through the door.
- If you are listing your house in Park City Ut for a second time, you will want to make any deferred repair and cosmetic décor change you may have put off the first time ‘round.
The vast majority of today’s Park City Utah buyers are looking for a home that’s 100% “move-in ready.”
- Patience is never more critical than when negotiating a price for your home. Refuse to be put off by offers that are lower then what you were expecting. You don’t need to accept such offers—but rather...