The Complete Park City Home Buying Guide
Are you in search of an exceptional property nestled in the heart of scenic Park City, Utah? Look no further than Engel & Völkers Park City, a prestigious real estate agency specializing in luxury properties. With a strong reputation for excellence and a commitment to providing exceptional service, Engel & Völkers Park City is your gateway to finding the perfect home or investment property in this stunning mountain resort town. In this buyer's guide, we will explore the key features that make Engel & Völkers Park City a top choice for discerning buyers.
STEP 1 Prequalification
UNDERSTAND YOUR FINANCIAL CAPACITY | SECURE A PRE-APPROVAL LETTER FROM YOUR LENDER
When it comes to purchasing a home or investment property in Park City, the initial and vital step is to organize your finances. This includes securing funds for the down payment, typically a minimum of 5% of the property's purchase price, and obtaining a pre-approval from a trusted Mortgage Broker or Bank. Having a pre-approval in hand before beginning your property search is crucial as it offers three key advantages:
01 A Secured Interest Rate Lock
02 Determining Your Maximum Mortgage Limit
03 Grasping Your Monthly Payment Obligations
A pre-approval enhances your offer's strength, providing a competitive edge in negotiations. It demonstrates financial readiness and increases the chances of securing your desired property.
Understanding Your Financing Options
A mortgage broker has the advantage of applying for a mortgage with multiple lenders, giving you the opportunity to compare and find the best interest rate available.
When choosing a bank for a real estate mortgage, remember that individuals can only apply with the bank they are associated with.
STEP 2 - Hunt for Your Ideal Home
The next step in your Park City real estate journey involves connecting with the right tools and professionals who can enhance your property search experience. After discussing your requirements with a realtor of our Engel & Völkers Park City team, we will provide you with access to our exclusive online platform, parkcitypropertyutah.com. This user-friendly website is available 24/7 and is regularly updated with new property listings to ensure that you stay up to date with the latest opportunities that match your criteria. By creating an account on our website, you can take advantage of several benefits, including: Email alerts for new properties in Park City Virtual tours and high-quality images of homes Saving your favorite properties for convenient tracking Customizing the frequency of email updates based on your preferences (daily, weekly, or never) Saving multiple searches and accessing detailed property information Furthermore, as Engel & Völkers Park City realtor, we are privileged to offer you access to exclusive listings, private sales, and off-market opportunities that are not widely available to the general public. Our goal is to empower you with the necessary resources and expertise provided by a realtor to make well-informed decisions throughout your Park City real estate search.
STEP 3 - HOUSE TOURS & WHAT TO ANTICIPATE
Collaborating with a Realtor | Exploring Homes: The Enthralling Phase
Engel & Völkers Park City takes the excitement of home viewing to the next level. We coordinate tours of desired homes and provide exclusive information on properties and neighborhoods. Our experienced Realtors guide you through the process, ensuring you find a bright, conveniently located home. Trust Engel & Völkers Park City to make your home viewing journey remarkable. Our team offers valuable insights and knowledge that may not be readily available. We go above and beyond to help you discover a home that exceeds your expectations.
VALUABLE FACTS
Our primary objective is to protect your interests throughout the process of buying a home in Park City. This means that while viewing a property, we may engage in conversations that you may not necessarily want to hear, but they are conversations that you need to hear. Our focus lies in establishing long-term relationships with our clients through consistent and clear communication at every step of the way. If we come across any underlying issues with a property, our responsibility is to uncover them and disclose them to you. Furthermore, we will conduct meticulous research to help determine the fair market value of the property in Park City. We will highlight the benefits and disadvantages of the property in relation to its resale value. Place your trust in us, and we will ensure that your real estate experience in Park City is not only enjoyable but also yields exceptional results. While spring is typically the busiest time of the year to sell homes, resulting in a higher inventory of competing properties, listing your property in winter can offer the advantage of reduced competition in the Park City market. However, it's important to consider that some buyers may be less motivated to move during that time of year. It is crucial to have a discussion with your Realtor in Park City to determine the ideal time for you to list your property based on your specific needs and circumstances.
STEP 4 - WRITING AN OFFER
Terms & Conditions of Purchase and Sale: Navigating Your Emotions
You've discovered the perfect property and you're ready to make an offer. How exciting! Let's discuss the process and the range of emotions you may experience. In this phase, it's normal to feel a mix of excitement, nervousness, and fear. Rest assured, our dedicated team is committed to meeting your needs and providing expert guidance. With our support, you'll feel confident as you make this significant personal investment. At this stage, we will provide you with valuable information on the key terms and conditions that should be included in your contract. Here are a few important subjects we cover:
Prepayment: How much should you contribute as a down payment?
House evaluation: What is the current condition of the home?
Property Coverage: Safeguarding yourself and your assets.
Strata Properties: Thoroughly examine all relevant documents.
Title Verification: Do any encumbrances or claims exist on the title that requires further investigation?
Statement of Property Condition: Review this in detail.
Financing: Will you be obtaining a mortgage or making a cash payment?
We'll use the Contract of Purchase and Sale in Park City to submit an offer. Our agents will be able to represent you, ensuring you're satisfied with the price, deposit terms, conditions, completion dates, possession dates, and acceptance time. We mediate and facilitate a smooth transaction process.
STEP 5 - APPROVED OFFER
YOUR RESPONSIBILITIES | EXPENSES RELATED TO THE PURCHASE
At this juncture, hearty congratulations are in order! Embarking on the journey of homeownership is undeniably one of the most empowering experiences you will encounter. Now, it is imperative to diligently address and fulfill your conditions, also referred to as Subjects. The specific terms outlined in your contract will determine whether your deposit is due upon acceptance or contingent upon the removal of these conditions.
COST OF PURCHASING A HOME
Depending on the type of property you are acquiring, there are several costs that may arise either on or before the possession day. Here are a few illustrations:
REALTOR: When you enlist the services of a Realtor to assist you in purchasing a property, you don't incur any costs because the seller of the property covers the Realtor's commissions.
HOME INSPECTIONS: The cost of a home inspection can vary depending on the type and size of the property. Generally, home inspections can range from $700 to $1,500. Additionally, some inspectors may charge extra for older homes or homes with secondary suites.
DOWN PAYMENT: The amount you need to contribute as a down payment or deposit depends on factors such as the purchase price of your home, the mortgage rate you qualify for, and whether you are a first-time homebuyer. To better understand the costs involved, it is advisable to consult with a mortgage broker.
PREPAID PROPERTY TAXES OR UTILITIES: As a buyer, you are responsible for reimbursing the sellers for any prepaid taxes or utilities for the current year. These costs are prorated and will be detailed in the Statement of Adjustments prepared by the Lawyer/Notary.
PROPERTY TAXES: Annually, you will need to pay property taxes to your municipal office. The amount you owe is typically based on the assessed value of the property.
GOODS & SERVICES TAX (GST): Applies specifically to newly constructed properties, with a calculation of 5% based on the purchase price. It's important to note that the GST does not apply to resale (used) residential real estate transactions.
LAWYER/NOTARY FEES: In Park City, when buying a property and transferring the Title, the involvement of a lawyer or notary is required. Fees for their services can range from $750 to $1,500, depending on the complexity of the transaction, including factors like strata or leasehold properties and multiple mortgages.
HOME INSURANCE: Park City home insurance is paid separately from the mortgage, with the cost dependent on factors like property size, coverage type, and whether it is a strata lot, so it's advised to compare prices for the best deal.
STRATA FEE: When purchasing a property like a condo or townhome that is part of a strata corporation in Park City, a monthly strata fee is required. These fees cover various expenses, including building maintenance, common property upkeep, water, garbage recycling, and more. It's crucial to review the specific inclusions of your strata fees before finalizing your purchase.
STEP 6 - REMOVE CONTINGENCIES
Once you're satisfied with the conditions, remove contingencies to proceed with the purchase.
In Park City, your deposit is usually required upon the final removal of subjects or acceptance of an unconditional offer. Typically, the deposit is made in the form of a bank draft and held "in trust" in our real estate brokerage trust account at Engel & Völkers Park City Select Properties. Please make bank drafts payable. Alternatively, deposits can also be paid via wire transfer (please contact us for further information).
Once your deposit has been paid, it's time to select a Lawyer/Notary to assist you in completing the process in Park City. Rest assured, we will ensure that your file is promptly sent to your chosen Lawyer/Notary. However, we recommend reaching out to them directly to confirm their availability and discuss their services. They will provide you with an estimated cost for handling the property conveyance, covering all legal paperwork, disbursements, prorated taxes, and any applicable maintenance fees. Prior to completion, typically within 7-30 days, you will need to schedule an appointment to meet with the lawyer.
STEP 7 - ORGANIZING TO MOVE
Even if your purchase is still a month or two away, it's never too early to start preparing for move-in day. To ensure a seamless transition, here are a few essential tips to keep in mind.
DECLUTTER AND SORT: Streamline your belongings by decluttering and sorting them into categories such as keep, donate, sell, or discard, minimizing the number of items you need to transport to Park City.
CREATE A PACKING PLAN: Organize your packing process by gathering supplies and developing a room-by-room packing plan, labeling each box with its contents and destination, facilitating a smoother unpacking experience in your new Park City home.
NOTIFY IMPORTANT PARTIES: Ensure a seamless transition by notifying your current landlord, utility companies, post office, and financial institutions of your move, updating your address to avoid any disruptions in services or mail delivery.
ARRANGE FOR MOVING SERVICES: Determine whether to hire a professional moving company or handle the move yourself, booking a reputable moving company or securing a rental truck and enlisting the help of friends or family for a DIY move to Park City.
STEP 8 - CLIENT SATISFACTION
At Engel & Völkers Park City, client satisfaction is at the core of our business. We believe in providing a personalized approach, taking the time to understand the unique needs and preferences of each client. Our dedicated team is committed to delivering exceptional service, going above and beyond to exceed expectations. We value building long-term relationships based on trust, integrity, and mutual success, ensuring that our clients receive the highest level of satisfaction throughout their real estate journey with us.
PERSONALIZED APPROACH
We listen, communicate effectively, and provide tailored solutions to address the unique needs and preferences of each client, ensuring a personalized real estate experience.
EXCEPTIONAL SERVICE
From the first point of contact to the completion of a transaction, our team goes the extra mile to deliver exceptional service, offering prompt responses, valuable guidance, and professional expertise throughout the entire process.
LONG-TERM RELATIONSHIPS
We value lasting relationships with our clients, serving as trusted advisors in real estate, staying connected, and providing ongoing support, guidance, and market insights for their future real estate needs.
LOOKING TO SELL?
Led by the renowned Engel & Völkers Park City team, we are dedicated to providing exceptional service and fostering long-term relationships, ensuring our clients' satisfaction from start to finish. If you're considering selling your property, reach out to us today to experience firsthand why Engel & Völkers Park City delivers the utmost in real estate excellence.
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