Important Considerations
Financing
Condominium-hotels (those with a front desk) do not meet the standards for conventional financing. These properties require higher down payments, do not qualify for fixed-rate mortgages, and the interest rates are usually higher.
Renting
Do you want to rent your home as much as possible, only during peak rental periods, or during the summer? Is the wear and tear worth the income? We will help you find the right property manager to match your goals for your home.
Tax Considerations
The IRS has declared “If you live in your home for more than 14 days, or more than 10% of the time you rent it out in a year, then it is considered your personal residence." If these conditions are not met, your home will be considered a rental property and you must report all rental receipts as income. Be sure to discuss these considerations with your tax advisor.
Neighborhoods
There are specific neighborhoods in Park City that allow vacation rentals and other neighborhoods that prohibit such rentals. It makes sense to purchase a home in the neighborhood that allows your intended use. Nancy and her partners will be able to help you make this distinction.