How to buy a property in Park City, Utah if you live out of the country.
A Guide for International Real Estate Buyers in Utah
Starting your Park City Real Estate Search
Buying a property in Park City, Utah when living abroad can be easy. There are 2 ways to best start your search. 1) Search on this very website, www.RealEstateInParkCity.com. In Park City, all new real estate listings are posted on the Park City Multiple Listing Service within 3 to thirty-six hours. The MLS ensures all listings are available to all brokers within minutes of being uploaded. It may take as many as 72 hours for some sites to syndicate listings, but our website refreshes EVERY 15 MINUTES to be current. 2) Let me do the work for you. Once you let me know what you are looking for I can do the leg-work for you and send you only the most relevant properties so that you are not spending hours sorting through hundreds of listings. There are also times that I can find properties for you that aren't currently on the MLS.
The Commissions: What do I charge?
In the Park City area, commissions are typically paid for by the seller and split equally between the buyer’s and seller’s brokers. Often, buyers don’t have to pay an agent working for them as a buyer’s agent. It is always advised to work with an experienced agent to help negotiate and protect your interests.
To purchase a property you’ll need to be able to prove who you are. You do not need to be a citizen of the United States to buy property here, but you will need an Individual Taxpayer Identification Number (ITIN). https://www.irs.gov/Individuals/General-ITIN-Information
Type of Property:
There are several different types of real estate properties to choose from around Park City. You may consider single-family homes, condominiums, land, or commercial property for different reasons. You may want to consider a single-family home if you enjoy entertaining and have a large number of guests visit. Condominiums are low maintenance and many can be rented out nightly to offset some of your holding costs. Land typically is purchased for speculation and where one believes the market will be in ten to twenty years. Lastly, commercial property is not abundant in Park City but as our economy continues to grow there could be a greater need for commercial property.
Financing Your Purchase:
It is often challenging for international buyers to finance properties but over the past few years, options have become more readily available. For financing questions please contact Dustin Carlson at (888) 201-1332 - you may also contact any lender or broker of your choice. It was reported by the National Association of Realtors in 2014 that 60% of international buyers paid cash while, 38% secured a mortgage, and 2% of transactions were unknown.
Tax Specialists, Rental Income, & the IRS:
It is highly advised that you consult with a tax specialist in the state of Utah, a tax specialist in your country of citizenship, and review the IRS’ website. If you intend to pay cash, talk to your tax specialist about setting up a Limited Liability Company also known as an LLC. A limited liability company may have some tax benefits for you.
You Do Not have to be in Park City for closing:
When buying a property in Utah you do not have to physically be here to close. You may select a representative to have a “Power of Attorney” and close on your behalf.
Work with a Professional Realtor
There is a great advantage when working with a local agent and a local company when buying real estate in Park City. Park City offers many custom homes in small neighborhoods that often require in-depth analysis to arrive at a true sales price. Park City is a very complex ecosystem of real estate, there are over 25 real estate markets in Park City and often two or three micro-markets within that sector.
Top 3 Areas of Park City for Real Estate:
Top Park City Real Estate Searches for International Buyers:
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