Is now the right time to invest in a vacation rental in Park City, Utah?
The ski and snowboard magazines rating the new 2016/2017 equipment are in the racks or already in your mail stack, and there are less than 90 days to the opening of the snow ski and ride season. Is now the time to buy a Park City condo you can use a few weeks this season and rent out while you aren’t using it? Here are some of the things you can expect if you start the process now:
- Sellers while having been on the market all summer may be less inclined to lower their price
While it may seem like sellers would be willing to get more aggressive and move away from their ski condo, the opposite is often true. After carrying the condo all summer long with little or no use and rental revenue, the reservations for the upcoming Park City ski/ride season are ramping up and Sellers can see a positive revenue stream on the way in the near future. The upside of this for potential Buyers is the same for the non-seller, rental revenues are not far off.
- Holiday weeks may already be booked
Peak holiday weeks in Park City can often book a year out. Sundance, Presidents Day, the Christmas to New Year’s holidays and some spring break weeks are already showing strong bookings. This is a positive for your rental cash flow, but may impact your ability to use your condo at these times. On the flip side, it could be a great time to come out and check on your investment (maybe your CPA will allow you to write the trip off?!!).
- It is easy to see the available inventory now
Many people get the idea to buy a Park City vacation condo while they are on a ski vacation. The trouble is that if you are here during peak times, many of the condos you want to see are not available due to the fact that they have renters in them. We at YouInParkCity.com encourage you to come out now and enjoy the fall colors while the rental rush is quiet. It will allow you to see the options and make your decision while there is still time to plan your winter stays here.
- There is still time to make minor improvements
A full remodel is likely out of the question before the slopes at Park City and Deer Valley open, but a fresh coat of paint, new carpet and adding some personal touches are still viable upgrades before the season starts. These little things make your rental show better in photos and rent better for the upcoming season.
- Why wait? There is revenue to be collected to start paying for your new vacation
The results of the upcoming election will have no impact on how much you want to ski this year. And as Warren Miller likes to say: “if you don’t do it this year, you will just be a year older when you do it next year”. It’s time to start making those family memories, skiing is one of the few truly multi-generational sports out there.
For reliable and truthful information regarding Park City and Deer Valley ski (and snowboard) vacation condos contact a locat real estate professional with the YouInParkCity.com Group at KW Park City Keller Williams Real Estate (435)962-9472 or info@YouInParkCity.com