HOW MUCH HOME CAN YOU AFFORD IN PARK CITY
MAKE THE MOVE TO PARK CITY
Utah natives and out-of-state transplants alike have flocked to the area between Deer Valley and the Uinta and Wasatch Mountains in droves, making Park City and the surrounding area one of the most sought after real estate markets in the country. With a lower unemployment rate and housing interest rates hovering just over 3% for a 30-year fixed mortgage rate, it is no wonder people are heeding the beckoning call of an adventure-packed Western frontier.
Endless vistas of canyons, mountains, forests, lakes, and deserts attract those seeking to balance work life with an ability to return home at the end of the day in a replenishing, natural setting. This is all made possible by easily accessible city commutes. Serenity and colorful landscapes await just an hour’s drive from Salt Lake City’s airport.
INVEST WISELY IN A PARK CITY REAL ESTATE
The real estate market in Park City has gone up in value, with median prices increasing steadily over the past five years. Prices for single family homes come in at a median price of just under $2 million and at an average of $2.5 million when you factor in higher-end luxury homes.
While prices stalled briefly at the start of the COVID outbreak, they quickly resumed on their upwards trend as people re-evaluated their preferred lifestyle during the quarantine, making Park City an even more desirable location for many. High demand makes a Park City home a stable asset with huge earning potential.
It’s not unusual for a single property on the market to receive multiple offers. Reports from the past year demonstrate that the number of high-end homes with a price tag of over $4,000,000 or above was up by a whopping 241%. Meanwhile, the median price was up by 8% from the previous year, to $5,692,500.
While there is no one-size-fits-all way to determine if a Park City home is right for you, there are some useful variables to take into account:
The location of the property in relation to recreational activities and available amenities
The square footage desirable for your level of comfort and lifestyle
Whether the home under consideration is a sustainable property, as a sustainable home can reduce the cost of ownership over time
CALCULATE YOUR MORTGAGE AND MONTHLY COSTS
Generally, housing expenses should eat up no more than 28 percent of your monthly income. Simply multiplying your income by 0.28 will tell you what mortgage payment would be comfortable for you.
We are fortunate to live in an era of convenience when it comes to calculating housing mortgages and monthly costs. Websites like Zillow.com, realtor.com, and Nerdwallet.com offer mortgage calculators that can help you calculate how much you can reasonably spend on a home and what that translates to in terms of monthly payments if you’re carrying a mortgage. Use the available filters and settings to help you determine what your actual monthly payment may be after you factor in additional costs like homeowners association fees, property taxes, and homeowners insurance.
However, this is just a start, as many factors can impact how much house you can actually afford. Entering your credit score or credit range into an online calculator can help you determine what kind of interest rate you might qualify for on a mortgage. Variances in interest rate can impact your monthly payments significantly, so this one’s important.
Additionally, you should take a look at your debt-to-income ratio, as mortgage lenders certainly do. If you have a lot of consumer debt, you should take that into consideration when determining how much is comfortable for you to pay for housing each month. If, on the other hand, you have no debt, you might be able to afford a mortgage payment that’s a bit above that 28 percent figure.
BE PART OF THE BENLOCH RANCH PARK CITY HOME REVOLUTION
Housing in Park City has been long-sought after Jamie Mackay, Benloch Ranch’s chief architect and designer, sought out to create an affordable living community that is sustainable in approach with a “live large with less” mindset. The elegant layouts of Benloch’s modern mountain homes are meant to capture the spirit of their natural area. With high-end touches, open floor plans, and outdoor living spaces that blend nature and function to allow residents and visitors to enjoy the al fresco lifestyle.
Benloch Ranch has managed to bring the outdoors in, by creating living spaces that masterfully blend its designs with the surrounding terrain. The subtle distinction of where the homestead ends and nature begins allows for homeowners and visitors alike to feel themselves nestled in the vistas of the Uinta and Wasatch Mountains, blissfully lost in the views of the vast stretch of land extending to the Jordanelle Reservoir.
MAKE YOUR BENLOCH RANCH INVESTMENT WORK FOR YOU
The active real estate market and bustling tourism industry make homes in Benloch Ranch an incredible asset with a lucrative future. For those who are not yet ready to settle into this slower-paced lifestyle or completely retreat from city life, your Benloch Ranch property makes a fantastic rental property, and adds to its affordability. Consider long-term rental arrangements for snowbirds or list your property for short-time vacationers with temporary options to consider through companies like Vrbo or Airbnb.
FIND YOUR IDEAL FLOOR PLAN
Benloch Ranch offers several pre-designed model types, carefully crafted with you in mind. Smaller floor plans sit on about a quarter acreage, while larger floor plans offer upwards of one acre. Regardless, you will feel an unlimited access to outdoor spaces in this 2,500+ acreage community with extensive trails and convenient access to a range of outdoor recreational activities.
The two-bedroom, two-bathroom Helix floor plan features 1,500 spacious square feet of vaulted ceilings, large windows that look upon the expansive valleys below, and a wrap-around deck. It is the quintessential definition of modern luxury and high living, innovative in its construction and design. At a base price of $799,000, this unit is ideal for those seeking a tranquil life in an intimate setting.
In terms of square-footage, the Alpine home is the next level up, at roughly 2,500 square feet and offering a stylish take on the classic mountain A-frame. This model is perfect for indoor and outdoor living, with a generous floor plan and porch on either side, giving you a choice of a west-facing sunset to sit back and relax or east-facing sunrise to start your day basked in natural light. Coming in at $929,000, the Alpine model offers homeowners a luxurious and comfortable escape.
At a base price of $1,049,000, the Icon offers a choice between a classic gable roof and wedge roof variations. You will find high-vaulted ceilings, a modern layout, and thoughtful touches encoded into the structural DNA of this exquisite model. This floor plan allows for a comfortable family lifestyle or invitation to woo guests, featuring three bedrooms and three bathrooms within its 2,650 Sq Ft. parameters. Entertain or relax while gazing at the stars above from the wooden platform of its connecting porch area.
At 2,885 square feet, the Stack offers the most bang for your buck at a base price of $1,049,000 with an innovative design that is sizable but smart. Families will appreciate the space this four-bedroom, three-bathroom floor plan offers. Access to the surrounding natural beauty permeates every facet of this model, from the upper-level window frontage to the slatted wooden planks that comprise its exterior deck. This home perfectly balances privacy with accessibility to the abounding landscape beyond.
A robust list of available amenities makes owning a home in Benloch Ranch a comfort-filled experience. Explore state parks, top-notch ski resorts, stunning golf courses, retail outlets, mouth-watering restaurants, and more in this modern mountain luxury lifestyle community. You will undoubtedly feel like part of a home that stretches beyond its walls. Contact us today to find out what options are available!
