Real estate in Park City is one of the most sort after in Utah so when a good property becomes available, you need to be able to act. This can often mean pre-qualifying to reduce delays. One thing you may need to take into account is the weight of a double mortgage whilst waiting for your current property to sell. Can your finances handle it?

There are a number of options. If your current home has suffered a price drop over the last 18 months then you may find that waiting to sell could see prices appreciate. You could rent the property to help pay for the mortgage, or leave it empty and hope for a quick sale. I know Park City properties are often snapped up quickly when placed on the rental market -your area may be the same.

You know your financial situation, you know how much your budget could cope with a  second mortgage. A word of advice from those in the know - property is one of the only investments that will show a real long term gain. Building a property portfolio can help to increase your real wealth and having a Park City property would be a valuable start. However, I come back to the basic question - can you afford a double mortgage?

Whilst renting out one property can help to alleviate the financial burden, you have to take into account those periods when the property is empty.  Park City real estate is a valuable asset to add to any property portfolio. If you can handle the cost of double mortgage, even if temporary, then this could be the start of a property portfolio which over time, will increase your overall wealth.

This entry was posted on Sunday, September 20th, 2009 at 8:34 am and is filed under Park City Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.