Is it a good idea to invest in Utah real estate or rent out your home? According to Forbes, Utah county is the 2nd best place to invest in real estate in the United States. Utah county is a small scale example of the Utah housing market and the strides that are happening after the recession. People are flocking to this part of the country because it is home to some of the greatest skiing in the world, a new center for world changing startups, and headquarters to many large technology companies.
With Utah becoming a new hub for business it is no wonder that the housing market is continuing to grow. This can especially be seen by the amazing homes tucked away in the mountains. None of these homes is small by any means and all are worth over 10 million dollars. Each home can be found on any Utah MLS (Multiple Listing Service).
So what if you rented out your mansion on Neighbor? Well…you could make easily over $50,000 a year. Check out the top 10 homes below!
How Much Could A Mansion Make With Neighbor?
Selling for 13.5 million, this ski cabin is found in Park City in the Bald Eagle Club gated community. Built in 1992, this three-story cabin has 7 bedrooms, 10 bathrooms and 14,100 square feet. The unique location of this cabin gives the occupants the ability to ski in and out of their backyard.
It also includes its own resort like ski room, a billiards room, and multiple living areas. It is also furnished with a large indoor pool, spa and sauna. The entire house is equipped with a central vacuum system.
It also has a two car garage, two kitchens and a wet bar. This cabin is fully furnished. The interior was designed by Naomi Leff who has designed homes for movie stars and large movie producers.
If the new owners decided to rent out their entire cabin with Neighbor, they would make $55,859 a year. Utah MLS #1454932.
This home is on the market for 14.9 million in Park City. It is located at the end of a cult-de-sac giving both a feeling of being in the middle of town and out in the middle of the wilderness.
This home is located ten minutes from downtown Park City and has convenient onsite access to one of the top trail systems in the country. This 2008 home is situated on 7 acres of land with 6 bedrooms and 10 bathrooms. The house also has an inner courtyard with a fire pit and an indoor glass bridge over water.
With 8,503 square feet this house has a four car garage, an exercise room, outdoor pool, sauna, and workshop. The land around this home is just as gorgeous as the modern interior with a large pool, 3 ponds and a waterfall, barn, horse arena, and a guest house downtown.
This house has the potential of making $33,680 a year renting out the interior of their home and $914,700 a year renting out the surrounding acreage for a total of $948,380 per year. Utah MLS #1501523.
The White Pine Canyon Ranch has over 100 acres and is at the opening of White Pine Canyon in Park City. Valued at 17.5 million this property includes a main house, two large car or storage barns and a horse barn with a room for entertaining overhead.
The main house has four bedrooms, four bathrooms and 5715 square feet. This modern ranch home has two floors with a beautiful view of the valley. There are also many meadows, ponds and streams throughout the property.
The horse barn is equipped with a large entertainment hall perfect for community or group get togethers. Every room has a chic modern feel with a western touch.
The owners of this amazing home could make $22,595 a year renting their space with Neighbor. Their outside property could make over 13.9 million per year through Neighbor. Utah MLS #1397216
This three story luxury home was built in 2008 and is selling for 17.9 million. With large, sweeping, spiral staircases and panoramic views this home has 6 bedrooms, 10 bathrooms and 13,536 square feet.
It also has 4,500 sq ft of heated decks making shoveling snow unnecessary during the winter. This house also comes with direct access to a ski run, two outdoor pools and waterfall, an exercise room, steam room, sauna, movie theatre and a golf simulator.
Huge arching ceiling with beautiful open beams make the outdoors elegant. This home also has a small library, three laundry rooms and two large game rooms.
Renting this space with Neighbor the owners could make $53,479 a year. Utah MLS #1485283
Built in 2006 this 33,000 square foot lodge is worth 18.95 million. The signature feature of this 14 bedroom, 22 bathroom lodge is the panoramic view available of the mountains.
These windows are 30 feet tall bringing the outdoors in. It has direct access to 4 of Park City’s best ski lifts and has a locker room with 20 large lockers to hold all your winter gear. This epic ski lodge also comes with a swimming pool, a hot tub, a sauna, and exercise room. It also comes with a wet bar and wine cellar and a personal theatre.
This home away from home has spacious rooms to feel like the great outdoors while still being surrounded by luxury. With a little help from Neighbor this ski lodge could make $130,695 a year. Utah MLS #1488434
This picturesque property located near Utah Lake includes a main house with 22,000 square feet, a manmade lake, a boat house and a hotel style guest house. Worth $19.5 million this property is located close to Utah Lake in Orem.
The main house has 9 bedrooms, 20 bathrooms, a theatre room wet bar, and a pool. This property is perfect for a dirt biking enthusiast with a motocross course and a state-of-the-art motorcycle maintenance shop.
The outdoors is truly the best part of this home with fruit trees, a tree house and a “little red schoolhouse” that children will enjoy. All of this is situated on about 18.75 acres and close to Brigham Young University and Utah Lake. It is about 20 minutes from Sundance Mountain Resort and less than an hour to Park City and Salt Lake City.
If the owners decided to allow others to store with Neighbor they could make $121,467 a year renting out there interior space and $3.34 million a year renting their property for a total of $3,462,987 per year. Utah MLS #1345400
Located in Woodland, Utah, this 17,861 square foot home is located in a private community just 20 minutes from Park City and priced at $19.9 million. This property comes with a main house with a children’s bunk room, seven bedrooms, and 11 bathrooms; a three bedroom guest house and a 5,00 square foot barn with horse stables.
It is also situated on 320 acres of land. Next to the main residence there is an enormous outdoor fireplace inside a tall and spacious pavilion perfect for entertaining. Any outdoorsman would love the three-quarter acre pond stocked with brown and rainbow trout, along with private fishing along the Provo River, 60 miles of trails and access to the Uinta National Forest. The main residence has jetted tub, billiards room and wet bar, and a theatre room with comfy couches. This residence is the perfect mixture of western and classy.
If these owners decided to host with Neighbor and allow their fellow neighbors to use this space for storage they could make $41,745,900 per year renting both the indoor space and the surrounding property. Utah MLS #1406503
This rustic lodge was built in 1989 in Park City. Priced at $22 million this large lodge has 12 bedrooms and 16 bathrooms. It can comfortably house twenty-six in its 22,000 square feet. The dining room table featured in the photograph has been used by Governors, Heads of State and Prime Ministers from around the world.
This lodge is minutes away from the Silver Lake Village, an award winning ski resort and rated number one in America numerous times. On the property there is a fishing pond, private hiking trails, a golf green, and ATV/snowmobile and snowboard terrain. Within the lodge there is a large swimming pool, sauna, spa, exercise room and a game room complete with ping-pong, billiards and air hockey. There is also a 28 car garage perfect for visitors or a large antique car collection.
This property could make $8,362,339 per year through Neighbor. Utah MLS #1487892
This mansion is priced at $25 million and is on 165 acres of land. Open spaces, eloquent architecture and wide sweeping staircases give the feel of a castle. This home has 6 bedrooms and 12 bathrooms over its 49,568 square feet. It also comes with an indoor basketball court, indoor play structure, movie theatre, bowling alley, spa, indoor area for shooting or archery and a large indoor pool equipped with waterfall, spa, lazy river and sauna. It also has a tennis court and solar panels to offset energy costs.
This property could make $273,267 a year leasing the indoor space and over $30 million a year leasing the surrounding property. Utah MLS #1499477
This ranch home, found in Oakley, Utah, was built in 2009 and is worth $30 million. The main house has 8 bedrooms and 9 bathrooms, 16,800 square feet, is situated on 1,918 acres of riverfront property. The property also comes with a tennis court, helipad, and a large barn perfect for entertaining.
The main house is crafted from reclaimed wood with floor to ceiling bookshelves, hand forged ironwork and handmade flooring created on an Amish Farm in Idaho. The large pocket doors on the back of the house allow you to peel away the wall and enjoy the river from the kitchen by truly bring the outdoors in.
The new owners of this amazing ranch could make $66,543 a year from their main house and over $350 million a year from their outdoor property. Utah MLS #1480050
Utah Housing Market
Since 2013 the Utah housing market has steadily climbing. In the last year the median house price has increased by $45,000. The main reason for this increase has been the influx of people. About 15,000 people are moving into Utah per year and houses can’t be built fast enough. With the demand for homes increasing their prices have increased. The current median listing price in Utah is $344,000, but with the median home valued at $266,000 the realtors are wondering if this will turn into another housing bubble.
The Utah housing market’s current condition is not as bad as the housing bubble was in 2006 right before the crash. This means that there is still a possibility of the market not crashing again. As the millennials are joining in the rush for housing they are trying to beat the bubble by buying condos and townhouses. Or try investing in a duplex or triplex so you can rent out your home! These smaller investments for a little less than the average, are sure to get a return on the investment.
In the coming year the National housing market is projected to grow by 3.2%, by comparison Utah is expected to grow by 4.5%. The growth in the market is may be a challenge to buyers, but this is good news for current or soon to be homeowners.
How Do You Build a Custom Home?
Everyone dreams of designing and building their dream home, especially spending hours looking at many different houses and not finding “the one.” Building a custom home can feel like a daunting task. Many homeowners feel the need to wait until they are older before building their own home but why wait to make your dreams come true?
Step 1: Figure out Financing
Building a custom home doesn’t always mean more expensive. Making your home unique is one of the main reasons why you might decide to go with a custom built home, but remember that sourcing all of your materials will be more expensive than the other newly built homes around you. The price of your home will depend on your decisions about land, architect, and materials found within your home.
Custom homes require a construction loan instead of normal financing and not all financial institutions offer these loans. Usually they also require you to take out two loans. One to purchase the land and the second for construction costs. Due to the riskiness of construction loans lenders usually want a down payment of at least 20% to 25%.
Step 2: Find a Team
Start researching and interviewing builders and architects. Some builders can recommend architects or vice versa, while other companies employ both and can take care of the entire process. Remember to check references and look at other completed projects to see their quality before hiring them. There are many custom home builders located in Utah like Maple Shade Construction, Ironwood Custom Builders,and Magleby Construction. These are just a few of the many companies that offer these services.
Step 3: Plan with the Land
If you have already purchased land do a walk through with your potential builders and architects so they can go over plans and potential issues you may have with the project. If you don’t have land yet the builder can help you find some or direct you to a realtor. The land is just as important in the design process as your home is and they need to work together. The builder will also be key in helping you figure out how much pre-construction work is needed like utility placement, driveway, and a septic system.
Even though no one plans of moving from their custom home remember the neighborhood that you are building in and try and match with price and size. Your home’s resale value is determined by the price of others in the neighborhood and it could be hard to sell in the future if it is overpriced or oversized.
Step 4: Avoid Delays and Stay on Budget
Time is money and every delay costs you more money in the long term. One way to both avoid delays and prevent overspending on your custom built home is by planning everything. Plan every last detail from solar panel tiles to the basement carpet, before breaking ground will speed the building process along. It will ensure that you have all the materials when you need them and no need to change the placement of the wall because you want a clawfoot tub.
Designing and building your custom home can be like a dream come true with the right team and a thorough plan. We know you won’t rent out your whole home on Neighbor when it is finished but you might as well build in an extra garage or a few storage shed so you can help pay for your mortgage! Rent out your home today.