That is an exciting opportunity! I hope that you decide to make the move! I specialize in property in the Park City area. It is just 30 minutes east of Salt Lake City and many people commute to SLC because it is such an incredible place to live....it is the recreation capital of Utah! You may know of the Sundance Film Festival...most of that takes place in Park City....also most of the events of the 2002 Winter Olympics were here. So don't make any decisions about a place to live until you have investigated Park City.....and of course I would love to show you around.
In addition to the price of the home, at closing you will pay title insurance fee (this amount varies depending on your loan amount), the lender will charge you approx. 1% origination fee and misc. smaller fees, you will have an appraisal fee....and will probably want to get a home inspection (the fee for this depends on the size of the home).
Property taxes are approximately .55 of 1% of the property assesset value per annum.
If you can give me more particulars about the price range that you would be looking in, I can follow up with more definite numbers.
Would love to help however I can.
Cheers and Good Luck,
I've gathered that you have the answers you were looking for about the fees and the markets.
I won't brag about Utah or my work. Moving to Utah from Canada (or any other place--I'm Argentine) will be a cultural shock, no matter how you look at it...and you already know that.
I specialize in working with buyers (at their own pace) in the Salt Lake Area and am fully aware of the good, the bad and the ugly. I'm sure you're considering aspects beyond the housing market with your husband.
As far as the buyer's agency costs (working with an agent to represent your interest), there shouldn't be any cost to you. The compensation offered by the seller on any given listing, towards the buyer's brokerage, is the compensation most agents will deem fair and you shouldn't have to come up with any money to bridge the gap, should there be one.
Please feel free to ask me any questions you deem pertinent about the market or any other statistic relevant to your interests.
Fabian A. Amarillo
Closing Costs - Title insurance, Property taxes, recording fees, etc, generally add up to be about 3% of the purchase price of the home. If the purchase price is higher, that percentage can be lower, and visa versa. That is the buyers responsibility. However many buyers who are short in funds, or wanting to conserve their savings will ask the seller to pay the costs, and typically, if the total offered price is high enough the sellers will comply.
Agent Comission - The buyers agent commission is paid by the sellers agent from the proceeds of the sale. However, it is becoming common in Utah for the sellers agent to offer a smaller commission than the typical 3%, especially on short sales. So on some properties you could be asked to cover a portion of the commissions. Generally not more than .5%.
The market is very fast here right now. Utah has been ranked by forbes and several other good sources as one of the best places to live in the country. The econony is good, and home prices have risen about 9% in the last year. You will want to have an agent who is FAST at getting you property information, and able to get you to homes before other buyers. I have a six step program that virtually guarentees my buyers of gettuing to most homes before anyone else. Take a look - http://www.youtube.com/watch?v=R_LQi3iVgao&feature=share .
Keller WIlliams Realty
I live in the Salt Lake Valley and have a great knowledge of the entire area because I work with a lot of people who are relocating. I have a system for helping people choose where they're going to live particularly if they aren't familiar with the Salt Lake area.
Fell free to contact me or visit my website. http://www.homesearch-utah.com for more information.
You will love Salt Lake City! As a transplanted Canadian, and having lived in several provinces & states, I chose Salt Lake City to live & raise my family.
There are other specific considerations in addition to the additional costs of purchasing real estate (Sharon shared a good overview), for buyers with non US citizenship status. Jeremy Coccimiglio with Axiom Financial (801.201.4500 or JeremyC@AxiomFinancial.com) knows how to guide you. He helped many of my clients who have moved here from many different countries.
Of course, when the time comes to explore the Salt Lake City area, I can do that!
Coldwell Banker Residential Brokerage