Keeping Family Vacation Homes in the Family

Keeping Family Vacation Homes in the Family

In the summer of 2020, “cabin fever” took on new meaning and stir-crazy-inducing isolation was de rigueur. So it may come as no surprise to you that the demand for family vacation properties increased last fall. I imagine we were all looking for ways to make the upcoming summer of 2021 much more enjoyable. Were you one of the many swept along in the fervor for a family vacation home? If yes, then, as you get ready to enjoy your new family oasis or head off to the old family cabin, you may be thinking about how to turn your vacation property into a family legacy for future generations to enjoy. Not sure where to start? Use the following three steps to get the ball rolling. 

Have an Honest Conversation

Successfully passing your vacation property to the next generation requires their buy-in. Sit down with your family members and have an open discussion about the property’s future. Your summer haven might be their idea of hell! The oldest may benefit most from the cash of the sale of the property, while the youngest may dream of future generations bonding at the very same family vacation home. Create the best outcome for your family by understanding the wishes and needs of the next generation as you plan how to best pass your vacation property to the next generation. 

 

Create a Plan

Set the next generation up for success by creating a vacation property ownership and management plan and put the plan into writing. The plan should direct how decisions are made, how the property is maintained, and who can become a shared owner in the property. An easy way to begin to make a plan is to create a list of all the tasks and responsibilities associated with your vacation property, including the seemingly minor tasks. Now, find a fair way to divvy up the jobs and responsibilities between the next generation of owners. Your plan should contemplate how the vacation property will be maintained financially and physically. Should the property be rented out to third parties to pay for itself, or should each member of the next generation bear some financial responsibility? You may consider creating roles such as property manager, finance manager, scheduling manager, etc. 

 

Plan for Transfer of Ownership

You have several different tools that you can utilize to transfer ownership of your vacation property to the next generation, including family limited liability companies, trusts, and joint ownership, to name just a few. Whichever tool you use, make sure the plan you created is included. These various tools must be set up properly as they have different impacts on your financial, estate, and tax planning. Legal and financial professionals can assist you in choosing the best vehicle for achieving your goals.

Are you planning a move? Rather than sell your house, why not turn it into a rental property? It’s a great way to get involved in real estate investment and make money.

Are you ready to be a landlord? Get your unit on the market with us!

Emerging Neighborhoods in SLC (Singles and Youth)

emerging neighborhoods in SLC

Are you thinking of making a move to a vibrant, exciting new place? As Utah’s most populated city, Salt Lake City may be the spot for you. With about 1,180,000 people that call the metro-area home, many of them are young, single professionals.

You may be wondering, “Why exactly do singles and young professionals love living in Salt Lake City?” There is a long list of unique activities, job opportunities, and beautiful views that make this area what it is.

For more on the top emerging neighborhoods in SLC and why you should make a move, read on for our basic guide.

Capitol Hill

If you like history and a bustling downtown scene, you’ll feel right at home in Capitol Hill. Perched at the top of a sloping hill, this area overlooks downtown Salt Lake, offering beautiful views for miles.

Here you’ll also find the Utah State Capitol building and many historic sites like the Pioneer Memorial. You’ll also be nearby a natural hot spring and City Creek Canyon, a 6.5-mile trail. Capitol Hill is a top area to experience Salt Lake City nightlife, with many restaurants, cocktail bars, and live music.

Central City 

For a more hipster vibe, Central City is one of the best Salt Lake City neighborhoods. There’s always something to see here with various quirky shops, interesting art galleries, and alternative music venues.

Many Central City locals travel by bike through the beautiful Liberty Park and downtown area. This up-and-coming neighborhood is the perfect place for your mix of bustling city life and calming nature.

East Bench

In East Bench, SLC, you’ll find a relaxing place to call home. East Bench is a primarily residential area with vast mountain views and nature activities.

Many locals enjoy its proximity to parks, trails, and fun things to do like visiting the Pioneer Theatre Company. All in all, East Bench is one of the most calming, unique places for young people living in Salt Lake City.

Sugar House

For another vibrant, upbeat area, Sugar House is a top choice. Home to a wide variety of bars, breweries, restaurants, and lounges, Sugar House, is one of Salt Lake City’s best areas for young people.

This area is also home to a breathtaking park with many exciting activities with mountain views, picnic areas, and lake trails. You never know who you’ll meet or what fun activity is waiting for you around the corner in Sugar House.

The Avenues

Known as Salt Lake City’s first neighborhood, The Avenues is a charming and historic area. With Victorian-era houses and rich culture, many young professionals love the unique feel of The Avenues. This is one of the most artistic and young areas in Salt Lake City.

One of the top attractive features of this area is its proximity to downtown bistros, cafes, and bars. With a block-grid neighborhood layout, many locals also walk or bike on their daily commute. If you’re relocating to Salt Lake and looking for a hip and laid-back feel, The Avenues could be your perfect match.

Relocate to These Emerging Neighborhoods in SLC

Now that you know the top emerging neighborhoods in SLC for singles and young professionals, what are you waiting for? The home and life of your dreams are waiting for you. Contact us to get started on your move today.

Walkable Neighborhoods in Salt Lake City

Walkable Neighborhoods in SLC

Salt Lake City is the perfect mix of a big city and nature. This city is the perfect destination for explorers and city folk with hip shops and restaurants to explore and serene parks and unique landscapes. 

If you’re planning on moving to Salt Lake City and are looking for neighborhoods that are easy to get around by foot, keep reading to find out more about the most walkable neighborhoods in SLC. 

Central City

Central City provides a range of activities to explore within walking distance of each other. It has parks, shopping streets, and restaurants, all with a view of the beautiful mountain ranges surrounding this valley city. 

Liberty Park is the gem of this area and spans 80 acres of green space. Bring your dogs and kids and enjoy the Herman Franks Dog Park as well as the playgrounds and walking paths running through the park. 

For a day of walking and shopping, head over to Trolley Square for everything you need and check out the history of Salt Lake City’s trolley cars. 

Rio Grande

The Rio Grande is one of the most walkable Salt Lake City neighborhoods. Stop by the Rio Grande Train Depot and take in the architecture. Grab a drink at the cafe and visit the gallery.

Don’t forget to learn more about the haunted history of this building. Be on the lookout; you might see a ghost! 

Take a walk and visit the state history offices, the Utah History Research Center, the Rio Gallery, and the Rio Grande Cafe. You will love the area. 

East Central

Walk to the shops at 9th and 9th in East Central Salt Lake City and feel like you’ve entered small-town life. Close by Central City; this area offers an escape from the bustle. Be sure to visit all the locally owned shops and cafes to get a taste of local culture. 

Head over to the nearby University of Utah, which borders the Red Butte Canyon, for a day of hiking. Be sure to stop by the garden to marvel at the plant collections or attend one of the many events hosted there. 

Liberty Wells

For a more suburban area just outside the city center, check out Liberty Wells. This residential spot is within walking distance of Liberty Park and is surrounded by restaurants, gyms, and shops for anything you might need near your home. 

First Encampment Park is central within Liberty Wells and offers ideal walking paths and frequent events for the whole family. 

Bonneville Hills

Located further east of Liberty Wells, Bonneville Hills is nestled next to multiple hiking trails, including the Bonneville Shoreline Trail, which goes along the beautiful Lake Bonneville. 

Take a short walk to the Hogle Zoo. This 40-acre zoo is home to various animals and is the perfect weekend activity for the whole family. 

Find Your New Home in One of These Walkable Neighborhoods in SLC

Whether you’re from the area or planning to move to Salt Lake City, these walkable neighborhoods in SLC are a must to check out. With a mix of everything you need, they encapsulate the city’s natural wonder and vibrant culture. 

For more information on buying a home in Salt Lake City, contact us today

The Best Places to Grab a Beer in Salt Lake

Please Note: We’re continuing to post about local businesses, events, and area attractions; however, things often change due to COVID-19 restrictions. So please, double-check before you visit any of our recommended spots to confirm availability, accessibility, or any restrictions. Stay safe. Be well. And support Local! Thank you.

Beer in Salt Lake is getting a makeover. Local beer enthusiasts have something besides great, local craft beer to celebrate these days.

In a recent move by the Utah Legislature, a compromise has been reached on allowing 4% beer to be sold in grocery and convenient stores throughout Utah. This increase, previously the alcohol content in beer in Utah was 3.2%, was determined based on information received from certain beer manufacturers hinting they would no longer be making the reduced brew. Craft beer drinkers have already been consuming a heavier brew as breweries tend to produce a 4% or higher product.

Here are some great places to grab a beer this weekend.

Squatters

The first Squatters beer was poured in 1989, since then the demand for their handcrafted beer has surged and you can find their award-winning brews in many local restaurants, hotels, bars, resorts, and the airport. From a double IPA (Hop Rising) to their hefeweizen (American Wheat) the variety of brews provides a tasty exploration.

147 W Broadway

 

Boeheim Brewery

Since 2001, Boeheim Brewery has been producing old central-European lagers. On a mission to perfect the ‘the old school brew”, the legendary Bavarian Purity Law of 1516, the brewers at Boeheim take their sweet time crafting the best lager, in small batches, using only natural ingredients. Try the 1842 Czech Pilsener, the signature taste first brewed in 1842, it’s a classic.

94 E Fort Union Blvd

Proper Brewing Co

Launching with their balanced ale, the English Golden Ale, Proper Beer brewers prefer the full flavors of unfiltered beer. This process, or lack thereof, will cause a bit of hazy color to your glass. Rest assured, you will taste a rich and hoppy brew that they believe taste better than most. Try a class for yourself.

857 S Main Street

 

Red Rock Brewery

This award-winning brew has been around since 1994. Producing six brands that can be purchased in restaurants, the state liquor store, and other locations throughout the state, the company added a dedicated brewery to support growth in 2011. From draft ‘session’ classics to their artist palette line of craft beers, you may find a new unique flavor combination that will surprise you.

254 S 200 W

The Bayou

Proudly known as Utah’s largest beer bar, The Bayou offers local microbreweries an extensive selection of bottled beers. If tasting various local beer is on your bucket list, head over to The Bayou. Epic, 2 Row, Kiitos, and Moab are all on deck. And that is really just naming a few.

645 S State Street

 

Wasatch Brewery

Utah’s first brewery, offering craft beer since 1986.  Wasatch Brewery offers award-winning brew that now only comes in cans, or on draft. With its quirky message “Why have just one” having a good time with Utah’s controversial past, Polygamy Porter was no joke when it came to taste and full flavor in a beer.  Try the Evolution amber ale or the Snowbird session IPA, maybe the clever names make them taste even better.

250 Main Street

New Years Resolutions For 2021

buying-an-investment-property

At the end of each year, people are bombarded with holidays, family, gift-buying, and good food. It’s a joyful time when we allow ourselves to indulge in shopping, eating, and self-care. And that’s okay.

However, this is also time to start thinking about improving our lives after the holidays. What do your goals look like for the new year? What can you do to be happier, healthier, wealthier, or more successful?

Having trouble getting started?

No worries, Monique is sharing a few of her personal goals, so you can feel free to join in! Here are our top Market Source Real Estate, aka MSRE New Year’s resolutions for 2021.

Exercise More

Monique’s top goal is to exercise more.  One of the most common goals people have for the new year is to get into better shape. Exercising more can lead to better heart health, improved immunity, more energy during the day, better sleep at night, and a slimmer waistline.

Come up with a practical workout routine you can follow in 2021. For the sake of longevity, start slow and build yourself up.

Eat Healthier

Another goal for Monique is to eat healthier food.  She is vegetarian and always looking for healthier ways to eat on the go as a real estate agent.  

Part of being healthier is putting the right foods in our bodies. An important MSRE New Year’s resolution for 2021 is to eat healthier regularly. Eating whole foods without added fats and sugars can help you lose weight, feel more energized, and more.

Engage More With Your Children

The pandemic has taken its toll on people throughout 2020. However, there is a silver lining. Being forced to stay home and social distance has allowed some families to reconnect. Monique has loved more time with her kids. 

This year, she plans to lean into this unexpected benefit of COVID-19 and engage more.  You can do this too with your children, spouse, and anyone else in your household.

Survive the Pandemic

If you’re like most other Americans, you spent much of this year trying to figure out how to survive the pandemic. Between social distancing mandates, heated mask debates, and the fear of contracting the Coronavirus (or actually contracting it), it’s been a difficult ordeal.

On New Year’s Eve, think about how you’re not only going to survive the pandemic but how you’re going to thrive despite it.  That’s what Monique will be doing.

Pick Up a New Hobby

One MSRE New Year’s resolution for 2021 could be to pick up a new hobby. For example, Monique recently started golfing and would really like to spend more time pursuing this hobby. It’s fun, relaxing, and is a great sport for social distancing. 

Think about your interests. Have you neglected an old hobby lately? Or perhaps, you’ve been itching to try something new?

Create a New Professional Goal

Finally, no New Year’s resolution list is complete without a professional or financial goal. Where do you see yourself by the end of 2021?

Do you want to advance in your career? Maybe your goal is to pay off a substantial amount of debt? Dream big and start making plans to achieve those goals.

Want to Smash Your MSRE New Year’s Resolutions for 2021?

Is 2021 going to be your year? There’s certainly no reason it can’t be. If you’ve got big New Year’s resolutions for 2021, attack them with full steam!

And if one of your goals is to change your living situation, we’re here for you. Whether you need help buying a new home or selling a home, we’ve got your back. We are an experienced team of real estate agents in Salt Lake City committed to helping people just like you.