If you’re thinking of buying a home in Highland, you’re not alone. With a population of around 19,000, the area has been growing steadily with a nearly 6% increase since the most recent census in 2020. Combining the best of country living with quick access to a major metro area, Maven Realty Utah can help you with everything you need to know when you’re buying a home in Highland.
Why should you buy a house in Highland, Utah?
1. Natural attractions
The Lone Peak Wilderness Area is home to some of the most rugged and remote mountains in the Wasatch Range. American Fork Canyon offers opportunities for hiking, camping, fishing, and rock climbing. The Timpanogos Cave National Monument features a system of three limestone caves that are open for guided tours during the summer months.
2. Near a major metro area
A suburb of Salt Lake City, Highland is located just a short drive from a wide range of cultural, entertainment, and recreational activities. Highland is accessible by Interstate 15 as well as several state highways.
3. Quality of life
Residents can participate in many community events and activities, fostering a sense of belonging. The city has good schools, access to healthcare, and a variety of amenities and services. The summers are warm and dry, and the winters are cold and snowy.
Top three neighborhoods in Highland, Utah
1. Timpanogos Village
Timpanogos Village features beautiful homes, tree-lined streets, and easy access to local amenities like shops and restaurants. It's also located near some of Highland's most popular parks and outdoor recreation areas.
2. Beacon Hill
Beacon Hill is known for its large, luxurious homes and beautiful mountain views. It's located near Lone Peak Wilderness and American Fork Canyon, making it a popular choice for outdoor enthusiasts.
3. The Meadows
Located in the southeast corner of Highland, The Meadows features a mix of single-family homes and townhomes. It's known for its community amenities like parks, playgrounds, and a community pool, as well as its proximity to local schools.
What to know about buying a house in Highland, Utah
Median home prices
Highland is known for its high-end real estate, with many luxury homes and estates located in the area. Recent median home prices have been around $740,000. Home prices can vary depending on a variety of factors, including the size, location, and condition of the home, as well as the current state of the local real estate market.
Closing costs
Closing costs for homebuyers in Highland are typically between 2% to 5% of the home's purchase price. They depend on the value of the home, the type of mortgage, and the specific lender, and services such as appraisal, title search, title insurance, and loan origination.
Property taxes
The specific amount of property taxes that a homeowner in Highland will pay can vary depending on a variety of factors, including the value of the home, the location of the property, and any local tax levies.
As of 2021, the average property tax rate in Highland was around 0.57% of the property's assessed value. Those buying a home in Highland should consult the county assessor or tax office for the most up-to-date information on property tax rates and assessments.
Requirements for buying a house in Highland, Utah
Conventional loans
A conventional home loan is a financing option for borrowers who have good credit, a stable income, and a down payment of at least 3% to 20% of the home's purchase price. It’s a type of mortgage that is backed by private lenders such as banks, credit unions, and mortgage companies.
The interest rates on conventional home loans can vary depending on factors such as the borrower's credit score and the current market conditions. The loan term can be fixed or adjustable, typically a period of 15 to 30 years.
The interest rates on conventional home loans can vary depending on factors such as the borrower's credit score and the current market conditions. The loan term can be fixed or adjustable, typically a period of 15 to 30 years.
FHA loans
An FHA home loan is a flexible financing option for borrowers who may have a lower credit score or smaller down payment. It’s insured by the Federal Housing Administration (FHA). To qualify for an FHA home loan, borrowers typically need to have a credit score of at least 500 and a down payment of at least 3.5% of the home's purchase price.
The interest rates on FHA home loans are typically lower than those of conventional home loans, but the loan has limits on the amount that can be borrowed.
VA loans
VA (Veterans Affairs) home loans are for eligible veterans and active-duty service members who want to finance a home through a government-backed program. They have favorable terms and low interest rates, and are available to eligible veterans, active-duty service members, and surviving spouses.
The interest rates on VA home loans are typically lower than those of conventional home loans, and the loan term can be fixed or adjustable. Repayment typically occurs over a period of 15 to 30 years.
The interest rates on VA home loans are typically lower than those of conventional home loans, and the loan term can be fixed or adjustable. Repayment typically occurs over a period of 15 to 30 years.
Money-saving tips for buying a home in Highland, Utah
Find the best mortgage rate
Compare rates and terms from multiple lenders, such as banks, credit unions, and online lenders. Fixed-rate mortgages have a stable interest rate throughout the term of the loan, while adjustable-rate mortgages (ARMs) have a variable interest rate that can change over time. Once you have found a favorable interest rate, consider locking it in to avoid fluctuations due to market changes.
Use a bigger down payment to keep monthly payments down
A larger down payment can lead to lower monthly mortgage payments. If you make a down payment of at least 20% of the home's purchase price, you may avoid paying for private mortgage insurance (PMI) each month.
Increase your credit score
With a higher credit score, you may qualify for better loan terms, such as a lower down payment or a higher loan amount. A higher credit score can lead to a lower interest rate on your mortgage, saving you thousands of dollars in interest charges over the life of the loan.
Use a commission rebate
Some lenders offer commission rebates as an incentive to attract new customers. Shop around to find a lender that offers this benefit. Once you have chosen a lender, apply for the mortgage and mention that you are interested in using the commission rebate. Once the mortgage is approved, close on the home and receive the commission rebate.
At home in Highland
Buying a home in Highland, Utah, is a great choice due to its stunning mountain views, proximity to Salt Lake City, and quality of life. With easy access to outdoor recreation and family-friendly neighborhoods, Highland is a desirable place to call home. If you’re ready to start looking for your next home, reach out to the experts at Maven Realty today.
*Header photo courtesy of Maven Realty Utah
