When it comes to buying a home in Lake Tahoe, there are so many details to consider. Some of the most important ones can be overlooked. Even if you do your homework, there may be somethings you didn’t think to ask…..until after you signed on the dotted line. While making an informed decision starts with picking a qualified South Lake Tahoe, CA realtor, you may want to do some digging on your own. Some home buying “ to do’s” seem so irrelevant or are off the radar completely. So which ones are they? Read on.
#1: Not thinking about post purchase expenses.
When it comes to buying South Lake Tahoe real estate, buyers are so focused on their immediate costs. These costs are typically the down payment, mortgage payments, insurance and closing costs. They seem to forget that there will be costs that pop up after that can be very expensive. Whether it is landscaping costs or a new roof, you will want to be prepared. Financial advisers suggest putting aside about 1% of the homes total value every year for maintenance and annual repairs. By factoring this in, you will have an action plan for future costs that go along with being home owners.
#2: Not ensuring that past work is up to code
Sellers are responsible for being honest with the disclosures when it is time to sell. This includes if there have been any renovations, work that has been done without a permit or isn’t actually up to code. While most sellers are pretty good about being honest, there is always the bad apple you want to make sure you didn’t pick. Most of the time when you choose a long time South Lake Tahoe real estate agent, they can tell if something doesn’t seem right. You can also do a little leg work though and make sure that all permits have been signed off on for any work done. If you don’t do a little leg work on this, you could be responsible if it turns out that something was done without a permit. If something is completed and it is not up to code, it could need to be redone which could cost you more money in the long run.
#3 Not factoring the home’s resale value
In today’s society where people are moving around a lot more, you want to consider how much the home will be worth in the future. If your work is tied in to your local community and all your friends and relatives are close by, then you can probably rely on living in your South Lake Tahoe real estate for the long haul. However, if there is a chance you could move for a job offer, transfer or want to start a family and be near your relatives who live far away, then the home’s resale value should be a factor. Talk to your Lake Tahoe Realtor about real estate trends both now and forecasted. Consider asking about any forecasts for the local area like major development. If you know selling is something you will likely do again soon, don’t pick something that could be difficult to sell later on.
#4: Not doing your neighborhood research
If you are going to research the property, research the neighborhood. Ask the local police department about crime rates on your immediate area, check out the local schools and amenities. You may love the house, but if you don’t love the neighborhood you could regret your decision later on.
#5: Not knowing restrictions
When you buy in a town like South Lake Tahoe, CA you will be dealing with local government agencies who have a goal of protecting the Lake’s clarity. This includes restriction with what you can do on your property. If you ignore them, or do something not knowing you aren’t supposed to it could result in a major fine.
#6: Not doing your homework on the HOA
If your potential new home has a homeowner’s association, do your due diligence and find out what you can and cannot do. While most HOAs have a goal of convenient community living, there are some nightmare stories out there. Along with reading the fine print, ask the local neighbors about their experiences.
Want more info on buying real estate in South Lake Tahoe, CA? Call us at 530-543-6676.