Buying South Lake Tahoe Real Estate comes with a lot of perks. It means you can take advantage of tax deductions, build equity, have control over your living space and basically have a little piece of the American Dream. While the homeownership rate is around 64% in the U.S. there are plenty of people currently renting that want to buy a home and think they can’t. If you are one of these people, be sure to contact your local South Lake Tahoe Realtor. While there are some things that could be holding you back and are valid reasons, there are a lot of myths that deserve to be busted so you can start investing in yourself and your future. Check out these common misconceptions when it comes to home buying.
You think you need to save money.
There are mortgage options for almost all scenarios. If buying South Lake Tahoe Real Estate has been on your mind, contact your local South Lake Tahoe Realtor and ask who their preferred mortgage lender is. They can give you more information on the various products that are available and which ones best match your needs and wants. While it does make perfect sense to save money, pay things off, put money towards a down payment and costs associated with being a homeowner, rents continue to rise. May as well put that money towards yourself.
You think you don’t have enough for a down payment
Speaking of finances and down payments, a lot of people take themselves out of the buying game because they think they don’t have enough for a down payment. The general opinion is that 20% is what is needed. However, there are a variety of loan types and options out there. A reputable lender will be able to give you more info, but you never know unless your try.
You plan on moving out of the area
South Lake Tahoe Real Estate is a second resort market, so if you have plans to move, this is a valid reason. However, if you have been saying that for years, you should probably start looking at homes for sale in South Lake Tahoe. There are so many homes for sale in South Lake Tahoe that would be cheaper to buy than rent. If you do move before the ideal 5 years, you can either use that property as rental income or sell it and put that towards your next home.
You are locked into your lease
First time home buyers usually let their lease hold them back. A lot of times, breaking a lease isn’t as expensive or dramatic as one would think. In most cases, if the landlord or rental company is able to find a person to take over the lease, vacating is quite easy and cost free. Of course, read the fine print, but then start planning your move and working with a lender and South Lake Tahoe Realtor so that when your lease is up, you are already on your way to homeownership.
You are waiting on the market
The market is cyclical and constantly changing, as are the mortgage rates. Yes, if trends indicate lower home costs and more inventory within the next year, waiting isn’t the worst idea. Especially because no one wants to buy at the top of the market. However, with that being said, real estate trends and predictions are just that-forecasts that may or may not happen. You don’t want to lose purchasing power by being a sitting duck.
Think you may be ready to take the plunge into homeownership? Give our office a call. A South Lake Tahoe Realtor would be happy to help you get started in the process of looking at homes for sale in South Lake Tahoe.