Buying? Don’t Miss This Advice For Buyers

If you are preparing to buy your first home for sale in South Lake Tahoe, you are either looking for advice OR you keep getting it from well meaning family members and friends. While tips from loved ones can be great, you will want to be discerning with the info that comes your way. The writers over at Realtor.com put together a great blog this month on advice from buyers and realtors that we thought would be worth passing on. Of course, it is important to note that every client and every home for sale in South Lake Tahoe is different, so these aren’t going to apply to everyone. Be sure to work closely with your realtor in South Lake Tahoe so you can feel confident you are making the best moves for you. No pun intended.

Buy less house than you can afford. Everyone’s financial situation varies, so this may not be something you need to think about when looking at homes for sale in South Lake Tahoe. However, being house rich and cash poor is no fun. When you buy less than you can afford, you can rest assured that you won’t have to stress about making your mortgage payment or falling behind. Additionally, furnishings AND utility bills cost more in a larger home. If you can’t afford to put furniture in every room of the house or the monthly bills or upkeep that comes with more square footage, think twice before looking at South Lake Tahoe homes for sale that push your budget. Also, steer clear of any South Lake Tahoe Realtor that tries talking you into maxing out your budget.

Speaking of maintenance and cost, don’t think of your mortgage payment as the only cost associated with buying homes for sale in South Lake Tahoe. The age of the home as well as the size will impact your annual housing budget. You can expect somewhere around 1%-4% of the properties sale price to be what you spend each year in maintenance costs. Your South Lake Tahoe realtor can always find out what the current sellers pay to give you a better idea. Just be sure to fix things as they come up. If you let tasks slide for too long, they will cost more in the long run.

Money isn’t the ONLY things that matters when it comes to making an offer on South Lake Tahoe homes for sale. The highest offer doesn’t always win. A lower offer can still be appealing if it comes with a high earnest money, you don’t have a ton of contingencies, and you make sure to have as competitive of an offer as possible. Your Realtor in South Lake Tahoe will work with you on putting together an offer that stands out, just don’t talk yourself out of making an offer simply because you can’t come up with some extra cash.

There are more than just 30 year mortgage options. Yes, a fixed interest rate is great for a lot of people, but it won’t work for everyone. You may need an option that has a lower down payment or a 15 year mortgage. Shop for loans before locking in the one that seems to be the most common.

Leave the kids at home when you tour South Lake Tahoe homes for sale. At first anyway. This actually has a couple perks. If your children are on the younger side and need full attention on them at all times, this allows you to fully concentrate on the houses you are looking at and not be distracted. It also keeps the kiddos from falling in love with a property that just isn’t going to work. Bring them through once you have narrowed down the list and are getting ready to make an offer. Moving is already tough enough on kids, especially if they have to leave behind friends. Being dragged through multiple homes for sale in South Lake Tahoe when you aren’t looking forward to moving can be, well, a drag.

Visit the property at different times of the day. This isn’t necessarily just for safety purposes either. Although, that is important! Check out traffic patterns and noises that are present when people aren’t at work. For example, is your potential neighbor in a garage band or is traffic so bad after work that it takes forever to get through the neighborhood during rush hour?

Check for any upcoming development or construction in the area. If you prefer a quieter dwelling away from all the noise and action, make sure that there is no way that additional buildings could go up and block your view, or that there is commercial zoning nearby. Stay open though if there is! New local businesses mean cool amenities within walking distance which is a pretty great convenience to have.

For more information on what to know as a buyer, feel free to give me a call. As a long time South Lake Tahoe realtor, I would be happy to walk you through the process of becoming a home owner.

Understanding Basic South Lake Tahoe Real Estate Terms

Navigating home buying lingo can be a bit overwhelming. Especially if you are a first time buyer! Knowing what everything means can give you confidence in a world that involves a lot of moving parts and in-depth nuances. Your South Lake Tahoe realtor will be able to explain everything in depth so it is important to choose someone who is knowledgeable about what is happening in the South Lake Tahoe real estate market. Below are a few of the most basic terms to get you started!

Credit Score: Most know what a credit score is. However, some underestimate how important a good one is for buying a South Lake Tahoe real estate. This determines the likelihood that you will repay future debts to lenders. So getting your credit report cleaned up before applying for a home loan is super important.

This brings us to mortgage rate. The better your credit is, the better your mortgage interest rate is on the money you borrow to buy a home for sale in South Lake Tahoe.

Pre-Approval letter: This is a letter from the lender that approves how much you have to spend on a home for sale in South Lake Tahoe.

Down payments are generally 3%-20% of the purchase price and what you need to put down on a home for sale in South Lake Tahoe. There are also 0% down loan programs, but your lender will advise what loan amount is best for you.

Appraisal: This is a required step in determining the homes worth to both yourself and your lender which secures your financing.

Closing costs: These are the fees that are associated with purchasing South Lake Tahoe real estate. Paid at closing, they include taxes, financing costs, title insurance and more.

It is super important to work with a South Lake Tahoe realtor who is able to explain all the different steps and terms so you understand what is happening along the way.

If you are looking for more information on buying South Lake Tahoe real estate or a South Lake Tahoe realtor to guide you, feel free to reach out. I would be happy to help!