If you’re a first-time home buyer, you could be on the fence with whether your South Lake Tahoe real estate purchase should be your beginner home or your long term home. Both types of properties have different criteria, and different budgets. If you are not sure what you want or what you are ready for, check out these things to consider.
Budget
Generally, a forever home is a home for sale in South Lake Tahoe that is purchased with the idea that you will grow with it. Which means you are accounting for the future, children, etc. This type of home usually is pricier in comparison to a starter. This is because usually people who foresee some growth in their future (whether in family size or income) will plan to move up later on in life.
Mortgage Rates
When buying South Lake Tahoe real estate, snagging a super low mortgage rate is a great opportunity when purchasing for the long haul. You get locked in at a great rate that you may never have again. Which is awesome regardless of what your property costs. Especially since there is no way of knowing when the rates will go up, along with the prices.
Location
If you think you may change your mind on where you want to live at some point down the line for whatever reason (job, kids, etc.), a long term home may not be your best bet. When buying a long term South Lake Tahoe home for sale, you need to think about whether or not you can stay in the suburbs, city, etc. for forever. If you know eventually you want to get back to a different place, buying for right now is likely best.
Home Size
If you find yourself thinking you don’t need that much space now, you need a big house now and you will downsize later, or you want to buy South Lake Tahoe real estate and then rent it out later as extra income, a starter home may be your best bet.
The bottom line to think about is that when purchasing real estate, you have to think a little down the line. Being impulsive with your purchase can cost you more then money, it can cost you your time and sanity later on. If you are not sure which route you want to go, feel free to give me a call. I would be happy to help!
