Looking to be successful in your goal of purchasing South Lake Tahoe real estate this year? You came to the right spot. We have a few tips broken down by daily, monthly and yearly tasks to get you started on the right path.
Yearly: Check your credit report
This is incredibly important. Before you call a South Lake Tahoe realtor to lineup some showings, check your credit report. A good credit report will help you lock in an excellent mortgage rate. When you take a look before you start your home buying journey you know which debt needs to paid down, if there are any errors on your report that need to be cleaned up and more. It is also really easy to do with a variety of websites and credit card companies offering these for free.
Daily: Start cutting back on the splurges
Saving for that down payment is really important. Take a look at where your money is being spent so you can figure out where you can cut back. It may not be daily coffee runs that are draining your account. It could be app purchases that add up, a hefty cable bill, daily meals out and more. By assessing what you use, and don’t use, you can figure out where you can save and cut back. While you don’t have to have 20% for a down payment on homes for sale in South Lake Tahoe, those that do get to avoid paying private mortgage insurance.
Weekly: Make savings deposits
Speaking of saving, set up an easy home savings account. Set a weekly amount you know is achievable and then commit to depositing that amount into a separate account every single week. You will have a nice down payment in no time.
Weekly: Start attending open houses
When it comes to buying homes for sale in South Lake Tahoe, you want to make sure you have a clear vision of what you want. The best way to do this is by doing your research, seeing what is on the market and knowing what you do and do not want. For example, you may find you like a neighborhood you didn’t know existed. Or you may find that you don’t need as many beds as you thought. Whatever the findings return, knowing what is on the South Lake Tahoe real estate market will help you align your wants, needs and home buying goals.
Monthly: Do a trial run at homeownership
Owning a home is more than just saving the 20% down payment and making a monthly mortgage payment. There is also insurance, maintenance, lawn care, repairs, potential HOA fees and more. Pretend for one month that you own South Lake Tahoe real estate and set aside the estimated amount that would cover these costs. This is a great way to make sure you don’t over extend your finances and get a clear picture of what owning homes for sale in South Lake Tahoe costs. A good rule is 10% of your monthly mortgage payment.
Another important step not to be overlooked is finding a South Lake Tahoe realtor who is qualified, trustworthy and has experience. For more questions on buying South Lake Tahoe real estate or to find a South Lake Tahoe realtor, feel free to give us a call. We would be happy to help!