Other Tahoe Home Buying Considerations | Buyer
Buyers always know the key “must have” features they want their North Lake Tahoe – Truckee property to have before they begin their property search.
Those features drive the initial property search, but there may be additional factors that Buyers should take into consideration. Here are seven (7) things to consider when buying a second home:
1) New Tahoe Home or Older Tahoe Home?
There are pros and cons to each owning either one – new home versus older home.
- Older Tahoe homes often have charm, and often access to premium neighborhoods with their lower price points.
- Older Tahoe homes typically have established, mature landscape and trees.
- Older Tahoe homes tend to be on the smaller size, and most likely will not have a garage.
- Newer construction home offer larger floor plans, and typically come with an attached garage.
- Newer construction homes are more energy efficient.
- Newer construction homes are less intimate (cozy), and much higher in price when compared to older homes in the same neighborhood/area.
Don’t forget that the area surrounding a Tahoe home (newer, or older), the existing neighborhood could change dramatically as older smaller cabins come down, and larger, newer home go up in their place.
Green spaces, open spaces, California conservancy land, and parks may change with time. There are no guarantees, so keeping an open mind to the possibilities of change is important as you view property in the area.
Your lender may tell you that you can afford to buy the house you adore, but are you prepared for the following:
- Comfortable with the monthly payments you will be obligated to make?
- Is the down payment within your means?
- If this is a second home, you will have to make a higher down payment (typically 20% down)?
- Will you have enough cash to pay transaction costs and moving expenses?
- If the house needs major repairs, remodeling or redecorating can you save the necessary funds within a reasonable time period?
3) Size and Configuration
Bigger isn’t always better in a second home community, so know what will be best for your budget.
- What size house do you really need?
- If this is a second home, how many people will typically occupy the home? Two, or the ten that will only be here on holidays?
- Is buying a smaller home better when you know you can rent another home, or condo just a few doors down for the holiday crowd?
- What is the right combination of bedrooms, bathrooms and other living areas?
- How much storage is needed?
- Is a formal space for entertaining important or will more time be spent in the kitchen and family room?
4) Comfort – Lifestyle
- Do you have a priority for a single level home versus a two story?
- Is central heating, or air-conditioning a priority?
- What directions do the bedrooms and key living areas of the house face?
- Want to open windows and create fresh air cross-ventilation?
- If you entertain, is there a bathroom easily accessible for your guests?
- Are there bathrooms on each level of the building?
- How many flights of stairs does it take to get to the kitchen level, or down to the pier if it is a lakefront property?
What house style suits you best?
- Modern – Mountain
- Old Tahoe
- Modified A-Frame
- Gambrel Bavarian
- Ranch – Rambler
- Will your current furnishings determine the style of the house you choose?
- Are there pieces of furniture you own that require space consideration?
- Will you buy a home already furnished – “Turn-Key” ready to use the day you close escrow?
Home features are more than just how many bedrooms, bathrooms, garage, size of the home, or lot.
In the Tahoe area recreational lakefront Lake Tahoe amenities accessed through a local neighborhood association (HOA) are often a top priority for boaters, and those that like to know they have a near-by beach to go to when they are here in the area.
- Do you need lake access through a neighborhood home owners association – shared access pier, buoy options, private beach, kayak storage, picnic area, etc.
7) Resale Potential
On average, people move to a new home every seven years and while most buyers don’t intend to sell their Tahoe second home, life does happen.
- If you wanted to sell your Tahoe second home, how easy would it be to find a willing buyer?
- If you are interested in a very customized home, or a home that has some of the following features, resale may be more challenging:
- A steep driveway (up, or down)
- Difficult floor plan
- Multiple levels and flights of stairs
It is important to manage your resale expectations and gauge them against the future market conditions. If a property has some challenging features today, they will still be there when it comes time for you to sell.
It’s something to keep in mind as you weigh the pros and cons on the properties you are considering buying.
These are topics you have probably thought about, and should think about as you go through the property search phase.
There are no right, or wrong answers, just the right combination for you. Ready to start your Tahoe property search? Click on any of the communities and see what is available for sale:
North Lake Tahoe - Truckee Area Communities
Need more help in trying to figure out your Lake Tahoe home buying options?
Do you want more information on the different neighborhoods, locations, or communities with home owner amenities, and which ones will best meet your individual needs? Call me at 530.414.1260 and I can help you find the right place to buy!
All information is deemed reliable, but is subject to change, and/or correction without notice.
Buyers and Sellers should investigate and verify all information to their own satisfaction.
Other Tahoe Home Buying Considerations | Buyer