If you are thinking of buying homes for sale in Lake Tahoe, you are not alone. The home prices for Lake Tahoe homes for sale have increased every single month once the shelter in place was lifted as a result of high demand and low inventory. City dwellers wanted to take advantage of the great outdoors, get away from areas that had high populations and get more bang for their buck with Lake Tahoe real estate costing less than Bay Area prices. If you are still on the fence in regard to purchasing in a pandemic, one of the best things you can do is sit down and weigh the pros and cons. Aligning yourself with a local Lake Tahoe Realtor is another great resource to help you make a balanced decision. After all, we are here to act as a guide and advocate and have your best interest at heart. Let’s first look at the pros….
Those that can’t afford to buy in the city can now afford to be homeowners
Anyone who has lived in a major city knows how expensive it is. A fixer in a good neighborhood can run you close to (or over!) 7 figures, yet rent is so much it makes no sense to waste that much money each month on something you aren’t getting equity in. According to Zillow, the median sold price for the city of San Francisco is $1,416,879. The median sold price for homes for sale in Lake Tahoe is $505,000. You can simply stretch your dollar more here.
Depending on where you purchase, you may be able to vacation rent your Lake Tahoe real estate out as an extra source of income when it is not being used. The use of a Lake Tahoe Realtor is extra important in this case as there are some areas that are zoned for vacation rental properties and some that are not.
Remote Working & Learning
With so many companies promoting at home working and schools across the nation observing remote learning, people can legitimately do what they need to do from ANYWHERE. Which means, when you don’t have to factor school drop off and that daily commute, you can pursue that dream of owning homes for sale in Lake Tahoe WHILE getting all the comforts of your favorite vacation destination AND home.
Planning Ahead for You Future Retirement
If you had dreams of retiring in Lake Tahoe, you now have the option to get a head start. Some buyers will start looking at Lake Tahoe homes for sale to purchase before they actually retire to help with financing and give themselves more financial flexibility later on.
Buying a Vacation home isn’t all roses, though. Especially in a mountain town where we deal with some type of extreme weather almost all year around. From major blizzards to fire season, to busy holiday weekends, owning Lake Tahoe homes for sale comes with responsibilities. Here are some things to keep in mind.
Extra properties do come with cost and maintenance. During fire season, keeping defensible space is crucial while during the winter, snow removal is an important service to keep going. Additionally, as mentioned above, check the fine print if you plan to rent out the property when you are not using it. In South Lake Tahoe specifically, you need to have a permit and the home needs to be in an area that is zoned for vacation properties. Also be sure you have a good plan to keep it managed while you are not there. There are plenty of great, local companies but they usually take about 25-30%. Mortgage rates on second homes not only require a higher credit score but also come with a higher interest rate. So be sure you know exactly what you are getting into by sharing your future plans with your Lake Tahoe Realtor so they can educate you on what to expect. For more information on buying or selling properties in this area, feel free to reach out. I would be happy to help!