South Lake Tahoe Real Estate: First Time Home Buyer Tips

Buying your first home for sale in South Lake Tahoe is one of life’s biggest milestones. It is exciting and intimidating all at the same time. As it is an unknown territory, working with a qualified South Lake Tahoe realtor will really make a big difference in your first South Lake Tahoe real estate experience.

1. Establish what you can afford ahead of time by getting pre-approved. It has been suggested that buyers shouldn’t spend any more than 28% of their income on housing expenses regardless of how much the bank says you are eligible for. Knowing what you can spend on real estate in South Lake Tahoe will keep you from getting attached to a home that is out of your price range. Looking is fun, but at the end of the day, being sensible is most important. Not to mention, you aren’t wasting your time, your South Lake Tahoe realtor’s time or a seller’s time.
2. Speaking of your budget, calculate your total housing costs for the month. This includes taxes and insurance in addition to your mortgage payment.
3. Don’t forget about closing costs. These include settlement and title fees, taxes, prepaid homeowners association fees, insurance, etc. If you have questions regarding the costs you might run into, be sure to ask your South Lake Tahoe realtor.
4. Make sure you find a quality realtor in South Lake Tahoe who is honest and reputable and ask them about the local market. They can inform you of accurate real estate trends, where prices are at, where they are going and how to navigate any bumps that may pop up during the transaction.
5. Make sure you do your research on real estate in South Lake Tahoe. Knowing the selling prices of homes for sale in South Lake Tahoe will give you a good head start. Also familiarizing yourself with the local MLS is a good idea. Your realtor in South Lake Tahoe can also pull the comps directly from the MLS and they know all the right search options to check, meaning you aren’t missing a listing.
6. Be sure to know the responsibility of buying a home for sale in South Lake Tahoe. There are factors that can pop up unexpectedly like a roof repair, an appliance replacement or a plumbing issue. Typically the inspection report gives a potential buyer a good heads up of what is to be expected, but as anyone knows, “life happens”.

Buying a house is a fabulous investment and a great way to establish or maintain wealth. Knowing all the facts and little details will save you head aches down the road. If you have any questions or concerns, feel free to contact me. I would love to help you navigate this exciting adventure.