Buyer’s remorse. It happen’s with all kinds of purchases: Shoe’s, BBQ’s, All expense paid vacations…at some point we have all experienced it. But can you experience it with Lake Tahoe real estate? Absolutely! For a variety of reason’s as well. We found this great video on Realtor.com that narrates 3 things that guarantee home buyer’s remorse, but we thought we would recap (in case you prefer to read) as well as add a few points.
1.) Giving up a good location when buying a Lake Tahoe home for sale. We have all heard “Location, Location, Location!”, and your home for sale in Lake Tahoe is not the exception to the rule. Everyone has an area and neighborhood that best suits them for a variety of reasons. Local schools, proximity to work, certain amenities or “vibes”. When you give up that great location for a bad one you are settling for a longer commute and potentially a community that just doesn’t fit your personality and needs. At first this may seem do-able, but after a few years, you could feel frustrated with your decision.
2.) Not taking the future into the thought process before buying. If you do not have any family members and you do not intend on growing your own family OR if you intend on living in it for a few years and then renting out, you won’t need to think about this as much. However, if you fully intend for your South Lake Tahoe real estate buy to be a family home you will need to think about yard size, storage, space for children and family events, stairs (in the event you have elderly relatives staying with you at some point), garage space and so much more. You will also want to think about future developments in the area too. If the neighborhood is fully developed and there are no spots that new businesses or homes could pop up in, you should be fine. However, if the area has a lot of undeveloped space, you need to consider that the next block over could get turned into a strip of restaurants and bars (once again, something that is great if you do not intend for this purchase to be a family home), or businesses or even more homes. With this, comes more people, traffic and noises. Living in the here and now is great, but when it comes to a major financial investment, you definitely need to think future.
3.) Buying larger than you can TRULY afford. Let’s say you were approved for that large home loan. That is awesome! Let the dream Lake Tahoe real estate shopping commence. But can you afford what goes along with that? As in all the furnishings to go inside? And the future maintenance and repairs? And the utilities as it costs more money to heat a larger come than a smaller one? Being house poor isn’t exactly something you will be glad you did 10 years down the road so REALLY think about whether or not you want to take on a big Lake Tahoe real estate investment. You may be able to afford it now, but that could change down the road.
For more South Lake Tahoe real estate information, whether it be general topics, buying or selling, give us a call at 530-545-0718.