You may think the home buying process is cut and dry, but the reality is that when you purchase homes for sale in South Lake Tahoe, there is always a high possibility for an unwanted surprise that can throw a wrench in your plans. If you have an experienced South Lake Tahoe Realtor helping you, you can navigate the various challenges with ease. However, there are a few things to keep in mind before you even begin the house hunting process.
- Check your credit report
Lenders need reassurance that you will repay the loan you are approved for. In order to do that, they check your credit. The higher the score, the better your chances of getting a great loan with a good interest rate. Be sure to look at your credit report and see if there are any loans that need to be paid down or some errors. Creditors are human and make mistakes but if you contact and report those errors, you can boost your score. Knowing your credit score before you start searching for homes for sale in South Lake Tahoe gives you the heads up on what you need to pay down and plan for financially down the road.
- Find the best South Lake Tahoe Realtor for You
Find the right Realtor in South Lake Tahoe can feel overwhelming. Let’s be honest, we all know a few Realtors, and even if we don’t, every friend and co-worker has someone they swear by. Not only can it feel overwhelming, you may feel pressured to choose someone you otherwise wouldn’t. Your South Lake Tahoe Realtor needs to be someone you can trust and feel comfortable with who also has a proven track record of success for their clients. They need to be savvy with negotiations and creative when things look like they may fall apart. There are a lot of wonderful rookie Realtors who are eager and excited to help as well as veterans who have great advice and an endless amount of knowledge. They have dealt with about every issue that could impact a sale and know how to navigate those issues. Both a veteran and rookie have pros and cons. A well known, long time agent is in high demand and may not be available at the drop of the hat. A rookie isn’t as busy but they bring new energy and enthusiasm to their job. Our recommendation is to interview a few agents and find the one that you feel is the best match for you and what you need.
- Can I afford closing costs?
Once you qualify for a mortgage, there are a number of closing fees that come with purchasing South Lake Tahoe real estate. Usually, these are out of pocket. In order to budget successfully, here is an idea of what to expect. While buyers and sellers usually both cover closing costs, buyers get the bulk of it which is around 3% of the homes price. Closing fees are for the service you pay the title company as they have a representative oversee the closing and the transfer of title, which is anywhere from $300-$600. Title search also costs about the same, which is something you want to have done to make sure there are no liens on the property or anything that could prevent you from purchasing. Lenders title insurance is around .5% of the purchase price while document recording fees are about $125.
- Be flexible
The term “Dream Home” is something that is used a lot. However, when you are searching for South Lake Tahoe Real Estate, you should know that there is no perfect home. Especially if you have a tight budget. While some buyers have a tough time accepting this, it is good to have a list of Needs Vs. Wants so you can measure up all the homes for sale in South Lake Tahoe when your tour. A Need would be proximity to work, schools, bedrooms, one level or two level, size or certain neighborhood. A Want would be features, design trends and bonuses such as a pool, extra family room, etc. Don’t miss out on a home because it doesn’t have everything you want upon move in when you can add certain things later on over time.
For more information on the buying process in South Lake Tahoe, feel free to reach out. We would be happy to help!