Second Home Ownership "Benefits" Truckee and Lake Tahoe, CA

You are already settled into the perfect primary home. Your family vacations in Truckee and Lake Tahoe at least three times a year and you are tired of leasing or staying at hotels. You have been ‘watching' the local market...Whatever the reason, you want to buy that second home and obtain the family lifestyle you so desire.

Similarly as to when you bought your primary home it is time evaluate your situation and run the calculations to see if it's the right time and place for you to purchase. Merely ‘wanting' a second home in Truckee or Lake Tahoe doesn't mean it makes sense for you to buy now.

Decide What Your Goals Are

If you're considering a second home, you must have disposable income. Do you really want to invest your extra money in real estate? Take a good hard look at your life and goals and decide if buying a vacation home or investment property will best achieve them.

What do you want and need in a second home? A place where you can retire? Write down everything and create a wish list for your second home. Use this as a framework for what houses to look at.

Ask yourself these questions:

How long will it take you get to your second home here in Truckee or Lake Tahoe? Will the location suit your family's future lifestyle?

How often will you go?

How will you get financing?

Will you need rental income to offset the monthly mortgage payment?

Can you afford the maintenance and insurance?

How will it affect your taxes?

How is the property appreciation rate in your desired location?

Choose a location that meets the criteria on your wish list, or you may decide to hold off on buying. For instance, if you want a vacation getaway but don't expect to use it for more than a week each year, it doesn't make financial sense to buy. Consider fractional ownership or a timeshare.

Consider sharing ownership of a second home. Consider researching co-ownership options, such as a joint tenancy or tenants in common as an ownership position. If you don't feel comfortable dealing with strangers, perhaps consider buying with family or friends.

Let me help you with the answers to many of these questions! As a local for many, many years and a full time professional Realtor, I know the market, understand the areas and I am here to assist you from point A to settling into that perfect second home your family deserves.