Most people will end up buying relatively few houses during their lifetime, which means it’s hard to accumulate a lot of real estate experience. However, buying a Mammoth Lakes home can be simplified if you focus on treating your purchase like any other investment. Instead of relying on how a house makes you feel, evaluate it as you would a stock purchase.
5 key things to consider before purchasing property:
- Accurately evaluate your needs. Make sure you have a good understanding of both your current and your anticipated future needs. For instance, if your kids are all heading off to college in the next three years, you may not really need the large five-bedroom house you’ve been looking at. The key is, to be honest and realistic.
- Don’t fall in love. Obviously, you want to enjoy living in your house, but don’t get emotional about things you could easily add to a less expensive [city] home make you rush into a foolish investment. If the house is what you need and priced appropriately, then go for it.
- Know your comparables. The biggest mistake you can make is overpaying. Arriving at an exact price can be difficult. Even professional appraisers can arrive at vastly different valuations. However, carefully looking at the area’s recent sales can let you know if you are at least in the right ballpark.
- Be honest with repair and renovation costs. What happens if you find what appears to be a great deal until the inspection comes back with a laundry list of necessary repairs. A lot of buyers may run away, but it could still be a great deal. The only way to know for certain is to get a bid from a professional.
- Do your homework. If you like a property, make sure it’s in good condition and are comfortable with the price, seal the deal. It’s a lot of money to spend, but doing all of your research can make it a lot easier to reach a decision and move forward.
For more tips on purchasing a Mammoth Lakes home like an investor, please call me at 661-979-9000 or email me at [email protected].