Before You Buy: Second Home ConsiderationsRidge Cowee, November 4, 2015 in Mountainside at Northstar, Real Estate, Tips & Information
Below you will find five important criteria to consider when searching for a 2nd home. These criteria can apply to all properties in any geographic area although they are most applicable in mountain or resort locations.
An understanding of why you are purchasing a 2nd home is one of the most important aspects of the process. Are you thinking about it as a vacation or retirement home or as an investment? The North Tahoe area appeals to many buyers pursuing properties that can serve as both a home in a beautiful area where they love to spend weekends and vacations and as a long term investment with the potential to supplement monthly cost through short term rentals. A very fine line exists for those who would like to be on both sides of this fence. The right property is the only solution that can make this work.
– How Will You Use the Home?
This question encompasses many aspects that must be considered when looking at a 2nd home. Will the home only be used by your family or will it be a gathering place for friends and extended family. Does proximity to Tahoe interests play a factor? Do you want to step out your door to ski, bike, hike, run etc. or are you willing to travel from your home to enjoy these activities? How much time will you be spending there? This may determine whether short term rentals are a consideration.
– Condo, Townhome, or Single Family
Each of these different types of properties are typically available in a 2nd home or resort area. They also each have their own pros and cons of ownership. You will usually find condos in higher density areas and they will be members of an HOA. For ease of ownership and maintenance this is the way to go although you may have limited storage, detached parking and little or no outdoor living space. A single family home can offer outdoor space, garage or driveway parking, more square footage and privacy. A townhome has aspects from both with more privacy than a condo, some outdoor living space, slightly higher density community feel and an HOA. Discussions with your Realtor can help with determining what type of property is right for you.
What are you willing to spend on a 2nd home and what compromises are you willing to make in order to remain within budget? You may want a ski-in ski-out single family home but your budget may warrant a condo in the Village. Creating a budget will force you to prioritize size, location, use etc. and will help tremendously when searching for property.
– Baby Steps
Remember that your first vacation home purchase likely will not be your last. Don’t be afraid to test the waters by buying an easy to maintain condo before diving in head first to a large single family residence with higher carrying costs and additional maintenance. After using the condo for a few years you will gain a much better understanding for how you and your family utilize a second home and you will have gathered additional knowledge about the area, all without sacrificing time and memories made with your friends and family in your favorite vacation spot. When the time comes you can refine your needs and choose a different size or location.
Could this home be the one for you? ….
14464 Home Run Trail #1
3 bed / 3 bath /2,032 sq.ft.
Home Run offers an extraordinarily rare connection to the ski slopes with its prime location perched between two ski runs. The 16 luxury townhomes comprising the neighborhood are nestled directly below the new Ritz-Carlton Hotel. These spacious townhomes feel like single-family residences with two-car garages and ample, beautifully designed living spaces that offer sophisticated mountain features and elegant finishes. Steps from Tree House-Mountainside’s newest amenity.
- High Ceilings
- Hot Tub
- Two stories
- Attached two car garage
- In-floor heating
- HOA amenities
Note: Pictures are of a similar unit