Did you know that you can still buy something in this area for under $300,000? Right now, there are 25 properties listed in the Tahoe Sierra Multiple Listing Service for $300,000 or less.
There is a Kings Run studio condo in Kings Beach for $175,000, a one-bedroom Dollar Hill condo in Tahoe City for $265,000, a two-bedroom single family home in Kings Beach for $265,900, and a one-bedroom Ski Bowl condo with loft and garage in Tahoe Donner for $299,900. Are any of these your dream home? Maybe, maybe not. But why pay rent if you can pay a mortgage? Wouldn’t you rather own your own place? Most people would say yes.
Some say, “I don’t have the 20 percent down payment.” Well, you might not need it. There are local lender programs available today that allow you to purchase with as little as 3 percent down. Others say, “I don’t have perfect credit.” Talk to a local lender about your specific situation. What do you have to lose? You can find out quickly if you can qualify to purchase something now, or the lender can set you on the path to homeownership in the near future.
Downsizing from your current rental and paying more for a mortgage than your current rent are both likely. But you don’t have to live in what you buy forever. It could even become your own rental property. You also may find that homeownership isn’t for you after giving it a whirl. It’s not the same as calling your landlord if something breaks. As long as you hold onto the property for two years as your primary residence, you can sell it after that and move on. Don’t you owe it to yourself to find out if homeownership is right for you?
