If you’re considering buying a vacation home in Oak Shores or Heritage Ranch on Lake Nacimiento, you’re approaching the Lake Nacimiento Real Estate market at a great time! Low mortgage rates, great home prices and a wide variety of beautiful homes on the market provide you with an ideal foundation for buying a Lake Nacimiento home this fall.
It can be easy to want to jump right in and begin searching for the Lake Nacimiento home that has everything you’ve been hoping for in a vacation home. Whether it’s a lakefront property, a home with lake views, or you prefer a tree lined lot with more privacy; you’re sure to find exactly what you’re looking for on Lake Nacimiento!
In working as a Lake Nacimiento Real Estate agent for over twenty years, I enjoy meeting new buyers as I sense their excitement for buying their dream home on this beautiful lake. But, I always want to make sure that each buyer is fully prepared to do so! Buying a second home comes with a lot of responsibilities and so I’ve gathered four tips to guide you.
1. Decide if it’s the right time to buy– We know it’s a buyer’s market, but you’ll still want to look carefully at your purpose for buying and also determine your finances. Is this home a long term property you’ll want to keep for years to come? Is this solely going to be used as a rental property? Is this something you can afford right now?
2. Know what to look for in a second home– Before buying, make sure you get a good feel for the area and even the talk with the locals. Find out if Lake Nacimiento is a good fit for you! (I’m pretty sure you’ll love it, but it’s always good to double check!) It’s also good to look at the comparable homes on Lake Nacimiento. I can show you if the Oak Shores or Heritage Ranch home you have your eye on is comparable to other homes around the lake.
3. Explore financing options– Buying a second home has the same type of financing and the typical 20% to 25% down or more is required.
4. Learn the tax ins and outs– Savvy tax planning can make a difference in your return on the property. Tax implications for second homes can vary significantly based on your financial situation and whether or not you plan to rent out the property. Generally, the interest on the mortgage of your second home is tax deductible, and rental properties are subject to additional tax breaks. Keep in mind that renting your home seasonally varies due to lake levels, economy and demand. We recommend that if you do plan on renting you consider rental income a bonus and if you have to rent to make the numbers work then you may reconsider the purchase. You do not want to get yourself in a bind.
These tips should help guide you as you consider buying a vacation home on Lake Nacimiento. As always, I’m here to answer any questions you have about the Lake Nacimiento Real Estate market and would enjoy the opportunity to meet with you and show you around the area!
Get started with buying your Lake Nacimiento vacation home today!
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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