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Although buying a Mammoth Lakes vacation home is a great decision, the process can be daunting. Many people who purchase second homes start their buying journey after experiencing a “vacation high.” After they have experienced Mammoth lakes, they decide to make it a reality. Then anxiety sets in and they begin thinking about the purchase.
These four steps will help you avoid stress.
Determine how much you can afford to buy a home.
You already know that there is more to a home than the mortgage. You’ll need to consider property taxes, insurance and maintenance as well as HOA (homeowners association), dues. Other costs associated with a mountain resort like Mammoth lakes may not be covered under the HOA. These include snow removal, heating (propane or firewood) and pellets.
Make a list of your top priorities for your vacation home.
Decide what is most important to your needs. Every property has its pros and cons. It may be important to have the ability to ski in/ski out, close to shops and restaurants, or located near a bus stop. It is easy to get distracted when you first start looking at properties. Therefore, it is important to prioritize your priorities before you go. Keep in mind, however, that your priorities may have changed if you are actually buying a property.
Learn about the costs involved in buying in a resort community.
Financing a second home in Mammoth lakes can be more challenging than buying a house in an urban area. Talk to your realtor about your financial situation, when mammoth lakes condos for sale that will suit you. Traditional financing might not be possible for some properties located in resort areas. Third-party lenders or private lenders may be your only options. This could mean that you will need a larger down payment or a higher interest rate.
Make an offer.
Mammoth lakes properties can sell quickly so be prepared to move if you find the property you love. Get your credit checked before you begin home shopping. Get a free credit report. Make sure all information is correct. Discuss local lenders with your agent. Then, work with one of these lenders to obtain a pre-qualification letters and determine your loan options. To support your cash offer, you will need proof of funds documentation if you are paying cash.
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