If you are in the market to buy a home in Lake Tahoe, you will have a few different kinds of dwellings to choose from. A single family home, a multi family home, a duplex and a condo are the 4 choices to pick from. All of which have their perks…and their downfalls. Depending on your housing needs, one might be better suited compared to others. Here are the things you need to know when deciding what type of property to buy.
Single-family
A single-family home (also known as a detached home) stands on its own. This is most likely going to be the home you are most interested in, as you are not sharing walls or yard space. Single family homes in Lake Tahoe come in all shapes and sizes-from large Tahoe Key waterfront properties to charming ‘Ol Tahoe chalets.
Multifamily
A multifamily home provides housing for multiple occupants. These homes have separate living spaces (such as kitchens, living areas, bathrooms, and entrances) but are all under the same roof. The perk to owning a multi family property is that you can collect rent from the other occupants, which can either cover the mortgage costs completely, or contribute. The best part is that if there is an existing tenant and lease agreement in place, lenders consider this as income. You also have the option to rent this type of Lake Tahoe property for sale as a vacation rental.
Condominium
Condominiums, also known as condos, are very similar to apartment living. Instead of renting, you own your unit but share the hallways, elevators, commons area, etc. The perk to a condo is that building maintenance is handled and not something that needs to come out of your pocket. You also will pay into a homeowners association which maintains the shared areas on the property. The board members on the HOA are elected by condo owners and manage the rules, regulations and fees. While a Homeowner’s Association can make life very easy, it is definitely recommended that you research all the current rules set forth, as well as the history. Some HOA’s will fine for very minor things and can be tough to fight in certain situations.
Duplex
A duplex is a semi-detached home for sale in Lake Tahoe that has two separate residences while still sharing a wall. They are either side by side or stacked on top of the other. These homes have their own entrances and are independent from the other.
If you are looking for a home to buy in Lake Tahoe, call Peter Delilli at 530-308-4331.
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