#mammoth lakes real estate
Real Estate for Mammoth Lakes Buyers
There is a great selection of condos and homes to choose from in the Mammoth Lakes real estate market. It may difficult to decipher what property best fits your needs. Browsing the listings for months is one way to search out deals, but weighing the investment potential of each property can be difficult. As a real estate professional, I can help you find just the right property.
Tips on Purchasing Mammoth Lakes Resort Property
#1 Research what type of property is best suited for you.
The first step is to determine what types of property are available. Here in Mammoth there are single family homes, condominiums/townhomes and fractional ownership. Single family homes are attractive for those buyers looking to spend leisure time and perhaps retirement years living in a resort. Condominiums and townhomes on the other hand can be rented to offset costs and are relatively maintenance free. There are monthly association dues with condominium ownership. Fractional ownership may be attractive to those buyers wishing to match use with cost.
#2 Location is key.
Location, always a key factor in the way real estate is priced, can count for even more when it comes to resort property. Is it important to you that you can ski to your front door? Is a great view important? Is the property close to the bus shuttle stop? Can you walk to restaurants and shops? In the winter, how easy is the access to the property, is there a steep driveway? Does the property have a southern exposure, taking advantage of the sun? These and many other items need to be taken into consideration not only for personal satisfaction, but also resale value.
#3 Purchase with value in mind.
The classic rule of buying the worst property in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the property to fit your needs. On the other hand, if you do not have the time to spend remodeling a property, be prepared to pay a premium for professionally decorated and upgraded units. Also keep in mind, that ski-in/ski-out properties in winter resort areas tend to maintain their value the best.
#4 Get a home inspection.
Paying for a qualified home inspector to inspect the property before you buy is not just spending “a little extra” for peace of mind; it is absolutely essential for anyone who does not want to spend thousands of dollars on unexpected repairs.
#5 Condominium association documents.
If you are interested in purchasing a condominium, be sure to review the financial statements and board minutes to check the status of the reserves and the potential for special assessments. Many of the older condominium projects have upgraded their infrastructure already, but a few still have major improvements pending in the future. Also make sure that there are no restrictions of rentals if you plan to put it on a rental program.