Buying a vacation home in the Oak Shores and Heritage Ranch communities on Lake Nacimiento is not only a great way to enjoy the summer season or long weekends of relaxation, but is also a smart investment. It may be hard to imagine buying a second home in a shaky real estate market, but this is actually the best time to buy a home on Lake Nacimiento!
With the real estate market being in the buyers favor, now is an ideal time to buy as prices are low and rates are down. There are many beautiful homes in Oak Shores, Heritage Ranch and the surrounding lake area’s with sweeping views of Lake Nacimiento that are currently available. Many baby boomers are looking to Lake Nacimiento for their pre-retirement home. As we are only thirty minutes from Paso Robles, located midway between the Bay area and Los Angeles for easy access for friends and family and we are located in such a gorgeous resort area we are an ideal spot for retires. Our new shopping center anchored with the Oak Hills Market has just made us that more of a desirable place to retire. But, whether as your ideal vacation getaway or a pre-retirement home, there a few things to consider before buying your Lake Nacimiento home! Below are four helpful tips for a smart investment.
1. Decide if it’s the right time to buy- We know it’s a buyers’ 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! It’s also good to look at the comps in the Oak Shores and Heritage Ranch communities. I can show you if the Lake Nacimiento home you have your eye on is comparable to other homes along Lake Nacimiento.
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 is risky 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.
Of course your Lake Nacimiento Realtor will be able to give you more insight into each of these areas of the Oak Shores home buying process! I hope these tips are helpful in getting you started in considering buying a vacation or retirement home on Lake Nacimiento. There are many available homes in the Oak Shores and Heritage Ranch communities and I would love to help your dream of living on Lake Nacimiento a reality! I look forward to hearing from you!
Your Oak Shores Real Estate Expert
Oak Shores Realty
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.
Please let us know how we can help!