Buying a Cabin or a Condo in South Lake Tahoe? Recently a client and I were having a discussion about whether to buy a cabin or a condo here in South Lake Tahoe. Initially he was thinking of course a condo since it would be so much easier to own-let the hoa do all of the work. Most hoas only include; exterior maintenance, exterior insurance, trash, roof repairs, and snow removal but they are all different. It is very important to make sure you see the budget and the association bylaws so you know exactly what to expect. Usually these documents aren’t available until you are in escrow so they should be part of your due diligence period.
“Initially he was thinking of course a condo since it would be so much easier to own-let the hoa do the work”
A condo will be less work, you won’t have to rake up pine needles, deal with snow removal, condo hire someone to paint the house, etc. Also, how important is some privacy? With a cabin you get a private backyard and no common walls. So back to the question, “Should I buy a cabin or a condo in South Lake Tahoe. It is really a personal choice. Some hoas are really expensive: out at Kirkwood they can be $700 a month for a two bedroom but for Kirkwood you have to pay a premium. Is it worth it? Yes if you love the mountain and can ski almost every weekend and enjoy a very mellow summer.
Buying a Cabin or Condo in South Lake Tahoe? Most cabins should be low maintenance as long as they are in decent condition then you purchase them but alot of them do need work. Overall on a monthly it is generally cheaper to have a single family than a condo with an hoa and also with a hoa you always have to have all of the owners agree, etc. and dealing with multiple owners can be a headache.
Here is an example of costs-lets say you bought this cabin View Listings. It is a 2 bed/ 1 bath cabin and is currently a vacation rental.
Here are your monthly bills:
Mortgage: Let’s say you put 30% down at 4% interest 30 years
$1294 Taxes and insurance get rolled into your mortgage here
(taxes are 1.2% of purchase price)
(insurance costs $1200-$1400 a year on average)
Southwest Gas (actual numbers I called) $50
Liberty Energy (electric) (actual numbers I called) $72
Charter (internet/cable) -depending on how many channels you get $100-$150 a month
Snow Removal $450 for year (if you hire someone to plow the driveway for the entire winter)
Should I buy a Cabin or Condo in Tahoe? Also my experience tells me that a single family home will appreciate more than condos if that matters in your decision making.