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I feel you..
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I'd consider the possibility that the rental value will decrease as the area loses tourist appeal due to climate change. Shorter ski seasons, lower lake level, fires etc. I live on the east coast so not super familiar with the area or what they're doing locally to mitigate and adapt, but something to do some research on, assuming its a long term investment.
I second this. Climate change is going to hugely impact property prices and travel patterns in the next decade. Also, make sure you look up water supply for the house since there is a shortage in California, as well as take wildfire insurance into your cost calculation (in some areas it’s a small fortune every month).
Pro
Squaw > Heavenly.
Kirkwood > Heavenly.
No taxes > taxes.
Prices in Tahoe skyrocketed during the pandemic and haven't fallen much yet. They may not, given growth in Reno.
Rising Star
Tahoe has had significant STR (Airbnb) regulations. Check the current laws and Hoa rules on ability to rent. If you cannot rent it the value will be hindered significantly
Ya, I looked into this and it will not be rentable on Airbnb. It will have to be a vacation home only type deal.
I grew up in south lake and before you buy it’s really important to understand all the regulations that come with living on the California side of the lake. You will need permits (sometimes at a cost) to make almost all renovations to your home. Also, taxes add a significant amount to the cost of owning and many areas have a max number of homes in the neighborhood that can be rental properties. All in all make sure you look into the total costs and regulations of owning. That being said… it’s a wonderful area and both winters and summers offer a lot to do in south lake!
Seconding what others have said: make sure you understand the market wrt STH/vacation rentals, understand TRPA rules AND length of time-to-permit (if you get one approved), and insurance. We’ve been evacuated twice in the past 8 years (fire) and insurance is insane. Some people can’t even find it.