Purchasing a Mammoth property is a big financial decision, which must be made carefully.
Buyers should begin the process by getting pre-qualified with a local Mammoth resort area lender, such as Wells Fargo Home Mortgage (760) 924-2270. Due to the nightly rentals of most Mammoth condos, navigating around the restrictions on funding some complexes versus others can make the difference of being able to receive financing or not. More often than not, out of area lenders are not able to get past this hurdle with their underwriting department and hit a road block in the lending process. If you’re going to invest your time and effort into purchasing a condo in Mammoth, you should contact Wells Fargo first to find out if the complex is on their “approved list”.
A majority of the buyers looking to invest in Mammoth real estate live in Southern California and spend a great deal of their time commuting in heavy traffic, dealing with stress and the responsibilities of everyday life. Many visitors who come to Mammoth for the winter skiing eventually discover the beauty that this scenic playground has to offer all four seasons of the year. Many of these visitors decide to invest in Mammoth for either personal lifestyle enhancement or the great investment opportunities that Mammoth has to offer. Choosing the right property that will best suit your needs will depend on various factors: Do you need to offset your costs by having the ability to generate rental income? If this is the case, a condominium would likely be the best fit for you as nightly rentals or “transient rentals” are not allowed for the majority of all SFR subdivisions in Mammoth.
Perhaps you’re looking for a second home, which you and your family can spend quality time and start enjoying the mountain lifestyle. Whatever the reason to buy, you should outline your top priorities when planning a vacation home purchase. Knowing the area that you would prefer to buy in is also very helpful. Although Mammoth Lakes is very small, the areas are quite varied.
With the substantial decrease in property values over the past few years, Mammoth real estate has become much more affordable. Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
Contact Verena Robinson & Team to get started on your Mammoth real estate search today.