Buying a house is a thrilling process regardless of whether you’re a first-time buyer or have done it multiple times. A new home comes full of promise for a new beginning, a better standard of living, a new community to explore, and the relief of not paying monthly rent which is a favorite among most people.
When it comes to Palm Springs, the real estate market is just as warm and alluring as the weather. The region is well-known for its incredibly beautiful desert and vibrant culture thanks to a diverse demographic.
Palm Springs is home to numerous world-class golf courses set against the amazing natural landscapes of the Coachella Valley. Another factor that makes the city such a popular destination is that it has a small-town feeling due to its population of about 50,000 people.
The city also offers residents a plethora of outdoor activities such as hiking, rock-climbing, and swimming, which are perfect for when it’s not too hot outside. Some of the attractions include the Living Desert Zoo and Gardens and the Cabazon Dinosaurs Museum.
Living in Palm Springs is a no-brainer but the buying process is not that straightforward. There are many factors you have to consider such as budget, the state of the house, and its market price, among many other things.
See more to help make the process a lot less strenuous, we’ve created an informative guide that will take you through the essentials of buying Palm Springs Real Estate.
Understand Your Budget
Having a clear understanding of your financial flexibility is important before you even begin looking for a house. How much do you plan on spending on a house? Your buying power is how much you can pay for a home combined with your creditworthiness.
If you’re going to take a mortgage, you need to understand that there’s a difference between how much you can afford and how much you can borrow. Make sure you’re clear on how much you can afford to pay every month and for what amount of time if you’re going to own a house that won’t eat away at your finances.
A good rule of thumb is to make sure your mortgage payments do not take up more than a quarter of your monthly income. Following this rule will leave you with enough money to do other things such as saving or investing.
Renting Out Your Palm Springs House
Because of its warm temperature all year round, a lot of snowbirds tend to buy properties within Palm Springs and post them up for rent or use them as vacation homes.
If this is what you intend to do, then you should be aware of the rental regulations for Palm Springs, especially for short-term rental arrangements. For instance, in April 2017, the state government passed a law that saw limits imposed on the number of times an owner can rent out their home on Airbnb. Violating this law could mean you being fined excessively.
Find the Right Palm Springs Realtor
If you’re a first-time buyer or have bought houses multiple times but it’s your first time buying a house in Palm Springs, you need to hire the services of an experienced Palm Springs realtor.
A good realtor is a vital cog in the home buying process especially if you are looking for a high-end house. You need someone who is well familiar with the ins and outs of the Palm Springs real estate market and can get you a great deal for your money.
A good place to start looking for a realtor who’s specialized in selling homes in Palm Springs is at either of the two local real estate associations; Palm Springs Regional Association of Realtors (PSRAR) and California Desert Association of Realtors (CDAR).
You can, however, save your time by checking out Palm Spring real estate if you’d like to learn and see more currently available houses in Palm Springs.
Identify Your Ideal Location in Palm Springs and Do Some Research
When it comes to buying real estate, there’s no such thing as being too informed. Take enough time and gather as much information about your ideal location in Palm Springs as you possibly can.
As highlighted above, a local realtor can help you find a house that suits your needs.
Make a list of the features you’d want in your house such as the number of bedrooms and the air conditioning. Identify those that you really need and those that you can do without.
What is the neighborhood like for kids? Is the house easily accessible? What are the amenities available nearby?
If possible, try and visit the area during evenings, weekends, and periods when there’s intense commuter traffic. This insight can prove invaluable in the long-run and can help you make the right decision.
Make an Offer as Soon as You Find Your Dream House
The Communities of the Southern California desert, much like almost all neighborhoods in the United States, saw the market values of their homes plummet during the recession of 2008. And while sale prices in California may have since reclined to their pre-recession peaks, this has not yet happened in the desert regions.
The market is, however, picking up and real estate stakeholders in the area are hoping that the growing trend will continue. This should be good news for you if you’re looking to buy property in Palm Springs.
Even in a hot real estate market such as Palm Springs, there’s rarely a perfect time to buy a house. It can take a long time for you to find out exactly what it is you like, and you may have to look at dozens of houses before you can settle on what appeals to you the most.
Speak to your realtor and give them every bit of information they’d need to find you an ideal house such as your budget as well as your wants and needs from your new house. Your realtor should help you narrow down a search to help you find your dream home.