Our Tips For Investing In Your Dream Palm Springs House
Spring is here, and all we can do is daydream about laying out by a sparkling, palm tree-surrounded pool, sipping a margarita, and reading the latest Sally Rooney. And is there a better place to do such things than in Palm Springs?
We think not.
But what you’re probably wondering is if this lovely little fantasy is reason enough to invest in your dream Palm Springs house. Lucky for you, we think that this fantasy is just one of many reasons that investing in a Palm Springs house is a great idea. Lots of people dream of nixing the city and settling down in desert paradise, which is a really good thing. This means that Palm Springs is a coveted territory. So whether you want to purchase a vacation rental or a beautiful home of your own, the value of your investment will generally appreciate over time.
But in our opinion, the age-old question, “is a Palm Springs a good investment?” all comes down to one thing: is it a good investment for you. Only you can answer that question. And the best way to soul search for that answer is to be as informed as possible. So we’ve gathered some of our best tips to consider when investing in the perfect Palm Springs property.
Palm Springs actually encompasses a vast collection of areas within it, like Palm Desert, Rancho Mirage, Indio, Cathedral City, La Quinta and beyond. However, Palm Springs proper is definitely the most sought after. That doesn’t mean it’s necessarily the area you want to purchase in–it just means it’s important to get specific and decide which area is right for you. Are you looking for a home to retreat to with your family in the cold winter months? Then perhaps one of the adjacent cities would serve as the perfect spot!
Or, perhaps you are looking to maximize income from a vacation rental? Then maybe it’s worth considering looking more closely at houses for sale in Palm Springs near the main drag.
The best thing you can do is decide on the main purpose of your investment, explore the benefits of all the areas, and make an informed decision about which area you want to call your new home.
Palm Springs is known for its trademark Mid-Century Modern architectural style, due to the real estate boom in the 1950’s and 60’s. In fact, Palm Springs is home to the largest concentration of mid-century architecture in the world! Not only that, but these homes were designed with the intense desert heat in mind–features such as covered garages and breezeways are very common. Dreamy, right!?
However, the challenge that comes with these gorgeous older designs is the upkeep. It is super important to pay extra close attention to maintenance needed by these properties–whether you’re looking at buying an older fixer-upper or a “flipped” home with low-quality renovations.
Before you can even begin looking for your dream home in Palm Springs, it is of utmost importance that you figure out what your ideal budget is. Knowing how much you can realistically spend should be the first step in this process so that you’re not immediately falling for houses that are out of your price range. Once you’ve figured out your personal budget and begin looking around, you’re going to want to investigate whether or not the price of the house you’re looking at is reasonable. To investigate, you’ll need to be sure of the property’s value—getting a legal evaluation may be a good idea. It’s also always good to look at “comps” AKA other comparable houses in the area to see how much they were sold for. Plus, getting to know the seller on a level where you can figure out if you think they’re pricing the house reasonably. Does it have sentimental value to them? Would they be the type to be offended by a lowball offer? All good and important things to consider!
Taking the Plunge
So, if you’re certain that you’re ready to take a plunge in the Palm Springs market–and subsequently, that dream Palm Spring pool–then congratulations! You’ve come to the right place. As desert natives, we here at Red Rhino Realty know just about everything when it comes to the market in Palm Springs. We are happily here to guide you as you thoroughly explore your options, and would love nothing more than to personally help you find your dream Palm Spring house!