Buying a home is a huge decision – for most, it is the largest purchase made in a lifetime. But, it doesn’t have to be difficult, it can actually be fun. Here are a few tips to make sure your home purchase is a success.
1. UNDERSTAND YOUR FINANCIAL OPTIONS
First things first - there is a common misconception that you need a large down payment in order to qualify to buy a home. Wrong! While a larger down payment can lessen your overall payment, it is not a requirement in order to qualify to purchase
a home. Many people don’t have large chunks of money to put down, so there are financial options out there to accommodate varied financial situations.
Different Loan Types & First Time Buyer Incentives
Discuss with a lender the different loan types available, for example, the one where you need as little as 3% down in order to get into the home of your dreams. Plus, you may be able to take advantage of First Time Homebuyer incentives. We
can’t give specifics, because there are so many options out there, and new programs are always being introduced. Don’t just assume you can’t buy a home. If you would like to buy, talk to a lender to figure out how to make it work for you.
Renting vs Buying
Did you know that rental prices are growing at the 2nd fastest rate in the nation? Here’s what The Las Vegas Review Journal had to say about Las Vegas Rent Prices. However, on the flip side, our Las Vegas still has affordable housing, with more affordable
housing on the horizon. Many times, your new mortgage payment is LESS than your rent payment. However, even if your payment is slightly higher, remember part of that payment goes back into your pocket in the form of equity. So, when you decide
to sell in an increasing market like Las Vegas, your home is usually worth more than what you paid for it.
In addition to equity in your piggy bank, homeowners also attain the luxury of stability. YOU decide when you want to move, not your landlord. I’ve seen so many times where families have to pack up their lives with minimal notice, or concern from
the landlord because the landlord feels it’s time to sell.
2. WHAT’S IMPORTANT FOR THE AREA YOU’D LIKE TO LIVE?
Think about how you live … what do you like to do … where do you like to go … what are your thoughts on commute times to work? All of these are important factors to decide where you should start your home search.
For example, let’s say you like to hike and are fairly active with an outdoor lifestyle. You work from home and LOVE to go out to eat. Summerlin area might be a good starting point.
Figure out which areas of town fit most of your needs the best and go from there. Not sure where to start? One idea is to drive certain areas to get a feel for the neighborhoods in the area. Or, perhaps you are new to Las Vegas, and don’t even
know where to start driving. Contact a real estate professional for guidance on the different areas of town. The Las Vegas valley is so vast, and can accommodate many different lifestyles and budgets.
Speaking of budgets, be sure to make sure the area you are searching has homes within your budget. There’s nothing worse than seeing all the homes that your budget can’t accommodate. Not fun.
3. GET IN TOUCH WITH A REAL ESTATE PROFESSIONAL
Many people hesitate to call an agent unless they’re intent on buying right away. That’s a shame. They miss an early opportunity to gain valuable information about the current market, process knowledge, hidden benefits of certain areas of town and
alternative options you may not have considered.
We'd like to encourage you to talk to a real estate professional, even if you’re not ready to buy just yet, actually, ESPECIALLY if you are not ready to buy just yet. Purchasing a home isn’t something you should rush into -- or be pressured into.
It’s a major transaction that requires forethought, patience and knowledge.
When selecting your agent, it’s a good idea to find an agent who understands your personality or your work style. Perhaps someone who can appreciate and laugh at your corny jokes… ha ha ha! You’ll probably be spending a good amount of time with
this person, so make sure you like them. Also, many buyers assume that the agent is qualified and don’t ask for credentials. You want someone fighting for your rights (who knows your rights) so they can help put you in the best position possible
when purchasing something as significant as a home.
Did you know that in the Las Vegas valley, there are over 18,000 agents? Half of those agents have never managed a transaction start to finish. Make sure you have an EXPERT AGENT on your side.
4. BE OPEN MINDED
When working with your REALTOR(R), he/she may bring alternative options for your consideration. Be open to exploring the options. Maybe the option is EXACTLY what you needed, or maybe it doesn’t work for you at all. Either way, when making a major
decision, it’s a good idea to know your options.
Also, when viewing homes, try to look through the eyes of what COULD be. It’s surprising at what a simple coat of paint can add to a home. Just because the kitchen is forest green with maroon accents, do your best to envision a freshly painted area
that highlights your design style.
When you have the ability to look past cosmetics, you begin to truly see the potential in your next home.
Las Vegas Valley Home Search
We hope these tips serve you well when considering a home purchase. Now, here’s the FUN part … start your home search here:
Best For Sale Homes in the Las Vegas Valley
Best NEW Homes in the Las Vegas Valley