When you decide to buy a house in Las Vegas, you open up a wide-range of choices in front of you. One of the first choices you have to decide upon is the location you want your home to be in. You can choose to buy property at a walking distance from the Las Vegas strip, near the natural conservation area, in the Henderson area or live close to the Red Rock Canyon. Another important consideration is whether you are looking to buy an existing home or want to move into a home that is newly constructed. Buying a house in Las Vegas is a better choice than renting, the amount you pay towards the mortgage payments are cheaper than the cost of renting a home at the same location.
Choose Between Home Options
You have several buying options to choose from, you can buy a new home from a builder or build a home right from scratch and make it match your vision of your dream home. You can also buy a home that was foreclosed, is bank owned or was sold through the short sale option. Before you set out looking at houses you can buy, decide upon the size of the house you want to buy. Are you looking for a spacious 3 bedroom house, a house with two bedrooms or is it a two bedroom condo that meets your requirement? Take all points into account before making your choice.
The Location of the House
The location of the house impacts the quality of life you will enjoy once you move into your home. Consider these factors before you pick a location for your home.
Check Out the Surrounding
Easy access to the facilities that are essential to your life style determine how comfortable living in your home will be for you. Determine whether restaurants, schools, parks and shopping malls are close by if these factors play a central role in your daily life.
Know You Financing Options
Explore the financing options to get a clear idea about the budget for the house you are planning to buy. Having a pre-approved loan gets you that much closer to sealing the deal more quickly. A good credit score improves your chances of getting your mortgage loan pre-approved. Ideally speaking, a score of 640 will get your mortgage loan approved. With a score that is higher than this you can easily access the best rates. A good credit score can possibly get you an owner-occupied home at an interest rate that is lower than 5%. If you are an investor or a 2nd home buyer with good credit, the interest rate you are likely to pay is at a little over 5%.
There are financing options available even if a property you owned was sold through a short sale or was foreclosed recently. In this case, a down payment of around 20% and an interest rate of around 10% is what you can expect to pay. You can choose to refinance the loan after a few years.
Add Up the Additional Costs
Certain additional costs may be involved when buying a house in Las Vegas. The fees differ according to the community or the subdivision the house is in. Local property taxes and homeowners association’s fees may apply, in addition to your monthly mortgage payments, insurance and home maintenance fees.
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The agent you pick can help make the whole process of buying a house that much smoother for you. Make sure that you have an agent who is well-informed about the local market and has loads of experience. An agent can help you every step of the way, right from viewing the properties that are right for you to helping you with the closing of the sale. The points to keep in mind while choosing the real estate agent are:
- The agent discusses your house requirements and your preferred locations in detail.
- Must know about the properties on sale in the location you are interested in. Identifies multiple properties that match your requirements.
- If required, introduces you to experienced loan officers.
- Negotiates with the seller, their agent or the builder on your behalf.
- Prepares and submits offers on your behalf. Also, gives you an accurate estimate of the cost of settlement.
- Helps out with the paper work associated with the purchase.
- Constantly keeps you undated regarding the status of the transaction while in escrow. Keeps you informed until the closing goes through.
Get the House You Want!
Every house that is put up on sale receives multiple offers. If you make an offer that matches the list price or one that is lower than the listed price, you risk losing out on a house you are really keen on buying. To ensure that your offer gets serious consideration, make an offer that is hard to resist for the seller. Offer a price that is higher than the list price or, if possible, offer to pay cash. Other factors that tilt the balance in your favor include not asking the seller to pay for repairs, the closing costs or a home warranty.