Tips for First-Time Home Buyers in Las Vegas
So, you’ve decided to make your home in Las Vegas! Congratulations! Buying a home in Las Vegas, a fast-growing city, means you just might find the home of your dreams in a desert oasis. Buying a new home in Las Vegas, exciting as it is, also brings questions about the next moves you’ll have to make to become a responsible homeowner: When is the best time to move? How much should I spend? Where can I get the best bang for my buck in Las Vegas? All of these are the right questions that can help you to find a great home that’s a great fit. The city has plenty of opportunities for you to get out and have fun, whether you’re in Henderson, Spring Valley, Winchester, or North Las Vegas. The Strip and nightlife are as legendary as the world-class culinary culture of the city, but there are also plenty of local gems to explore, and you’ll even get the chance to hike a snow-drenched trail in cooler months. From outlet shopping to amusement parks, Las Vegas is as family-friendly as it is sexy and exciting.
Tips for First-Time Home Buyers
When choosing your new Las Vegas home, start by building your credit. If your credit is already good, that’s great! Save a little more for the biggest possible down payment, and you’ll thank yourself in a few years. If your credit could be better, consider contacting a credit counselor. There are several available venues and organizations that can help you with this. So long as the organization is accredited by either the National Foundation for Credit Counseling (NFCC), or by the Financial Counseling Association of America (FCAA), you’re good to go. The accreditation organizations themselves are able to offer these services to you, as well. Once you’ve been able to get in touch with a credit counselor, you may be advised to make sure that your spend at least one year paying your bills on-time and in full every time.
One of the best ways to build your credit is also to open and maintain a line of credit. If your credit is below 600, you may have the option to open a secure credit card, which caps your spending limit at the amount for which the card is paid in advance. Whatever your strategy, while building your credit, start saving for a down payment. An experienced local real estate agent can help you establish a budget for your home, and you’ll usually want to pay 20% of the total cost of your home for the down payment.
Once you’ve secured your down payment, the fun part starts! You’ll be making a list of the needs that you have for your new home, and you’ll be adding wants, too. Make sure you share all of this with your real estate agent, so that they will be on the lookout for properties that might fit your needs. You may be lucky enough to be able to find your perfect fit in Las Vegas, and find everything that you want and need, but it will take diligent searching, and an agent with a strong network. Even if you don’t find your dream home, having a list is essential to finding the next best thing.
Budgeting Is Important
Throughout the process, the most important tip to house hunting is bearing in mind your budget. Though people rarely buy homes whose mortgages they can’t afford, it is worth mentioning that having a mortgage that tips the scales, even a little bit, can bring an undue burden and stress. In fact, choosing a home out of budget will put you at risk for foreclosure in the future. Besides the fact that you don’t want to be stressed by a mortgage that you can barely afford, you always want to make sure that you have a little extra money in addition to the down payment. The home-buying process is one that often has hidden costs for which even your real estate agent can’t prepare you. Staying at or below your budget for your new home is the best thing that you can do for yourself and for your financial future when searching for a new home.
Other Considerations
As you’re going down your list of needs and wants, stay in close contact with your Las Vegas real estate agent. Your real estate agent may have some suggestions for you as you’re looking. You may find everything you want in an older home, or even with a foreclosed property. Buying a foreclosed property, though, might have some financial strings attached. With good credit and connections to contractors, though, you will still be able to make the home that you want into the home that you need.
Another important thing to do as you’re considering a new home is speaking with the neighbors in the neighborhood or on the block in which you’re interested. This is not, in any way, a requirement, but will give you a sense of the neighborhood’s character. If you can, take a drive through your desired neighborhood during a weeknight, and on a weekend night. If you like what you see, you’re in good shape in terms of a target area.
If you’re someone who cares about the environment over everything else, you have options! You can absolutely purchase a new home with energy efficient windows and appliances. You could also consider purchasing a condo instead of a home. You could find a condo with all of the amenities of a single-family home in a traditional neighborhood. Choosing a condo over a single-family home in Las Vegas means that you’re saving energy and money on your heating, cooling, and electricity. If you’re using gas to cook, you’re even better off. Going eco-friendly means that you get more money for wine and cheese at the wonderful local Las Vegas delis.
Call an Experienced Real Estate Agent
An experienced real estate agent can help you find a great home in Las Vegas, and save you time and stress. The price of an agent’s commission is absolutely worth the great service and ease of finding a new home through someone who knows the city well.