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July
31

Home Buying Lessons
By now, we've helped enough people find Las Vegas homes for sale to learn that, for first-time home buyers, the process is often stressful, confusing and overwhelming. We're here to help. 

If you ask an experienced home buyer what they wish they had done differently the first time around, chances are the answer would be, "a lot." So let's go over some of those first-time home buyer lessons now – so you don't have to learn them the hard way.

  1. Start saving for your down payment early. It is generally recommended that you put down 20 percent, but first-time home buyer programs are now available that allow many buyers to put down as little as 3 percent. That said, the more you are able to plunk down for a down payment, the less you'll end up paying in interest, and the better off you'll be. The sooner you can start saving, the better. Try this online down payment calculator to help zero in on your goal amount.

  2. Don't rush it. Even if you're highly motivated to buy a house – say, you're starting a new job or have a baby on the way – it's never a good idea to rush into buying a home. Take your time, weigh all the options, and you'll be much less likely to do something you'll regret.

  3. Explore your mortgage options. There are a lot of mortgage options out there, so don't feel pressured to accept the first offer that comes along. From conventional fixed-rate and adjustable-rate mortgages to Federal Housing Administration and VHA loans, it's wise to shop around. Talk to one of our real estate agents today to explore your mortgage options further.

  4. Get a second (and maybe a third) opinion. It's easy to fall in love with a house. And when you do, it can be easy to overlook some pretty serious flaws without even realizing it. Bring a third party like a friend or relative along to get an unbiased opinion.

  5. Don't max out your budget. If you've gotten pre-approved for a mortgage, you might be tempted to buy a house that costs the maximum amount that you can afford. That's often a big mistake. Buying a house comes with a lot of long-term ongoing costs, like maintenance, utilities, and homeowners insurance. Plus, what if something expensive needs to be fixed or repaired down the line? Will you be able to afford it? Before buying a house, make sure you have a nest egg saved up and do your best to stay as well under-budget as you can without sacrificing anything that you need.

  6. Never skip a home inspection. Sure, hiring a home inspector will probably cost you a couple hundred bucks, but that's nothing compared to the overall cost of buying a house. And when you consider that an inspection could turn up unseen defects that might save you thousands of dollars, you start to get the idea why an inspection is so important.

  7. Don't go it alone. Buying a house involves a lot of moving pieces, and it's incredibly difficult to do it on your own. Having an experienced team behind you, including an experienced real estate agent, can make all the difference in the world.

Contact Wardley Real Estate today to learn more about buying a house. Whether you're ready to become a homeowner for the first time, or are an experienced buyer looking for your next home, our real estate agents have the experience and expertise you need to make your dream home a reality.

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