Articles Tagged "For buyers"

Owning a home is a goal most of us strive for. Typically, that goal involves a single-family home. But there are other options: most notably, a condominium.

A condo -- short for condominium -- is a dwelling unit that, like an apartment, is usually located in a building with other units. Your neighbors may be above you, below you or next door. The difference between a condo and an apartment is that you own the condo.

So who is most likely to gravitate to condo living? Generally, it's the person who wants to own his or her dwelling but doesn't want to be bothered with maintenance. But there are other factors that may impact your decision about whether buying a condo might be right for you when compared with other Las Vegas homes for sale. 

1. Fees
   Because you are not responsible for the maintenance of a condo, you will pay fees for the cost of the maintenance for the grounds and building. Fees are usually required monthly, bi-monthly, quarterly or annually. While discussing these fees, ask the condo management what sort of reserve funds the condominium association has in case of emergencies. You have a right to know what shape the association is in financially, and a well-run condo association won't mind sharing this information. 
   
   

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Your priorities can change as you get older. Along with your priorities, housing needs will change as you age.

Buying a home at any age, and in retirement is always a possibility. 

The following are some factors our brokers recommend considering as you look at Las Vegas homes for sale during your retirement.

Your New Cost of Living

If you're buying a home, your cost of living may change. For example, an older home may need more repairs. A condo or home in a community with a homeowners' association will come with HOA fees. And if you're from another state or community, you'll need to investigate the cost of living where your home is located. For example, Nevada has one of the lowest tax rates in the country since it has a very low property tax rate and no personal income tax.

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For decades, 20 percent was the traditional benchmark for down payments on a purchase of Las Vegas homes for sale, but today's real estate market has changed. According to data from the National Association of Realtors, approximately 60 percent of homebuyers make a down payment of six percent or less.

Do you still see the down payment as an obstacle to your dream of homeownership? Use these helpful saving tips that have been successful for clients of our brokers.

1. Determine a Target Number
   Once you've established a price range of homes within your means, calculate different down payment amounts to see your options. Prequalification, through a lender or online site like NerdWallet, is a great tool to help. 
   
   
2. Create a Budget
   Every goal needs a specific plan. Make a complete list of expenses, then set a reasonable timeline, so you know how much to put away each month. Breaking the total down into smaller amounts is also psychologically less intimidating.
   
   
3. Automate Savings
   Technology makes it easy to save money painlessly. Set up a payroll transfer or other automatic transfer program like Digit to deposit money in a savings account before it ever gets in your hands.

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It wasn't that long ago when people couldn't wait to move out of their parents' homes, get married, and raise a family of their own in their new homes. While that's still happening all over the United States, a new trend seems to be developing: multigenerational households. For anyone who's looking at Las Vegas homes for sale, this might be one trend to consider getting in on. 

Did you know that as many as 64 million Americans are currently living in these types of homes? It's remarkable, and it's a trend that doesn't appear to be going away anytime soon. 

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Owning a home is a significant responsibility that takes more than merely having the funds to cover the mortgage payment. When you're looking at Las Vegas homes for sale, it's crucial that you thoroughly account for the maintenance and costs that go along with the property. Don't be surprised when the bills come rolling in! The following are five "hidden" expenses that are easily overlooked by home buyers in Las Vegas.

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ARM, FHA, MLS ... the real estate industry is full of acronyms. If you're in the market for a condo, townhouse, or other Las Vegas homes for sale in certain communities, one acronym you should become familiar with is HOA, or homeowners association.

An HOA is established to manage a community to maintain a consistent standard of living benefiting all residents. Here's a helpful look at the pros and cons of buying a home in a building or neighborhood run by an HOA.

• PRO: Common Area Maintenance
  Have you ever seen a neighborhood that seemed to always look messy or shabby? That's never a problem in communities with an HOA, as it's the association's responsibility to ensure the upkeep of lawns, streets, and sidewalks.

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If there is ever a good time to have the support of one of our real estate agents behind you, it's when you get the inspection report. Normally, you'll get it after you've put down a deposit and have opened the escrow. When it comes back with bad news, the knowledge and experience your agent have are essential. 

You'll have to make quick decisions about how to deal with the results of the inspection. If you're like many, you may feel you need more information to make a solid decision about the defect. Besides the deadline, there could be a lot at stake with some of the problems that the home inspection reveals. Your real estate agent has the experience to identify the items that will be easy to fix and those that require a pro and a good deal of money. 

• Identify Your Strengths Beforehand
  Decide where you fall on the do-it-yourself scale and let your REALTOR® know. While you won't know the extent of repairs a home will need before the formal inspection, you can avoid those properties that will need more TLC than you're willing to give. 

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If you moved to the Las Vegas Valley recently, you might not know what locals do about Las Vegas homes for sale. Compared to other major cities in the country, the housing market in this city has swings in the supply and demand balance that sometimes start bidding wars among home buyers in the spring when housing sales start to increase.

A bidding war starts whenever two or more people want the home, and neither is willing to let it go. If you find yourself in a position where you have competition, one or more of these strategies from our real estate agents might give you the upper hand.

1. Get Pre-Approved
   Not only will it provide a ceiling for you in a bidding war, but pre-approval from a lender will also get your foot in the door with real estate agents and home sellers. Many agencies and sellers won't deal with someone who doesn't already a pre-approval letter. This practice is two-fold. First, it separates serious buyers from people who are just curious and second, it lets you know how high you can bid should the situation develop.
   
   

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