Posts with tag 'Home-buying tips'
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23
What to Consider When Buying a Condo
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.
- 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.
9
Buying a Home During Your Retirement Years
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.
25
Tips for Saving up for a Down Payment
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.
- 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. - 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. - 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.
14
Guide to Closing Costs for New Home Buyers
When exploring Las Vegas homes for sale, there are many things to consider. Your dream home will be in the perfect location, have all of the amenities, and fit your budget. While you're deciding how much you can afford for your home, it's important not to forget about closing costs.
Our real estate agents recommend that prospective buyers save up 2 to 5 percent of the home's price to cover closing costs. This can include a wide variety of expenses, including (but not limited to) the...
12
Budgeting for Hidden Home Maintenance Costs
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.