Are you considering buying a home in Las Vegas, Nevada? This guide will tell you pretty much everything you need to know about buying a house in Las Vegas, so you can enter the market armed with the information necessary for a smooth home buying experience.
As you’re probably aware, there’s a lot to consider before buying a house in Las Vegas or anywhere else, for that matter. It’s not simply a case of arranging a viewing and making an offer; there’s more to it than that.
We will inform you of what is required in order to buy your home, as well as the multiple benefits of owning property in Las Vegas. We then move on to describe the house-buying process in detail, as well as the closing costs you will need to budget for. We will also consider where and when you should buy a home in Vegas before answering some FAQs that will help further guide your research and prepare you for your house purchase.
Before you begin dreaming about owning a home in Las Vegas, you need to make sure you meet the homeownership requirements. Begin by speaking to a mortgage lender to ascertain what you will be able to borrow. This is an extremely important place to begin, as it defines your whole budget.
To work out what you can afford, some suggest your mortgage payment should be between 25 and 30 percent of your household income. You will also have to think about your credit rating, as most lenders won’t be inclined to give you a mortgage if you have a bad track record of paying the money back. The sooner you can get your finances in good shape, the easier it will be when it comes to looking for a mortgage.
Homeownership is a dream for many families across the US, and Las Vegas is a great place to turn that dream into a reality. With average house prices in and around the city priced around $350,000, you can get a lot of house for your dollar. Here are some benefits of owning a home in Las Vegas:
So, now that you’ve decided that buying a house in Las Vegas is for you, how do you begin the process? Let’s take a look at a detailed step-by-step process of buying a home in Las Vegas.
Step 1: Begin your research – You will need to start by viewing the homes in Las Vegas that are currently available. Be sure to think about the style and layout of the homes, the area that they’re located in, as well as the amenities that are close by.
Step 2: Determine your budget – Before you reach out to a realtor, it’s a good idea to determine your budget and work out what you can afford. You will find a mortgage calculator on our website that’s helpful for figuring out monthly payments.
Step 3: Get prequalified – Before shopping for an actual home, if you’re going to be taking out a mortgage instead of paying all cash, you need to get prequalified with a lender. This will give you a clear idea of what you can afford.
Step 4: Shop for homes with your real estate agent – Start arranging viewings of homes you like in your price range with a local real estate agent. It’s a good idea to create a checklist to ensure your home meets all of your family’s requirements.
Step 5: Make an offer – When you’ve found your dream home, make an offer on the property through your agent. You and your agent should then arrange to have it inspected and appraised to ensure you know what you’re buying.
Step 6: Confirm your loan – Sit down with your lenders and confirm your loan. Once you have decided what type of mortgage to opt for, you can arrange the next steps with your lender.
Step 7: Complete the paperwork and close the sale – You will need to complete all of the necessary paperwork with your lender and real estate agent. It’s then time to sign on the dotted line and close the sale!
Lots of people forget to incorporate closing costs into their budget when buying a home. In Las Vegas, you will need to consider the following closing costs:
Are you wondering which part of Las Vegas is best suited to you and your lifestyle? The truth is, there are so many enviable locations to buy property in Las Vegas, and it really depends on what you’re looking for.
If you’re attracted to the buzz of one of America’s liveliest cities and want to be in the heart of the action, consider looking for condos located around the strip. Alternatively, you might enjoy living a more bohemian lifestyle and be attracted to downtown Vegas, where you can enjoy many of the city’s artsy highlights and historical buildings.
For those that fancy a slower pace to life, consider property in the popular suburbs of Summerlin or Henderson, where you can enjoy much of the amenities of city life, as well as access to lots of green spaces and nature. Or, perhaps you’re is attracted to something a bit further out yet with access to the city? If that sounds like you, areas like Northwest Las Vegas or Southwest Las Vegas are appealing for their semi-rural charm and access to the desert and mountains that surround the metropolitan Las Vegas area.
In summary, there’s no best place to buy property in Las Vegas. Instead, there are many noteworthy areas and new home communities that boast various amenities and points of interest that are suited to people with different lifestyle choices. As such, before you decide on a property, it’s a good idea to visit the mentioned areas to get a flavor of what life is like in different parts of Las Vegas.
Is there really an optimal time of the year to buy a house in Las Vegas? Well, historically, the housing market tends to have lower prices in the winter months. As the year goes on, the market tends to heat up during the spring and summer, peaking into the fall before both transaction volume and prices cool off. However, the real estate market is fluid and subject to change. There are no guarantees, so if you’re looking to buy a home in Vegas, it’s best to stay updated on the market all year long.
It’s ultimately up to you whether you think buying a home in Vegas is worth it or not. However, buying property in Las Vegas can be worth it for those looking to live in a place with no state income tax and low property taxes that provides a lot of home for your money compared to more expensive housing markets in cities like Los Angeles, San Francisco, Seattle and New York.
Typically, to afford a median-priced home in Las Vegas requires a yearly salary of $50,728.93 if putting 20 percent down. This is a rough estimate and is subject to change.
Banks tend to consider 20% as the ideal down payment when you're seeking to purchase a home in Las Vegas. As such, below will show you how much you will need to pay as a down payment for homes of various prices:
$250,000 home – 20% down payment of $50,000.
$500,000 home – 20% down payment of $100,000.
$1,000,000 home – 20% down payment of $200,000.
It's possible to buy a house without a down payment, as creative financial solutions and arrangements do exist. However, it’s more likely that a loan program with a markedly low down payment, such as 3-5%, could be used to buy a home. It's free to talk to lenders about the available loan programs, so you should ask your agent to connect you to someone who can introduce you to the various loan options available on today's market.
You can find homes for sale in Las Vegas that are sold directly by the owner, meaning you can deal directly with the seller. However, using a buyer's agent in Nevada is usually paid for by the seller, so it's in your best interests to consult with an agent to ensure you are well represented throughout the process.
Yes, you can! Many California residents buy second properties in Las Vegas. You will just need to be aware that the type of loan you will be eligible for may depend on whether you intend to be an 'owner occupier' or whether you plan to buy it as an investment to rent out.
It's no secret that a good credit score is needed in order to qualify for a decent mortgage. However, there are some programs that are offered to people with credit scores as low as 580. Many buyers are eligible for FHA loans or other buyer loan programs with credit scores of 620 and above, so it's worth contacting lenders directly, even if you think your credit score is particularly low.
The standard answer to this question is seven years. But in practice, it often depends on your credit score, personal history, current and past employment, and other factors that lenders take into consideration. We would recommend that you connect with potential lenders directly and offer them the chance to look at your finances and make a decision about whether or not they will help you.
Ready to start the home buying process? Fill out this form to connect with a local real estate agent who can assist you with the entire process of buying a house in Las Vegas.
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