To say the Las Vegas real estate market is tricky is an understatement. That’s why it’s critical to rely on the expertise of your Las Vegas Realtor as well as knowing the ins and outs of the market yourself. If you want to find the right home and feel great about the deal, take a look at the 10 best kept secrets to buying your home in Las Vegas.
Secret #10: Become a “Tightwad”
Las Vegas lenders want to make sure you’re not a credit risk before they approve you for a home loan. That means no major purchases at least three to six months before you buy. Buying a new car to match your new house or opening up new lines of credit will make it hard for you to get pre-approved.
Secret #9: Get Pre-Approved (Not the same as Pre-Qualified)
Getting pre-approved is different than pre-qualified. These terms are often interchanged, but are radically different. Virtually anyone can get pre-qualified, but it’s much harder to get pre-approved. The latter means the lending institution has reviewed your financial situation and has approved you for a specific loan amount. Sellers typically only work with buyers who are pre-approved.
Secret #8: You’ve Got to Draw the Line Somewhere
To avoid any misunderstandings when buying your home in Las Vegas, have a survey done so you know precisely where your property lines are. Homes in Vegas often make it hard to tell where these lines are, and you don’t want to have a border dispute with your future neighbor, nor do you want to be assessed too much property tax.
Secret #7: Don’t Try to Time the Market
Las Vegas is a gambling town, but leave it for the casinos. Trying to “time” the market is impossible. Don’t try and speculate when prices are going to go up or down. The perfect time to buy a house in Las Vegas is when you have the money and have found the right home.
Secret #6: Bigger Does Not Always Mean Better
In the world of Las Vegas real estate, bigger isn’t always better. You don’t always want to have the biggest house on the block. It can make it tough when it comes to resale value. Instead, be a small fish in a big pond rather than a big fish in a small pond. It just doesn’t make sense to pay $400,000 for your home when your neighbors live in homes that are worth $250,000. It also limits appreciation.
Secret #5: The Devil is the Details
Many people get in trouble paying their mortgage by not investigating the hidden costs of home ownership. Instead of focusing solely on the mortgage payment, be sure to consider costs like homeowner association fees, property taxes, and utilities. Make sure you know these costs and you can afford them.
Secret #4: Use Your Head Not Your Heart
It is much easier said than done, but buying your home in Las Vegas shouldn’t be a decision based on emotion. Falling in love with a home can cloud your judgment and lead to costly financial errors. Instead of using your emotions, trust your instincts and know the facts. If you have a hard time doing this, be sure to lean on the expertise of your Las Vegas Real Estate Agent to help you make a wise decision.
Secret #3: Don’t Skip on the Inspection
A home inspection in Las Vegas costs anywhere from $200-$400 up front, but may save you thousands down the road. A home inspector is there to provide you with all of the information you need to know to make a sound decision. They can see things wrong with the home that many others cannot. They are also an unbiased third-party that will tell you the truth about the quality of the home. It makes a lot of sense to get an inspection done on an older home, but don’t assume a new home means you can skip the inspection.
Secret #2: Bid like a Pro
This is another instance where conducting some due-diligence can save you thousands. Know the price per square foot of the home in the Las Vegas neighborhoods and whether or not the seller is behind on his or her property taxes. This is public knowledge that can be found at the Clark County clerk’s office. If the seller is behind on his or property taxes, this can be used as an important bargaining chip. When you put in a bid, use a strange number like $186,400 rather than $189,000. This will help your bid stand out and give the impression you carefully considered what to offer.
Secret #1: Stalk Walk the Neighborhood
Drop by the neighborhood at different times during the day and evening. Many people find the perfect house and buy it, only to find the neighborhood isn’t a good fit. Rely on the expertise of your realtor, but make sure you do your own research.
Following these tips will help make buying your home in Las Vegas a great experience. Good luck! Don't forget, Leslie will be happy to assist with any questions or information you require about your Las Vegas real estate purchase. Please do not hesitate to email or call: (702) 321-1763