October 17, 2017
Owning a home is the American Dream. While the simplicity of an apartment has its perks, the rent you pay benefits someone else, so why not put your money towards a residence you can call your own? With rising rental rates, first time homebuyers are finding they are not only saving money, they are investing in a home to call their own, while also building equity.
Buying a condo in Vegas: What You Need to Know
Now is an exciting time to purchase a home in Las Vegas, where home prices, interest rates and property taxes are at an all-time low and home values are on the rise. Here are tips to help take the stress out of your buying experience!
Step 1: Speak to a lender to determine your budget. Contact your bank or loan officer so they can help you understand the requirements and conditions of obtaining a loan. Use an online mortgage calculator to help you predetermine your monthly payment. Remember your monthly payment will include homeowners’ insurance, property taxes, and if you put down less than 20%, private mortgage insurance (PMI). And if you’re buying a condo, loft or townhome, there will likely be an association that will collect monthly dues to cover the costs of the common areas and amenities enjoyed by residents.
Once you’ve spoken with your lender, obtain a preapproval letter, which shows how much the bank will lend you based on your financial standing. Without this letter, many sellers might hesitate to consider your offer.
Step 2: Plan to stick around. Juhl is located in the heart of downtown Las Vegas, which means residents benefit from having at their fingertips attractions like 18b Arts District, Fremont Street Experience, Symphony Park, and more than 150 bars and restaurants. This ongoing revival of downtown Las Vegas makes it a desirable place to live and therefore increases the value of homes in the area. The longer you intend to stay in your new home, the more time you have to fully realize the value of your investment.
Step 3: Go shopping. Once you identify your price range and desired area, make appointments with sales centers. Create a list of features and amenities you “must have” and “want to have.” Take ample notes and photos of the homes you visit and use them as tools to ultimately make a decision of owning a condo home.
Step 4: Make an offer. Now that you’ve found your dream home, it’s time to make an offer! Work with your agent or broker to finalize all details and the amount you want to offer. Once you and the seller agree on a purchase price, the house will go into escrow, which is the period of time it takes to complete the rest of the home buying process. Schedule a home inspection and appraisal during this time.
Step 5: Review paperwork. There will be plenty of paperwork that comes with purchasing a home, so take time to read through all of it. Ask your broker or agent questions if you don’t understand something or need more clarification.
Step 6: Sign and celebrate. Once all the paperwork is complete and the mortgage loan is finalized; sign, seal, and deliver it and then it’s time to celebrate! Once the check is delivered to the seller, you are ready to move into your very first home! Congratulations on achieving the American dream. Now you can start settling into your new home and enjoying it with friends and family.
Why Buy Now in Downtown Las Vegas? Las Vegas Condo Market.
Becoming a homeowner is an exciting time, especially during the current revitalization of downtown Las Vegas. Living in DTLV is not only a smart financial choice, it also gives you direct access to the unique vibrancy and culture that is exclusive to the area. From restaurants and bars, to art, culture, museums and entertainment, this is the perfect location to own your first home.
The median home price in Las Vegas right now is about $269,000. Similar offerings in other large cities including Los Angeles, Seattle, New York, or Miami are considerably more expensive, ranging from $301,000 to $722,000.
As a prospective buyer, take into account the dollars you are spending on rent that will provide little return in the long run. If the opportunity to own is comparable to the cost of renting after tax breaks, why not take advantage and start paying your mortgage vs. paying a landlord each month?
Another great reason to buy? Low interest rates! Home buyers with strong credit can receive a mortgage with interest rates in the high 3%-4% range. Though rates have been trending this way for the better part of 2017, there is always room for change based on a variety of factors.
The team at Juhl is excited about its unique community with more than 130 unique floorplans that make owning a home at Juhl a one-of-a-kind opportunity. If you’re a first time buyer, take the leap and feel confident that the team you’ll be working with will do all it can to make your first home purchase easy and memorable.