Over 38.9 million people vacation in Las Vegas each year. As Time Magazine points out, Sin City is full varied culture that draws people of all interests. Cirque du Soleil, the Shark Reef at Mandalay Bay, and the world’s largest neon sign, the latter of which depicts a cowboy, all call Las Vegas home.
For an increasing number of people, a temporary life in Las Vegas is no longer enough. Subsequently, the housing market in Vegas is enjoying healthy growth not found elsewhere in the country. If you are one of many Americans considering making this gem of Nevada your home, here are four tips you should consider when buying real estate in Las Vegas.
- Buying is Cheaper Than Renting
- Keep an Open Mind
- What is Your Total Cost of Living?
- Consider Community Life
When you are deciding to rent or buy Las Vegas homes, you need to keep in mind that buying is almost always cheaper. In fact, homeowners that live in their home for four to seven years will save an average of 20 to 40% when they buy instead of rent, including the tax benefits. Further, did you know that if you are a first time homeowner buying real estate in Las Vegas, you may be eligible for a government loan? According to the Nevada Housing Division, long-term, low-rate loans may be available to you if you meet certain conditions.
It is said that most people buying a home form an opinion about a potential home within seven to 10 seconds of walking through the door. However, if you want to find the best house or condo for the best price, keep an open mind. Make sure you explore luxury condos and other types of Las Vegas homes for sale fully before making your decision.
When buying real estate, it is important to consider the total cost of your new home. According to the U.S. Census Bureau, a new home averages around $257,000. However, new homeowners need to consider tax rates and other variables in the cost of living. Fannie Mae recommends that homeowners spend no more than 28% of their income on living expenses. Do your research on all possible costs to protect your finances.
One of the most difficult parts about moving into a new house can be the lack of community. Oftentimes, people move into areas with people they have nothing in common with, making it difficult to forge friendships. However, planned-community housing, like Summerlin condos, is available to help you find great schools, great entertainment, and community right from the get go.
There are many things to consider when choosing a new home, whether you are buying real estate in Las Vegas or not. Protect yourself and get the home that is perfect for you by following these four tips. Doing so might be the key to a successful new life in the jewel that is Las Vegas. Learn more at this link.
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We recently moved into Summerlin. The education and local amenities here are absolutely amazing. Great tip!