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What all you should consider when buying a new home

When buying a house, many people have checklist of what they want included in the property itself.  But there are a few additional things home buyers should consider looking into before making their final offer.  While the house might meet be the home of your dreams, the surrounding areas and other necessary information should be a priority as well.

Two generation family looking at a house for sale

Two generation family looking at a house for sale

Crime Report: Look into the crimes that have been reported in the area. Check the sex offender’s registry.  Be aware of your surroundings

Schools: Every school is given a rating and when having school ages children; it would be beneficial to know what school your child will be zoned for.

Surrounding businesses: How far away is the closest grocery store or gas station? Be pleased with the businesses you will have to frequent.

Noise Factor: Is the home close to the freeway? Airport?  Will outside noise be a big issue for you?

Visit home at different times of day: The home will look different at night compared to the day.  Check out the street lighting.  Pay attention to any additional outside noise that might occur at night.

Consider the commute: Try to find multiple ways in and out of the neighborhood you are considering in order to get to and from work.

Street Parking: While this isn’t always an issue, some neighborhoods have only certain areas for vehicles leaving very little space for visitors or additional cars.

Drive around the neighborhood: Are there a lot of kids? Are the yards nice? Most HOAs take yards and community cleanliness into consideration but it is also a great thing to look into yourself.

Remember to be happy with your surroundings and the perfect house will be there for you.

Saving for a down payment

Purchasing your own home is one of the greatest and most rewarding experiences you can have. However, one of the hardest parts of becoming a home owner is getting your down payment together.  While there are many different loan types available, several require a 20 percent down payment.  Trying to get that money together can be difficult and will require a few years of commitment.

Here are a few tips and tricks to help to reach that 20 percent.

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Calculate what you can afford– First thing you need to decide on is your budget.  How much do you want to spend on a house and what will the down payment be?  What is the ultimate goal?  Knowing what you need and having a set number in mind can help ease anxiety and help jump start the savings.  I can help you calculate numbers to see what best suits your life.

Budget– Decide how much money needs to go to specific areas in your life (bills, grocery, gas, play) and any overage can allow for a small amount to go towards your savings goal.

Open an account– Have one account that is strictly for your down payment.  Do not borrow money from this account for other expenses.  Budgeting in a small amount to be deposited in monthly will help slowly, but surely, build the account.  When bonuses are given, put these directly into this account.

Splurge less– Try to skip a coffee run and instead prepare your drinks from home or eat in more than dining out.  These few dollars every day can add up quickly over the years.

Visualize the goal– While it may take years to get the whole 20 percent together, visualizing and setting steps towards that goal can be very rewarding.  Setting small yearly goals (save $2000 this year) and meeting them will very satisfying to see how much closer you are to owning your new home.

Don’t force it– Remember to be consistent and in time it will all work out.  It may be a long process but in the end, you will be happy to have that 20 percent down, with lower payments and a great investment.

 

To Buy or Not to Buy

Rental prices in Las Vegas have been steadily recovering over the last few years, making home ownership a goal worth considering. In fact, a one-bedroom rental will likely cost most people an average of at least $119 more per month (nearly $1,400 annually) in 2016 than in 2009. The price of two bedroom rentals are also steadily rising.

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When rental prices increase, folks often find themselves in the position where paying rent no longer makes sense when compared to the tax and quality of life benefits of owning your home.

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So what are the benefits of home ownership? Quite a few, as it turns out:

  1. Despite the turbulence of the past decade, home ownership builds wealth over time. The only catch to this proven rule is to make sure you buy a home you can afford. Sure your income is likely to increase with promotions and pay raises, but so will costs of goods and services.
  2. The mortgage tax deduction reduces your tax obligation. Interest makes up the largest part of your mortgage payment, especially during the initial years of home ownership. By deducting the interest from your tax obligation, you get to keep more of the money you make which means huge tax savings for most folks.
  3. Property taxes are also deductible. In addition to interest, you also get to deduct property taxes from you gross income. In fact, you can even deduct some closing costs including any points or origination fees charged on your loans.
  4. Additional financial benefits accrue. Whether you take out a home equity line of credit (on which you can again, deduct the interest payments), build equity by making home improvements, or by renting out the property when you upgrade to a new residence, home ownership offers the opportunity to have more financial flexibility both now and in the future.
  5. Making home, well, home. Have you dreamed of having a private resort-style backyard for your family to enjoy? How about a beautiful spa-like bathroom? When you have your own home, part of the fun is decorating and furnishing the home to match your personality and desires. Buying a home in Las Vegas, Nevada can turn that dream into a reality.

The truth is, the benefits of home ownership are countless. Home is where lasting family memories are made and where good friends gather.  But most important of all: home is where the heart is.

Fall is the New Spring for Homebuyers in Las Vegas

Do you want a new home for the holidays in the Las Vegas, NV area? The Tuesday after Labor Day through Thanksgiving marks one of the busiest times of the year for those in the market for a new home. As summer begins to fade out (and with it those 100 degree and higher temperatures), folks in Vegas begin to take an interest in extending their lives past the tethers of air conditioned spaces. One of the reasons? Fall is an exceptional time to find a new place to call home.

Imagine spending the holidays in a new homeFirst Time Home Buyers and welcoming the New Year with living space to match the needs of your family. Do you want your next home to have a fireplace for romantic winter nights or a pool and spa to complete your own home resort and health club? Your home is your castle – humble or extravagant – so make sure it has the features that best suit your lifestyle.

The first step in home buying is to become pre-qualified for a home loan. When home shopping already prequalified for a mortgage, you’re signaling to any potential seller that they are dealing with a serious buyer, ready to pounce on the chance to upscale (or downsize) the minute you find your dream home.  Fall is also a perfect time for first-time home buyers including young couples and single professionals or snowbirds ready to invest in their winter home, unencumbered by the need to move based on the annual school schedule.

Another benefit of making a home purchase before the first of the year is that many of the costs associated with the purchasing process are tax deductible. The tax benefits may be the strongest driver for some buyers. Pair the benefits for buyers with motivated sellers and great deals can be had in places like Las Vegas and surrounding communities since sellers generally want to seal a deal before the holidays get too close.

Don’t wait too long to start looking if you plan a home purchase this fall. According to Vegas Inc., sales were up 8 percent in the three months ending June 30, 2015 from the same period last year. That means you’ll likely have some competition from other buyers. The right lender is a critical partner in helping you make an offer on a home with confidence. Contact Sydnee Johnson Las Vegas Home Loans at 702-830-2271 today or email her at Sydnee@premiermortgagelending.com to get prequalified.  Ask about her no-fee loans and how she’ll get the lowest interest rates available for your home mortgage.

 

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