Tips for Buying Your Home in Las Vegas
Purchasing a home and moving can be one of the most exciting (and stressful) events in your life. Relocating to a new state or city can be especially daunting! Here are a few tips that may relieve some of that anxiety! What’s Your Why? Getting clarity around why you are moving can be simple – job offer, closer to family, or returning to a place you’ve lived before – or it can be more complex. If your why for moving is more complex, you’ll want to reason through the benefits and any drawbacks. Some examples of benefits might be state income tax benefits in moving to Nevada, lower property taxes, or drier, warmer weather. Is this Whatever your reasons, it’s best to have a clear vision of how the move will enhance your life. What’s Your Price Point? Before shopping, it’s always best to have a pulse on what you’re looking to spend. This may mean assessing your budget or reviewing your financial plan for making the move. Will you be paying cash or financing? If financing, how much will you be financing versus a down payment? Once you’ve made the move and home purchase, are there other creature comforts that you’ll need? Furnishings? Golf cart? A wholistic financial picture, including the price point for your home, is a great way to get started in the process. If you’re using financing, don’t forget to ask your real estate agent for reputable lenders to get your preapproved! What’s Your Lifestyle? Sometimes your lifestyle may go hand in hand with your price point and sometimes there are other things to consider. Do you enjoy the outdoors, hiking, and quick mountain getaways? Do you walk or jog outdoors regularly? Are dog parks important to your fur family? Does school zoning factor into your lifestyle? Are you looking for walkability to your favorite shopping and dining venues? Are you a condo or high-rise lifestyle? Are you a looking for an active adult community for 55+ year old persons? Is life on the golf course for you? Do you need to be close to the airport for commuting? What’s Your Home Like? Making a list of your personal preferences in your home is a great exercise to figure out what the “must haves” are and what the “nice to haves” are. Is your home single story or two story? With a pool or no pool? Big yard or low maintenance? How many bedrooms? Home office or den needed? New home or resale? More modern or more classic? Carpet or hard floors? Storage needs? Other amenities? Just remember, a coat of paint and some new flooring are easy fixes if you find the right home and it doesn’t have the “perfect” finishes! What’s Your Timeline? As you are assessing the “why” of moving, your timeline may be more elastic or could be very definite in the case of relocating for work. Do you have time to explore, research, and take some “on the ground” visits to your new destination? Is the timeline more compressed and you need to get hopping on your preapproval and narrowing down properties? Do you have another home to sell in order to buy in your new location? The bottom line is the earlier you can start and prepare, the more flexibility you’ll have to be picky and close on your new home on your terms. What’s The Process? Whether you are new to the home buying process or have bought and sold many homes in your lifetime, there may be variations to the process in your new location. This is a question that an experienced real estate agent can help you navigate. Walking through the process in detail before you are actually “in the process” will be helpful to alleviate stress during the buying process. What’s the market like for buyers right now? What can you expect from start to finish? What funds are needed upfront in the purchase – earnest money, inspection fees, appraisal fees? What’s a typical closing timeframe? How are closings conducted? How will the process work if you are doing most of it remotely? Although not exhaustive, the above tips should help to guide your home buying experience in a new location. At the very least, they should prompt other questions and round out your view of the process, the market, your new home and what to expect. As always, it’s best to do as much of your own research and engage an experienced professional to help guide you along the way!