Things
to know before buying home in Las Vegas
Once you
make a lifetime decision of buying a home in Las Vegas, you will start
experiencing mixed feelings of excitement and worry - excitement regarding
the new life that you are going to have in Las Vegas and worry due to
financial constraints.
Stop worrying
and experience only the excitement. Yes, this is possible if you can consider
few relevant things before taking that plunge:
Securing
a mortgage – you may be wondering whether your mortgage proposal
will ever get approved so as to see you through buying that coveted home
in Las Vegas.
To reduce
the anxiety, you can approach the bank in advance and seek for a tentative
sanction commitment.
When you
get a pre-approval, half of your stress will vanish and you will be able
to convince the seller and negotiate the deal confidently.
Any seller
who expects to complete the deal will favour the person who holds a pre-approved
commitment from a mortgagor or a banker.
Mortgage
Payments – for any first time buyers the cost of buying a home
will be very prohibitive and can give sleepless nights.
To tide over
the crisis, you can consult few real estate dealers or professionals and
seek guidance. You can discuss with them the amount that you can afford
to pay towards loan and your other financial strengths and weaknesses.
The professionals
will be able to guide in calculating the monthly mortgage payments and
suggest various feasible payment options.
Getting
into agreement – learn the various clauses of agreements and
try to understand them fully. Never hesitate to ask questions in case
of doubt or ambiguity. A verbal offer carries no legal weight and hence
try to get into a written offer or agreement from your realtor.
Down Payment
- The down payment is not fixed as the amount varies depending on
the value of the home you choose and your mortgage lender.
There is
a possibility of acquiring a home without even a down payment for few
first time buyers.
The law
or the rule varies from state to state and even few government-funded
programs assist first time buyers buy a home without any down payment.
You can get all the details of such schemes from your real estate agents.
Closing Costs
– majority of the first time homebuyers do not have knowledge about
the closing cost involved in any real estate deal.
The closing
fee is normally worked out by calculating up to a maximum of 10% of the
sale value and to be borne by the buyer.
When you
add up this amount with that of the down payment amount, you will get
quite a big sum to raise. With professional advice and guidance you can
easily sort out this issue and get ready to buy that dream home.
Making offers
– do not be over enthusiastic in making offers and never take hasty
decisions. Any first time buyers will make this mistake due to the excitement.
See many homes and study the market trend.
Once you
make up your mind and decide on the home, discus with your real estate
professional and arrive at the offer value. Make your offer in a reasonable
time.
There is
no hard and fast rule that you have make your offer within a time schedule,
but make your offer after negotiation.
Condition
of the Home – as a first time buyer, look for a home that is in good
condition and never require any immediate repairs.
A home that
needs major repairs can become a costly venture and you may have to bring
in more money for carrying out the much-needed repairs.
Get the home
inspected by a reputed home inspector before buying. After ascertaining
the condition, you can decide on the deal and the price.
Last but no the least, try to understand all the aspects of the transaction
and you should be in a position to execute the transaction with comfort.
Make use
of your real estate professional’s knowledge and guidance in clinching
the deal so as to make your first time experience of buying a home in
Las Vegas a rewarding one.
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