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Las Vegas

First Time Home Buyers 2020

We get it—buying a home, especially for the first time, is no simple task. Navigating the area, figuring out your finances, attending open houses and private showings, making an offer—it's a long checklist of to-dos, and things can start to get overwhelming! Luckily, we're here to help. We've been working in real estate for years, so when it comes to buying homes, we've been around the block a few times. 

If you're getting ready to relocate to the Las Vegas area and buy your first home, here's what you'll need to know to get started. Any questions? Don't hesitate to give us a call! 

Life in Las Vegas

A bustling job market, a rapidly developing economy, tons of opportunities for exploration—life in Las Vegas is one-of-a-kind. Not only are home prices far lower than in neighboring California, but recent construction of a high-speed train will make travel between the two areas simple and speedy. Get to know a little more about what Las Vegas has to offer, and get a more in-depth look at the exciting opportunities that the high-speed travel route will bring!

Las Vegas Guides

Consult Your Finances

It goes without saying that buying a home is a big investment, but when you opt to buy in Las Vegas instead of Los Angeles, you'll have a much wider selection of affordable homes to choose from. 

If you're ready to embark on the journey to buying your first home, then a great place to start is by getting pre-approved for a mortgage loan. During this process, a bank or lender will review your financial situation, and give you an accurate estimate as to how much they'd be willing to loan you. Not only does this make agents more willing to work with you, but it also shows sellers that you can put your money where your mouth is!

We also recommend meeting with at least two to three lenders before making a decision. That way, you can compare rates and make sure you're getting the absolute best deal possible. If you'd like a few recommendations for Las Vegas lenders, just give us a call!

The Upfront Costs of Buying a Home

Monthly mortgage payments are just one of the several expenses that you can expect when buying a home, although many of the other costs will be one-time occurrences. 

Down Payment

In a typical mortgage, a down payment is 20% of the overall cost of your home, so the exact amount will depend on the total price that you close on. For a $200,000 home, that's about $40,000. Depending on the type of loan you take out, your down payment could be anywhere from 3% to 20% or more. 

Earnest Money

Think of earnest money as the security deposit of home buying. It's a small sum, typically a few thousand dollars, that you pay right away to show the seller that you're serious. Once you close on the home, the earnest money will be applied to the down payment. 

Home Inspection

Before actually purchasing and closing on your new home, you'll want to have it inspected. That way, if there are any major or minor maintenance issues, you can catch them before it's too late. Typically home inspections cost a few hundred dollars.

Closing Costs

Luckily, closing costs are usually low for buyers, and include things like real estate attorney fees, taxes, title expenses, and the cost to actually process your mortgage. Closing costs may end up totaling 2-5% of your home's costs.

Calculate Your Monthly Payments

Want to get a better idea of what you might be paying per month? Plug a few numbers into our handy mortgage calculator, and you can start planning out your budget!

Ready to Find Your
Dream Home?

Close your eyes and picture your dream Las Vegas home. Is it an impressive estate on the outskirts of town? A hip condo in the heart of the city? Or perhaps a charming ranch-style tucked away on residential streets? Whatever type of home you're looking, you can use our specialized home search tool to narrow down your options based on your specific wants and needs!

Meet Your Perfect Match

Additional Home-Buying Resources

Still need some info? We've got more for you to explore!

Your Guide to First-Time Home Buying

If you're thinking of buying a home in Las Vegas, then we're here to help. Not only can we show you all of the highlights of life in the area (and keep you updated on the latest news), but we can also make sure you have all of the real estate resources you need to succeed! Whenever you're ready to start your home search, just give us a call. We can't wait to get started! 

Questions? Just Ask!

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