Buying a Las Vegas Luxury home in today’s economy can be difficult, to say the least. If you’ve recently experienced a job loss, or other type of financial setback, you may think that your dreams of Las Vegas Luxury Home ownership have been dashed. Rest assured that you can still buy a home if you use a bit of creativity. Here are a few tips for buying a home in the midst of a recession:
1. Buy Less
Las Vegas Luxury Homes: While you may have a five bedroom, three bath homes on your short list, you would do better to buy something smaller for a better price. While unscrupulous lenders will sell you more than you can afford, a reputable lender will advise you to buy less.
A handy rule of thumb, if you are buying Las Vegas Luxury Home with a partner, is to buy a house that carries a mortgage payment you can afford on one salary. This may mean that you have to buy a smaller house in Las Vegas, but it also means that if one of you should lose your job, you won’t be homeless.
- Las Vegas Luxury Homes
Unless you come across a spectacular Las Vegas Luxury deal that simply can’t be passed up, consider saving for another year before buying your home. Remember that the larger your down payment, the lower your monthly mortgage payments will be. You may also be able to avoid making mortgage interest payments if you have a larger down payment. There’s nothing wrong with “shopping” for Las Vegas Luxury houses to get a feel for what you both love and can afford, but use that shopping experience to set your savings goal rather than to actually purchase a house.
3. Decide What Is Important
Sit down with your partner and make a list of priorities before you start looking for a Luxury Home in Las Vegas. Rather than plunking down your hard-earned cash on a house because its “good enough”, decide what it is that you want first before you have the chance to preview a home.
Is it important that you live in a specific neighborhood? Do you want your children in a specific school district? Do you need to live in the city you work in to avoid paying taxes to two localities? Once you’ve decided what your priorities are, you can then begin looking for a home. This will help keep you from making an impulsive decision.
4. Consider Foreclosures
4. Consider Foreclosures
Las Vegas Luxury Homes that are being sold at auction can often be had at a fantastic price. When looking at Las Vegas Luxury foreclosure properties, however, keep in mind that you may not get the perfect house. You can realistically plan on spending between $10,000 and $40,000 to make necessary repairs that will make the home inhabitable. If this is the case, that house may not be such a great deal after all.Never buy a property sight unseen! You may think that a $10,000 roof isn’t a problem when you’re only spending $60,000 for the house, but that new roof may lead to new walls, new floors and even new plumbing, depending on the true nature of the problems.
5. Barter
When making an offer on the home, consider the housing market. Would it be beneficial to offer a lower bid? Can you ask the seller to pay closing costs? When making a deal, you’ve got to walk a very fine line; act too aggressively and your offer will be declined. Don’t feel, though, that you need to offer the exact asking price. If the house has been on the market for some time, you may find that the owners are amenable to giving you what you ask for. The only thing they can do is say no and, if that happens, you aren’t any worse off than you were before you put in your bid!
Buying a house in today’s economy may be stressful but, when done correctly, it doesn’t have to be. By saving for a proper down payment, looking at houses that are a bit less than you can actually afford and bartering with the current home owners, you may just find yourself walking away with a fantastic deal!
Sheila Barnett writes on personal finance and budgeting for financial calculator, a site with many helpful financial calculators for investments, loans, net worth and even one that figures out your savings from quitting smoking.
Click here to speak to one of Las Vegas Luxury Homes Specialists or call 702-588-6868.
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- Anthem Country Club Las Vegas
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- MacDonald Ranch
- Lake Las Vegas
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