Las Vegas Homes for Sale
As a potential Las Vegas home buyer there are important first steps to consider before your home search begins. Checking your credit and score, determining how much you can afford and finding your REALTOR® and lender.
Is Your Credit Report and Score Up to Par?
Did you know that you can receive one free copy of your credit report every year? You will need approximately a minimum score of 580 to qualify for a 3.5% FHA loan. The higher your score is the higher loan you will be able to qualify for.
To find out your score for free go to: Annualcreditreport.com. Make sure you check for errors and if you find any be sure to dispute them. It just might raise your credit score even higher.
How Much Can You Afford?
To help Las Vegas home buyers figure how much they can afford for monthly payments use this free online mortgage calculator.
Check out my Handbook Download especially for the Millennial home buyer and those that are stuck in the rent trap.
7 Reasons to Own A Home
- Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
- Appreciation. Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.
- Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
- Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
- Predictability. Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
- Freedom. The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
- Stability. Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.