Buying a home in Las Vegas is a very exciting, yet huge decision. Considering that the real estate market in Las Vegas is growing rapidly, purchasing a home there can be a great investment. As the market hasn’t yet reached its peak, this may be your best shot at buying or renting a Las Vega property. Living in Las Vegas is very rewarding; besides the endless entertainment possibilities, there is no state income tax imposed, the job market is quite abundant, it is a great place to practice a variety of sports, and is also an awesome place to retire. 

IMAGE SOURCE: pexels.com/

Las Vegas is characterized by its great weather, variety of outdoor activities, and the best restaurants in the country. It comes as no surprise that you would consider living in Las Vegas. However, naturally, there are several things that you should keep in mind before purchasing a new property, especially if you are still unfamiliar with the real estate market in Las Vegas. This is why we are here to tell you the things that you need to consider when shopping for a Las Vegas property. 

Should You Buy a Home?

Regardless of where you plan to purchase your new property, you must first think about whether it’s a good idea to purchase in the first place. Some people often overlook the fact that buying may not be the most suitable option for them, and that renting a property would be a better fit for their needs. When deciding if you should rent or buy the property, you must consider how long you are planning to stay in Las Vegas. Is it a permanent move, or are you planning to keep the property for just a few years? You also need to be aware that the costs associated with purchasing a new property can equal up to 8% of the price of the property itself, as most people forget to factor in the additional expenses. 

Think about the location of your property and where you would like to live. If it’s a rushed move, you might not have the chance to look into small details such as how quiet or bustling the area is, which is why you might want to consider renting for now. You should also consider the maintenance cost; when you are the homeowner, you are completely responsible for all the maintenance and repairs. If you are renting, your landlord is responsible to repair any structural damages or faulty appliances. 

Where Should You Go?

If you are not originally a Las Vegas resident or are relatively new to the area, you might not know which places to shop for property and which to avoid. Besides, if a seller finds out that you are new in Las Vegas, they may try some false advertising tricks on you, leading you to believe that the area in which their home is located is the best in the city. The professionals at  Las Vegas Homes By Leslie advise you to explore as many options and neighborhoods as possible. To avoid any issues, you should read up on the best areas (within your budget) to shop for property in Las Vegas. 

The Green Valley neighborhood in Henderson, Nevada is one of the best places to shop for property in Las Vegas. It is located 15 minutes away from Las Vegas’ attractions and the Las Vegas Strip. The demand is very high in this area and it is also an attractive neighborhood for tourists. Though, the rental rates in this area are quite costly. Pioneer Park is also another great Las Vegas Neighborhood. It is relatively affordable and offers several amenities. The average home costs around $230k, while the rental rates fall below Las Vegas’ average prices. Tule Springs, a great neighborhood for families, is ranked in the top 9% of neighborhoods in Las Vegas, and the top 26% in the entire United States. 

The schools in the area are relatively good in terms of Las Vegas’ standards, and the area has low crime rates. However, the real estate prices for both purchase and rentals are 40% higher than the Las Vegas average. Summerlin is a great neighborhood and is in high demand. The schools are excellent and the crime rates are almost non-existent. There’s a North and a South Summerlin. Summerlin North’s job market is higher than average and the schools are great. Though, homeownership costs 80% higher than average, while the rentals are 40% more than the average. South Summerlin is in higher demand because of the high livability score. However, the housing is relatively unaffordable. 

Budget

Now that you have an idea regarding the most in-demand areas in Las Vegas, as well as their average prices, affordability, and amenities, you need to consider your budget. As mentioned earlier, you need to factor in the costs associated with moving into a new property. Consider possible refurbishment or remodeling costs, utility costs, as well as the costs of living in the area. When you are choosing between neighborhoods, make sure to visit nearby shops and restaurants to find out the average prices of goods and services. When calculating your budget, keep in mind other debts and financial commitments such as insurance plans and vehicle installments, or transportation fees. 

IMAGE SOURCE: pexels.com/

Generally speaking, if your mortgage payment is around 25% to 30% of your income, you should be able to afford your home. However, this is not the case for everyone. It depends on each person’s standard of living, as well as the city in which they live. The best way to determine how much you will be able to pay for your home is by adding your monthly expenses and bills. 

Shopping for a property in Las Vegas is thrilling. It can be hard not to rush into the process, considering the amount of excitement. However, when you are shopping for a new property, there are many things that you should consider. Many people who rush into making a purchase often find themselves in deep financial trouble even though the home was initially within their budget. Besides, if you are moving into a new area, you must explore potential neighborhoods yourself.