Top 10 Home Buyer Challenges in Las Vegas

Buyer Beware. Owning a Las Vegas home is a privilege many enjoy. With ownership comes pride, investment return, etc. You may also find challenges when you purchase a home. Here are some to be aware of along with some ideas to overcome them.

  1. You Don't Have X-Ray Vision

    Regardless of a home's age and quality there are possibilities of lurking problems. Plumbing, electrical, and structural issues are often unseen within walls, ceilings, and floors. When you buy a home you will likely hire an inspector for the common mechanical and functional systems of the house. They will be able to help you determine whether there are any glaring defects or not. If they recommend another type of inspector it is important that their advice is considered because the cost of another inspector may be much cheaper than the problems that may arise if you purchase a home with serious problems...More...

  2. You May Not Understand the New Market You Are Buying In

    At times home buyers have to move to a new market half blind. A company, military, or family relocation may put you in a new environment without the proper research. It is important to find a reputable real estate agent to help you out. They know the city and can recommend an area that fits what you need. Request a relocation guide from the local market...More...

  3. You Don't Know the Future

    Buying a home is a great investment in many markets. In fact, ownership in a home may be more secure and in many cases more profitable than mutual funds and other types of investments. However, no one has a crystal ball. Factors can change and economies can alter to affect how the housing market is appreciating. Real estate is often cyclical and many indicators exist to understand short term growth and appreciation...More...

  4. Managing Your Down Payment and Other Savings

    When investing in a home you will likely be putting forth a down payment. You will likely need an earnest payment as well. In fact, there are many fees included in your purchase. Your agent should help you negotiate your closing costs and how they are paid. Your loan officer should be able to help you plan to spend your hard earned savings in the best manner...More...

  5. Managing Stress and Anxiety

    Even real estate agents and veteran investors take on stress and anxiety when buying and selling a property. Two of the best plans for stress management are establishing a strong, written plan and placing much of the load on a trusted competent real estate agent. Understand that the period of time your home is in escrow, whether 15 days or 75, can be hell. Expect to run into one major obstacle and 3 small ones...More...

  6. Selecting a Las Vegas Agent

    As you may see, there are many things that fall on an agent's shoulders. How do you choose a good agent? reputation is key in selecting an agent. Ask around in the market you are looking to inhabit. Find an agent that comes recommended by someone you trust. Interview the agent. See if they have time for you. Be sure they are interested in your goals. Call them and ask a question. See if they answer their phone. You will be dealing with these people under stressful circumstances...More...

  7. Negotiations with the Seller

    The end goal is to make a home purchase. Keep that in mind. Before you house shop determine what you need and must have. You are not in a competition against the seller. They have listed their home and it is time to negotiate the terms and price. Your agent will be a huge help in this area. Don't let a deal fall apart over $1,000...More...

  8. Managing Documentation

    From the day you begin talking of a home purchase get yourself a file folder and keep impeccable records of events, conversations, and documents you sign and read. Keep them in either chronological order or order of importance or both. Maintain the documentation for legal reasons, tax reasons, and to facilitate negotiations...More...

  9. Dealing with Financing and Your Lender

    Use a reputable lender. We can't stress that enough. Use a reputable lender. Make sure they have a record of getting the job done, responding to phone calls, and coming up with solutions to tough situations. Let them know your goals, your situation, and then take charge. You are the boss...More...

  10. Finding the Right Area

    Use your agent to guide you in your decision. They can't sell an area but they can provide you with documentation on amenities, crime rates, and appreciation rates. Tour the area if possible and even talk to some of the people in the area...More...

You probably have found that buying a home requires a lot of research and reliability on your team. Do your due diligence ahead of the purchase so that owning isn't a nightmare. Do the work up front and then you will likely have less to worry about for the years to come.