One would think that with as many Las Vegas homes as are purchased every year they would make buying a home a simple process. However, for many it is the biggest investment they will ever make and there is responsibility that comes with the privilege of ownership. Financial, legal, and real estate experts have years of experience in these fields because they are trying to make things work for everyone including lending companies, sellers, brokers, etc. When it comes down to it a home is a business venture regardless if you are on the buying or selling end or whether you are somewhere in the middle. When buying a home there are many things to keep in mind.
- Use a Las Vegas Real Estate Agent
Most Las Vegas home buyers don't realize the huge amount of work that goes into closing and purchasing a home. Orchestrating inspections, appraisals, contracts, negotiations, etc. is best left to a professional. Interestingly enough, many very successful real estate investors use real estate agents or are real estate agents themselves. If they use them even though they may have a vast amount of knowledge about real estate transactions you probably should too. Good agents come highly recommended. Ask around. Get their contact info and then call them. Do they answer their phone in a reasonable amount of time? Interview them. Make sure they know their stuff. Pay them. A good agent is worth his weight in gold. If you hire a discount agent you will likely get a discount service. Give them a reason to make you their top priority. They will support you through a strenuous time and save you time, stress, and money down the line.
- Get Prequalified with a Reputable Las Vegas Lender
Believe it or not, two of the main reasons Las Vegas home buyers are not able to complete a purchase is because they are not qualified for what they are looking for or the loan officer is not able to get the job done. Just like with anyone else you will want to interview loan reps. Ask around. Trusted friends and family will let you know who can make it happen. See what they guarantee and find out how they are tied to your real estate agent. Many times in-house lenders are a plus if the agent has a strong position. Your agent can go to bat for you and have their broker tighten up on the lending broker and they will get the job done. Get prequalified with the lender to make sure you know what your price range is so you don't waste a lot of time for a lot of people by looking at the wrong price range.
- Determine What You Need, Want, and Can Get
Gotta wine taste and a beer budget? We all have a little dreamer inside. We also may not agree with other buying parties (i.e. spouse, parent, etc.) on what is needed. Once you have prequalified make it a priority to determine what requirements a home/area MUST have. Also determine what you WANT in the home/area. What tradeoffs can you make? Is that fourth bedroom a requirement or just nice to have? Does the house have to be one story because of mobility concerns or will it just save you a few steps? Are the schools in the area really that much different than other areas or do you have stats to prove you ought to attend in that area? The more planning you do on paper and with your agent and loan officer before getting into a car to see houses/areas the better off you will be. Know what you need and can get and will trade and then go get the house.