Americans are moving into Las Vegas homes in droves. Some make up the more than 150 couples to be married in Las Vegas each day. Others are simply drawn by the magic of Sin City. For many people, any city that offers 60,000 pounds of shrimp to be eaten every day, as Las Vegas does, is a city that is worth living in.
Regardless of whether you are a seafood lover or you are simply someone looking to move into a more exciting lifestyle, Las Vegas and its sub-communities, like Henderson and Summerlin, have a lot to offer both first time homeowners and veterans alike. If you are looking to live in the city with the world’s biggest neon sign, one depicting a cowboy, then there are things you need to know to help cut your costs.
- Shop Around for Reduced Mortgage Rates
- Are You Eligible for Government Assistance?
- You Should Buy Instead of Rent
- Consider Community Living
According to the U.S. Census Bureau, the average cost of a home in the United States is $257,000. Of course, the cost of a home is often not the complete price tag. Mortgage rates, varying from lender to lender and state to state, can add quite a bit to the price of buying a home. Subsequently, as MSN Money recommends, when buying real estate in Las Vegas, all potential homeowners need to shop around to find the lowest interest rates on their mortgages. Even saving .25% can represent a huge amount of savings when buying a home.
First time homeowners looking into Las Vegas homes for sale should be aware of government programs that assist first timers in purchasing homes at low rates. According to the U.S. Department of Housing and Urban Development, families buying a home for the first time may be eligible for government grants and low-rate loans. However, conditions vary from state to state. Certain income requirements and home expenditures must be met to be eligible in Nevada.
Too many people assume that buying a home is more expensive than renting an apartment. However, including tax benefits, living in a home for four to seven years will save homeowners an average of 20 to 40% over rental costs. Further, as MSN Real Estate points out, homes are more affordable than ever thanks to the buyer’s market resulting from the Great Recession.
One of the best ways to save money when moving into a new house in a new area is to find ways to cut down transportation costs. While camels were used in Las Vegas as pack animals as late as 1870, now you need to spend gas and time to drive any place. Buying a home in one of the housing communities in Las Vegas, like Summerlin, is a great way to cut down on the need to drive. After all, schools, recreation, and businesses are all within walking distance.
Buying a home is likely to be the most expensive investment any American family or individual will ever make. If you are looking to move into Vegas, then keep these four tips in mind. They can be the difference between an affordable home and one that puts you under excess stress for years to come.