As a first-time homebuyer in Las Vegas, you may discover the perfect home that has everything you want. It has the right number of bedrooms, is in the ideal location, and even has that art studio you want. You run the numbers and discover your mortgage payment is still lower than your rent right now. You have qualified for a loan, the paperwork ready to go. That’s all there is to it, right? It’s time to sign on the dotted line!
At MoveToVegas, we do not want the extra costs of homeownership to be an unpleasant surprise. We want you fully informed about what to expect. So here’s our list of other costs you may encounter.
- Services: As the homeowner, typically you pay for water, sewage, power, trash, recycling, internet, cable, and phone bills. If you are buying a condo, some of these are included in your HOA (see below).
- Taxes: Owners pay property taxes to the local governments for schools, city governments, roads, parks, etc. Taxes can vary from area to area. We’ll make sure you know the tax rates for each area.
- HOA: Nearly every condominium complex and many single-family home developments belong to Home Owners Associations (HOAs). Your HOA handles community maintenance, pool and playground upkeep, some exterior maintenance, and security. We will inform you what your HOA dues will be before you buy it.
- Insurance: Homeowner’s insurance premiums are based on the estimated cost to fix or rebuild your home in event of a catastrophe. It covers everything inside the house too, such as furniture, clothing, electronics, and appliances.
- PMI: The mortgage you qualify for may require you to pay for private mortgage insurance. PMI exists to protect the lender just in case you default on your loan.
If you’re a first-time homebuyer in Las Vegas, we’ll help you create a budget so that you can make the most informed buying decision. Check out our other buyer services here.
Las Vegas Homes For First-Time Home-Buyers
To look at any of the homes available in Las Vegas or take a virtual tour of homes within your budget, check out the homes below and then contact me for more information.