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Old 01-13-2007, 12:05 PM
 
Location: Concrete jungle where dreams are made of.
8,904 posts, read 6,770,736 times
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My boyfriend and I plan on moving to Las Vegas in about 4 years or so. We both teach in NYC (Well, I will be next year). Combined, we'll be making about 100k together. We are willing to save as much as we can before going out there, but I can't tell you how much we'll have saved by then. How much do you think we can afford for a house? I'm really liking the Mountain's Edge area, and even though the houses are new, some are decently priced; just as much as the other houses in other areas. Anyway, I want to get a nice house, but at the same time, not spending everything we make towards the house. What areas do you think we can afford to live in, what type of house, etc? Anything would be helpful, thanks.
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Old 01-13-2007, 05:49 PM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 7,494,726 times
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Everyones situation is different, talk to a mortgage broker.

Our family is makin 70,000, but we can only afford a house in the 200s. Its all about how much comfort you want or need.
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Old 01-13-2007, 06:23 PM
 
1,607 posts, read 7,289,626 times
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Quote:
Originally Posted by lvkewlkid View Post
Everyones situation is different, talk to a mortgage broker.

Our family is makin 70,000, but we can only afford a house in the 200s. Its all about how much comfort you want or need.
That's exactly right! Everyone's situation is different. They'll need to take into account your credit, if you have money to put down, etc.

Mountains Edge is really nice...but... I wouldn't buy there personally. Why? Each time I've went through there the community is nice and they have a lot of nice things planned for it. But the homes are so squished together it's nuts! You get not yard, barely a driveway...they are just smacked up against each other. There are too many other nice areas of the valley where you can get a house that comes with a bit more elbow room.
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Old 01-13-2007, 06:55 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 21,039,425 times
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General rule is 3x to 5x salary. 3x is safer...Add to that any down payment. If you are both teachers with good credit and no outrageous credit cards or other payments you can likely borrow up to 5x. Don't. 4x is reasonable though when starting out. You should get it down to 3x or less over a reasonable period of time.

I think two teachers with a few years experience will do better than 70 K in Vegas. 80 or 85K I would think. But you will get there reasonably quickly if not at the start. And one or both of you can pull another 3 or 4 grand over the summer.

So bottom line with some reasonable saving over the interim you should be able to get a reasonable small house.

I recommend first time homebuyers avoid new build. Costs too much. You get strapped on the purchase and then discover you need another 50K to fininsh the place. Wait for your second home. Then buy new if you feel the urge. It will work out much better.
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Old 01-14-2007, 12:21 AM
 
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Unless you have a MAED or at least 5 yrs under your belt, 70K combined is pushing it but at least you will be able to find a job The salary schedule is posted on the CCSD website http://ccsd.net/jobs/LLPsalary.htm (broken link) Not too many house available for less than 300K in the Vegas area anymore. Even the condos are starting at more than that in Henderson.
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Old 01-14-2007, 12:52 AM
 
Location: Concrete jungle where dreams are made of.
8,904 posts, read 6,770,736 times
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Well, the thing is, I'll have about 3 years teaching experience by the time we go, and he'll have 5. But when we move there, we'll have to start from the very bottom. That's really what stinks. We have family friends in Henderson, and they rented for about a year while looking for a house to buy. He and I thought we would buy a house after renting a condo for almost a year, then buying a house and staying with that house. Because wouldn't we be throwing away money if we buy a house, then get another one in a few years? Just getting your advice on that. I'm 22 and he's 25, and we plan to have kids when I'm 30.

I'm hoping to save a lot by the time we move out there. I know almost nothing about mortgages; he knows more about that than me. I'd have worked about 3 years, and by my third year I should be making about $53,000 in NY. It's really, really hard moving to a place where your salary is almost cut in half, lol. Also, I don't know if I would be working in the summer, seeing that many of the schools there are year-round.

Thanks for your advice so far. I'll be happy to hear more of your opinions!
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Old 01-14-2007, 12:58 AM
 
58 posts, read 217,918 times
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You are welcome to send me a private message when you get into looking at specific schools in the area. There are actually three teachers at my school that moved here from NYC for this school year. Is CCSD recruiting there?

We rented the first two years we were here. My husbands move was so fast that we were not sure where in the valley to go so we felt it was safer to rent. Worst mistake I ever made because of the timing. We ended up buying the house we had rented because we loved the area, school, and house. It was just awful because the house appreciated 200% while we rented it. But, it is OK because we do love it here even though we greatly overpaid

BTW, as a teacher, I love working on a year round schedule. I am off right now actually for 4 weeks. Between winter break and last Friday, I was only in for 9 days. It is nice to get those breaks during the year.
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Old 01-14-2007, 10:08 AM
 
Location: Concrete jungle where dreams are made of.
8,904 posts, read 6,770,736 times
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Is it better to work year round? I haven't started teaching yet (next year), so I don't really know what it's like...but I can't imagine working year round and not having summers. But I guess it's good in a way, since you have longer breaks here and there. My boyfriend would have summers off, since it seems most high schools aren't year round.

We aren't specifically looking into anything yet. We're going back to Las Vegas in July and will probably look at other areas. Our family friends live in Green Valley, which is really nice...but are there new developments going around everywhere? The only ones I saw were in Mountain's Edge. I saw that they were blasting out parts of the mountains and building into them, but that's about it. I'd like to get a new house, just because that would be really nice...here in NY we'd be lucky to get a house built after 1960! lol

But thanks, I'll definitely PM you if I have any specific questions :-)
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Old 01-14-2007, 10:33 AM
 
1,607 posts, read 7,289,626 times
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Teachers who work year round still get breaks. They work like 6 weeks on and then so many weeks off... you still get the same amount of time off per year but it's spread out instead of a long summer chunk of time off. What's better? I guess it depends on you and what you like better. Some people who have their children in daycare find it to be a problem, other teachers I've talked to love it because they get refreshing breaks periodically. Just depends on what you like...
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Old 01-15-2007, 04:34 PM
 
Location: Las Vegas
8,409 posts, read 14,337,714 times
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The year round school thing means it's harder to travel or take classes. Also lots of teachers depend on getting a second job for the summer. Great for some, not so great for others. Depends on what you want to do with your time off!

You will get more for your money in older areas of town. If you really want new be prepared to spend a lot! A lot more than they tell you it costs! You need to figure in the HOA, LIDs, SIDs, and taxes. LIDs and SIDs are special 'taxes' for improvements in new areas like streets, curb, and gutter. There are lots of nice areas in Vegas, keep checking it out.

Depending on what the market is doing, it might be a good idea to rent for a while. Fortune says LV will drop 8% this year and won't bottom out till 2009. Is this true? Who knows!
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