[lv875]

I'm looking for advice or new knowledge from anyone who owns, just bought, or has been living in a home for a while.

I'm interested in purchasing a home in Las Vegas by the end of this year and want to know the perks of buying a house vs. a condo.

I've paid off my car and credit cards, as well as shaved off my car insurance to as low as I can get - same with cell phone (ditched the smartphone). So my expenses are next to nothing currently, besides gas, but I get good mileage in my car. I was looking to purchase something on the market for 80k$ or less, and will also have my S.O. living with me to pick up half of the mortgage/utilities costs. We both have decent jobs, but nothing high end on the payscale.

Is there anything you guys would advise against with the current market? Any tips you can throw my way? Any point of view on homes v. condos out here would be much appreciated; as well as foreclosures if anybody has had experience lately with purchasing one of them.

lv875

[yellowsnow]

Save as much money as you can and learn about areas where you can find something in your price range. There's not much available there. You may be limited to condos. Make sure you plan for the maintenance fees.

[WestieJeff]

The problem you'll have is finding something for sale in your price range. In the last two or three months, the housing market has heated up quite a bit. Anything decent is getting multiple offers, especially in your lower price range.

Step one is getting pre-approved. Find out what you can afford. You can call Wells Fargo Mortgage or any reputable mortgage office to get you pre-approved, find what you can afford, what it will cost, and how much cash you'll have to come up with. You'll need to be pre-approved before you submit any offers anyways, since most sellers won't look at an offer without a pre-approval letter.

How much are you looking to put down? Do you have good credit (have you checked your credit? Will you be purchasing the home yourself or with your SO? Do you need to include your SO income to qualify for a mortgage? Does your SO have good credit?

[modhatter]

$80,000 can be tight for a house if you want to stay in a lower crime area. But there are some that they refer to as detached houses, which are really townhouses with about 12" between them as to not be a TH or Condo, and not have the higher fees. Of course you won't get a lovely pool to sit out by, and pretty green grounds, but you will get a garage, and patio and maybe a few feet of area left for the dog. Anyway, better than a condo in my mind. They will have HOA fees, but more reasonable ones in the $50-$75 range.

Or if you don't mind being in the light "orange district" you will not have much problem finding something. Also, condo's are hard to finance, and I would think the "detached" home would make for a better resale, but this is a new concept to me, so not 100% certain.

Here's a cute small house with really nice back yard in the orange area: http://www.redfin.com/NV/Las-Vegas/6.../home/29224544

Here's an example of an "attached" house. This one even has a community pool. http://www.redfin.com/NV/Las-Vegas/7.../home/29061152

http://www.redfin.com/NV/North-Las-V.../home/29269731

[jghorton]

As a first-time buyer in today's market, you might want to consider a lease-option purchase. That will enable you to: (1) lock-in today's price for the next year or so; (2) accrue part of your downpayment out of your monthly lease fee; (3) truly evaluate what living in a house ... and a particular area will be like for you; (4) get a much clearer picture of the market in your area (I understand that the LV market is still all over the map ... and anything but, settled.

[modhatter]

Originally Posted by jghorton

As a first-time buyer in today's market, you might want to consider a lease-option purchase. That will enable you to: (1) lock-in today's price for the next year or so; (2) accrue part of your downpayment out of your monthly lease fee; (3) truly evaluate what living in a house ... and a particular area will be like for you; (4) get a much clearer picture of the market in your area (I understand that the LV market is still all over the map ... and anything but, settled.

Which brings up another thought. They have these neighborhood revitalization houses that they go in and rehab (not nec. in bad areas) and sell to homeowners (meaning not fighting the investors with cash) That might be an option too. Don't know the particulars on those. Maybe some Realtors could chime in.

[NLVgal]

I purchased on a first time buyers program back in a very different market. I put 3% down on a 117k home. The market went nuts a few years later, but seems to be leveling off. I think the 80k properties are going to cash investors at this point.

The monthly nut on a 100k property with a minimum down is pretty attractive right now. Less than rent. Good luck.

[I'm the ONE]

Real Estate scumbags are using this traditional moving season and low inventory due to postponed and shadow housing inventory from the banks to make you believe that we have reached housing bottom.

Just wait until October when prices start declining again.
Nothing is resolved......as a matter of fact it's even worst.

[AlphaBeta]

Originally Posted by modhatter

Or if you don't mind being in the light "orange district" you will not have much problem finding something. Also, condo's are hard to finance, and I would think the "detached" home would make for a better resale, but this is a new concept to me, so not 100% certain.

What is the orange district?

[eventusstultorummagister]

Originally Posted by AlphaBeta

What is the orange district?

Not the Presidio and not the Tenderloin, kind of in the middle.