5 Things to Know About Owning a Home in Nevada
home in Nevada
For those ready to take that next big life step, buying a first home is as exciting as rewarding. However, it is not a step to take lightly, and there are certainly some ways to make the experience smoother.
As one of the country’s fastest-growing master-planned communities in the country, the Cadence team has created a shortlist of essentials each buyer should know before purchasing a home in Nevada.
On top of it all, different states have different laws and buying climates that prospective homeowners should consider before signing on the dotted line.
What to Know
1. State of the Market
At the current time, meaning mid-2021, the country as a whole is experiencing a housing crisis.
Costs of lumber, as well as millennial homeownership demand, are creating a seemingly ever-growing bubble.
However, in some lucky states such as Nevada, there are more homes on the market than buyer demand, which puts future homeowners in a great position to get a deal.
In addition, Nevada property values are continuing to climb, making it one of the best buying climates in the country.
2. House Hunting
Finding the right home is not as easy as peeking at general listings— that is, if you want the ideal home.
Before purchasing a home, prospective buyers should ask themselves the following questions:
- How is the neighborhood?
- Is there an HOA?
- Is there extra/hidden monthly fees?
- Is the area safe?
- Are repairs necessary?
- Does the area have growth potential?
- How are schools in the area?
Too many homeowners in Nevada fail to consider the above questions before finalizing their decision and lock themselves into a less than ideal situation.
Before making any final decisions, be sure to contact Cadence. Whether you choose to buy within or outside of our community, we know the Nevada housing ropes.
3. Financial Requirements
Of course, before getting too far into it, make sure you do a thorough evaluation of your current financial situation.
Not only will your situation impact your buying options, but it will influence your quality of life for years to come.
Here are a few things to be well aware of:
- Credit Score
- Debt-to-income ratio
- Down payment requirements
- Closing costs
- Homeownership costs (this includes property maintenance if applicable)
There is a lot more to buying a home than the listed price of the house. Be well-prepared for the decisions ahead by paying attention to your current situation as well as the finer details of your home purchase.
4. Making an Offer
When it comes to making a reasonable offer, there are a few critical things to consider:
- Find a way to get pre-approved
- Don’t max out your budget
- Research thoroughly
- Don’t lowball
- Limit contingencies
- Be patient and try to remove emotion from the process
5. What to Expect at Closing
At closing, you will carefully review and sign applicable legal documents provided by the lender, and your mortgage will be officially issued, making you the official owner of the property.
At that point, the loan proceeds equalling the purchase price will be distributed to the seller.
It’s typical for a close to take between 30 and 45 days after initiation of the loan process.
The end of the tunnel is officially reached on signing day. Once you put down the pen, you would officially be a homeowner.
Takeaways
Buying a home in Nevada isn’t a decision made lightly. The process is much the same, whether you want to purchase an apartment, condo, townhome, or house within or apart from a master-planned community.
It is helpful to have people on your side who you can trust and who have your best interests in mind during such a critical time.
For precisely that reason, the Cadence team has quickly become among the most trusted in the nation regarding homebuying expertise.
If you are interested in a home in one of the country’s best housing markets, contact Cadence in Henderson today.
We are always happy to help.
Category: Housing
