Here we go again: Christmas is over and new 2014 is just around the corner! We all love to make new year resolutions and setting new goals!. If you’re planning to buy a Home or High Rise Condo in Las Vegas come 2014, there are some New Year resolutions you’ll need to make: getting your credit and money matters in order, choosing the right real estate and mortgage lender and so on
Take a look at some that I suggest to put on your top propriety list to make the very most out of your Home or High Rise Condo buying experience in 2014 :
1. Do your own reading If you plan to close escrow on your property in 2014, you’ll have plenty of documents to sign in the year to come. I encourage you to get out in front of all these commitments you make to others first and foremost make critical commitment to yourself:
Read everything ! Speak up for yourself, ask lots and lots of questions !
Read. Depending on how many homes you view and how many offers you make before you find “the one,” you could end up being asked to review and acknowledge thousands of pages of disclosures and contracts over the coming months. Do yourself a huge favor that seems obvious but is harder than it sounds: read them. All of them.
Even if you have made offers on several homes or condos before, you do need to actually read the current offer before you sign it. Same goes for seller’s disclosures, inspection reports, HOA documents and loan closing paperwork. Keep in mind it can vary from state to state , especially in the markets like here in Las Vegas we have lots out of state and foreign buyers Ask your agent to help you get documents via email, throughout the process, as early as possible before the deadline for signing them. You can read them at your convenience, without feeling pressured, in the comfort of your own home. This allows you to make a list of your questions and concerns and to send them to the appropriate parties to be addressed while there’s ample time.
Once you read and review documents, or even while you’re physically in a home or meeting with one of your agent or mortgage broker , make it a practice to speak up for yourself. Get into the habit of asking questions, even when you think they should be obvious, it’s ok to ask twice, if you don’t understand the answers you were given. Make sure all your concerns about the deal are addressed before moving forward with the deal , be comfortable with all aspects of the transaction before you remove contingencies, rendering your deposit non-refundable.
Decide that in you’ll be an assertive advocate for your own interests and needs in the context of this transaction no matter what type of personality you are !
2. Do your own math Figure out your own monthly income and expenses, budget for what you can spend on housing every month without skimping on your savings and investing, and go into this home buying experience telling your professionals what you can afford. Don’t rely on others to do your math for you, no matter how much you hate math. Sit down and just do it. There’s a 90% chance it’ll be less painful and less time-consuming than you think. If it is an investment property or vacation home like we have a lot here in Vegas, especially in the High Rise Condos, make sure you know what your monthly expenses are and check out the rental rates to see what the return on your investment is especially if you are paying cash for the property
3. Take a long-term view. It is super tempting, especially when a market is rising as it is now , to try to hurry up and buy out of the fear of being priced out. I meet more and more buyers take shortcuts in their planning process, counting on the rise in market values to make it easy for them to sell if they need to, in the short term. This is true in some cases , depending on the type of the property, however, given the costs of simply doing a real estate transaction, it’ll be difficult to sell and cover even transaction costs if you are forced to do it in the year or so following your purchase especially when we are talking about your primary residence
Buy a home or a condo based on: how much space you’ll need, what sort of property will work for your family where you’ll want to live, location-wise and what you’ll be able to afford for at least the next 5 years.
If you think any of these things will change significantly in that time frame, and you know how you’ll expect them to change, buy your home for what you’ll need at the end of that period. If you have no idea how they’ll change, consider whether it’s sensible to buy at all – your agent and financial planner can help you make a decision based on your market and your personal life.
4. Ignore the noise. When it comes to real estate , you’ll find that everyone has an opinion. Doesn’t matter if they’ve never owned a home. Doesn’t matter if they live or own the property in Las Vegas or if you know them or not. As soon as you mention that you’re in the market for a home or condo, you’ll find that most folks in your life will chime in and have something to say, regardless of whether you requested their opinion.
You might have certain people in your life who know you well, who care about your best interests and whose opinions you respect, then of course there is nothing wrong with that. But here’s the deal – everyone who offers an opinion is not qualified to give it, many people will attempt to spread their fear and cause you to second-guess your own plans out of their own personal traumas, dramas and poor past decision-making or – worse yet – out of their own views about you and how you might change if you move forward with becoming a new home owner. My advice is to take in what’s helpful, benefit from others’ mistakes, and then ignore the rest. Take their opinions with a grain of salt.
5. Enjoy the ride. So many people brace themselves for tension, drama and upset before they buy a home. And you know what? They find it! It’s wise to expect the unexpected, commit to going with the flow, and build in cushions of time and money to all your estimates and expectations. That flexibility alone can help you to retain your sanity, and will make the difference between the ability to close your transaction or not ,remember that not all transactions are created equal !!
Buying takes a long time, so deciding to enjoy it is to make a decision not to put your life on hold , but rather to flourish and thrive by gathering up the multitude of powerful takeaways you can find in the process such as getting to know the area (on top of the home itself!).Make it fun !! Picking the right real estate professional is the big part of it so they can show how simple and fun it can be !!
So seize the moment , and make a resolution that if 2014 is going to be The Year of the Home for you, it’s going to be enjoyable, not just at the end – but throughout, come what may !!
Have a Happy New Year !! Cheers From Las Vegas !!