Owning vs. Renting Real Estate in Las Vegas
There are enormous advantages owning a
Las Vegas home vs. renting and a home payment may be
not more than what you're currently paying in rent. Take the
time to examine the alternative of owning Las Vegas real estate;
it could be more affordable than you think.
If your Las
Vegas home value increases by an average of 3% per year,
your investment will increase substantially. However, Las
Vegas home appreciation is averaging between 3% - 20%. A
typical Las Vegas home priced at $200,000 will be worth over
$450,000 over a 30-year period through compounding. Once the
mortgage is paid, equity acquired will be in excess of $250,000.
An average rental of $1,000 could increase to more than $2,500
without the reward of equity. There are also tax advantages
that will put money back into your pocket that is not often
considered as well. Having equity and leverage is one of the
major reasons for purchasing a Las Vegas home rather than renting.
The following hypothetical example will show the difference
of "Owning vs. Renting" Las Vegas real estate.
HOME $120,000 RENT
Down Payment (3%) 3,600 Deposit (1st & Last) $2,000
Total Loan 116,400
Principle & Interest 794 Monthly Rent 1,000
Property Tax 120 Property Tax -0-
Mortgage Insurance 40 Mortgage Insurance -0-
Cost of OWNING $954 Cost of RENTING $1,000
Plus tax benefits, which you could put in your pocket!
Owning Las Vegas real estate is the most important financial
decision people make and it's important to invest as soon as
possible to build your future. Pride of ownership is something
that has been the "American Dream" and a home in Las
Vegas could fulfill that dream.
Statistics prove that those who have invested in real estate
can look back with a sense of security and satisfaction since
housing needs are of the utmost importance.
There is no time better than now to purchase a Las Vegas property.
Determining factors such as whether the timing favors a buyer
or seller is to be considered. Interest rates are also another
consideration as to how large or costly a home can be purchased;
this will determine how much appreciation may result.
Location-location-location! That has always been the mantra
of real estate agents nationwide. However, history has shown
us that no matter where one purchases a home, it always reaps
benefits unable to be had by renting.
Establishing employment, credit, and a down payment are the
key elements in purchasing a home. However, there are multiple
programs that allow special professionals such as teachers who
may qualify for a low-interest, low-down payment opportunity
to purchase a Las Vegas home.
Although lease options are not likely to be found in a city
such as Las Vegas where the demand is so great, it is an excellent
way to live in a property with a small down payment that is
applied to a down payment for the purchase of the home. A lease
option, with growing appreciation, is the ideal plan for a future
investment.
If the owner agrees to offer a lease option, the two parties
agree on a price for the Las Vegas home that is locked in. Then,
they determine how long the time period of the option should
be. The good news is that by the time the option is due, the
property has built-in equity.
Whether it is a large property or small, a home or condominium,
purchasing a home is a way to invest and enjoy the comforts
of owning your own home.
If you are planning to purchase a home or relocate in the Las
Vegas area, contact
us for a prompt response. We invite you to visit our website
to view updated daily listings of Las Vegas homes at Free
Las Vegas Homes MLS Search
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Equal
Housing Opportunity