renting

Should I buy a home – or keep renting?

That’s a common question these days, especially since everyone knows the cost of rent has skyrocketed in the years since The Great Recession. So many lost their homes at that time and had no choice but to move into rental properties; but now time has passed and many have gotten back on a little better financial footing. So the question comes up again: “Should I Own or Rent?” Good question.

However, it’s not simply the amount of your Rent Payment vs. a Mortgage Payment – although here in Las Vegas with mortgage interest rates still hovering around the 4% range, that alone can make owning a much more appealing alternative to renting.

That even takes into account the cost of maintaining your own home vs. those maintenance items being a landlord’s responsibility – because in many cases, the principal and interest payment to buy a home can be hundreds of dollars less than renting the same property.

But there are other economic factors that most people forget to consider when deciding between the two: How tax benefits can affect their financial bottom line for the better. Although the tax codes change yearly (so if you have any questions about this topic, be sure to get current information from your accountant), the following have been among the most common IRS deductions for homebuyers in recent years.

Home Mortgage Interest Deduction
Typically, this is one of the largest tax breaks available to homeowners. It allows you to write off the interest paid on your mortgage loan, which can be most lucrative during the first years of your mortgage (when the majority of your payment applies to interest, rather than principal). In some cases, this is even applicable to home equity loans. Certain limits to your loan amount do apply, but most typical first-time buyers fall into this category. When you pay rent – there’s no deduction for that. It’s just money out the door.

Mortgage Points Deduction
If you paid points on your mortgage in order to lower your interest rate, you may also be allowed to write off this expense on your taxes.

Property Tax Deduction
Nevada’s property tax rates fall about mid-range between all U.S. states – and the average American pays in the neighborhood of $2,500/year (just as an estimate). But whatever the property taxes for your home, they are a deductible expense when it comes to your 1040 filing.

Property Mortgage Insurance Deduction
If your mortgage loan includes Private Mortgage Insurance (PMI) – often the case if your down payment is less than 20% – depending on your income, you may be eligible to deduct this expense annually, as well. PMI generally runs between .5%-1% of the amount of your home loan, so this write-off could benefit even more on your taxes.

Tax-Free IRA Withdrawals for First Time Buyers
Saving money for your down payment got a little bit easier when the IRS allowed first-time buyers (or those who haven’t owned a home in two years) to break into their IRA’s for their down payment funds without having to pay the 10% penalty that applies to withdrawals before age 59-1/2. (Although we should note that your 401k plan does not qualify for that same penalty exception.)

Home Improvement
The rules for home improvement tax breaks vary often. For example, by taking out a home equity loan to finance major improvements, currently that loan could qualify for the same interest deductions as your main mortgage loan. But there is one important thing to remember: If you document and keep track of the improvements and upgrades you make on your home during the entire time you live there, you can deduct those costs down the road when you sell that home – thus lowering the amount of your Capital Gains Tax.

The ability to take advantage of tax benefits like those listed above really do affect your financial bottom line. Case in point: Consider that if you have a $250,000 mortgage loan at 4% interest, that’s costing you approximately $10,000/year in interest. With just that one deduction, you’ll save money on your annual tax bill. And when you combine the other homeowner tax breaks that could apply to your situation, that’s money that will stay in your pocket (or bank account) – rather than going into your landlord’s.

If you’d like more information about the many other benefits to owning your own home, give our crackerjack team of experienced Realtors® at New Home Resource a call and let’s talk about your specific situation, needs, and goals.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Wow. You’re about to be a first-time home buyer. That is a really, really big deal – and don’t let anyone tell you otherwise.

It’s a commitment – that’s for sure – of both your time and your money. But there’s something inherently different and satisfying about spending time working on your own home, and after all – we all have to live somewhere, so why not invest in yourself instead of a landlord’s real estate portfolio?

There is a lot to think about before you decide to buy, of course. For example: Is this the city you plan to stay for a few years? Do you know how much you can comfortably afford? Do you have enough down payment? (To find out more about that, we recommend you visit Premier Mortgage Lending to learn about their new 1% Down Loan Program.)

A while back, we talked here about many other things to consider before making the move from “Renter” to “ Home Buyer.” But if you’ve already reached the decision to start shopping for the perfect place to call your own, there are a few things about the process itself. Read on.

STEP 1: Get Your Finances and Credit in Order

In today’s rapid-fire real estate market, the last thing you want to happen when you find “The One” is to lose-out on it because you don’t have – or can’t get – mortgage loan approval. That’s why your first step should be to get a copy of your credit report. (You’re entitled by law to get a free updated credit report each year.)

STEP 2: Visit at Least Two Mortgage Lenders

Getting your credit report is great, but knowing how to evaluate it is something else. And there are many more steps in the mortgage loan process than just credit. You need to find out what those steps are, how your circumstances measure-up, if there are any things you need to fix or change, and discover how much of a mortgage loan you can qualify for. That last detail will also let you know the price range of homes you should be considering. (Trust us, there are few things worse than falling in love with a home that’s out of your price range!)

But why visit two lenders? Read our lips: So you can compare fees and interest rates. Not all lenders are the same – nor are all mortgage loans. Their fees can vary widely – from $0 to as much as 4-5% of your purchase price. If the interest rates are equal, you can see just how much your get-in-the-door / cash out of pocket will be. You’d be surprised how big the difference in cost can be. (And remember, just getting a loan estimate does not commit you to anything. You’re free to shop around as much as you want!)

STEP 3: Find the Right Realtor®.

Everyone has “a friend” who sells real estate. Or maybe it just seems like it. But our experience has been that once you reveal you’re in the market to being a home buyer, suddenly you discover that your cousin’s ex-husband’s sister-in-law’s best friend’s dog, Lulubelle, sells real estate – you should call her! We hate to be blunt, but here’s our take on that suggestion: W.R.O.N.G.

Why, you ask? (while thinking that we have an ulterior motive – which we don’t, but how do you know that?) Well, that’s precisely the point. You don’t know that. And you don’t know Lulubelle, either. Having a relative or friend that sells real estate is no way to choose your Realtor®.

First of all, if they have the experience, reputation and knowledge that you need in a Realtor®, you would already know about them. Those agents have spent long hours, days, months, and years building that reputation and gaining that knowledge. And they don’t typically need to go searching for new clients – because clients seek them for their expertise.

So, decide what area you want to live. And then do your homework to find out which Realtors® really know those neighborhoods. Interview them. Meet their team, because you’ll be working with them through this process, too. Ask questions and then listen to their answers. Your instincts will take you far in finding the right agent. The right Realtor® will be active in finding properties for you to consider, and help make the entire experience as seamless for you as possible.

Like we said in the beginning, buying your first home is no small decision. Plus, it’s the first of many, many decisions you’ll be making – especially in finding the home you love and getting a mortgage loan. Make it easy on yourself by putting a little effort into finding the best people for the job. Then – you just let them do their job, and you’ll have much smoother sailing.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

There are a lot of landlords in Las Vegas these days. In fact, ever since the Great Recession when investors took advantage of great opportunities in our city, the number of rental properties in Las Vegas has risen rapidly.

What hasn’t risen as rapidly is the number of quality property management companies. Notice our use of the word “quality.” Because as you know, when any new need in the market is filled – there are usually choices of great, good, so-so, and ‘stay-away-from-these-guys’ options for that service.

That’s why we would like to remind our Las Vegas clients and friends that New Home Resource Property Management is among one of the best choices that Las Vegas property owners can make – that is, if they want their rental homes to be managed professionally and cost-efficiently. And, all that while building a reputation that makes their homes the first choice of qualified renters.

Why hire New Home Resource as your Property Managers?

If any of the following reasons sound familiar, then we should talk:

• You have multiple rental properties.
• You don’t live near your rental property.
• Your time is limited.
• Hands-on management is not your preference.
• You’re inundated with too many tenant issues.
• You don’t want to hire “employees”, thus an independent contractor is your preferred option.

We’re in it for the long-term on your behalf, and we make it possible for you to rest easy knowing that virtually every detail of managing your rental home is being handled by experts. Even better, we provide a personal touch with dedicated software to stay on top of the details and allows you to be in the loop at all times.

That’s why you can rely on us to take care of it all – from marketing to finding and properly vetting new tenants, checking references, collecting rents, handling repairs, taking care of tenant complaints – even pursuing evictions, if necessary. We have the resources and the expertise to make sure it all happens smoothly, without a hitch.

The only thing you need to ask yourself is this: “How valuable is my time?” Let New Home Resource Property Management take the ‘tasks’ off your To-Do list and put them on ours.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

You know how sometimes you just need a change? And not just a personal change – but sometimes for your business, too. Especially if your business is in Las Vegas, because there’s always something new happening in this city – and the real estate market is no exception. At New Home Resource, we thought it was time for us to mix things up a bit– and the next thing you know, “Voila!” We have a whole new look for our website!

But not just a new look – a whole new way to navigate to find the things you need. Like what? Well, we thought you’d never ask! Allow us to give you a guided tour:

Easier to Find Exactly What You’re Looking For

• Search our gorgeous current New Home Resource property listings
• Search the MLS listings through our site
• Inquire about the value of your existing home
• Learn more about our stellar Property Management Services

Easier to Learn About Us

• You should want to know more about the people you’re doing business with. Fortunately, we’re not shy – we’re happy to tell you who we are, our experience, how to contact us, and let you know where to find us on Facebook, too.
• See what our customers have to say about New Home Resource on our Testimonials page. (May as well put your feet up, because there’s lots of reading to do!)

Helpful Information About Buying, Selling, Leasing, Owning, and Enjoying Your Home

• In our blog articles, we cover pretty much every topic from the local housing market to what to look for in a Realtor, how to shop for a mortgage lender, information for keeping your home maintained, insider tips for both buyers and sellers, statistics, interior design, landscaping, holiday décor, great recipes . . . you name it, and we’ve probably written about it. (Anything you’d like to see that we don’t have? Just send your topic suggestion to Joanna@NewHomeResource.com – we’ll be happy to explore it!)

Our goal – as always – is to make reaching your real estate goals – whether buying, selling, or renting – as smooth and worry-free as possible. We think our website now does a better job of reflecting that goal, too.

For more information about how New Home Resource may be the perfect match for your real estate needs, give us a call as 702.365.1000. Or <nudge/wink!> – you can visit our new website, too!

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

There are a lot of landlords in Las Vegas these days. In fact, ever since the Great Recession when investors took advantage of great opportunities in our city, the number of rental properties in Las Vegas has risen rapidly.

What hasn’t risen as rapidly is the number of quality property management companies. Notice our use of the word “quality.” Because as you know, when any new need in the market is filled – there are usually choices of great, good, so-so, and ‘stay-away-from-these-guys’ options for that service.

That’s why we would like to remind our Las Vegas clients and friends that New Home Resource Property Management is among one of the best choices that Las Vegas property owners can make – that is, if they want their rental homes to be managed professionally and cost-efficiently. And, all that while building a reputation that makes their homes the first choice of qualified renters.

Why hire New Home Resource as your Property Managers?

If any of the following reasons sound familiar, then we should talk:

• You have multiple rental properties.
• You don’t live near your rental property.
• Your time is limited.
• Hands-on management is not your preference.
• You’re inundated with too many tenant issues.
• You don’t want to hire “employees”, thus an independent contractor is your preferred option.

We’re in it for the long-term on your behalf, and we make it possible for you to rest easy knowing that virtually every detail of managing your rental home is being handled by experts. Even better, we provide a personal touch with dedicated software to stay on top of the details and allows you to be in the loop at all times.

That’s why you can rely on us to take care of it all – from marketing to finding and properly vetting new tenants, checking references, collecting rents, handling repairs, taking care of tenant complaints – even pursuing evictions, if necessary. We have the resources and the expertise to make sure it all happens smoothly, without a hitch.

The only thing you need to ask yourself is this: “How valuable is my time?” Let New Home Resource Property Management take the ‘tasks’ off your To-Do list and put them on ours.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

When it’s a seller’s market, competition among buyers is just a(n unfortunate) given. It’s great for the owner, of course – but frustrating when one home after another escapes your grasp because another buyer’s offer is accepted over yours.

Maybe that’s why just sometimes, a little out-of-the-box thinking can come in handy. Sure, money talks – but it’s not the only language a seller speaks. And if a buyer can be creative enough, they might just find a way to turn the tide in their favor. Don’t believe us? Here’s a few examples where going off the beaten path made all the difference for these buyers and sellers.

Pizza, Anyone?

As most people know, the real estate market in Portland, Oregon has been hot for a while now. So when Donna DeNicola found the home she wanted to buy last summer, she wasn’t surprised there were four other offers on the table ahead of her. In order to catch a break, her offer was above the asking price, she threw in free rent for the owners, and added one unusual clause: She would provide the seller with a free pizza every month for life. (By the way, Donna just happens to own an Italian Restaurant in Portland.) It ended up being just enough to make the difference for the sellers, because her offer was accepted over all the others.

How Much Is That Doggie In The Window?

Emily Reuter and Kyle Skellchock had spent months searching for a home in Washington, D.C. – and perhaps it was serendipity that led them to fall in love with a home that would bring a happy (and furry) ending to their search, and tremendous peace of mind to their sellers. The owners were selling their D.C. home to move to Florida, and weren’t able to take their dog, Buddy, with them. But as it turns out, Emily and Kyle fell in love with both the home AND Buddy, and when they discovered the seller’s predicament, were more than happy to offer Buddy continued permanent residence in his current home . . . as their new pet. The offer they made for the home was nearly identical to another potential buyer’s – but their willingness to take in Buddy made the difference to the seller. End result: They got the home, and the wagging tail, too.

The point, as we mentioned above, is that it’s not always about the money. As emotional as a home purchase is for the buyers, in many cases it’s even more so for the sellers. They’ve lovingly cared for it through the years and enjoyed many happy and loving memories there. And it’s not that uncommon for a seller to choose an offer (even if it’s the lowest) because they felt a kinship with the new owners-to-be.

We don’t deny that sometimes a little craziness can help convince a seller you’re the best choice. But when you’re starting out on your search for a home, be sure to get all of these ducks in a row first. They’re easy to do, and they give you just that much more of an edge when you might need it the most:

• Use a great Realtor™ and a lender who both have excellent reputations.

• Get your financing in place with a formal pre-approval letter in hand.

• Be prepared to put down a large earnest money deposit.

And when you do find the home you love, it won’t hurt to write a compelling letter to the sellers. Explain what you love about their home, why you want to live there, and perhaps share a bit about yourself. (And then maybe think about throwing a few pizzas into the deal, too!)

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

By Jennifer Riner, Trulia

Suffering through a long morning and evening commute is intrusive and can consume hours of your life every year. Unfortunately, work-related travel rose to 27.2 minutes in 2014 from 26.4 minutes in 2009 in the largest U.S. metro areas. Many Americans have taken the necessary steps to shorten their commute times, opting for apartments closer to work and placing low commute times at the top of their must-have lists, according to a Trulia study.

Renters have shorter commute times compared to homeowners in 43 out of 50 major metros, which adds up to one-and-half minutes per day, or 8.7 hours annually.

Cities with the Best Commute Times

Note: Census’ 2014 American Community Survey

While in some cities, renters fare better when it comes to getting to work efficiently, both renters and homeowners in Las Vegas benefit from low commute times. The average commute time for all Las Vegas residents is just 22.5 minutes, the fifth best out of all U.S. cities.

Las Vegas lessees have an average commute of 23 minutes, which is equivalent to Las Vegas homeowners’ commutes. If you’re searching for a home in Las Vegas, you’re likely to receive the same rapid work-related travel apartment dwellers get, as long as you choose a well-positioned neighborhood that’s not overly far from your place of employment.

How important are commute times to Americans?

According to Trulia’s analysis of Census data contrasted with an online survey by Harris Poll, Americans rank short commute times to work and access to public transportation second on their must-have lists – whether they opt for buying or renting in Las Vegas and beyond.

Millennial Americans are more inclined to search for apartments closer to work and worry about low crime rates after the fact. In the study, 22 percent of 18 to 34 year olds remarked that “shorter commutes to work” or “nearby public transportation” were more important than living in a neighborhood with low crime rates, while 14 percent opted for the latter as more pressing.

In Las Vegas, 95 percent of residents commute by car, while just 4 percent opt for public transportation. However, the Regional Transportation Commission of Southern Nevada (RTC) offers 38 routes and carried over 60 million passengers in 2015 alone. So if you don’t have a car in Las Vegas, you can still benefit from a low commute by taking advantage of public transportation options. Opt for apartments within close proximity of bus stops to make your morning and evening schedule a little less stressful each day.

Few things are more exciting than the adventure of moving to a new city. The possibilities are endless: There are new opportunities, discoveries to make, new friends, activities, exploring – it’s a big deal and a huge lifestyle change for most people.

One of the things that we’ve learned in our years of playing a role in helping people relocate to Las Vegas is that knowing who to call to set up your initial services, or who to contact for information about moving your business – or even just to know where you’re at (physically) in the Great Scheme of All Things Las Vegas – can be a challenge. Most folks are so busy with the “moving from” part that – once they land at their new home and are standing amid piles of boxes and the oh-so-necessary take-out food containers because you can’t find your dishes yet – that even if you were smart enough to make a list of local services, you probably won’t be able to find that, either.

So we wanted to lend a hand with a brief list of phone numbers and website links to services and agencies that will hopefully come in handy and make your landing in Las Vegas just a little bit softer. Enjoy! (then start unpacking!)

Where Is THAT?

This may be “home” now – but you might not be familiar with general areas of town, at least as it applies to major street names. For example, if you’ve just moved to the area of Wigwam/Pecos in Henderson – you’re not going to want to make a quick trip to the Trader Joe’s on Summa Drive in Summerlin (30 minutes+)

Smartphones and tablets will, of course, make the actual navigating easier – but few things compare to a visual image in your head of the general lay of the land. So here’s a map of neighborhoods/districts in Las Vegas you can click on to download (for everyone’s use).

My Internet Isn’t Working!

You planned ahead and got all those services turned on for your arrival – but argh – something’s not working right. No worries – here are a few handy phone numbers to help out with that:

Electric:

NV Energy – (702) 402-5555

Gas:

Southwest Gas – (877) 860-6020

Water:

Las Vegas Valley Water District – (702) 870-4194

City of Henderson – (702) 267-5900

Trash Pick-up and Recycling

Republic Services – (877) 692-9729

Telephone

AT&T – (800) 288-2020

CenturyLink – (855) 524-0369

Cox Communications – (866) 961-0027

Equiinet – (702) 789-6001

Nextiva – (800) 799-0600

Sprint – (866) 275-1411

Verizon Wireless – (800) 922-0204

Internet / Cable TV / Satellite TV

CenturyLink – (855) 524-0369

Cox Communications – (866) 961-0027

DirecTV – (855) 838-4388

Dish TV – (855) 839-589

You’ve Got 30 Days . . .

To get your new resident driver’s license and vehicle registration transferred. So – where do you go and what do you need for THAT? Here’s a hint:

Nevada Department of Motor Vehicles

Office locations

Driver’s License Information

Vehicle Registration Information

Forms

Business Contact Information

Are you planning to run a business in Clark County? Or Henderson? Or Las Vegas? Or North Las Vegas? Most people think you move to Las Vegas, and it’s a simple one-stop process to get your company up and running – but it’s a bit more confusing than that. So we’ll start you off with some basic information – and depending on your specific needs, these entities should be able to point you in the right direction and help you get the ball in motion.

Determine Your Business Jurisdiction for Licensing

Nevada State Business License

Secretary of State – Visit their website here for a list of FAQ’s

City of Las Vegas

Starting a business in Nevada

City of Henderson

Business License General Description

City of North Las Vegas

Business License

Clark County, Nevada

Fictitious Firm Name Registration

Business License FAQ’s

Nevada Department of Taxation

Information about Nevada’s Taxes and The Department

Goodness knows there are going to be many more adventures and plenty of errands to run – so enjoy the journey. You’re about to explore all the things that we Nevadans already know make Las Vegas a great place to live. Welcome home!

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

We’ve written before about many of the financial reasons that owning a home makes good sense (especially right now – with interest rates so low and rents so high). And you’ve probably seen many other headlines and articles explaining the monetary benefits that you gain when you buy a home, too.

But let’s set the money aside for a bit, and talk about the psychological aspect of being a homeowner. Because while saving money each month and building long-term equity in a property is certainly important for your future, there are few of us that get that “warm and fuzzy” feeling from our financial statements.

Ahhh…..but memories, that’s another story, isn’t it? Everyone has those – whether they’re happy or sad, they’re the things we cherish, or that spur us to achieve. In essence, they’ve made us what we are today – it’s just human nature. Those memories are formed by the people in our lives, things that have happened to us, and how we shaped our environment. And those three things are precisely what we’re referring to.

Relationships

There is a great sense of belonging to a community once you own a home. You feel more attached to the city and its people, and often even get involved with neighborhood and community events. When you’re a homeowner, you’ve put down roots – and you’ve done it in the midst of many other people with the same mindset. Your neighbors become your friends, sometimes even your family (or at least they seem that close). You form relationships that can last for years – even a lifetime. And as true as that is for adults, it’s even more important for children.

In a home of their own, kids have the security of knowing that “home” means just that. It belongs to them, and they don’t have to worry about suddenly having to change schools and reestablish their friends and lives at the whim of a landlord. They’re able to develop long-term friendships – indeed, they wouldn’t even need to think about them any differently. They get to know your neighbors, who will often watch out for their welfare, too. Studies also indicate better school performance and youth behaviors in children who live in a home of their own – in addition to greater self-esteem.

Research has long proven that people who have healthy relationships with others are happier and less stressed. Owning a home is one of the best ways to give yourself and your family the gift of building those friendships.

Freedom

One of the most overlooked reasons for owning a home is the freedom you get once you’ve achieved this major life goal. Many homebuyers discover that once they buy a home, other aspects of their personal life seem to just fall into place. It’s a huge accomplishment, and because of that, it gives people more confidence in themselves and allows them to pursue other goals in life.

On top of that, there are some incredible perks that come with the term “homeowner.” Just think about it: Your space is yours to do what you please. Indulge your passions with renovations (no reason you can’t have the greatest kitchen in the neighborhood!), paint, plant, and decorate to your heart’s desire. You can choose to make your home the gathering place for your friends and family by installing a pool and landscaping a back yard to die for – or put up holiday decorations that rival the White House display.

No more white walls and beige carpet (not to mention really ugly vinyl!). And no one but yourself to grant permission to enhance your environment (except maybe an HOA). This is your space. Make it beautiful, make it useful, make it playful – it’s all up to you.

Security

Owning a home is like a touchstone, it’s a way of anchoring your life to firm ground. It creates a solid base from which you can go forth in the world to accomplish many things, whether that includes raising a family or starting a business – or following a dream.

Other proven benefits of the positive impact of ownership is that it allows access to neighborhoods with better schools, and to better physical and social conditions. Single-family homes also tend to be maintained at a higher quality, have lower crime rates, and homeowners enjoy a heightened sense of personal accomplishment and social status. All of these elements together combine to lead to greater life satisfaction, resulting in better physical and psychological health.

Given these reasons alone, it’s no wonder that owning a home has always been “The American Dream.” When you combine them with the financial security home ownership offers, too – there’s no reason that dream needs to change, if you ask us.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!

It’s the rare individual who gets to leave their parents’ home and head straight into buying a place of their own. Most of the time, we’re in a hurry to declare our independence – and we see the biggest part of that as having a space to call our own (even if it is rented).

In a way, that’s a good thing. Because it gives us the opportunity to fully experience one end of the spectrum (renting). But on the other hand, it means that we don’t necessarily know much about the pros and cons of owning our own home. So we’d like to help lay out some of the more important reasons why you might – and might not – want to jump into homeownership with both feet.

Rent vs. Buy

Why to Buy? Here in Las Vegas, it’s been shown that renting can actually cost twice as much as owning. Got that? Twice as much. Ouch. So whether your budget is stretched by your current costs of renting or you want to get more square foot for your dollar, those who qualify for a mortgage loan (and there are more of you than you might think!) – should give some serious thought to making that investment in themselves and starting to build equity in a property, rather than contributing to their landlord’s coffers.

Why to Rent? If you’re not sure about where you’re going to be for the next five years (as a general rule of thumb) – then renting may be your smarter option. Those who may relocate for work or other purposes may not fare as well financially when you consider the costs involved with home and mortgage loan acquisitions, moving expenses, repairs that may be needed, etc. Having the freedom to move quickly for an important job opportunity can also play a deciding factor in the trajectory of your career. So if that’s a possibility – and you can’t afford to maintain two households for a short period of time while your current home sells – that’s another mark in the “reason to rent” column.

Financial Benefits

Why to Buy? In addition to paying less out of pocket per month for your monthly payment on a mortgage, you also have the assurance of knowing that your monthly mortgage payment stays the same – unlike rent payments that can climb regularly. (Unless you’ve opted for an Adjustable Rate Mortgage). There are also the benefits of tax write-offs. Your mortgage loan expense is deductible, and certain repairs or upgrades may carry tax benefits for saving energy resources.

Why to Rent? More flexibility, less responsibility. If you’re a renter and experience a life-changing circumstance – you’re able to adapt more quickly and relocate to fit your financial situation (as opposed to waiting to sell your home). When something goes wrong with the plumbing or the air conditioning, there’s no landlord to call and that (usually unexpected) expense is your burden. And if you’re focused on another financial goal entirely – starting your own business? planning to travel? or one of a million other reasons – then sinking money into a property may be pretty far down on your list of things to do.

The Psychological Aspect

Why to Buy? There is something reassuring about knowing you will always have a place to call “home.” The psychological impact of knowing when you lay your head down at night you’re in a place that belongs to you simply cannot be overstated. There’s no uncertainty of wondering if your landlord is going to sell, renew your lease, or raise the rent. For many – having the ability to paint, decorate, remodel, and make additions or improvements the way you want them is key. For some, it could be as simple as having your own garage or driveway to park your car. And if you’re a pet-lover – well, you know that owning has it all over renting in that department!

Why to Rent? Many people feel that those same reasons to buy are more of a commitment than they want to make. So if that worries you financially (or any other way), there’s definitely something to be said for renting and letting others carry the burden for you (aka, your landlord). If you’re still exploring career options or don’t know where you want to settle down yet, those are more reasons to delay buying a home of your own. “Freedom” is a powerful word, and everyone has their own definition of what it means.

Of course, these are just the tip of the iceberg, and there are generally as many reasons to buy – or not buy – as there are individuals exploring their options. The good thing is that for those who choose the security of a place to call a home of their own, the local real estate market is stable, interest rates are still low, and obtaining a mortgage has become easier and far more understandable than ever before.

Premier Mortgage Lending is one local Las Vegas mortgage broker that offers a variety of products – from true “No Fee” traditional loans, to second-chance financing (AnotherChanceNevada.com) that can help buyers get back into their own home as early as one day after a short sale or foreclosure. Plus, they make it easy to get started and see if you qualify with their secure online application process.

Still not sure where your chips fall on the “Buy or Own?” question? We’ll be happy to help you explore your options further. Just give us a call!

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!