Las Vegas, NV Area First Time Buyers to All Cash Investors: Does it Make Sense to Buy a Home Right Now?
Can you own for less than renting? Can you own a rental and see a decent monthly return on your investment?
Weekly feature w/ 4 homes in different areas of the valley designed to help people from first time buyers to all cash investors to see if the numbers make sense!
Address: 7103 S Durango Dr #209
- Features: SW Las Vegas: Gated Community w/ 3 Pools, Tennis, Gym
- Price: $74,900
- Rental Comps: $750-850*
- Estimated FHA Monthly Payment: $680**
Address: 447 N 13th St- Features: East Las Vegas: 3 Bedrooms, BASEMENT! 1568 Sq Ft
- Price: $92000
- Rental Comps: $950-1050*
- Estimated FHA Monthly Payment: $690***
Address: 994 Trinity Pond Cir- Features: Henderson; 1860 Sq Ft, REO, 2 Car Garage
- Price: $180000
- Rental Comps: $1400-1500*
- Estimated FHA Monthly Payment: $1386****
Address: 5741 Dazzling Sparks St
- Features: North Las Vegas; 1622 Sq Ft, Large Lot!
- Price: $128400
- Rental Comps: $1100-1200*
- Estimated FHA Monthly Payment: $1012*****
*Rental Price: Comparable range based on terms. Lower end rental price = more conservative lease terms based on best credit and 1 year + lease. Higher end rental price = more liberal lease terms with OK credit, pets allowed and shorter than one year lease terms. All prices based on date of this post. Comparable rental range is not net, it does not factor in the price of repairs, holding costs, property management fees, etc. I will be happy to send you the rental comps via email. Simply request "rental comps for " at email address: Renee@ReneeBurrows.com.
** $74,900 $110 HOA taxes $929/year
- Loan Amount $73,924
- Rate ******5.375% APR = 5.811%(with 1 point)******
- Principle and Interest = $414
- FHA Mortgage Insurance = $34
- Est Taxes = $77
- Est Homeowners Insurance = $45
- HOA = $110
- Total Payment = $680
*** E $92,000 $0 HOA taxes $1145/year
- Loan Amount $90,802
- Rate 5.38% APR = 5.672%(with 1 point)******
- Principle and Interest = $508
- FHA Mortgage Insurance = $42
- Est Taxes = $95
- Est Homeowners Insurance = $45
- HOA = $0
- Total Payment = $690
**** $180,000 $28 HOA taxes $2836/year
- Loan Amount $177,656
- Rate 5.38% APR = 5.683%(with 1 point)******
- Principle and Interest = $995
- FHA Mortgage Insurance = $81
- Est Taxes = $236
- Est Homeowners Insurance = $45
- HOA = 28
- Total Payment = $1386
***** $128,400 $21 HOA taxes $2140/year
- Loan Amount $126,728
- Rate 5.38% APR = 5.611%(with 1 point)******
- Principle and Interest = $710
- FHA Mortgage Insurance = $58
- Est Taxes = $178
- Est Homeowners Insurance = $44
- HOA = 21
- Total Payment = $1012
******Rates are as of 11/25/2008 and based on a 30 year fixed FHA loan on approved credit and income qualifications. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. Call for financing details 702-966-2494 option 3.
All properties listed here are brokered by Nevada Realty Solutions, LLC. Call 702-966-2494 option 1 (Para español presione el cuatro) for more information on properties.
Also check with your tax advisor for the potential tax benefits of owning a home.
Grant and Bond 100%, Zero Money Down Opportunities for First Time Buyers.
Hey, great post. Thanks for the information about your area.
Hi Renee! GREAT breakdown and proof that it is best to buy than rent for first timers! The first two show a huge savings as buying vs. renting! With the new interest rates, it is the BEST time to get into a new home for first time buyers!
Happy Thanksgiving girl!
Brian: You are welcome and thanks for stopping by!
Debe: Happy Thanksgiving too!! It is a splendid opportunity for those who qualify! There is an unbelievable amount of down payment assistance in the form of grants and bonds for those first time buyers, WOO HOO!
Love the new Burrows breakdown...almost as nice as the Bloom breakdown:) Happy Thanksgiving!
Neal: Nothing can be as cool as the Bloom Breakdown :)
Renee: With the tax benefits of owning, it makes an even bigger difference. That mortgage payment will FEEL like so much less with the additional money they keep out of their paychecks each month, or get back in a lump sum at tax time. Graet post.
Chris Ann: Good point! I try not to guess what people's tax brackets are but now you can write it off even if you don't itemize (from what I understand!)