Financing Your New Home

Looking for a home can be a challenge. Finding the right location, the right features, the right size, new build versus resale and so many other challenges to consider. The single most important aspect you will face in buying a home is affording it. No matter what the size or the price tag, you have to be able to pay for it. In Nevada, the average household income is $52,800 and the average price of owner-occupied homes is $169,100. The reality is that people who want luxury will not find it for under $169,100. How do people afford the homes that they really want? (Source: Nevada Quickfacts)

One way that people can afford the homes at Turnberry, Trump, Vdara, The Martin and off the strip in areas such as Southern Highlands, Red Rock Country Club, Aliante and many others is to pay cash. Paying cash is the easiest and least time-consuming way to purchase a home in the valley. Many times, closing on a home or high rise can happen in as little as 10-15 days if paying in cash. One thing to keep in mind is that in Las Vegas many had seen huge discounts for people paying cash. While discounts for cash buyers are still common, they are not as great as they once were. Many sellers (including luxury sellers) want fair market value for their homes. Many are willing to wait a little longer for the right buyer with the right offer.

Not everyone can afford to buy a home in cash. In a market such as Las Vegas that has seen the highest of highs and the lowest of lows, where our current market is on a slight rise, financing is highly important. A good rule of thumb on what you can afford when determining a home price is to multiply your annual gross income by three. If we do that to the $52,800 average household income in Nevada that would mean most people could afford  a home priced at or below $158,400. This assumption is pretty consistent with the average price of owner-occupied homes. For those of us looking to finance homes, it is important to remember what most lenders will need to maximize our opportunity at being pre-qualified for a home mortgage loan.

1. Gather all appropriate documentation. I typically advise my clients to remember the magic number of two. Most lenders will require the last two years' tax returns, last two months' bank statements and the last two paycheck stubs to start out. Many lenders will also ask for additional information unique to your own situation. Some people have past bankruptcies, litigations, trust funds, child support, alimony, etc that will also impact your available income and must be shared with the lender to determine what price point a client may qualify for.
2. Be honest. I always let me clients know that your information is confidential. Regardless of the lender or real estate sales agent you choose, your personal informational is confidential and is protected by law. If there is something that is relevant to your financial reality, it must be shared with your lender. If you can only afford $600 a month, do tell your lender so that he or she can determine what is realistic and comfortable for you.
3. Leave your credit alone. Some people think that paying off and closing credit cards will help them, but in reality many times this hurts a client. A closed credit card may have been one that the client had a long-standing positive relationship with that would demonstrate that the client is credit-worthy. I always tell clients, if it involves your social security number, do not do it without consulting with your lender first! I also let clients know that any changes in behavior such as unexpected cash deposits, paying off all your credit cards, or any new credit needs be discussed with your lender BEFORE you do it. Failure to do so, could result in being denied for a loan.
4. Be realistic. Remember the $600 a month mortgage mentioned above? Those mortgages are out there when the amount financed is low. You will not find a $400,000 home for $600 a month unless you can bring in over $300,000 in cash for your down payment. It is okay to recognize that you may not be ready to buy a home and that waiting or starting small is ideal for you. A good agent will always understand and will be supportive of your long term goals. Do not feel obligated to move forward with a transaction that you cannot afford.

Overall, buying a home whether as an investment or to live in is a big investment. It can also be a time of great fun! Enjoy looking at the variety of homes Las Vegas has to offer.

High Rise Condominium Versus Condo Hotel

With Las Vegas being such a top destination and attracting millions of tourists each year, it would seem that regular people do not live here. However, the reality is that Las Vegas is home to millions. With the increase in high-rise properties available for sale, many people think that all Las Vegas residents live in a hotel. Those who live in Las Vegas assume that some of these high rises are strictly hotels without gaming. With so many conflicting opinions it is important to get the facts.

First, the Las Vegas valley has seen some great strides and rebounding from a failing economy that had plagued the valley for some years. With real estate seeing economic growth, there was more opportunity to grow the valley. With Las Vegas being such a touristic environment many locals or people relocating here would like to take advantage of living with the same amenities that many tourists experience. A condominium is building or a set of buildings that are comprised of individually owned units. Here in Las Vegas we have seen several high-rise condominiums develop such as Allure, Sky, One Las Vegas, Turnberry Towers and many others. These are condominiums that are strictly for residential use but provide amenities such as valet parking, security, onsite concierge services, workout facilities, and many others. A high-rise condominium is often times luxurious but is only to be used for residential use. Many have restrictions on rentals, meaning that they may be rented for long-term residential tenants but not for short-tourist stays.

On the other hand we have condo-hotel properties. A condo-hotel is a condominium property that is operated as a hotel. These properties appeal to people who are looking for an investment or who maybe frequent Las Vegas and would like to own property in Las Vegas without the hassle of maintaining a second home. Most if not all condo-hotel properties are sold 100% move in ready. They not only feature the furniture that is seen in the model, they may also offer the artwork, appliances, linens, utensils, etc. Condo hotel properties allow for owners to live in their own unit, lease the unit to a long-term tenant, or participate in the rental program and rent the unit to tourists. As long as the owner maintains the property in its original condition, the owner may participate in the rental program that is managed by the hotel. In a condo-hotel, the property is managed and maintained by a professional management company. This professional management company takes charge of advertising and booking tourists for stay in the hotel and use a randomized system for placing guests in your room. They also make sure to inventory the items in your unit and replace any lost or damaged items. They provide the cleaning and maintaining of your unit. Whenever you as the owner would like to stay in the unit, you notify the management company and they remove your room from the rotation. In Las Vegas, there are over 39 million tourists per year as reported by the Las Vegas Convention and Visitor’s Authority and hotel occupancy is typically over 87% per year. What this translates to is that your unit is likely to be filled 87% of the time! That is a great opportunity for a healthy return on your investment. Las Vegas offers many condo hotel properties such as Trump International Hotel, Palms Place, The Cosmopolitan Las Vegas and several others.

Whether you are interested in becoming a resident owner or an investor owner, call me today for more information and available properties at pscotthomes@gmail.com or 702-501-9531.

Turnberry Towers Luxury Living

Driving through the guard gated community, I proceeded to the West Tower where the sales center is. The staff of course was highly attentive and eager to welcome me. I felt the 24 hour security here was very good. Not only did they know I was not someone who was always there, they also made sure to verify that I was supposed to be there before letting me in. Driving into the facility, it feels as a regular neighborhood and it is easy to forget that it is just a block off the Las Vegas strip. Once I entered the property, it did offer a luxurious resort-style feel.

The units here are competitively priced. The condominium homes offered for sale range from one, two and three bedroom floor plans and start at approximately $244,000. The layouts are functional and spacious and do have the "wow" factor. With high-rise living it is not just about the amenities, but also that you are getting what you pay for. With Turnberry Towers, I noticed that while their pricing is competitive, their units are also slightly larger in size than some of the other high-rises I have visited. The main thing to note here is that you still are able to get the spectacular views of the Las Vegas strip and are close in proximity, but still located just slightly off the strip and can live a more normal life. It has great and convenient access to the airport, convention center and monorail.

Although the units are not furnished, the appliances provided are of high quality, the flooring being currently offered is upgraded wood flooring throughout which makes it easy to clean and maintain for families or investors. For investors, Turnberry has a multitude of options. You may purchase a unit that is ready to go, ready to be built out with additional options to be selected, or even select a unit that already has a qualified tenant in place.

All in all, the experience at Turnberry Towers was lovely and I was pleasantly surprised. Contact me for more information or to schedule a private viewing. (702) 501-9531 pscotthomes@gmail.com.

Trump International Hotel

It is a running joke here in Las Vegas that most people who are not from Las Vegas assume we all live in a glamorous hotel on the Las Vegas strip. What if you could live in a glamorous hotel on the Las Vegas strip? Trump International Hotel offers just that and more. On my recent visit to Trump International, I was highly surprised and blown away at the luxury and glamour that goes along with living inside the Trump property.

Trump International is the last property offering new condo-hotel living. The property is a fully staffed % Diamond Hotel property, however each individual unit is privately owned. Most of the condominium owners participate in the hotel rental program where their unit is rented out as a destination hotel room on their behalf. Purchasing a property inside Trump International comes not only with the advantage of a highly competitive market rate but an attractive rate of return.

Trump International features a beautiful pool, full service- spa, multiple restaurants, concierge services, valet parking, and a workout facility with state of the art equipment. The Hotel is also equipped with meeting and banquet rooms.

Each unit comes fully furnished, decorated and supplied. Everything you see in the models is exactly what you get in your own property all the way down to the glassware! Hotel residents have use of all the hotel amenities as well as unlimited use of the spa and sauna.

For those wishing to participate in the hotel rental program, peace of mind is definitely provided through Trump International Hotel. On a daily basis, maid service is provided to your unit along with an inventory of each item. Should a hotel guest damage or remove something from the unit, they are charged an incidental fee and the article or damage is replaced or corrected at no charge to the owner. According to the Las Vegas Convention and Visitor’s authority, occupancy on the Las Vegas strip is at 87.4% during the week and 90.8% on weekends allowing for a great likelihood that your unit will rent out with no problem a majority of the time.

For those owners who choose to participate in the hotel rental program part of the time and utilize the facility themselves the rest of the time, an owner’s locked closet and safe are provided in each unit to securely store personal belongings as you travel back and forth. Additionally for those owners wishing to take advantage of the many tax benefits of the state of Nevada, Trump International Hotel offers onsite addresses and mailboxes!

Trump International Hotel provides all of the glamour and luxury associated with a Las Vegas resort for those wishing to call it home. For more information or to schedule a tour, please contact Priscilla Scott (702) 501-9531 or pscotthomes@gmail.com.

Veer Tower Luxury Condominiums Las Vegas

In the past, I used to watch television shows that portrayed luxury high rise condominiums as a commodity only in New York City. However, now that I see them popping up in places across the country and in particular here in Las Vegas, I am ecstatic! Who wouldn't want to live in a luxury building with several amenities and conveniences right in the heart of it all?

Las Vegas is definitely a booming city, even with the high foreclosure and unemployment rate. People travel here daily from all over the world. It is truly the city that never sleeps with a 24 hour 'round the clock lifestyle. Although this city is home to much drinking, gambling, and outrageous nightlife parties and clubs; this is still a city in which people live and work and some even play. City Center was initially and MGM project and evolved into several other key plays getting involved in the project. The Cosmopolitan of Las Vegas is home to Marque Nightclub, reportedly the best grossing nightclub in the world! There are numerous designer shopping establishments such as All Saints, Louis Vuitton, and much more! Let's not even get into the food!

In addition to visiting and frequenting these great luxurious destinations, why not live there too. Veer Towers offers so much for its residents. First of all, the must of all musts is the gorgeous pool that sits on the top that all residents have access to. Veer also offers valet parking service with no limit to how many vehicles an owner can have. They also have valet services for guests. The building is also stunning with floor to ceiling windows that line every unit through which some units have a spectacular view of the strip and the Bellagio dancing water show! There is a workout area, a full concierge, and let's not forget the incredible walking distance to a World Class City!

Last, I checked units range from $500,000 to $2 million which is generous considering the numerous amenities! Call me for more information and I will gladly accompany you on a tour of Veer Towers! 702-501-9531