Thursday, November 6, 2014

Why Rent when you could Buy? Renting vs Buying in Las Vegas

You are looking for a new home, but the questions lingers; should you rent, or should you buy? The average rent in Las Vegas is $1150 per month. Renting offers you no equity, no tax benefit, and no protection against regular rent increases. If you're paying rent, you are really just paying your landlord's mortgage.

Let's compare* the real costs of owing vs. renting in today's market:

 * Approximate Payment/Cost Comparison based on estimated annual tax results.  Based on 2.5 tax bracket and on estimated first year interest and taxes.  Recommend consulting with tax expert.  Payment based on FHA 30-year fixed rate loan with 7% interest rate, sales price of $125,000 and a loan balance of $121,250.  Interest rate/rental rates, prices, terms, and availability subject to change without notice.  See a qualified tax consultant for more details.

Many people think they have to rent because they believe they cannot afford to buy, but when you look at the average rent prices in Las Vegas, you could very well be owning a home for what you're paying in rent!

If you have not had a recent foreclosure, short sale, or bankruptcy you could very well qualify to buy a home! We can recommend qualified lenders to help you determine if you can buy a home, and how much home you can afford to buy. In many cases, they can do much of the pre-qualification process over the phone!

Our team of Las Vegas Real Estate Agents and home specialists at Foster Beckman Group are available to help you buy, sell or invest in Las Vegas property. Call us today at 702-686-2695 to see how we can help you with all of your real estate needs!