Home Buying in Las Vegas>Question Details

Jestelle.del…, Home Buyer in Pico Rivera, CA

Purchasing a home instead of renting when relocating.

Asked by Jestelle.delarosa, Pico Rivera, CA Fri Jul 25, 2014

My husband and I are considering relocating to Las Vegas from San Diego. We would like to purchase a home rather than rent when we arrive in Vegas. Is it possible to purchase a home while in the process of relocating in order to avoid renting?

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Answers

8
Absolutely. It just depends on whether you have a home to sell in San Diego or whether it is already under contract contingent on closing. If you can qualify to own both homes that will also work but is generally scary holding two mortgages.
0 votes Thank Flag Link Tue Aug 5, 2014
Great question, Jestelle, I have written several blogs on the benefits of buying verses renting, and since in Las Vegas 60% of all rents are higher than if you purchased the same residence, in most cases, owning saves you on your monthly payment.

In addition, with appreciation and tax write offs, owning saves you $8,000 a year. How is that for Return on Investment = ROI?

You can go to this webpage where you can do a property search according to monthly payment.

http://webhosts.ihouseelite.com/Web/AR475125/CustomContent/i…

Do you have to sell a home in CA? When will you be moving?
Feel free to contact me for up to the minute information on getting the best deal possible in the Las Vegas Market! drichardsnv@gmail.com
Daniel
0 votes Thank Flag Link Tue Jul 29, 2014
Renting is best option to avoid a Finacial TUMBLE & lost deposits done too quickly!
0 votes Thank Flag Link Tue Jul 29, 2014
Anything is possible but it would elp immensely if you knew a little about the area. Buying "sight unseen" is a huge "roll of the dice." This being said, becoming as familiar with the Vegas marke as possible with the support of a local full time agent is highly recommended. Of course, getting started and allowing yourself some lead time whoul be helpful as well. Having someone there(friend, relative, associate) that can act as your eyes can be help as well.

Good luck,

Bill
0 votes Thank Flag Link Sat Jul 26, 2014
It's certinly possible but I would highly recommend that you and/or your husband plan on spending time there in advance of your move so that you can figure out where it is you want to live in Las Vegas. Flying into an area you may not know well and rapidly purchasing a property could create some issues were you to discover later that where you bought really isn't where you want to live. There are things like school districts, traffic patterns, proximity to work, crime rates etc that all homeowners need to consider and when you're not really familiar with a place it's difficult to know who to listen to for advice.

If you wish to avoid renting for 6 months or so while you begin to figure out, then you should definitely plan on spending 7-10 days there at a minimum to carefully look over neighborhoods with an experienced local agent before making a decision.

Best of luck and happy house hunting.
0 votes Thank Flag Link Sat Jul 26, 2014
Hi Jestelle,

I don't blame you for not wanting to rent! And who wants to move twice?

It is indeed possible to purchase a home when you are relocating to another state. The first thing you need to do is talk with a mortgage lender and make sure you have a good plan in place for financing. If you are currently employed, the lender can help you figure out if you need to purchase your home in Las Vegas as a vacation home before you quit your jobs in San Diego.

Your lender can also establish how much home you will qualify for here so you can start your online search and make sure this move is a good one for you.

We can highly recommend All Western Mortgage in Las Vegas. They are the largest local lender in the Valley, and they have the lowest rates and fees. You can contact them at 702-353-6011 or via email at akearney@allwestern.com.

Are you familiar with the neighborhoods in Las Vegas? Below are links to descriptions of all the main communities in Las Vegas and Henderson that you can review to figure out where you might like to live:

http://www.greatlasvegashomes.com/las-vegas-neighborhoods.php
http://www.greatlasvegashomes.com/henderson-homes.php

And of course if you have any questions about living in Las Vegas, we would be delighted to answer them for you. We have lived in Las Vegas since 1979, so we should know the answers.

Hope this helps!

Diann Tonnesen
Berkshire Hathaway HomeServices
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
0 votes Thank Flag Link Sat Jul 26, 2014
It is absolutely possible to purchase instead of renting. I would love to offer you a home buyer's guide and relocation guide specific to the Las Vegas area to help you with that decision. Almost 100 pages packed with information about the area and buying a home in the Las Vegas valley. You may contact me at 702-580-1783 for those free guides.
0 votes Thank Flag Link Fri Jul 25, 2014
If you are able, you can purchase anytime you like! If you dont already have a Realtor, go to Trulias "Find an Agent" feature to find local Agents who are available to assist you with your search.

Best of luck with your relocation!
0 votes Thank Flag Link Fri Jul 25, 2014
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