Fees to Consider When Buying a House in Las Vegas

1. Fees to Consider When Buying a House in Las Vegas By - https://joehomebuyerlasvegasbar.com/

2. 1. Closing Costs In 2021, the average total closing cost in Las Vegas came out to be approximately $5,585, or 1.4 to 1.86 percent of the home sale price. Before preparing to buy a house in Las Vegas, acknowledge the often concealed closing costs and then budget accordingly. Some of these hidden fees include appraisal fees, inspection fees, document fees, and origination fees. Appraisal and inspection costs typically range from $300 to $450, while document preparation fees cost between $50 and $100. A home inspection provides a report on the condition of the house, including the air conditioning system, roof, insulation, foundation, and windows. It ensures that there are no significant red flags in any of these areas. Similarly, an appraisal evaluates the property’s condition and needs and uses that information to estimate a home value. Loan origination fees can be anywhere between .5 and 1 percent of the loan amount, making up the largest portion of the total closing cost.

4. 2. Taxes Property taxes, which average out at 3.3 percent in Las Vegas, are paid in four installments in January, March, August, and October. For a house with an estimated taxable value of $100,000, the annual property tax would be approximately $1,151. Property tax abatements can help reduce these crippling fees by freezing or capping tax rates in exchange for home improvement or rehabilitation. Consider buying a house that already qualifies for tax abatement or invest in eligible property and make the necessary upgrades to qualify. Las Vegas offers a 3 percent cap on the tax bill of a homeowner’s primary residence and an 8 percent cap on the tax bill of unoccupied residences. The entire state of Nevada provides a tax abatement for buildings considered “green”. Individuals can qualify for this tax reduction by maximizing their home’s energy efficiency and reducing its environmental impact.

5. 3. Utilities Utilities are a commonly overlooked expense in home buying, especially when they are separate from the monthly mortgage payment. Before committing to buy a house, be sure to ask questions regarding payment for water, electricity, Internet, sewers, and trash.

6. 4. Moving Costs Depending on the size and quantity of your furniture and belongings, moving vans and even moving crews may be a worthwhile investment. As you consider homes to buy, account for expenses such as vans and packing supplies (boxes, bubble wrap, trailers, etc.), as well as any time needed off of work. Upon moving in, you may encounter rotted wood, chipped paint, and other less-than-ideal circumstances. Be wary of the concealed but inevitable reparation and update costs before buying a home.