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Tips 1
Mortgage Tips
1. Don’t extend your mortgage period
The big refinance mistake people make is refinancing into a new 30-year mortgage even though they're already 5, 10, or 20 years into paying off their existing mortgage. Even though you're paying a lower interest rate on the refinance, there's a good chance your total interest payments from what you've already paid on the existing loan and what you'll pay on the refinance loan will add up to a lot more than if you just stuck with the original mortgage.
Use a Mortgage Counselor
Just as you can get debt counseling help, you also can get mortgage counseling. What to look for: a nonprofit service with counselors who are HUD-certified. However, not all counselors can be trusted. "Beware of foreclosure rescue companies or organizations that bill themselves as counseling organizations" but are for-profit, says Fishbein.
3. In Las Vegas stay conservative
In Nevada, a state which leads the nation in rate of foreclosure, a staggering 17.5 percent of home sales came from foreclosures, more than four times the amount in 2006. Make sure that you don’t gamble when it comes to taking out a mortgage.
Tips 2
Condo Investment Tips
1. Location Matters
The old mantra prevails: Location, location, location. It's likely to be the biggest factor in whether you smile or frown when you check your condo's resale value. Buying in an already popular neighborhood will help assure a property maintains its value, although sellers might not always reap such big gains. Buyers seeking large payoffs are likely to be better off purchasing in a new or emerging hot market, though that strategy is a bit riskier.
2. Make your condo unique
Distinguishing features help an owner when it comes time to sell. Your condo should have at least one unique quality that will pique interest, agents say. This something special could be a bit of private outdoor space, a view, a garden or a celebrity resident.
3. Buy in a building with a good condo association.
A good condo association is crucial to maintaining your condo's value. A condo owner owns the space between the unit's walls; the building itself and any common space are held by the condo homeowners' association. As an owner in a complex, you will belong to its association and pay a homeowner's fee. The association will cover expenses to insure and maintain the property, so it is important that it is professionally managed and has the funds to make needed repairs. The type of fixes can vary widely, from fresh interior paint in the common areas to a new roof, so a condo association's reserve funds are important.
Thanks for your interest and if you have any questions or comments feel free to call or write us:
Phone: (702) 444-4321
Email: info@one-lasvegas.com
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