Pitfalls of Buying Las Vegas Luxury Houses
top interior designers in Palm Beach in Las Vegas should be one of the most exciting, enjoyable experiences of your life. But if you move too quickly without thinking about possible pitfalls and consequences, you could be making a move you will come to regret. With just a little forethought and planning, you can avoid making one of these mistakes.
Buying Sight Unseen
You know you want to live the Las Vegas life — dining at Strata, entertaining at Moon, golfing at the Badlands. You’ve spotted the Las Vegas luxury home of your dreams on a website or in a newspaper or magazine ad. You’ve made up your mind that you’re going to buy that property, and you’re proud to say you’re a man or woman of action, so you tell your agent or assistant to call the number and put in an offer.
You don’t think that can happen? Think again. Many people have bought homes without seeing them in person. Sometimes it’s out of necessity, with people who are being transferred by their employers from a faraway location. But sometimes people jump in, either thinking they know what they want and aren’t afraid to go after it, or figuring they can sell it if they don’t like it.
And maybe they were right in the past when the market was better, but in this buyer’s market, it isn’t as always that easy. Expensive real estate has been known to languish on the market for months. Just because a luxury home looks good in a picture, that doesn’t mean it’s right for you. There could be issues with the location, unknown problems with plumbing, or even landscaping that has withered or died.
So don’t believe everything you see on the Internet or in pictures. If you’re really interested in a property, take the time to go see it in person. After all, the worst that can happen is that you still get to spend a day in the entertainment capital of the world, Las Vegas!
Getting the Wrong Financing
If you decide to finance the purchase of your new house, either through necessity or because you don’t want to tie up too much in an illiquid asset, be sure to get your loan through a reputable broker. A good broker will work hard to get you into a property that you can afford without having to resort to “creative financing” that will have you worrying about bubbles or the ups and downs of the stock market. Whatever you do, be sure to get the rate quotations in writing.
Buying Too Quickly or Too Slowly
Both rushing into a purchase and waiting too long can be pitfalls. If you rush into purchasing your estate too soon without thinking, you could end up regretting your purchase. Take the time to make sure that this is the right property for you. The conventional wisdom is correct; this is a buyer’s market-take advantage of it. Tour as many homes as you can, decide on what you and your family like, and take the time to find as many of your favorite features as you can in one property.
But don’t wait too long, or you could lose out on what could potentially be your dream home. This may be a buyer’s market, but the opportunity to purchase a great home won’t last forever, not even in this economy. Procrastinating can mean losing out on that perfect luxury home that you could have had if only you’d gone out one weekend sooner or looked at just one more property the previous week.
Buying in a Location that Isn’t Right for You
The old saw, “location, location, location” applies especially to luxury Las Vegas homes. If you’re from outside of the area or if this is your first time purchasing a home in an upscale community, you should take the time to familiarize yourself with these luxury neighborhoods, such as Queensridge and Summerlin.