Fees to Consider When Buying a House in Las Vegas

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

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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 homeowners
  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 homes
  energy efficiency and reducing its environmental
  impact.

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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.

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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.