LAS VEGAS PARENTS CONSIDER HOME RENTAL FOR COLLEGE BOUND KIDS
For many Las Vegas parents of high school seniors, these are hold-your-breath days—the time of year when college acceptance letters begin showing up in Las Vegas mailboxes. If all goes well, after settling on a school, next comes tackling the array of decisions that follow. Chief among them: where he or she will live. Many parents tend to take the common course, assuming that a college dorm is automatically the best answer—but a college’s room-and-board plan is only one of the possibilities. In fact, it may not be the best financial, social or developmental choice for parent or student. Renting a house can be an intriguing alternative. Here are three of the reasons why some Las Vegas parents decide a home rental makes more sense: 1. Cost Sharing a home rental is often significantly less expensive than renting an apartment—or even a dorm room. Prices vary, but it’s more than possible to end up paying as much as $4,500 per semester for student housing. If your student lives on campus during the summer, fall and spring terms, that would create a $13,500 bill for the year’s housing (the equivalent of paying more than $1,000 in rent per month). Considering that most dorm rooms are tiny, that translates into a much higher cost per square foot than does a shared home rental. Renting even a one-bedroom home near campus can give your child more space and quiet time to study without interference from fire alarm-pulling pranksters or noisy roommates. Every student is different, and having a place to escape the hustle and bustle of campus life can provide some kids with the extra focus they’ll need for success. 2. Safety When students live in crowded dorms, many parents worry that they are more likely to catch colds or other communicable diseases. Being packed into a dorm with hundreds of people who may or may not behave responsibly is a dire way to view dorm life, but that is some parents’ view. When their child lives on his or her own or teams with a select group of roommates, some parents breathe easier. 3. Responsibility With a home rental, any student will learn more about responsible adulthood than when campus authorities assume parental-like responsibility for day-to-day living. Students who are on their own may be wholly or partially enrolled in school cafeteria programs, or may learn to shop for and prepare their meals. Household and maintenance chores will be theirs to handle, rather than being the province of college employees. In that way, a college home rental can serve almost as a youngster’s “starter home.” They will graduate from college with a rental history, self-sufficiency skills, and home stewardship experience that will prepare him or her to better care for their home later in life. Of course, it’s not universally the best answer to the student housing problem: every institution and child combination are different, and different youngsters respond to independence and responsibility in differing ways. But if you haven’t thought about the possibility, it could be worth looking into. If I can help with a referral to a rental agency—or if you’d like to consider buying—do give me a call!
MORTGAGE PAYMENT TIMING CAN SAVE LAS VEGAS BUYERS THOUSANDS
It can be a true three-ring circus as you close in on signing day for your new Las Vegas home. Sometimes there’s a near-simultaneous sale of the previous house that demands attention. There are the timing issues connected with moving out and then moving in. You may be dealing with furnishing the new house, school schedules, and sometimes work requirements have to be juggled, and everything seems to be happening at the same time. Amidst all the details you are attending to; there is one that appears so simple that it may not get as much consideration as it deserves. Seeming almost like a non-decision, this one has major implications. It’s a true ‘sleeper.’ The subject is your decision on how you want to time the new mortgage payments for your new Las Vegashome. It turns out that “once a month” is not necessarily the best answer. Many lenders offer a variety of mortgage payment options, and they vary in ways that can make a surprisingly great financial difference over the long haul. No matter how busy you get, this is a decision which deserves some serious attention (and probably a hand calculator). First, there is an English language oddity to straighten out: it’s about the prefix “bi.”If you think “bi” is a prefix that means ‘two,’ you’re right—but it also has two meanings: • ‘Bimonthly’ means twice a month (but not once every two months). • ‘Biweekly’ means every other week. At first glance, “every other week” and “twice a month” seem to be the same thing; but they’re not. The difference is significant because there are 52 (not 48) weeks in a year. As everyone comes to realize sooner or later, there are 4.3 weeks in an average month (not four). So the number of mortgage payments you will make could be 12 (if you go with the standard ‘once a month’ mortgage payment), or 24 (a bimonthly mortgage payment), or 26 (the biweekly choice). Most people who choose either of the ‘bi’ payment choices consider a mortgage payment amount that’s exactly half of the monthly amount. If you choose the bimonthly plan, you might save a bit on interest by paying the first half a little bit early. But most lenders just hold the money and apply both payments at the end of the month—if so, the advantage disappears. The real significant difference arises if you are offered a biweekly option. You can use any of the online mortgage sites to work out the precise details for yourself. Because you are making two extra payments a year, for instance, what would have been a 3.8% 30-year $225,000 loan for a Las Vegas home turns into a 26-year loan. All else being equal, you’d own your Las Vegas home free and clear four years earlier—and save more than $23,000 in the process! No matter how hectic a house hunting and moving process becomes, it’s part of my job to help my clients keep the important details and decisions front-and-center. Getting the best answer to the mortgage payment choice is one of them, and, of course, another best answer is to give me a call!
STAGING MISCUES THAT LAS VEGAS HOME SELLERS CAN EASILY AVOID
Staging is to a Las Vegas home what packaging is to a supermarket product: a vital element that can supersede all others. Product managers rely on advertising and marketing efforts to create awareness among consumers, just as homeowners use their Realtor’s marketing know-how (the listing, web page, signage and all their other advertising initiatives) to bring Las Vegas prospects to the door. Then, just as well-designed, attractive packaging is what finally moves a product off the shelf, it is first-class staging that can transform casual lookers into Las Vegas home buyers. The goal of staging is to draw observers in; to help them picture whether the property’s spaces have all the nuances of what in their own mind’s eye constitutes a welcoming home. Bottom-line studies continue to verify that, staged correctly, homes sell more quickly. Although there are few absolute staging dos and don’ts, (after all, staging is an art); we can point to a number of probably don’ts. They’re relatively easy to avoid: Failing to Incorporate the Outside No matter how beautiful a home is once you open the door, prospective home buyers want to be proud of their new Las Vegas digs. Even if it is marketed as a fixer-upper, a welcoming exterior is always a welcome surprise. If, on the other hand, dirty windows, dry grass, and cracks in the sidewalk greet buyers, that first impression can be counted on to drive offer numbers in the wrong direction. Staging efforts need to encompass the whole enchilada! Neglecting the Little Things When it comes to staging, nothing is completely unimportant. Light fixtures, cabinet knobs, faucets, drawer pulls—even electric outlet covers—all contribute to the cumulative impression a Las Vegas home conveys. It doesn’t mean that every tiny detail needs to be replaced; only those that are conspicuously damaged or dirty need to get attention. Failing to Capitalize on Natural Light As photographers know, “It’s always all about the light!” The fewer dim corners, the better. Staging a home to accentuate its rooms’ natural light is important, and where needed, boosting with lamps and overheads. Forgetting the Nooks and Crannies Assume that prospects see everything. Before a showing, a last quick walk-through of the whole home is a good idea. Check for stray items that are out of place, and be sure all is properly swept and neatened. Opting Not to Use a Professional Stager If the whole prospect of diligent staging isn’t appealing, it makes good business sense to hand it over to a Las Vegas staging professional. Pro stagers see every detail with a trained eye and work to create a rich atmosphere—not just a collection of rooms. From a buyer’s first glance at your listing to its ultimate sale, each step of the way is an opportunity to propel the process. The first one of those steps is choosing the Las Vegas REALTOR® who will add energy and expertise to the campaign: I hope you’ll consider me!
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