If you are interested in buying a home in Lake Las Vegas, you may be wondering what the community has to offer. Lake Las Vegas is situated in Henderson, offering a community rich in daily life that doubles as a luxury vacation destination. If you are interested in purchasing real estate in the area, these are a few key factors to consider.
WHY SHOULD YOU BUY A HOUSE IN LAKE LAS VEGAS?
One of the best features of Lake Las Vegas is its location and proximity to other areas. It is situated just 10 miles west of Lake Mead, and 20 miles southeast of downtown Las Vegas. Additionally, Lake Las Vegas is only 18 miles east of the strip, and 15 miles from Harry Reid International Airport. This development was meant to serve as an oasis for residents, and the proximity to the city and the strip provides homeowners with a great balance of serenity and city life.
2. Endless activities
A great feature of Lake Las Vegas is the number of activities there are! Though this development is small, its location between Lake Mead and downtown provides a wide range of entertainment for residents. If you want to engage in outdoor activities, you can golf, paddleboard, kayak, or even rent boats. Some of these activities are offered at the local country club and golf courses, and the rest can be done just down the road at Lake Mead.
Lake Las Vegas also hosts frequent community events, including fireworks shows, outdoor concerts, brunches, and paddleboard yoga.
3. Serene landscape
Lake Las Vegas is a beautiful and serene place to live. Nestled on the small lake of Las Vegas and near Lake Mead, residents enjoy beautiful waterfront views of the lakes. The neighborhood is painted with rolling hills, and even has its own waterfall. The European-inspired architecture and serene nature alike are what residents find beautiful about Lake Las Vegas.
TOP TWO NEIGHBORHOODS IN LAKE LAS VEGAS
SouthShore is a favorite in Lake Las Vegas because of its greenery and waterfront views. This gated community also has a country club
solely for residents of Lake Las Vegas, which offers golf, tennis, fitness, and much more.
2. Lago Vista
Lago Vista is another coveted neighborhood of this development that offers luxury properties. This gated neighborhood is minutes from the center of Lake Las Vegas and features a private beach cove and the Reflection Bay Golf Course.
WHAT TO KNOW ABOUT BUYING A HOUSE IN LAKE LAS VEGAS
1. Median home price
According to the latest data, the median home price was $622,500 in December 2022. Housing prices vary in Lake Las Vegas, ranging from $200k to well over $5m, and there are typically homes at every price point.
2. Closing costs
On average, closing costs in Lake Las Vegas can vary between 1.4% and 1.86% of the purchase price of the home.
3. Property taxes
If you are interested in buying a home in Lake Las Vegas, the property taxes are assessed and collected by the county. Henderson’s property tax rate is
$0.74 for every $100 of the assessed value of the property.
REQUIREMENTS FOR BUYING A HOUSE IN LAKE LAS VEGAS
1. Conventional loans
Conventional loans are the most common type of mortgage and come with few restrictions. To qualify for a conventional loan, buyers typically need a credit score above 620, and a low debt-to-income ratio. Conventional loans can be taken out for any type of property, including a primary residence, investment property, and vacation home.
2. FHA loans
FHA loans are popular amongst first-time homebuyers because they can only be used for a primary residence. Buyers can usually qualify for an FHA loan with a credit score of 580 or higher, and it typically only requires a down payment of 3.5%.
3. VA loans
VA loans are only available to those who qualify as active-duty service members, veterans, and surviving spouses of military members. Buyers eligible for VA loans are not required to make a down payment or pay for mortgage insurance. Credit requirements for VA loans are also rather lenient.
TIPS FOR BUYING A HOME IN LAKE LAS VEGAS
1. Find the best mortgage rate
The easiest way to find the best mortgage rate is to shop around and see where you can find the lowest interest rates. Keeping your credit score up and using your real estate agent for advice is also recommended when searching through the market.
2. Use a bigger down payment to keep monthly payments down
Making a larger down payment will keep monthly mortgage payments down, and ultimately save you money from interest on the loan over time.
3. Increase your credit score
Increasing your credit score can save you money and qualify you for better interest rates and loans, and potentially pre-qualify you before putting in an offer.
4. Use a commission rebate to save money
Commission rebates can also help buyers save money, as real estate agents can refund a portion of their commission back to the buyers. Buyers are eligible for commission rebates in the state of Nevada, and your agent can assist you through the process and paperwork.
Lake Las Vegas has something for all of its residents, from paddleboarding on Lake Mead to attending community events. Residents enjoy Lake Las Vegas because of the variety of activities and liveliness, with quick access to downtown. Rex and Kari of The Jarnagin Group live and work within Lake Las Vegas and therefore know it very well. If you are interested in buying or selling a home in Lake Las Vegas or have questions, Contact The Jarnagin Group
*Header photo courtesy of The Jarnagin Group