Many people in the Las Vegas Valley have lost their home due to foreclosure and have been forced into the rental market. With the recent changes to FHA lending guidelines, homeowners whose homes were foreclosed on will not be able to purchase a home for 5 years. So instead of buying a home in Las Vegas within the next few years, they will be forced to rent a home a little longer than they had thought.
Even though you might look at renting a home as a setback, if you look at it from a different aspect, it could actually be just what you needed. Majority of the time, the rent that you are paying is much less than what your monthly mortgage payment was and you are no longer responsible for paying home owner association fees. If you add the savings between the two, this extra money can help pay down some other debts that you may have or save the money for a future down payment on a home.
You also don’t have to worry about fixing items that break or are need of repair, just call the property management firm that is representing the homeowner and they will handle it.
If you are in the market for a rental home, feel free to contact us and we can assist you in finding the right rental home in Las Vegas for you! We can be reached at 702.376.0088 or fill out our Contact Form!
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We in Texas are going through the same thing. Not necessarily that everyone is being forclosed on, but more that people cannot get approved anymore. With that, the rental market has taken off in the Dallas/Fort Worth market. People are not necessarily getting a discount per say, but they are not having to pay taxes and homeowners dues and such. Investors are getting full value for rents. I am a property manager and have at least 3 showings of lease homes a day. It is def. the market to be in!
Renting does make sense in the right circumstances. Unfortunately NOW is the time to buy and those of us that did buy and unfortunately experienced a foreclosure are not going to be able to take advantage of historic low prices without a co-signer