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.