Buying a million-dollar home in Las Vegas

Price it against comparable sales

A list price is an opinion. Sold comparables are evidence. Look at the closest recent sales, then adjust for lot, view, size, finishes and condition. It also helps to understand how the home is positioned against similar properties and how long comparable homes took to sell.

Construction quality and systems

At this level, differences in materials and build quality are significant and not always visible on a tour. Ask who built or designed the home, what has been renovated and with what permits, and how old the roof, HVAC and pool equipment are. An independent inspection is worth the cost, and specialists may be appropriate for pools, roofs or unusual systems.

Location within the valley

Summerlin, Henderson, Southwest and Northwest Las Vegas differ in setting, amenities and the types of homes available. Our comparisons of Summerlin, Henderson, Southwest and Northwest communities are a good place to start narrowing the search.

Amenities and ownership costs

Features that make a home appealing also cost money to own. Pools, landscaping, smart-home systems, HOA and club dues, insurance and utilities should all be part of the calculation. Ask for a realistic annual picture of what the home costs to run, not only what it costs to buy.

Resale potential

Distinctive design can be a real advantage, though it can also narrow the pool of future buyers. Consider whether the layout, lot and community will continue to appeal, and how similar homes in the same community have performed when sold.

Move-in ready or customized

A move-in-ready home gives you certainty about what you are buying and when you can use it. A home that needs updating or a new build offers more personalization, with added cost, time and decisions. Neither is better in general. The better fit depends on how much of the process you want to take on.

Finding the right opportunities

Public listings are only part of what is available. Upcoming and newly released homes can reach buyers through an agent’s relationships and builder contacts, so it is worth asking what is coming to market and what has just arrived.

Questions to ask before an offer

• What are the three closest comparable sales, and how do they differ from this home?
• What has been renovated, by whom, and with what permits?
• How old are the roof, HVAC and pool equipment?
• What are the HOA or club dues, and are any assessments pending?
• Which features would a future buyer value, and which might they not?
• What is the history of the listing, including time on market and price changes?

Common questions

How do I know if I am overpaying for a home?

Compare the price with the closest recent sold comparables, adjusted for lot, view, size, finishes and condition. A list price alone is not evidence of value.

Should I have the pool inspected separately?

If the home has a pool, a specialist inspection is worth considering, since pool equipment and surfaces can be costly to repair or replace.

What costs should I expect beyond the purchase price?

Plan for HOA or club dues, insurance, utilities, landscaping and pool upkeep, and routine maintenance on the home’s systems.