You've closed, you have the keys, and you're officially a homeowner. Congratulations! But the decisions don't stop there.
This is part three of a three-part series on what not to do when buying a home in Las Vegas. Today, we're focusing on the post-purchase phase—the financial, equity, and planning decisions that can limit your flexibility or cost you money after you own the home.
If you missed the earlier parts, check out what not to do before buying and what not to do during the purchase process.
Financial & Equity Don'ts
Do not treat refinancing as "free money"
While useful in declining rate environments, refinancing can strip equity and reduce flexibility if life changes.
Why this matters: Cash-out refinancing can be tempting—you get cash for improvements, debt consolidation, or other expenses. But it increases your loan amount and monthly payment. If rates rise, you're locked into a higher payment. If you need to sell or move, you have less equity. If life changes (job loss, divorce, etc.), the higher payment can become a burden. Refinancing makes sense when rates drop significantly, but don't treat your home equity like an ATM. Every dollar you take out is a dollar you'll pay back with interest.
Do not assume appreciation is guaranteed
Markets move in cycles; timing matters.
Why this matters: Real estate generally appreciates over the long term, but short-term fluctuations are normal. In Las Vegas, we've seen significant market cycles—rapid appreciation followed by corrections. Don't make financial decisions assuming your home will be worth X% more in two years. Markets can go down, stay flat, or appreciate slowly. Plan for the long term, but don't count on short-term appreciation to fund other goals. Real estate is a long-term investment, not a short-term trading vehicle.
Liens & Long-Term Obligations
Do not add liens without understanding exit consequences
Solar, PACE, and specialty financing can complicate selling or renting.
Why this matters: In Las Vegas, solar panels are popular, and PACE (Property Assessed Clean Energy) financing is available. These can save money on utilities, but they create liens on your property. When you sell, these liens must be paid off or transferred to the buyer. Some buyers won't accept properties with certain liens. Some liens stay with the property even if you rent it out. Understand the terms before you commit—how long is the lien? What happens if you sell early? Can it be transferred? These details matter when it's time to move.
Do not sign long-term solar agreements without reviewing payoff terms
Some contracts must be satisfied before a sale can close.
Why this matters: Solar lease or power purchase agreements (PPAs) can have long terms (20-25 years) and specific transfer requirements. Some require the buyer to assume the contract, which can limit your buyer pool. Some require you to pay off the contract before closing, which can reduce your net proceeds. Some have early termination fees. Read the fine print. If you're planning to sell in 5-10 years, a 25-year solar contract might not make sense, even if the monthly savings are attractive.
Planning & Flexibility Don'ts
Do not over-leverage immediately after purchase
Preserving options matters more than maximizing upgrades.
Why this matters: It's tempting to immediately start improvements, but give yourself time to live in the home first. You might discover that what you thought needed updating actually works fine, or that your priorities change once you're living there. More importantly, don't immediately take on more debt (home equity loans, credit cards for improvements) right after buying. Life changes—jobs, relationships, health, family situations. Keeping your monthly obligations manageable gives you flexibility to adapt. You can always upgrade later, but you can't easily reduce debt if circumstances change.
Do not ignore insurance, maintenance, and reserves
Ownership requires preparedness, not just affordability.
Why this matters: Buying a home is one thing. Owning it is another. You need adequate insurance (not just the minimum your lender requires). You need reserves for maintenance and repairs (HVAC, roof, plumbing, appliances all break eventually). You need to budget for ongoing costs (HOA fees, property taxes, insurance, utilities). In Las Vegas, this includes pool maintenance if you have one, and higher utility costs in summer. Don't stretch so thin on the purchase that you can't afford to maintain the home. A house that's not maintained loses value and becomes harder to sell.
Real-World Example: The Solar Panel Trap
A buyer purchased a home in Henderson with a 20-year solar lease. The monthly savings were attractive—about $150 less on electricity. But when they needed to sell after 5 years due to a job transfer, they discovered the lease couldn't be easily transferred. The buyer would need to qualify for the lease separately, and many buyers didn't want the hassle.
The seller had two options: pay off the remaining lease (about $18,000) or find a buyer willing to assume it. They ended up paying it off to make the sale work, which reduced their net proceeds significantly.
The lesson: Long-term contracts attached to your property can limit your flexibility. Understand the exit terms before you commit, especially if you might need to sell before the contract ends.
Quick Checklist: After Buying a Home
- Don't treat refinancing like free money—understand the long-term costs
- Don't assume guaranteed appreciation—plan for the long term
- Understand lien consequences before adding solar, PACE, or specialty financing
- Review solar contract payoff and transfer terms carefully
- Don't over-leverage immediately—preserve flexibility
- Budget for insurance, maintenance, and reserves—not just the mortgage
- Give yourself time to live in the home before making major improvements
- Keep monthly obligations manageable for life flexibility
The Bottom Line
Owning a home is about long-term planning and preserving flexibility. The mistakes above aren't about being perfect—they're about avoiding decisions that limit your options or create problems down the road.
Most post-purchase mistakes come from treating your home like a short-term investment or an ATM. Real estate works best as a long-term investment, and your home works best when it gives you flexibility, not constraints.
This completes our three-part series on what not to do when buying a home in Las Vegas. If you missed the earlier parts, check out part one (before buying) and part two (during purchase).
Buying a home isn't about perfection—it's about avoiding preventable mistakes and keeping your options open.
If you're a new homeowner with questions, or you're planning to buy and want to avoid these mistakes, I'm happy to help. Text or call me at (424) 249-0863—and honestly, a text is better. I'll respond faster.
No pressure. No rush. Just honest guidance.