If you’re considering investment property in Las Vegas, congratulations: there’s never been a better time to look at the many opportunities available throughout the metropolitan Las Vegas area.
Here are tips to keep in mind while you gather the information necessary to make an informed decision about investment property in Las Vegas.
1. CONSIDER YOUR TIMING
Timing isn’t everything when it comes to real estate — but it counts for a whole lot. And according to Realtor.com, Las Vegas continues to attract residents, making Realtor.com’s top 10 list of the country’s hottest markets.
The site compiled the list by looking at new home construction, local economies, unemployment rates, and median household income, among other factors.
“The lack of state income tax and low mortgage rates have attracted buyers looking to relocate and millennials have moved there thanks to the growing tech industry,” wrote Newsweek.
TIP: That said, not everything remains hot forever. Will investment property in Las Vegas be as attractive next year? Two years from now? No one can predict what the housing market will do in the future. But today? Today, Las Vegas displays the attributes that have new home buyers taking a close look.
2. KNOW WHAT YOU WANT
- Are you looking for one Las Vegas investment property? Two? More?
- How much of a down payment do you anticipate paying? 20%? 25%? More? Less?
- What do you consider a satisfactory rate of return?
It’s true: No one likes a pop quiz. But they can be very helpful sometimes. You should be able to answer the above sample questions with relative ease before considering investment property in ANY area, not just Las Vegas. If not, we’re afraid there’s going to be homework!
TIP: As with any investment, carefully survey your financial landscape before making any investment — in real estate or anything else.
3. UNDERSTAND THE MARKET
It’s one thing to own an investment property but another thing entirely to find renters for that property.
One way to put the odds in your favor is to find properties:
- In well-regarded school districts
- With easy access to cross-town roadways and reasonable commute times to job centers
- Close to grocery stores/supermarkets
- In areas with low crime rates
There are online resources that provide information about many of these characteristics. But there’s no substitute for the sort of “boots on the ground” knowledge that only comes from being in a place. Markets not considered “Grade-A” attractive today can become so practically overnight.
For example, Detroit neighborhoods that laid relatively fallow for many years are now very hot properties (Midtown, Corktown, etc.) — and, subsequently, command a high price for purchases or rentals.
Many Californians are relocating to Las Vegas, attracted in part by its affordable housing. Might saving 25% or more on rent mean a greater willingness to miss out on all of the “wants” on their list? If the answer is “Yes,” your property search might grow a little wider and take in some of today’s less-desireable locations before they become tomorrow’s hot spots.
TIP: If so much of real estate comes down to location, location, location, then finding the right investment property in Las Vegas comes down to research, research, research. Conduct some of that research in the area itself, whether it’s Las Vegas or anywhere else; there’s no substitute for being there.
WORK WITH THE EXPERTS
With decades of experience, good standing as members of the Greater Las Vegas Association of Realtors, and strong relationships with the top new home builders in Las Vegas, The New Home Experts can deliver the experience and property you want. Not ready to make the sale yet, but have questions about Las Vegas real estate? We’re happy to be your inside track; contact us today!