Are you looking for the right Las Vegas investment property?
Las Vegas, U.S. is a prime location for property investment. Las Vegas boasts a thriving economy with employment growth in technology, construction and the hospitality sector. Out of the city’s population of 2.2 million, 48% are renters. Add the number of tourists (42.3 million visitors in 2016) to the mix and there is no doubt that the city’s rental market is a huge area of opportunity. Las Vegas ranks #6 in job growth with rent rates steadily increasing and vacant days for properties on the market going down.With year round great weather and some very amazing properties available, this region is definitely a property buyer’s market. You can find nice, spacious homes all over the city at very affordable prices.
However, before you jump the gun and make a property investment in Las Vegas, here are some mistakes you should avoid making:
Know The Las Vegas Housing Laws:
Like everywhere else, there are local municipality laws that every buyer should know before making a purchase. You especially need to read the Fair Housing Laws of Las Vegas. Many people believe that once they buy a property in Vegas, they are free to make whatever renovations they want. By reading up the fair housing laws, you will know what your property taxes are, what type of renovations you can make and how much the property tax will go up if you do so. Know all about the housing codes and your rights as a property owner.
Research The Las Vegas Property Market:
Many people go to Las Vegas and are seduced by the razzmatazz of the place. Most of these people have the means and the funds to buy the first property they see or like. This could be a major mistake. Buying a home in Las Vegas should never be an emergency. You need to make sure you conduct a thorough market research. There are some parts of the city which are posh and others which are not livable. You need to know if the property market in the area that has taken your fancy, is actually viable. If you plan to rent, then you must know if there is a demand for rentals in that particular area. You also need to know if the property is close to basic amenities such as schools, public transportation, grocery stores, supermarkets etc. In addition, you should have some information about the crime rate of that area, safety for children, commute time to and from major destinations and so on.