Why invest in owning a property in Las Vegas
Buying a home, an apartment complex, a condo unit, or a piece of land can definitely be expensive. It can also be an extremely tiring and challenging process. Even so, owning a property, more often than not, is a great option for investment, especially in the long term because of its potential to increase in value over time. It can generate income as well.
When looking for a property to buy, one should definitely choose only those with the best quality at the most reasonable price. The following costs such as taxes, repairs, and warranties must also be considered. However, the most important factor in buying a property is not among those—the most important factor is the location.
It is important that investors start their search for property by identifying their desired location before doing anything else, whether they are making it their home or renting it to other people. The location can determine the property’s worth and influence over time. It can also dictate people’s lifestyle and quality of life.
Are there nearby schools, hospitals, or malls? Are there plenty of job opportunities? Are the roads always full of cars or does the city have a good public transportation system?
A property’s design can be modified but its location can never be changed.
With that in mind, now would be the best time to buy a property in Las Vegas. The Sin City was expected to have an 8.7% economy growth in 2018 by Realtor.com in their article The New Gold Standard: 10 U.S. Housing Markets That Will Rule 2018 from last year, and it also has some of the lowest home prices among other metro areas in United States.
Of course, there are plenty more other reasons as to why people should invest in owning a property in Las Vegas.
Low cost of living
Homes are not the only thing that is cheaper in cost in Las Vegas compared to other metro areas, but it does contribute a lot to the reasons as to why the city has a lower cost of living than other cities in the country.
In fact, Trulia, in their recent research, says that Las Vegas welcomed 8.1% of the Californians who moved out of the Golden State last year because of the rising cost of living. Two of the biggest California cities, Los Angeles and San Francisco, may have higher median household income than Las Vegas, but Sperling’s Best Places highlights that the median home cost in Los Angeles is 161% more expensive than the median home cost in Las Vegas, and that San Francisco is even more expensive by 419%. The low cost of homes is enough to make Las Vegas a desirable location for real estate property investments.
Additionally, Las Vegas do not impose income taxes on its citizens. This is because the Las Vegas’ state treasury funds come from the fees and taxes of the city’s gaming industry. WalletHub in their article 2018’s Property Taxes by State also shows that Las Vegas is in the top 15th rank for lowest property taxes in the United States, tied with Arizona. The city also exempts unprepared food for human consumption (such as grocery items) from sales and use tax.
Like what the famous catchphrase says, what happens in Vegas, stays in Vegas. There is also no need for Sin City locals to go out of the city for leisure when they are already at the center of constant entertainment.
Las Vegas houses some of the world’s biggest casinos, first-class shopping malls, award-winning restaurants and chefs, and famous theater acts. It also offers unparalleled natural recreational spots such as the Red Rock Canyon, Lake Mead, Mount Charleston, and other national parks to both tourists and locals.
Being a tourism-driven city, people can also expect that majority, if not all, of the Las Vegas high rise condos, including MGM Grand’s The Signature Las Vegas, has some of the best amenities among all condos in the US. They even have lower prices.
Those who are looking into owning a property and generate income from it should also consider buying a condo-hotel unit, especially in Las Vegas.
Although Las Vegas Convention and Visitors Authority showed in their July 2018 Executive Summary report that the number of visitors in Las Vegas had a 3.4% decline from last year, Las Vegas Business Press reports that Dr. Stephen Miller, Director of the University of Nevada, Las Vegas’ Center for Business and Economic Research, predicts that the Southern Nevada casinos will see gross gaming revenues rise by 3.7% when 2018 is completed and grow by another 2.5 percent in 2019.
Condo-hotel unit owners will have the option to let the management rent out their unit to other Las Vegas guests when they are out of the city, and they, of course, will receive a cut from it. Those who are planning to retire in Las Vegas in the future should also consider buying a condo-hotel unit as early as today and rent it to other people in the meantime.
Numerous professional opportunities
Las Vegas has been shunned by many due to its seemingly higher unemployment rate than other cities in the US. However, with the largest IT companies to the smallest startups relocating in the city, numerous of various professional opportunities – aside from casino gaming industry – are starting to surface.
This is not surprising considering that Las Vegas not only relieves its citizens from income tax, but it also does not collect corporation tax. It also does implement franchise and inventory tax.
Nevada Governor Brian Sandoval declared in the Consumer News and Business Channel or CNBC in 2013 that Nevada as a state open for all businesses. The whole state of Nevada and not just Las Vegas has been continuously working to make a business-friendly environment with economic development programs, public and private partnerships, and low tax burden to encourage more people to start or relocate their businesses in the state.
With that, Nevada saw a rise in population, particularly in the 20-34 age range, with 8,820 millennials, that moved into the state from 2016. This is a good indication that the state has been doing well in providing more job opportunities for job seekers.
Las Vegas took a great hit from the recession that happened about 10 years ago, but it has been continuously rising up from its fall since then. With many positive predictions from professionals for the economy of the city, one can trust that investing in owning a property in Las Vegas is not a gamble but is a safe and winning decision.