PURCHASING A VACATION RENTAL IN LAS VEGAS

Coming into the New Year, there has been a lot of talk about people wanting to buy vacation homes in Las Vegas. As news broke out about the Raiders coming here, and now having a professional hockey team, The Golden Knights, more and more people want to purchase home in Las Vegas without living in them full time. Do not get me wrong, a vacation home would be amazing to have, but it is not all sunshine and swimming pools. You really should do your research on the homes in Las Vegas before purchasing one, and also finding the perfect agent to help you with your out of state needs. First things firsts, the location of your vacation rental is very important; buying something so far from all the sports arenas really might hinder you from finding a renter for the time being. Finding a home that is conveniently located in Las Vegas where most tourists want to visit will really make a difference in how many renters you will get over the year. Knowing the cost up front so you are not left with any surprises is very critical in purchasing a vacation home in Las Vegas. Not only will you need to come up with agent fees, closing costs, and maintenance cost; you will need to think about the fact you will be furnishing a second home. Most people will not rent a vacation home if it is not furnished unless they are a long time renter.  If you are an out of state owner, I would recommend someone to care for the home. Unless you plan to come every time you have a renter, it would really make a difference to hire a property manager like Black and Cherry Real Estate that could do walk through, hold deposits/keys, release deposits back, and create a legal document between you and the renter so things do not fall back on you as the owner. Buying a vacation home in Las Vegas might cost you a little bit more than it would have cost a few years back, be prepared to have bidding wars, or for your dream vacation rental to have multiple offers on it. Right now the market is insane, and it is only going up in value. Get with an agent and really go over what you are buying. Making sure inspections are done thoroughly and the inspector is taking his time. Nothing worse than you buying a rental, and the first renter discovers the shower leaks and there is mold growing. Spend the extra monies on having an inspector go through the house with every single detail is more worth than a cheap inspector that just walks through and does not find any problems. When buying a vacation rental in Las Vegas, you can also look for brand new homes. They might be a little pricier, but they will be built in a convenient area, and you will not have to worry about if that past seller had mold and did not disclose it. The Las Vegas market is changing every single day, so if you are looking to purchase a vacation rental, an agent at Black and Cherry Real Estate can help you find your dream home.