In the parlance of the town, odds are better than even that you or someone in your family took a Vegas vacation some time over the past few years. Las Vegas ranks as one of the world’s Top 25 US Vacation Destinations, according TripAdvisor. Some folks make annual or semi-annual pilgrimages to Las Vegas. Others even more frequently pass through the gates at McCarran Airport, or drive in, most often from neighboring states, such as California. If you are a frequent visitor, or dream of becoming one, investing in a Vegas vacation home might offer some appealing advantages.
Should You Buy a Vacation Home in Las Vegas?
If you are unsure whether you should buy a vacation home in Las Vegas, consider this: 78 percent of second-home buyers in a 2012 National Association of Realtors survey said now is a good time to purchase. This sentiment has not diminished, and recent data cited on World Property Channel shows that vacation home sales are on a steady rise. If you are considering a vacation property, Las Vegas is a great place to call your second home. A 2011 CNBC slide show ranked Las Vegas number one on their list of “Best Cities to Buy a Vacation Home.” One of the top reasons cited was the value for your investment dollars in this market.
Living La Vida Local
You are of course buying a Vegas vacation home because well, it’s Vegas! You can access the Strip, the restaurants created by world-renowned chefs, the entertainment, and a host of natural attractions, including Death Valley and Lake Mead. Even the Grand Canyon and southern California beaches are just half a day’s drive away. And don’t forget about world-class golf, shopping galore, and all that sunshine. The biggest decision you have to make might simply be exactly where in the Valley to settle down. Do you want all Strip all the time, the Golf and Country Club lifestyle, or an oasis in the desert with proximity to places like Red Rock Canyon? The choice is yours, whether you want to live in a high-rise condo building right on Las Vegas Boulevard, one of the golf communities dotting the Valley, or an area such as Lake Las Vegas, located approximately 30 minutes from Center Strip and offering a unique master plan that surrounds a man-made lake.
Dollars and Sense
Although a Vegas vacation home will be a property for your and your family’s enjoyment year after year, a modicum of practicality should still be brought to bear when prioritizing your wish list. Since your home may remain vacant for extended periods of time, a condo or townhome might be more suitable for residents not always in residence and those who do not want to pay excessive costs for hired maintenance. Even if you would be open to renting out the home for certain periods or even certain years, a condo or townhome makes for a more manageable investment with regard to upkeep and tenant turnover. Remember, this home need not resemble your primary home in every respect. However, if you can envision the possibility of making this second house your permanent retirement home, make sure you would be happy living here on a full-time basis.
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