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.
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…