Nevada's Best Places to Buy Property in 2022
Buying Investment Property
A Nevada vacation home is very different from a real estate property that you would rent out.
It is slightly more complicated to navigate the Nevada housing market because of the complex relationship between Nevada property and short-term rentals.
This is a must-read for real estate investors looking to invest in Nevada.
Important Information Investors Need to Know when Buying a Nevada Vacation Home
When people think of Nevada, the first thing that pops into their minds is Las Vegas. The Silver State is associated with Sin City, and all other nearby gambling destinations.
Nevada offers more than just its flashiness and energy. Investors find Nevada attractive because it is home to a vibrant, dynamic real estate market. Las Vegas is a top-rated real estate location in the country largely because of its popularity as a tourist destination. Only in Clark County, Vegas' leisurely lifestyle is driving real estate prices.
Nevada is great for investors who want to invest in the mining industry. NV is fourth in the world for gold production, with over 2,000 mining-related companies making the state their home. Due to Nevada's vast mining industry, there are many job opportunities. This has made it a magnet for people looking for stable jobs and a steady income. This has resulted in a steady demand for housing, which gives Property investors plenty of opportunity to grow.
The Clark County Complication
Nevada is known for its tourism strengths. However, it would seem that short-term rentals such as Airbnb or other platforms for renting Las Vegas vacation homes would be well-received in the state.
It's not so.
Nevada has stricter regulations regarding short-term rentals, despite the fact that it attracts millions of tourists and generates billions of dollars annually in tourism revenue. Many Nevadans, particularly those who live in Las Vegas, feel that the disruptions caused by vacation homes have had a significant impact on property values.
Since Las Vegas tourists began using vacation homes as debauchery, the number of cases of prostitution, disruptive behavior, and illegal drug use has increased. Nevada has the highest crime rate in the US. The state's property crime rate, for instance, is 8% higher that the national average. This is believed to be due to the actions of tourists visiting Las Vegas, Reno and other gambling areas.
Accordingly, the ordinance made it illegal to rent Las Vegas Airbnb rooms. At least, it is legal under certain conditions.
The ordinance passed because the county was not able to properly regulate and inspect these properties in order to ensure that they operate according to commercial operations standards. They also fear that the continued operation of vacation homes in the county could cause an increase in real estate rentals, making renting more expensive for residents.
As of this writing Assembly Bill 363 was already passed by the 2021 Nevada Legislature. It will require Clark County to legalize vacation rentals and regulate them starting July 1, 2022. This bill may offer some hope for vacation property owners, but they shouldn't celebrate yet. It contains several parameters that would protect Nevada's permanent residents.
These are some things property owners and investors should know about the bill.
This isn't the first bill in locality to address short-term rental issues.
This amendment is accompanied with a conceptual amendment that includes multi-family dwelling limits, distance restrictions between properties, and other limitations. It's designed to stop excessive noise and ruckus behavior.
It could provide tax benefits to the state and local governments.
What are the benefits of buying a Nevada vacation home?
Even with the many complications that exist in Clark County, anyone who is considering buying a Nevada vacation home will not regret it. Investors can also expect remarkable returns in other Nevada counties. A Property owner can still make good Airbnb income.
Here are some reasons an investor might want to gamble in Nevada.
It is visited by millions every year.
Nevada's Vegas is just one of many attractions. Nevada's tourism capital, Vegas, is home to 75% of Nevadans. But there are many other attractions that the Silver State has. The Strip is not the only place where tourism is concentrated. Its natural beauty has many fans, which makes up a large portion of the tourism pie.
Investment in real estate is almost always a good option, regardless of where you live.
Real estate, regardless of where it is located, can be a great way to diversify your portfolio. Because it is very closely related to bonds and stocks, this can be used as an inflation hedge. real estate is a great way to make money if the stock market goes sideways. This is especially true in areas with a high population growth rate.
If you want to make money in real estate.
Nevada is a great state for property owners and landlords, even though it has stricter short-term rental rules.
It is home to a vibrant economy, which includes large contributions from tourism and mining. Both are always hiring, making the state appealing to people from other states.
The state's job opportunities have contributed to a steady increase in its population. The demand for quality housing is increasing as Nevada continues to see an increase in in-migration. Investors can still get good returns on their investment by turning a Nevada property into a long-term rental.
Nevada is a great business location that attracts many travelers. Although rental properties are illegal in Clark County, there are many thriving properties within the region that can generate decent Airbnb rental income.
There are no income taxes on personal or corporate earnings. Do we need to say more?
Resident property owners in Las Vegas can house hack their way to a successful Airbnb business, despite the fact that they are not allowed to rent short-term properties on The Strip.
Despite the restrictions, Nevada Property owners still have great opportunities to make a lot of money. Before purchasing a Nevada vacation home, it is important to be familiar with the Nevada laws regarding short-term rentals.
Once you have a good understanding of the laws in the area, you can begin to search for properties that match your investment goals. This is the great advantage of platforms such as Sandstone Equity Group that make it easy for investors to locate property.
Sandstone Equity Group allows users to find promising properties that match their investment standards, which is particularly useful for buyers from out of state. This means they no longer need to fly multiple times in order to search for rental properties. They simply need to call Sandstone Equity to dominate the Las Vegas real estate market.
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