Before investing in the Las Vegas Real Estate market you’ll want to check out these 10 valuable tips from industry leader Jillian Batchelor of the The Batchelor Group.
1. Define your goals.
What is your primary objective…are you looking for a second home for holidays and vacation for your family? Or are you more interested in investment returns by renting or flipping the property? Defining your goals and objectives can help guide your search for the best opportunities.
2. Know your Neighborhoods.
One of the classic predictors of value in real estate is location. While most family buyers look at quality schools as the benchmark of neighborhood quality, other factors should also be considered. These factors may include proximity to shopping, noise levels, recreational opportunities, and nearby developments.
3. Anticipate amenities.
A pool or hot tub can add to the enjoyment of a vacation home, but they do create a maintenance challenge for a rental property.
4. Study security.
If your vacation or rental home will be unoccupied for long periods of time, you may want to consider security issues. Compare the cost and effectiveness of gated communities, private security patrols and monitored security systems.
5. Know your expected Return on Investment (ROI).
Currently. Las Vegas real estate is appreciating at an average ranging from six to ten percent. You can boost that return significantly by choosing a solid home that could benefit from some cosmetic upgrades. Fresh paint, landscaping and modern trim can add value well above their cost.
6. Plan your time frame.
How quickly do you need to realize a return on your investment? Many investors relying upon high-interest short-term loans have lost potential profits due to unanticipated delays.
7. Know your type.
Whether you’re looking for single-family homes, multi-family units, or low-maintenance condominiums, narrowing down your options, and the type of property that best suites you will help your Realtor direct you to the best opportunities to fit your needs.
8. Know your initial investment budget.
While you certainly want to find the best value for your investment, you need to make sure your expectations are in line with your budget.
9. Plan your budget for upgrades, repairs and maintenance.
A small investment in materials can return a substantial boost in equity, especially if you can do minor work yourself. However, permits and inspections may add cost and complexity to improvement projects, and outside contractors may be unable to meet your time and budget goals.
10. Work with a successful team.
Whether it’s finding the right blend of neighborhood, amenities, and profit potential or balancing school and security considerations, a knowledgeable agent can help you reach the maximum return on your Las Vegas real estate investment. Jillian Batchelor has built her clientele by working with people just like you to find the perfect vacation home or investment.