The real estate market around the county is blowing up, and Las Vegas is leading the way. If you are thinking about dipping a toe in the luxury real estate pool, consider the pros and cons of renting or buying home in Las Vegas. It may take a bit of soul-searching, but once you look at your lifestyle, financial situation, and goals, you are in an excellent place to make the right decision for you.
Living It Up in Vegas
The truth is that buying a home in Las Vegas is not for everyone. Aside from the competitive market, the decision may have more to do with how you live. Are you looking to settle down and stay awhile, or are you more of a wanderer who prefers mobility? If you do not plan to stay put for a good five years or more, it may not make sense to make a major investment or tie up your money in property. On the other hand, you may find that buying a La Vegas home can work for you as a residence now and as a rental property when you move away. Also, remember that owning property means you are responsible for maintenance, while renting gives you freedom from most upkeep.
Rolling the Dice
Your financial situation also needs scrutiny. If you do not have a decent chunk of change on reserve for a down payment, closing costs, and other up-front expenses, you may have more difficulty securing a mortgage or getting a reasonable interest rate. Here are other common factors that may affect your financial situation:
- Credit score
- Employment status
- Income-to-debt ratio
- Amount in savings for upfront costs and emergencies
It can save you headaches to get your finances in order and seek mortgage preapproval before you start looking at properties. Renting may be a better option if you need time to boost your credit or pay off outstanding debts.
Hitting the Jackpot
Any investment comes with risks, even when buying a home in Las Vegas. Think about your goals and how buying or renting can help you achieve them. Ask yourself these questions to help you decide which direction is right for you:
- Do you want to put down roots in the community? Perhaps this real estate purchase is to find your forever home. Consider the amenities in the area, from convenient shopping and schools to traffic and commuting time.
- Are you looking for investment opportunities? Decide if you want a fixer-upper to flip or a property that can generate ongoing short-term vacation rental income.
- How prepared are you for unexpected life changes? If you do not have a stable job or have more debt than savings, you may want to focus on financial stability before making any decisions about owning real estate.
For more advice about renting or buying a home in Las Vegas, talk to our team at Anthony Knight Group. We can show you the latest luxury offerings on the market and help you with every step of the real estate process. Contact us to schedule an appointment.