4 Essential Considerations Before Buying a Las Vegas Vacation Home

Critical Points to Consider When Buying a Vacation Home in Las Vegas

Buying a vacation home in Las Vegas is something that many people dream about. If you’re ready to turn that dream into a reality, there are things you need to know before submitting an offer. In many ways, purchasing a second home in Vegas is not that much different than if you were to buy in any area of the country. However, here are four unique considerations to keep in mind as you begin your home search. Read on below to learn more about what Las Vegas has to offer new home buyers.

1. You’re Not Limited to One Location

Often, when people think about spending time in Las Vegas, they think about the famous Las Vegas Strip. While there’s no denying that this area is the epicenter of the city’s vibrant nightlife and entertainment culture, it’s not the only area worth investigating during your search for a second home.

Truth be told, there are many Las Vegas neighborhoods that could appeal to vacationers, including:

The Lakes: As the name suggests, the Lakes Community is ideal for watersport enthusiasts and those looking for a resort-like atmosphere close to the Strip.

Painted Desert: Located in the northwest part of the Las Vegas Valley, Painted Desert is a highly sought-after golf community that’s also close to the scenic Red Rock Canyon conservation area.

Silverado Ranch: Just minutes from McCarran Airport, Silverado Ranch is home to one of the area’s premiere shopping districts. There’s no shortage of shops and eateries to help you pass the time during your time away.

Vacation homes in The Lakes, Las Vegas

2. Familiarize Yourself with Local Rules and Laws

In addition to finding a neighborhood that suits your needs, you’ll also want to take the time to familiarize yourself with local ordinances, especially if you plan on renting out your vacation home to make supplemental income.

Believe it or not, the City of Las Vegas imposes some strict guidelines that owners of short-term rentals need to follow. Did you know:

• Every owner of a short-term rental needs to apply for a business license
• Short-term rentals are limited to owner-occupied homes with three bedrooms or less
• The short-term rental must be located more than 660 feet from any other short-term rentals
• Any short-term rental guests must comply with local noise, trash, and parking ordinances.

For detailed information, view our Comprehensive Guide to Short-Term Rentals for Las Vegas Home Owners.

3. Ongoing Property Maintenance

Depending on where you purchase, you may face similar roadblocks. Plus, if you buy real estate that falls under the jurisdiction of a homeowner’s association, you could be subject to limitations around how long a rental term must last.

While these restrictions aren’t exactly hard stopping points when it comes to buying a vacation property that will also bring in passive income, they are important to keep in mind during the home-buying process. You’ll want to make sure that you understand any limitations you may face before signing on the dotted line.

Budgeting to buy a property is about more than just coming up with the down payment and making sure that you can cover your mortgage payment on an ongoing basis. You’ll also need to consider the recurring costs of homeownership. In particular, you need to be aware of the following ongoing expenses:

Property Taxes: Clark County applies a tax cap to all residences as a form of tax abatement. Vacation properties and other non-owner-occupied residences are subject to an 8% cap. For specific tax rates, view a current list of Nevada tax rates by district.

Insurances: While homeowner’s insurance is not required under Nevada law, if you plan on using a mortgage to buy your vacation home, your lender will likely require you to purchase a policy in order to be approved for the loan.

Association Fees: Much of Las Vegas’s housing supply is made up of master planned communities and condominiums. In either scenario, you’ll have to factor paying a monthly association fee into your budget.

Plus, if Las Vegas is a bit of a distance from the place you call home, you may want to consider these costs as well:

Maintenance: You may need to hire a property management firm or reliable individual to regularly check in on the property to ensure everything is in working order and to perform ongoing tasks, like cleaning or cutting the lawn.

Property Management: If you decide to rent out the unit on a regular basis, you may need to hire a property manager who can manage your bookings for you and turn over the unit between guests.

4. Consider Your Current & Future Needs

People purchase vacation homes in Las Vegas for many different reasons and those reasons can change over time. While the city may currently give you a chance to break away from your daily routine, relax, and recharge, it may serve a second purpose later on. Many people decide to move to Las Vegas when they’re ready to retire because of the area’s temperate climate and low tax burden.

If that’s the case for you, you’re going to want to consider both your current and future needs as you begin your home search. Make sure to choose a property that not only checks all your boxes right now, but will also continue to serve you later on. Luckily, Las Vegas is home to plenty of 55+ communities that showcase the best that senior living has to offer.

Another option to consider is a Las Vegas home with a casita or guest suite. You stay in the main residence and rent out the supplementary space for additional income.

Ready to buy a Las Vegas vacation home?

Especially if you’re unfamiliar with the area, you’ll need an experienced real estate agent to guide your search for a Las Vegas vacation home. You need an expert who can help you zero in on the neighborhood that checks off all the items on your wishlist.

Contact Leslie Hoke today to get started finding your perfect home match. As an industry veteran with over 20 years of experience, Leslie has also been recognized by multiple sources as one of the area's top real estate professionals.