If you’ve thought about investing in Nevada real estate, there’s no time like the present.
With steady population growth and employment rates, the real estate market in Nevada is booming. Infrastructure development is also increasing.
All of these factors have made Nevada a real estate investor’s dream. Whether you’re looking for a condo, single-family home, or luxury penthouse, Nevada has exactly what you need.
Before you make any decisions though, consider the following tips:
Take Advantage of No Personal or Corporate Income Tax
If you’re considering investing in Nevada real estate, you should know that a big sell for people who want to move to Nevada is that there’s no personal state income tax.
But there’s also no corporate income tax. So this is an additional incentive for those looking to relocate to a new state.
It also contributes to the relatively low cost of living in the state of Nevada. All of this makes living in Nevada a very attractive option.
All of this means that buying a property in Nevada with the intention of renting could garner you some serious side income.
Get Familiar With the Best Locations
When most people think of Nevada, the first place that pops to mind is Las Vegas. Yet, Nevada has a wide array of different locations; each with its own unique benefits.
While Las Vegas is experiencing strong economic growth with an increase in construction and population, there are many other places to consider. For example, demand for housing in Reno has recently skyrocketed. Homes don’t stay on the market very long here.
The lesser-known locales of Paradise and Henderson have been heating up in recent years. Henderson is actually the second-largest city in Nevada. It has a strong economy, yet is more suburban and family-friendly than its closely neighboring Las Vegas.
Meanwhile, Paradise — which is directly adjacent to Las Vegas — is positioned as a solid investment choice. It’s seen a significant increase in median home value and is projected to only continue to increase.
Finally, homes in Carson City have also been appreciating steadily since 2000. The capital city of Nevada has a diverse mix of blue-collar and white-collar workers with a stable economy.
Be Sure You’re Fully Covered for Flooding
If you’re buying a property in Florida or Louisiana, it makes sense that you’d look into flood insurance. But in the case of Nevada, you might think of it as a desert that doesn’t flood.
The truth is, Nevada sees its fair share of flooding. So it’s crucial you check the Nevada flood zone map to determine if you’re in a high-risk area. And if you are, be sure you’re covered for flooding. Most homeowners’ policies don’t cover it.
Could Nevada Real Estate Be in Your Future?
If you’re looking for great investment opportunities, don’t overlook the many advantages of investing in Nevada real estate.
With so much of the state showing positive growth and properties steadily appreciating in value, it’s hard to go wrong. Just be sure to do your research.
And for more great articles loaded with tips on a wide variety of topics, keep checking back with our blog.