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

Buying a vacation home in Las Vegas is an exciting prospect . A dream home that provides a perfect blend of recreation, relaxation, and investment value. However, making it a reality takes planning and work. 

While buying a second home in Las Vegas is the same as buying real estate anywhere else in the world, there are city-specific conditions you need to keep in mind when buying a home in Las Vegas. 

Here are the most important things that you should think about before you purchase a Las Vegas vacation home.

Important Consideration When Buying a Vacation Home in Las Vegas

1. Choose the Right Location

Location is the most significant factor in buying a Las Vegas second home. Though the Strip remains a top choice for many with its energetic environment and nightlife offerings, but it is not the place to call home as your vacation residence. 

Before buying a vacation home, think about how often you’ll be visiting home and what is the use of property.

• Distance to your primary home: If you live far from Las Vegas then you might not visit as often as you plan to visit. Choose a location that’s easily reached for regular visits or consider homes near the airport for easy transportation.
• Rental Value: If renting your vacation home is your plan, look for areas that are tourist- or vacationer-popular. Tourist-oriented communities such as Summerlin, Henderson, and Cadence offer amenities and will attract renters.
• Lifestyle Choices: Las Vegas has diverse neighborhoods for all lifestyles, depending on your taste. The Lakes homes are resort-style, its homes on the water-front and close to the Strip.
• Painted Desert is a golf-centric neighborhood close to Red Rock Canyon. Silverado Ranch provides convenience for shopping centers and dining. It is just a few minutes drive far from McCarran Airport. By exploring these communities, you can find a vacation home that meets your requirements and your preferences.

2. Understand Local Rules and Regulations

If you plan to rent your holiday home as a side business, make sure you know the local laws and regulations. 

While Las Vegas also has legislation concerning short-term rentals, non-compliance can lead to hefty fines or legal issues. So, remember important things.

• Business License Requirement: If you own a short-term rental property, then you should have a business license.
• Restrictions on Property: Short-term rentals are only allowed in owner-occupied homes with three bedrooms or less.
• Distance Rules: Rentals must be a minimum of 660 feet from other short-term rental residences.
• Compliance by Guests: Tenants will be expected to comply with municipal noise, trash, and parking regulations.
• Homeowner associations (HOAs):  HOAs also have specific regulations for rentals, including the minimum rental period. Make sure to check these regulations prior to buying.

3. Consider Ongoing Costs and Maintenance

It is not all in the initial price that a Las Vegas second home will cost. There are ongoing expenses to consider, including:

• Property Taxes: Clark County has an 8% non-owner-occupied tax cap on houses.
• Insurance: Not mandated by law, but the majority of lenders will require homeowner’s insurance on mortgage homes.
• HOA Fees: Some Las Vegas neighborhoods are within HOAs, but these are monthly fees for maintenance and services.
• Maintenance Fees: The desert is hard on homes, so they need to be maintained. Having Housing as non-resident will have you working with having to hire a property management company to get things such as grounds work, pool maintenance, and repair services done.

If you do choose to rent out your property, include the cost of hiring a property manager to deal with bookings, guest changeover, and emergencies.

4. Plan for Current and Future Needs

Your motivations for purchasing a second home in Las Vegas will change in the future. What is currently a weekend getaway may become a retirement home or permanent residence in the future. To ensure your investment is future-proof, keep the following in mind:

• 55+ Communities: Las Vegas has many active adult communities that provide their facilities to retirees, such as golf courses, gyms, and social clubs.
• Casitas or Guest Suites: In-law suites or guest suites can be used for rental income or for housing visiting friends and family members.
• Accessibility: Choose a house which will be capable of satisfying your long-term needs, such as single-story houses or proximity to health centers.

By thinking ahead, you can turn your vacation home into a good investment for the future.

5. Leverage Technology and Smart Home Features

To make your Las Vegas vacation home easier and more welcoming, install smart home technology. Not only will it enhance the life experience, but provide the home with extra value in case you ever rent the home out. Technology can be utilized for the following:

• Remote Monitoring: Smart door locks and security cameras enable you to monitor your home remotely, so it is safe even when you are not present.
• Energy Efficiency: Smart thermostats and smart light bulbs reduce the utility bill of the tenants, a nice bonus to the desert heat of Las Vegas.
• Maintenance Automation: The smart sensors will alert you in case of leakages or malfunctioning of the heat/cold system, thus enabling you to promptly repair it and save you money on repairs.

Final Thoughts

Buying a Las Vegas vacation home is an exciting experience but one in which you do need to take your time considering and researching. Work with an experienced LV Realtors to guide the Las Vegas marketplace and find the ideal home that suits your lifestyle and goals.