10 Things To Know About Buying Property in Las Vegas

Before buying property in Las Vegas, here are our top 10 things to consider checklist. This information has come directly from homebuyers in Vegas themselves!

1. Nevada Tax Advantages Are Considered by Homeowners

To start things off right, Nevada’s tax advantages for homeowners shouldn’t be overlooked lightly. Its structure ranks as one of the best across the US.

Estimations suggest that homeowners in Nevada enjoy anywhere between $5,000 to $7,000 annually in tax savings when compared with residents in states with higher-than-average state taxes.

These savings may be used towards:

• Improve your property to increase value.
• Pay down your mortgage faster to reduce interest costs.
• Invest in extra properties to generate rental income.

The Trade-offs of Nevada’s Low Taxes

Nevada’s tax policies may be beneficial, yet they have some drawbacks that must be considered when considering Las Vegas’ public transport system which remains underfunded and inefficient.

Los Vegas’ public transit system relies primarily on local sales taxes and federal grants for funding; Texas provides direct funding directly to transit districts combined with federal grants and local resources.

2. Summer temperatures in Las Vegas Raise Your Home Energy Costs 

Vegas summers can get very warm! So if it is your goal is buying property in Las Vegas, visiting before making any real estate decisions may help determine what property investments make the best sense.

Nevada summers will make you sweat while also driving up your cooling bills to nearly $400+ monthly if you own a large house.

There are ways to lower energy costs, including:

• Installation of blackout or cellular shades to block heat and sunlight
• Upgrade to an energy-efficient HVAC system
• Utilization of smart thermostats for optimizing cooling schedules 
• Adding extra attic insulation may help.
• Setting ceiling fans counterclockwise will prevent humid environments like Texas or Florida from overpowering you with heat and moisture.

3. Water Conservation Policies May Restrict Landscaping Choices

Maintaining an idyllic grassy lawn may prove challenging in Las Vegas due to climate and water restrictions imposed upon most properties.

Instead of traditional lawns, the Southern Nevada Water Authority promotes drought-resistant plants and xeriscaping. Although different from its counterpart, with careful planning xeriscaping can make for a beautiful yard!

4. Neighborhoods Vary Considerably

Vegas offers diverse neighborhoods, and as with any city, there may be specific spots that provide more suitable surroundings for families than others. An experienced real estate agent in Vegas can guide you toward finding ideal properties within its borders.

Where Can You Avoid and Purchase 

• When buying property in Las Vegas with family in mind, suburban areas like Summerlin, North Las Vegas, and Henderson tend to be preferable over properties closer to the Strip. Conversely, professionals without children may find condos or apartments located along its edge more appealing.
• Luxury homeowners might benefit from exploring Red Rock Country Club and The Trails Village in Summerlin for homes.
• North Las Vegas offers many mid-priced single-family homes.

5. Check For Mandatory HOA Memberships In Las Vegas Communities 

Before buying property in Las Vegas, be aware of any HOA fees which might range anywhere from $15 per month up to over $600+ monthly fees; they’re quite common here!

At present, less than 1000 homes for sale don’t include an HOA agreement.

As is well known, being part of an HOA requires paying monthly or annual dues for community maintenance and amenities – something which may pose difficulty to homebuyers who have reached their buying limit.

We can assist with finding properties with lower HOA fees or non-HOA neighborhoods if this is what’s important to you.

6. Crime Rates Vary Widely by Neighborhood in the Las Vegas Metropolitan Area

Las Vegas is an amazing city, yet like any major metropolitan area, it does have issues to deal with; such as areas with higher crime rates.

Paradise Hills, Sun City Summerlin, and Anthem in Henderson are generally safe neighborhoods their crime rates even surpassing the Nevada average.

McCullough Hills, Centennial Hills, and Green Valley Ranch are also wonderful communities renowned for family safety in Las Vegas; unfortunately, however, safety can vary considerably from block to block depending on law enforcement policies and court decisions. As such, we advise using up-to-date crime mapping tools when house hunting.

7. Las Vegas 2050 Master Plan Is Shaping Residential Areas

It is worthwhile reading Las Vegas’ 2050 Master Plan if you have not read it already; its contents provide a fascinating peek into long-term development plans in terms of walkable neighborhoods, mixed-use developments, public transit access, and much more.

Homebuyers and property investors alike should anticipate more developments such as the UnCommons project in southwest Las Vegas that combines office space, residential units, and amenities into live/work/play neighborhoods.

According to the 2050 Master Plan, Las Vegas residents “see opportunities to make more communities walkable and responsive through mixed-use development that provides ample parks, open space, and recreational amenities.

8. Proximity to Las Vegas’ Attractions Affect Property Prices

In Las Vegas, the age-old real estate mantra: ‘the best time to buy real estate was twenty years ago,’ has taken on new meaning since property values in this city have more than tripled over this timeframe.

Properties located close to the Las Vegas Strip have long been expensive; these days they often command even steeper premiums than ever. But there are areas like North Las Vegas with more reasonable property costs that offer alternatives.

9. How Zoning Impacts Property Value 

Homes located within highly-rated school districts tend to command higher prices and retain their value more easily, due to buyer interest for quality education.

According to the 2019 Moving with Kids Report from the National Association of REALTORS(r), 53% of buyers with children under 18 considered school quality as one of their key considerations, while 50% prioritized convenience near schools as an important aspect.

Summerlin, Green Valley, and Henderson have the highest-rated schools within Greater Las Vegas.

10. Real Estate Market of Las Vegas Moves Rapidly

Homes tend to sell quickly in Las Vegas; however, this can vary.

As of May 2024, the average time it took a house in Las Vegas to sell was 28 days; by comparison, homes typically spent 46 days on the market in May 2023. 

There are various factors which influence changes to sale times, including:

• Seasonal trends 
• Economic conditions
• Interest rates 
• Housing inventory levels.
• Buyer demand 

Estimates typically differ depending upon which source is used as the data source.