Buying vs. Renting a home in Las Vegas

Guest Blog By: Lisa Roberts

Las Vegas is undoubtedly one of the most popular cities in the country, both among USA residents and tourists. Unique entertainment options, great weather, a fabulous lifestyle, and a tax-friendly environment attract many new residents every year. Therefore, if you’re thinking about moving to a fantastic place, you won’t go wrong with Las Vegas. However, finding a place to live might be troublesome for those who don’t know the city well. That’s why we have created this guide. Read everything about buying vs. renting a home in Las Vegas so that you can make the best choice. 

Buying a home in Las Vegas – making a long-term commitment to the city that never sleeps

Purchasing a home means you’re planning to stay there for a long time. Even though you can always sell the house, this is truly an important step for the whole family. For that reason, you need to make the right decision and buy a home that suits your lifestyle, needs, and finally – your budget. 

Reasons to go for it

There are several pros of both buying vs. renting a home in Las Vegas. Firstly, housing is pretty affordable compared to the other cities. It doesn’t belong to the list of the 25 most expensive cities, so you can expect to get more square footage for the same amount you pay in cities like NYC or LA.

Next, owning a home means more privacy and no trouble with landlords. Also, homeownership brings a sense of stability and security – you belong to the place you live in. Finally, instead of paying rent, you’ll build equity. 

Disadvantages 

However, there are a couple of negative aspects of committing to one property. The lack of flexibility comes first, as well as the fact you can’t move that fast in case you need to. Also, even though there is no rent to pay, owning a home isn’t cheap. Mortgage and other monthly expenses, as well as regular maintenance of the house, can cost a lot. Finally, there are unpredictable issues that you can’t expect a landlord to fix – as a homeowner, you are in charge!

Renting a home in Las Vegas – pros and cons 

Even though most people consider homeownership as the final goal, it doesn’t mean renting is a bad option. The common myth of you wasting money by paying rent each month is not as bad as it seems – even without building equity, living in a rental can still bring you many benefits. Let’s see the reasons why you should go for renting instead of buying a home in Las Vegas.

You’re new in the city 

If you don’t know the city well, it can be a challenge to find a home and neighborhood that will suit your perfectly. Instead, try renting a house first, to be able to get to know the new environment better. This way, you can explore different Las Vegas neighborhoods and have enough time to make the right choice once you decide to purchase a home. 

Predictable expenses 

After paying rent and monthly bills, you can stop worrying about the costs. Renting doesn’t come with additional maintenance and repair expenses. This also saves you time. If you’re too busy during the weekends, you don’t want to spend your precious days off doing work around the house or dealing with plumbers.

Flexibility 

If you’re not ready for a more serious commitment, renting might be a better option for you. It gives you enough flexibility when choosing a home, moving after your lease is finished, etc. You can try out different neighborhoods to see which works the best for you. 

Cons of renting a place 

Everything has its ups and downs, and this is no exception. Renting a home comes with a couple of disadvantages you should consider:

• Feeling like a stranger in another person’s home – there’s no feeling of belonging;
• The cost of rent can go up at any time, which may exceed your budget and force you to move;
• Sudden evictions are the reality of the rental world;
• No tax deductions;
• Spending money yet not investing in a long-term plan.

Making the right decision and planning the move 

It’s not easy deciding between buying vs. renting a home in Las Vegas. However, you should know that it is not only a matter of your budget. You need to consider your long-term plans, the way you see life as well as your priorities. This will help you come closer to a decision. After that, it’s time to plan the move.

Moving to Nevada 

Relocation is probably the trickiest part for those moving from one part of Nevada to another. There’s so much to think of to organize a safe long-distance relocation. But most importantly, make sure you have enough time to finish all the tasks, enough money to pay for the moving expenses, and finally, a reliable moving team to help you relocate in no time. Luckily, there are several trustworthy moving companies in Nevada, so you shouldn’t have a problem hiring the best of the best.

Finally, if you decide to buy a home in Las Vegas, it’s best to have a reliable representative in this process. Real estate agents are precious as they know the local market well and will find you a good home and ensure an even better deal. They can also help you decide between buying vs. renting a home in Las Vegas. Still, you can do many other things to find a good home – looking through rental listing sites, social media, asking people around you, or driving through your favorite neighborhood, etc. Either way, make sure you enjoy your time in one of the most exciting places in the country!