Inheriting a property in Las Vegas is one of the easiest ways to set yourself up as a real estate investor. You can begin earning money on that home without making much of an investment yourself.
Or, you can sell the home and make some money. The Las Vegas real estate market is hot, and if you have no interest in holding onto the asset for the long term, it may seem like a more attractive option to sell the home and move on.
There are a few immediate details you’ll need to take care of while you weigh your options.
For example, did you inherit this property on your own or do you own it with other people? If you’re not the only decision-maker, you’ll have to pull everyone together and decide what to do.
If you’re on your own, though, you basically have three options. You can live in the property yourself. You can sell it. Or, you can rent it out.
You likely already have a home of your own and no immediate plans to move. So, you’ll have to decide if it’s better to rent or sell. Ultimately, the decisions will come down to a few things:
- Your current financial status
- Your future financial goals
- The condition of the property
- The strength of the local sales and rental market
- Whether you want to be a landlord
Maybe you’re emotionally connected to the property. It could be a house you once lived in yourself. Those emotions are going to influence your decision, too.
As Las Vegas property managers and real estate experts, we’re always advising people who aren’t sure what to do with a property that they have no intention of living in.
Here are some of the things to think through as you decide whether it’s better to sell the property or rent it out.