DOWNSIZING YOUR LAS VEGAS HOMES JUST ONE OF MANY POSSIBILITIES
Many people assume that when the kids leave home, their newly empty nest automatically signals that downsizing into a smaller house or condo is the next step. In truth, for such families living in Las Vegas, downsizing is a common option—one that could very well be the best choice. But, as the old Gershwin tune says, “it ain’t necessarily so…” For many of us, once we establish a firm direction in life, a lot of decisions are more or less made without much hesitation. Career, family, and even community needs head us in certain directions, so a lot of choices are obvious. But every once in a while the paths open up, and it’s time to take a breath, clear the head, and realize that there may be a lot more freedom to change course than we are used to. When the downsizing idea bobs to the surface, it’s likely to signal such a turning point. That’s when it’s your true interests and passions should govern your next step—especially with respect to your residential options, which will shape much of what happens next. If this summer you find yourself musing about downsizing, it might be fun to also consider- Upsize: It sounds backwards: moving into a larger home with your smaller family. Yet if you have special interests or hobbies that have always called for a lot of elbow room, this could be the chance to add a workshop, rehearsal space, or studio that you’ve never quite been able to wangle. A larger home can also provide extra space you may need to accommodate the rest of the family when they come for a visit (especially if that family is going to be growing!). Follow your heart: Have you always wanted to live near water, or wake up to a view that looks like it belongs on a magazine cover? Maybe you’d like to move close to a totally new metro area with museums, shows and restaurants you’ve never been able to explore before. Or perhaps it’s a planned community that suddenly doesn’t look so much like a refuge for ‘old people’ as a place that’s loaded with bustling sporting and cultural activities…or a development built around a golf course…or winter sports complex. Downsizing in Las Vegas may be able to deliver on your ideal dream refuge…or maybe it beckons from far away. It might involve downsizing, or upsizing, or same-sizing! Splurge a little: With the children gone, it may also be time for some guilt-free indulging. A luxury home or condo could include some amenities you’ve always wanted: a swimming pool or home spa—or classic architecture set in a storybook garden. Downsizing in Las Vegas by selling the family home and claiming a smaller but more upscale residence might also be a way you wind up claiming the home of your dreams. Of course, many considerations will go into choosing your next home. As an experienced real estate professional, I’m here to help guide you through the process of selling and/or buying here in Las Vegas—and depending where your move takes you, can very likely help with referrals there, as well. If and when the pull to downsizing strikes, I’m here to discuss all the many possibilities!
SNIFFING OUT SOME OF THE BEST INVESTMENT PROPERTIES IN LAS VEGAS
When promising investment properties, in Las Vegas or anywhere, are well-promoted, you can count on them drawing a crowd. Why wouldn’t they? Investment properties that perform well are like money machines: put in a quarter, get back a quarter and a nickel (and another nickel, and another, and another…). What’s not to like? But not all Las Vegas investment properties are well-promoted. There can be any number of reasons why, but the bottom line is that some of the best ones are hard to sniff out. In that case, they may take a “Bird Dog” to discover. A word about the term. Ask any hunter (or even any regular viewer of Duck Dynasty—and there are a lot of those!) about the value of a good bird dog, and you’ll get an earful. Those canine sleuths use their highly-evolved senses to locate and retrieve the quarry—even when it is all but invisible to their human companions. Without a good bird dog, hunters would be the ones thrashing through swamp and forest to find supper. Not a pretty picture (and one that could often end in McDonalds’ for the folks back home). In the world of investment properties, the counterpart is the real estate Bird Dog. Like the hunter, real estate investors highly prize a quality bird dog. They may not bring back a duck or pheasant, but the distressed and undervalued real estate that they locate can be orders of magnitude more lucrative. If you’re thinking of scouting the many promising investment properties in Las Vegas this summer, a few things about real estate Bird Dogs…and the “woods” they hunt in…may be of interest: ⎫ Investopedia offers the most concise definition. It says that a Bird Dog (also known as a ‘deal scout’), finds distressed property deals for a real estate investor and gets paid a referral fee according to the terms of their agreement. ⎫ One of the mistaken assumptions that first time investors frequently make is to believe that simply finding property on the local MLS is all that’s needed. Although that can be the case, since everyone else seeking investment properties in Las Vegas also has access to MLS, the most promising listings usually draw a crowd of competitors. You need to be able to find deals that every other buyer isn’t privy to. ⎫ Success can depend on understanding the historical criteria that have worked best for investment properties in Las Vegas that fall within your budget range. Maybe you should target multi-unit properties, or maybe the most lucrative investment properties will be mid-range residential homes. Some investors should be looking for rundown properties to rehabilitate, whereas others might most usefully be scouting out Las Vegas’s investment properties that are in better condition but with motivated sellers. For new investors or those with limited capital, thinking like a real estate Bird Dog will put you ahead in the hunt for the most lucrative Las Vegas investment properties. Even better is working with your own Las Vegas real estate bird dog who can source quality deals—and save you a lot of time! I work to uncover leads and deals for my clients. Call me anytime to discuss your own goals. 0
WHETHER SELLING A LAS VEGAS HOME OR NOT UPGRADE CHOICES MATTER
For owners who are contemplating some major upgrades with an eye to eventually selling a home in Las Vegas, there’s always the question of where to do the upgrading. Last year, the National Association of Home Builders weighed in with a study of what today’s home buyer “really want”—which supplies some guidance that may be helpful. Although the findings aren’t directly applicable for every home, the concepts that were cited as most popular can be informative, particularly to creative-minded homeowners ready to take a fresh look at how they might add allure and value to their property. While the kitchen remains the top location for upgrades, there are several other valuable options for adding appeal in other areas of your home. “Drop Zone” A Drop Zone is designer-speak for any area that conveniently serves as a catch-all utility area. As such, it can be just about the most cost-effective upgrade for owners selling a home because many prospective buyers recognize their value. Such spaces can be customized for use as laundry rooms, mudrooms, or areas where children can store backpacks and coats. Open Plan Family Area & Kitchen While many upgrade preferences are regional, one that continues to hold appeal across the board is the creation of an open area where family and friends can congregate. Whether it’s part of an eventual campaign for selling a home in Las Vegas, or simply to accommodate your family’s appreciation of the property, it’s worth considering an upgrade that would result in creating more of an open, airy multi-use area. Master Bedroom as Retreat When it does come to selling a Las Vegas home, one of the most alluring investments an owner can make is to transform the master bedroom from a ho-hum bed-and-dresser into a welcoming sanctuary. Some design specifics to help achieve that effect: • Lighting improvements, like recessed fixtures and wall sconces • Upgraded ceilings and moldings • Hardwood flooring • Walk-in master closet • Custom-designed storage multipliers (like tilt-out bins and pull-down racks) Master Bathroom as Spa Transforming a master bath to include spa attributes is increasingly popular (when you think about it, it’s really a continuation of the master bedroom/retreat idea). Selling a home today means anticipating the value many buyers place on bathroom upgrades—like separating bath and shower, and upgrading tile floors. If you are weighing remodeling choices—especially if you suspect you’ll be selling your Las Vegas home in the future—give me a call. I’ll be happy to consult about the alternatives, and which are most likely to maximize your property’s resale appeal!
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