Welcome to the vibrant city of Reno, NV, where the majestic Sierra Nevada mountains provide a stunning backdrop to the bustling cityscape. Known for its lively entertainment scene, outdoor recreational opportunities, and thriving arts community, Reno offers a unique blend of urban excitement and natural beauty. So whether you’re searching for the perfect apartment in Reno or a cozy home for rent in one of the surrounding neighborhoods, you’ve come to the right place.
In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of moving to Reno. Let’s get started and see what awaits in this vibrant city nestled in the heart of the Silver State.
Pros of living in Reno
1. Outdoor recreation
Reno, NV is a haven for outdoor enthusiasts, with its close proximity to Lake Tahoe and the Sierra Nevada mountains. Residents can enjoy a wide range of activities such as hiking, skiing, snowboarding, and water sports. The city’s beautiful parks and trails also offer opportunities for biking, camping, and rock climbing, making it an ideal location for those who love to stay active and explore the great outdoors.
2. Thriving arts and culture scene
Reno boasts a vibrant arts and culture scene, with numerous galleries, museums, and performing arts venues. The Nevada Museum of Art showcases a diverse collection of contemporary and traditional art. While the Pioneer Center for the Performing Arts hosts a variety of live performances, including theater, dance, and music. The city also hosts several annual art and music festivals, providing residents with ample opportunities to engage with the local creative community.
3. No state income tax
One of the major advantages of living in Reno is the absence of state income tax. This can significantly impact residents’ overall financial well-being, allowing them to keep more of their hard-earned money. The lack of state income tax can make a noticeable difference in the cost of living and provide an attractive incentive for individuals considering a move to the area.
4. Growing job market
Reno has experienced a surge in economic growth and job opportunities in recent years, particularly in industries such as technology, manufacturing, and healthcare. The city’s business-friendly environment and strategic location have attracted major companies, leading to an increase in employment prospects for residents. The growing job market makes Reno an appealing destination for professionals seeking career advancement and stability.
5. Affordable housing options
Compared to other major cities in the region, Reno offers relatively affordable housing options, making it an attractive choice for individuals looking to purchase a home or rent an apartment. The average rent for apartments in Reno, is between $1,162 and $1,747 in 2024. The diverse range of neighborhoods and housing styles provides residents with various choices to suit their preferences and budget, contributing to a more accessible and inclusive housing market.
6. Close-knit community vibe
Reno is known for its friendly and close-knit community vibe, where residents often feel a strong sense of belonging and connection. The city’s welcoming atmosphere and active neighborhood associations foster a supportive environment, encouraging social interaction and collaboration among residents. This sense of community can enhance the overall quality of life and contribute to a fulfilling living experience in Reno.
7. Access to higher education
Reno is home to the University of Nevada, Reno, a renowned institution that offers a wide range of academic programs and research opportunities. The presence of a reputable university enhances the city’s educational landscape, providing residents with access to quality higher education and lifelong learning resources. Additionally, the university contributes to the cultural and intellectual vibrancy of the community, enriching the overall living experience in Reno.
Cons of living in Reno
1. Limited public transportation options
One of the challenges of living in Reno is the limited public transportation options. With a transit score of 24, this can make it difficult for residents who rely on alternative modes of transportation. The city’s public transit system is not as extensive as in larger metropolitan areas, and the reliance on personal vehicles may pose challenges for individuals seeking more sustainable and convenient commuting alternatives.
2. Seasonal weather extremes
Reno experiences seasonal weather extremes, with hot summers and cold winters, as well as occasional droughts and heavy snowfall. The fluctuating climate conditions can impact residents’ daily routines and outdoor activities, requiring them to adapt to the changing weather patterns and prepare for potential environmental challenges throughout the year.
3. Limited diversity in dining options
While Reno offers a variety of dining establishments, the city may have limited diversity in culinary experiences compared to larger urban centers. Residents looking for a wide range of international cuisines and gourmet dining options may find the local restaurant scene relatively limited, potentially impacting their culinary exploration and dining preferences.
4. Traffic congestion
Reno has experienced an increase in traffic congestion due to population growth and ongoing development. The city’s infrastructure may face challenges in accommodating the rising number of vehicles on the road, leading to potential delays and longer commute times for residents. Addressing traffic congestion and improving transportation infrastructure are ongoing considerations for the city’s urban planning and development efforts.
5. Limited cultural diversity
While Reno has a rich arts and culture scene, the city may have limited cultural diversity compared to larger metropolitan areas. Residents seeking a more diverse and multicultural environment may find the local community relatively homogenous, potentially impacting their exposure to different cultural traditions and perspectives.
6. Impact of tourism on local economy
Reno’s reliance on tourism as a major economic driver can have both positive and negative implications for residents. While tourism contributes to the city’s vibrant entertainment and hospitality industries, it may also lead to seasonal fluctuations in employment opportunities and increased demand for resources, impacting the local economy and infrastructure.
Iconic tourist areas such as the Reno Arch and the National Automobile Museum draw visitors year-round, stimulating economic activity but also posing challenges for local residents.
7. Cost of living increases
As Reno continues to experience growth and development, the cost of living in the city has been on the rise. Factors such as housing demand, property values, and overall market trends can contribute to cost of living increases, potentially impacting residents’ financial planning and budgeting. Managing the rising cost of living is an important consideration for individuals looking to establish long-term roots in Reno.
A home equity loan or line of credit (HELOC) leverages your ownership stake to help you finance large costs over time.
Home equity financing offers more money at a lower interest rate than credit cards or personal loans.
Some of the most common (and best) reasons for using home equity include paying for home renovations, consolidating debt and covering emergency or medical bills.
Although allowable, it’s best to avoid using home equity for discretionary purchases and expenses.
The U.S. seems to have dodged a recession, but elevated interest rates, rising prices and shrinking savings continue to imperil many Americans’ financial security. Borrowing hasn’t been this expensive in 20 years and, to add insult to injury, it’s harder to get financing or credit, too. Half of Americans who’ve applied for a loan or financial product since March 2022 (when the Fed started raising its key benchmark rate) have been rejected, according to Bankrate’s recent credit denials survey).
But amid still-high mortgage rates and home prices, there’s a silver lining for homeowners. The rise in property values has increased the worth of their home equity, or outright ownership stake. You can borrow against that equity to meet new expenses — or settle old ones.
Two options to tap into your equity are home equity loans and home equity lines of credit (HELOCs). They may not be as well-known as other financing options (in Bankrate’s credit denials survey, only 4 percent of Americans have applied for one since March 2022), but they have several advantages.
If you’re a homeowner needing cash, here are 10 reasons to use home equity — some better than others. In each case, we’ve noted the pros and cons.
$299,000
Amount the average mortgage-holder had in home equity as of year-end 2023, up $25,000 from 2022
Source:
ICE Mortgage Technology
Why use home equity?
Key terms
Home equity
Home equity is the difference between what your home is worth and how much you still owe on your mortgage. As you pay down your mortgage and your home’s value increases, your equity stake grows.
Home equity loan
A home equity loan is a type of second mortgage in which you receive a lump sum upfront and then make regular monthly repayments over the loan term, usually at a fixed interest rate.
HELOC
A HELOC is a revolving line of credit, much like a credit card, that comes with a variable rate. You can borrow, repay and then re-use funds as needed during a set draw period and then pay off your balance during a repayment period.
Tapping your home’s equity can help you cover significant expenses, improve your financial situation or achieve any other money goal. The interest rates on a home equity loan or HELOC are usually lower than those on other forms of financing, and you can often obtain more funds with an equity product compared to a credit card, which might have a lower limit, or a personal loan. Home equity loans and HELOCs are also repaid over a longer term, meaning you’ll have more manageable payments month to month.
10 reasons to use a home equity loan
There aren’t any restrictions on how to use equity in your home, but there are a few ways to make the most of a home equity loan or HELOC. Here are 10 ways to use your home equity, along with their pros and cons.
1. Home improvements
Home improvement is one of the most common reasons homeowners take out home equity loans or HELOCs. Besides making the home more comfortable, upgrades could make it more valuable.
“Home equity is a great option to finance large projects like a kitchen renovation that will increase a home’s value over time,” says Glenn Brunker, president of online lender Ally Home. “Many times, these investments will pay for themselves by increasing the home’s value.”
Another reason to consider a home equity loan or HELOC for renovations: You could deduct the interest paid on the loan, assuming you itemize your deductions on tax return.
Pros
You can reinvest your home’s equity to increase the value of your property.
If you itemize your tax return, you could deduct the interest on your home equity loan or HELOC, up to the limit.
A HELOC, which allows gradual withdrawals, in particular can be ideal for long-term projects in which you pay contractors at set intervals, or ones in which the final cost is indefinite.
Cons
The monthly payments on a home equity loan or HELOC, coupled with your monthly mortgage payments, could stretch your budget too thin.
Depending on the scope of the remodel, you might need more than what you can borrow from your equity.
If you can’t repay the home equity loan or HELOC, the lender could foreclose on your home.
2. Education costs
A home equity loan or HELOC can help you fund higher education or continuing education, whether for you, your children or other loved ones. This route typically only makes sense, however, when home equity rates are lower than student loan rates. That doesn’t happen often, especially compared to federal student loans.
Consider, too, the type of education you’re financing. Someone obtaining a teaching certification, for example, might be able to get the cost covered by their future employer. Some public service professions are also eligible for student loan forgiveness after a period of time. In these cases, it wouldn’t be smart to put your home on the line with an equity loan.
Pros
Could be a lower-interest option than a private student loan, a federal parent loan or a personal loan.
HELOC gradual withdrawal structure tailor-made for annual or semi-annual tuition payments.
Could furnish a greater sum than a student loan.
Cons
Repayment starts sooner (with a home equity loan).
Rates not as competitive as federal student loans’.
Tapping home equity is riskier: If you default, you could lose your home.
The student might be able to get financial help in other ways, such as from a future employer or via loan forgiveness.
3. Debt consolidation
Americans’ credit card debt is skyrocketing. According to Bankrate’s recent credit card survey, nearly half (49 percent) of credit card holders carry a balance from month to month, up from 39 percent in 2021. Given their average interest rate of 22.75 percent, paying down that debt can be tricky — and expensive.
A HELOC or home equity loan can be used to pay off the plastic, along with other high-interest loans. “This is another very popular use of home equity, as one is often able to consolidate debt at a much lower rate over a longer term and reduce monthly expenses significantly,” says Matt Hackett, operations manager at mortgage lender Equity Now.
Home Equity
According to Bankrate’s February 2024 credit card repayment strategies survey, only 10% of credit card-holding U.S. adults report using a home equity loan and/or line of credit to consolidate and pay off credit card debt.
Pros
You could save on interest and lower your monthly payments.
Eliminating credit card debt boosts your credit score.
Cons
You’re turning an unsecured debt, such as a credit card, into secured debt now backed by your home. If you default on your equity loan or HELOC, you could lose your house to foreclosure.
If you haven’t broken the financial habits that got you into debt in the first place, or come up with a plan for repayment, you’re simply swapping one form of debt for another.
4. Emergency expenses
Many financial experts agree you should have an emergency fund to cover three to six months of living expenses, but that’s not the reality for many Americans, according to Bankrate’s 2024 annual emergency savings survey. If you find yourself in a costly situation — maybe you’re facing large medical bills or unexpected home repairs — a home equity loan or HELOC can be one way to stay afloat.
However, this is only a viable option if you have a plan for how to repay the debt. While you might feel better knowing you could access your home equity in case of an emergency, it still makes smart financial sense to set up and start contributing to an emergency fund. Plus, the application process for a HELOC or home equity loan takes time (though it’s speeded up of late: Some online lenders, such as Better, are offering approval decisions within one day). In a true emergency when you need cash fast, you’d need to already have the loan in place to use it.
Pros
If you’re in an emergency situation and have no other means to come up with the necessary cash, a home equity loan or HELOC could be the answer.
Cons
If you don’t have a HELOC or home equity loan already established, you’ll need to complete the application process first. So these loans won’t do you any good in a time-sensitive emergency.
You’re depleting your ownership stake, diluting the worth of a major asset: your home.
5. Weddings
The average cost of a wedding in 2023 was $35,000, according to the planning site The Knot — up $5,000 from 2022. For some couples, it might make sense to take out a home equity loan or HELOC to cover this expense, rather than a wedding loan, a type of personal loan. That’s because the interest rates on personal loans are typically higher than interest rates for home equity loans and HELOCs.
The major disadvantage, however: You’d be putting your home on the line for a discretionary expense. This can be risky if you don’t have a solid plan to repay the loan. It also tacks on interest to an expense that didn’t have interest to begin with, ultimately costing you more.
If you do go this route, be careful not to take out more than you need. If you’re unsure of the total tab for your big day, a HELOC is the better option.
Pros
Rates probably cheaper than those of personal loans or credit cards.
You may be able to access more funds than you would with other loans.
Cons
It’s a questionable move to put your home on the line for what’s essentially a big party.
You’re paying interest, so your wedding will cost more than you think: You could be paying for it decades after you wed.
When the loan’s used this way, the interest isn’t tax-deductible.
6. Business expenses
Some business owners use their home equity to start or grow their company. If you need capital, you might be able to save money on interest by taking equity out of your home instead of taking out a business loan. Before you commit, though, run the numbers. A return on investment isn’t guaranteed, and you’re putting your house on the line.
Pros
You might be able to borrow money at a lower interest rate with a home equity loan than you would with a small business loan.
It might be easier to obtain capital with a home equity loan than with a loan tied to your business, especially if you’re just starting out.
Cons
If your business fails, you’d still need to make payments on what you borrowed, regardless of lack of earnings. If you can’t, you could face foreclosure.
7. Investment opportunities
It’s possible to use home equity to invest in the stock market or buy a rental property — though both propositions are risky and require serious care and consideration. A well-qualified borrower might be able to take out a home equity loan on an investment property, as well.
Consider the interest rate on home equity borrowing, especially if you’re using the funds for investment purposes. “With interest rates of 9 percent, 10 percent or even higher, this is no longer low-cost debt,” says Greg McBride, CFA, Bankrate’s chief financial analyst. “At rates that high, it is a tough hurdle to clear to get a positive return on your investment.”
Pros
Investing in the stock market or real estate can be a great way to build wealth.
Leveraging assets to invest increases your rate of return.
Cons
Investments always carry risk, but that’s especially true when you’re putting your home on the line. It’s possible that you won’t earn a high enough return to outweigh your loan debt.
You can’t take advantage of the home equity loan’s tax deduction on interest, except in a few cases, such as buying adjacent property or land.
8. Retirement income
If your retirement savings are falling short, tapping home’s equity can help supplement your income so you can better manage expenses. These funds can be used to cover bills, emergency expenses or even home improvements to make you more comfortable as you age. A big caveat: This strategy relies on your ability to repay the loan or HELOC. If you’re not yet drawing Social Security, you might be able to repay HELOC funds with the benefit money later on. If you’re fully retired and struggling to make ends meet, however, it’s possible you won’t have the means to repay the debt, even if you have a HELOC you don’t have to pay back right away.
There are other roadblocks to this strategy, too: If you’re still paying your first mortgage, tapping your equity adds to your expenses and puts you in debt that much longer. It might also be harder to even get an equity loan if your income has decreased in retirement.
Pros
Using your hard-acquired home wealth as source for retirement income can be a smart use of assets.
Cons
You’ll need to think through how to repay your loan while you’re retired, and even afterwards. Home equity debt doesn’t disappear when you pass away — your heirs will have to work with your lender if they want to keep the home.
It could be harder to qualify for a home equity loan with a lower retirement income.
Home Equity
If you need retirement income, a reverse mortgage may be a better option than a home equity loan or HELOC. With a reverse mortgage, your lender pays you a lump sum or a series of monthly payments; how much you can get is based on your home’s value. The loan balance (plus interest) becomes due when you move out, sell the home or pass away. Most reverse mortgages include a “non-recourse” clause, which stipulates that you (or your estate) can’t owe more than the home’s value when the loan becomes due (so if the home’s depreciated and worth less than the loan balance, no one is on the hook for the difference). The advantages: There are no monthly repayments while you’re living in the home, and there are no income or credit score requirements, so you can qualify even if you’re struggling financially. However, to get a reverse mortgage, you usually need to be 62 or older and have substantial equity in your home — meaning, your primary mortgage be substantially, if not entirely, paid off.
9. Funding a vacation
Traveling can come with a steep price tag, and tapping your home’s equity could help cover the costs without having to increase your credit card debt. Even the best vacations don’t last forever, though, and home equity debt can linger for decades, so weigh your decision carefully. Is the trip worth potentially risking your house to pay for?
Pros
Home equity loans typically have lower interest rates than credit cards, which could save you money.
Cons
Putting your home on the line is an extremely risky way to finance a trip that will be over in a matter of days — and you’ll still be paying for it many years after it’s over, which could ultimately cost you more in interest.
10. Other big-ticket items
It’s possible to use your home equity for big-ticket purchases, but it doesn’t add up in many cases. Home equity loans have much longer repayment terms than auto loans, for example, resulting in lower monthly payments, but much more interest over time. Cars are also depreciating assets, meaning your car will be worth much less than you paid for it by the time you finish repaying the equity loan.
Pros
You could finance a larger purchase, like a car.
Cons
Your home’s equity isn’t worth leveraging on an expense that won’t give you a solid return. With the example of buying a car, you’ll be risking your home for an asset that will be worth less than what you paid for it by the time you’ve finished repaying the loan.
Using home equity FAQ
The amount of home equity you can borrow against depends on a number of factors, including how much the home is worth, the outstanding balance on your mortgage and your credit score. Assuming you’re well-qualified, many home equity lenders allow you to tap up to 80 percent of your equity.
As with any loan product, a home equity loan or HELOC can hurt your credit score in the short term, in part because you’re taking on more debt and potentially raising your credit utilization ratio. Over time, however, your credit score could go up as you make regular monthly payments on your home equity loan. It’s possible to get a home equity loan with bad credit, too.
It can be. You can deduct home equity loan interest if you use the funds to “buy, build or substantially improve” the home that was used to secure the loan, according to the IRS. You must itemize deductions on your tax return, and — similar to the mortgage deduction — there are limits as to how much you can deduct.
Yes. The closing costs for home equity loans and HELOCs can range from 1 percent to 5 percent of your loan amount. These can include many of the same closing costs as a typical real estate closing, such as origination, appraisal and credit report fees. HELOC lenders also often charge annual fees to keep the line open, as well as an early termination fee if you close it within three years of opening. You could also incur a charge if you decide to convert your HELOC balance to a fixed interest rate.
If you’ve just closed on a home and need cash, you can generally tap into your home equity right away. However, some lenders require borrowers to wait several months before applying for a home equity loan or HELOC. And whether there’s a waiting period or not, you’ll have to meet the lender’s eligibility requirements. These can include credit score minimums, income verification and debt-to-income (DTI) ratio maximums. Most importantly, you’ll also need at least 20 percent equity in your home to qualify, though some lenders accept 15 percent.
In the realm of real estate, the value of a property is often perceived through a myriad of lenses: location, size, amenities, and more. However, there’s one often overlooked aspect that plays a significant role in determining property value: the presence of trees and shrubs. Beyond mere aesthetics, these green assets can wield a considerable impact on the market worth of a property. Let’s explore how trees and shrubs can become invaluable assets for homeowners and investors alike.
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Enhanced Curb Appeal
First impressions matter, especially in real estate. Trees and shrubs can dramatically enhance the curb appeal of a property, making it more attractive to potential buyers or renters. A well-manicured landscape with mature trees and lush shrubbery creates an inviting atmosphere, signaling to visitors that this is a cared-for and desirable property. This initial appeal can significantly increase the perceived value of a home and set it apart in a competitive market.
Environmental Benefits
Beyond their visual appeal, trees and shrubs offer a host of environmental benefits that can positively impact property values. They act as natural air purifiers, absorbing harmful pollutants and releasing oxygen, thereby improving air quality. Additionally, trees provide shade, which can reduce the need for air conditioning during hot summer months, leading to lower energy costs for homeowners. Moreover, trees help mitigate soil erosion, filter water runoff, and provide habitat for wildlife, creating a healthier and more sustainable living environment.
Increased Privacy and Tranquility
In an increasingly urbanized world, privacy and tranquillity are prized commodities. Trees and shrubs serve as natural barriers, providing privacy from neighboring properties and buffering against noise pollution. A well-planned landscape can create secluded outdoor spaces where homeowners can relax and unwind, away from the hustle and bustle of the outside world. This sense of tranquillity and seclusion can significantly enhance the livability of a property and, consequently, its market value.
Climate Resilience and Energy Efficiency
With climate change becoming an ever-pressing concern, properties that are resilient to extreme weather events are gaining favor among buyers and investors. Trees and shrubs play a vital role in climate resilience by providing natural cooling and windbreaks. Strategically planted trees can help reduce the risk of property damage from storms and high winds, thus making a home more attractive to potential buyers. Moreover, by shading buildings in the summer and allowing sunlight through in the winter, trees can contribute to energy efficiency, leading to lower utility bills and increased savings for homeowners.
Long-Term Investment
Investing in trees and shrubs is not just about immediate aesthetic appeal; it’s also a savvy long-term investment. Unlike many home improvements that depreciate over time, mature trees and well-established shrubs increase in value as they grow. According to the Council of Tree and Landscape Appraisers, a mature tree can add thousands of dollars to the value of a property. As trees mature, they become increasingly rare and valuable assets, making properties with established landscapes more desirable and commanding higher resale prices.
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Do you find yourself thinking, “Should I move to Los Angeles, CA”? If you do, then you know that Los Angeles is not just any city. It’s a dynamic place where dreams take flight, and the sun almost always shines. From the iconic Hollywood sign to the bustling streets of downtown, LA is full of life and diverse cultures, making it a melting pot of ideas and creativity. Living here means you’re never far from the beach or a stunning hiking trail, offering a unique blend of urban living and nature’s beauty. Plus, with its world-famous entertainment industry, you might just bump into a celebrity while grabbing your morning coffee.
If you’re considering making the move to the City of Angels, you’re in the right place. In this article, we’ll discuss the pros and cons of living in Los Angeles to help you decide if it’s the right place for you. Let’s dive in.
Los Angeles at a Glance
Walk Score: 69 | Bike Score: 59 | Transit Score: 53
Median Sale Price: $975,000 | Average Rent for 1-Bedroom Apartment: $2,687
Explore Los Angeles neighborhoods | homes for sale in Los Angeles | houses for rent in Los Angeles | apartments for rent in Los Angeles
Pro: Diverse culinary scene
Los Angeles boasts an incredibly diverse culinary scene, reflecting its multicultural population. From authentic Mexican tacos in East L.A. to Korean BBQ in Koreatown and innovative vegan options scattered throughout the city, there’s something to satisfy every palate. The city is also home to numerous Michelin-starred restaurants, including Providence, Mélisse, and Somni. These exquisite dining experiences draw food enthusiasts from around the globe to LA.
Con: Traffic congestion
One of the most notorious aspects of living in Los Angeles is its traffic congestion. With a lower Transit Score of 53, the city’s sprawling layout, and heavy reliance on car transportation mean residents often face long commute times. This problem becomes more intense, especially during rush hours. This can lead to increased stress and less free time for leisure activities or family. Despite efforts to improve public transportation, traffic remains a significant challenge for the city.
Pro: Entertainment industry hub
Los Angeles is globally recognized as the heart of the entertainment industry. Home to Hollywood, it offers unparalleled opportunities for those aspiring to careers in film, television, music, and beyond. Similarly, musicians have a lot of opportunities with renowned music venues like the Troubadour and the Hollywood Bowl nearby. The city also hosts numerous film premieres, award shows, and industry events, providing locals with a front-row seat to the entertainment world. This vital sector also contributes to the city’s dynamic cultural landscape and economy.
Con: High cost of living
The cost of living in Los Angeles is 50% higher than the national average. From housing to groceries, nearly every aspect of daily life tends to come with a hefty price tag. The city consistently ranks among the most expensive places to buy a home in the United States, with sky-high rents and property values making homeownership a distant dream for many. The exorbitant cost of living in Los Angeles poses a significant challenge for residents, especially those with modest incomes or limited financial resources.
Pro: Beautiful weather
Los Angeles is famed for its mild, sunny climate year-round, making it an ideal location for outdoor enthusiasts. The city boasts an average of 284 sunny days per year, allowing residents to enjoy beaches, hiking trails, and parks regularly. This pleasant weather also supports a lively outdoor dining and social scene, contributing to the overall quality of life in the city.
Con: Air quality issues
Despite its sunny skies, Los Angeles struggles with air quality issues, primarily due to vehicle emissions and industrial pollution. The city frequently ranks among those with the worst air pollution in the nation, which can pose health risks, particularly for individuals with respiratory conditions. Efforts are ongoing to improve air quality, but it remains a concern for residents.
Pro: Cultural diversity
Los Angeles is a melting pot of cultures, offering a rich tapestry of experiences that reflect its diverse population. The city celebrates this diversity through numerous cultural festivals, museums, and neighborhoods like Little Tokyo and Little Armenia. This cultural richness enhances the social fabric of Los Angeles, fostering a sense of global community and understanding among its residents.
Con: Water scarcity
Located in a region prone to droughts, Los Angeles faces ongoing challenges with water scarcity. This environmental issue affects everything from residential water use to the sustainability of local agriculture. Residents are often subject to water usage restrictions and are encouraged to adopt water-saving measures, highlighting the importance of conservation in the city’s daily life.
Pro: Innovative tech scene
Should I move to Los Angeles if I don’t want to be in entertainment business? Los Angeles is not just about entertainment; it’s also a growing hub for the tech industry, often referred to as Silicon Beach. The city attracts startups and established tech companies alike, offering opportunities in digital media, aerospace, biotech, and more. This burgeoning tech scene provides a wealth of employment opportunities and fosters a culture of innovation and entrepreneurship.
Con: Seismic activity
Los Angeles is situated in a region with significant seismic activity, making earthquakes a reality of life in the city. While strict building codes and emergency preparedness efforts aim to mitigate the impact, the threat of a major earthquake is an ever-present concern for residents. This geological reality influences everything from insurance costs to personal and community safety measures.
Pro: Access to nature and recreation
Los Angeles offers easy access to a wide range of natural landscapes and recreational activities. From the beaches of Santa Monica and Malibu to the hiking trails in the Santa Monica Mountains and skiing opportunities just a few hours away, the city is perfectly positioned for those who love the outdoors. This access to nature contributes significantly to the lifestyle benefits of living in Los Angeles.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
In a recent report by Goldman Sachs, a stark warning was issued about the state of office mortgages in the United States, describing them as “living on borrowed time.” This caution comes amidst a backdrop of mounting stress in commercial real estate loans, particularly those tied to office properties, which have emerged as a significant sore point. With delinquencies on the rise, the specter of financial instability continues to haunt the U.S. banking sector, further aggravated by an office market that has seen demand plummet for two consecutive years.
The situation has become increasingly dire, with delinquencies ticking upwards, reflecting the ongoing distress within the office real estate sector. According to Trepp, a leading research firm, about 6.63 percent of all commercial office mortgages were delinquent as of February, marking a 33 basis points increase from January. This rise mirrors the average monthly increase witnessed over the past 12 months, starkly contrasting with the 2.38 percent delinquency rate recorded a year prior. The upsurge in delinquencies underscores an ominous trend in the office market, plagued by declining demand and reaching a vacancy rate of 19.7 percent at the onset of 2024.
A particularly alarming development is the significant increase in commercial real estate loans scheduled to mature by the end of 2024. The total amount has surged 41 percent to over $900 billion, primarily fueled by ongoing extensions and modifications of existing debts. This uptick, noted by analysts at Goldman Sachs, signifies a potentially tumultuous period ahead for the banking sector, already reeling from the impact of higher interest rates and declining property values that have complicated refinancing efforts.
Regional banks have acutely felt the ripple effects of the commercial real estate loan challenges, which have seen their stock prices wobble in the wake of last year’s string of bank failures. Given their exposure to commercial real estate loans, these institutions are particularly vulnerable, a situation exacerbated by the current economic climate marked by high interest rates and a depreciation in property values.
Despite the grim outlook for office loans, the broader commercial real estate market shows signs of resilience. In its assessment, Goldman Sachs noted that the office sector’s distress is unlikely to spill over into other areas of the commercial property market. Retail delinquencies, for instance, have shown improvement, and the multifamily and industrial sectors remain relatively stable. Furthermore, banks today are in a more robust capital position than during the financial crises of 2008-09 and the 1980s, offering hope that the current challenges can be navigated with strategic foresight and prudent management.
The office mortgage crisis presents a daunting challenge to the U.S. banking sector, underscored by a confluence of increasing delinquencies, a glut of maturing loans, and a commercial office market in distress.
Buying your first home is a thrilling milestone, marking a significant step towards independence and stability. However, it’s also a substantial financial commitment that can lead to buyer’s remorse if not carefully considered. To help you navigate this exciting yet daunting journey, here are some essential tips to ensure you make a confident and informed decision:
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Know Your Budget Inside Out
Before you even start browsing listings, take a thorough look at your finances. Understand what you can comfortably afford, factoring in not just the mortgage payments but also taxes, insurance, utilities, maintenance, and unexpected expenses. Being realistic about your budget sets a solid foundation for your home search and reduces the risk of overspending.
Do Your Research
Arm yourself with knowledge about the local real estate market. Research property values, recent sales, and trends in the areas you’re interested in. Understanding the market dynamics will empower you to make informed decisions and negotiate effectively when the time comes.
Get Professional Guidance
Enlist the help of experienced professionals, such as real estate agents, home inspectors, and mortgage brokers. A reputable agent can guide you through the buying process, offer valuable insights, and advocate for your best interests. Likewise, a thorough home inspection can uncover potential issues that might not be apparent to the untrained eye, saving you from costly surprises down the road.
Take Your Time:
While it’s natural to feel eager to find your dream home, resist the urge to rush the process. Take your time exploring different properties, attending open houses, and asking questions. Don’t feel pressured to make an offer unless you’re genuinely confident it’s the right choice for you.
Visualize Your Future
Imagine yourself living in the homes you’re considering. Picture your daily routines, envision family gatherings, and think about how the space will evolve with your needs over time. Connecting emotionally with a property can help you determine if it’s truly the right fit for you.
Sleep On It
Before making a final decision, give yourself some time to reflect. Sleep on it, discuss your thoughts and concerns with trusted friends or family members, and weigh the pros and cons objectively. A good night’s sleep can provide clarity and prevent impulsive decisions that you might later regret.
Negotiate Wisely
Don’t hesitate to negotiate terms that are favourable to you, whether it’s the price, closing costs, repairs, or contingencies. Be assertive yet respectful in your negotiations, and be prepared to walk away if the deal doesn’t align with your expectations.
Checklist Items
If you work from home, ensure that your workspaces are big enough. A small workspace, especially if you have to use it every day can get crammed and can lead to being unproductive. Also, if you’re planning to keep the existing appliances, take the time to test them out and make sure they are working properly. Don’t settle on anything that will make the home less functional for your needs.
Trust Your Instincts
Ultimately, trust your instincts. If something doesn’t feel right or if you have lingering doubts, it’s okay to step back and reassess. Buying a home is a significant decision, and it’s essential to feel confident and at peace with your choice.
Are you looking to buy your first home with confidence? Give us a call today! Our experienced real estate agents will ensure you buy without regrets!
“You’re going to see more of this consolidation and/or liquidation of US banks,” Pack said. “A lot more eggs are going to get broken.” The crisis won’t just hit banks. Pack estimates that roughly a trillion dollars of commercial mortgage-backed securities (CMBS) loans will mature by 2025. With properties losing value, many borrowers could find … [Read more…]
Looking for a real estate side hustle? Whether you are looking for passive income ideas or if you are looking for a part-time job (or more!), there are many different real estate side hustles. I have done a few different real estate side gigs, and I know many people who have side hustles in this…
Looking for a real estate side hustle?
Whether you are looking for passive income ideas or if you are looking for a part-time job (or more!), there are many different real estate side hustles.
I have done a few different real estate side gigs, and I know many people who have side hustles in this area as well. To get started in real estate, you don’t have to spend a lot of money – there are several real estate side gigs that can be started even if you are brand new or are on a budget.
Key Takeaways
Real estate side hustles have a range of options from income generating assets to freelance opportunities to office jobs.
You can supplement your income with both short-term and long-term real estate strategies.
Finding the right fit depends on your availability, investment capacity, and financial goals.
Best Real Estate Side Hustles
Here’s a quick summary of some of the different best real estate side hustles:
House hacking: Buy a property, live in one unit, and rent out the rest.
REIT investing: An easy way to start investing in real estate with less capital.
Airbnb rentals: Rent out a spare room or an entire property on a short-term basis.
Property management: If you’re organized and good with people, managing properties for others could be a perfect fit.
Long-term rentals: Becoming a landlord can generate steady cash flow.
Fix and flip: Buy properties that need work, renovate them, and sell them for a profit.
Below, you will read the full list and learn more about each one.
1. House flipping
Flipping houses can be a good real estate side hustle if you like real estate and enjoy fixing things up.
When you flip houses, you’re basically buying homes, making them better with repairs and upgrades, and then selling them to make more money.
The first thing to do for a successful house flip is to find a property that can be made better, such as by looking for homes in neighborhoods that are getting better or have room to grow. Think about things like where it is, what the market is like, and the condition of the property.
Before putting money into anything, it’s important to carefully look at the finances. You’ll want to figure out how much it will cost to buy, fix, and keep the property, and think about things like the cost of materials, paying workers, getting a loan, and the costs while you’re fixing things.
To flip a house well, you need to make smart changes that make the property better, without spending too much, by concentrating on important areas like the kitchen and bathrooms, and fixing any big problems with the structure or safety.
Recommended reading: 10 Best Books on Flipping Houses To Make Money
2. Investing in REITs
Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-generating real estate. They are a way for you to invest in real estate without directly managing or owning properties.
An REIT is like a company that owns and takes care of real estate that makes money. They sell shares of this company to people, kind of like how stocks work.
When you invest in REITs, you can earn money from the real estate world without actually owning any property. So, if you don’t want to deal with being a landlord, this could be a good option. It’s way less work than owning property and handling it yourself.
You can even spread out your money and invest in different kinds of properties with REITs, like houses, offices, factories, and stores.
3. Getting a roommate
Getting a roommate in your home, whether that be a full-time roommate or renting out an extra room in your home short-term on Airbnb, can be a great real estate side hustle that doesn’t require very much work from you.
The earnings you can make from having a roommate depend on things like:
Where your home is (an expensive area? rural?)
The space you are renting to a roommate (for example, do they get their own bathroom? private entrance available?)
To find a roommate, you can share about it on your own Facebook page, put up an ad on sites like Craigslist, or make a rental listing on Airbnb. There are lots of places where you can let people know you’re looking for a roommate.
I have had many roommates in the past when I was younger and had a home with spare bedrooms. I would rent them out to long-term renters and people that we personally knew (such as friends and my sister).
Recommended reading: Tips For Renting A Room In Your House.
4. Airbnbs and vacation rentals
Turning your property into an Airbnb or other short-term rental can be a way to generate extra income. This is when you rent out your space, whether a full house, an apartment, or just a room, to travelers for short stays.
Before starting your Airbnb side hustle, be sure to:
Check local laws: Make sure short-term rentals are permitted in your area. There are many areas nowadays that are more strict when it comes to short-term rentals.
Understand the financials: Calculate potential earnings against expenses like mortgage, utilities, and maintenance.
Set up your space: Furnish and decorate to create a welcoming environment.
Market your rental: Use high-quality photos and create listings on rental platforms like Airbnb and Vrbo.
The amount you can earn can vary, with some hosts making around $5,000 to $10,000 a month or more, but this depends on factors such as location, rental type, and occupancy rates. Always plan for occupancy ebbs and flows – it’s part of the short-term rental business.
5. Real estate photography
If you’ve ever looked at a house listing and thought that the pictures looked awful, then this may be the real estate side hustle for you.
Real estate agents many times hire out for the photography side of selling a house, as they know and understand how important good pictures are.
Real estate photography is all about taking pictures of houses and spaces to grab the attention of people who might want to buy them. Real estate photographers might take pictures of the outside of a house, the backyard, the living room, attic, bathroom, and more.
You can start with the equipment you likely already have, like your smartphone, which can work well because phones these days have great cameras.
How you show a property can really impact a client’s chance of selling it. Your photos are not just pictures; they’re an important part of how the property gets advertised.
As you continue with this real estate side hustle, you might think about getting better equipment (like a real camera!), but for now, practice paying attention to details and getting better at taking pictures.
If you’re thinking about doing something extra to earn money in real estate, photography could be a great choice.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
6. Real estate drone photography
Drone pilots sell real estate photography services to help real estate agents showcase the properties they are selling.
When property listings include pictures from various angles and heights, it gives a different perspective compared to regular photos. This helps show aspects of real estate that traditional pictures might miss.
When you sell property photography services using your drone, you’re providing a valuable service to real estate companies that want to stand out in a crowded housing market.
Homes are increasingly being sold using drone photos, and it’s understandable because they can showcase the surroundings of a home. Also, potential home buyers can see the entire property and house through a drone picture, giving them a better understanding of what the home includes.
Recommended reading: How To Make Money With A Drone
7. Long-term rentals
A long-term rental is when you rent out a property for a long amount of time, usually six months to a year or even longer. An example would be renting out an apartment or house to a family to live in full-time.
Long-term rentals are different from short-term rentals like vacation homes or Airbnb listings. They are meant for people or families looking for a longer place to live.
A benefit of long-term rentals is the reliable and steady income they can give you. When you rent your property to tenants for an extended period, you set up a regular cash flow of rental payments. This stability can be especially nice for people who are looking for a dependable source of passive income.
Plus, it’s usually less work than a short-term rental, because you don’t have to clean the home every few days or find new people to rent out to.
Recommended reading: How This 34 Year Old Owns 7 Rental Homes
8. Buy and hold for long-term wealth
If you want to grow wealth through real estate, the buy-and-hold strategy is a way to achieve lasting growth. This means buying a property and keeping it for an extended period, benefiting from both its increasing value over time and the rental income it makes you over the years.
Some positives to think about with a buy-and-hold real estate side hustle include:
Appreciation: Over time, real estate often increases in value.
Rental income: It can provide a steady cash flow each month.
Tax advantages: Possible deductions can reduce your taxable income.
The buy-and-hold strategy requires patience and a willingness to handle market changes. It’s a long-term approach, not a quick one, but if you stay persistent, you can create an investment portfolio for future financial stability.
9. Notary services for real estate
If you want to get more into the real estate world without becoming an agent or broker, becoming a notary public can be a way to make extra money.
Many documents, including deeds, mortgages, and power of attorney, require notarization to be legally binding.
With a notarization license, you can provide an important service required for different real estate transactions.
Notaries are important because they help make sure that the people signing documents are who they claim to be to prevent fraud.
10. Rental arbitrage
Rental arbitrage is a way to make extra money in real estate without owning a property. You rent a place for a long time and then sublease it as a short-term rental using platforms like Airbnb.
Here’s how to get started:
Check local laws: You’ll want to make sure your city or state allows for short-term rentals.
Make sure the rental allows for you to do this: Not every rental will be okay with you renting it out. You will want to read your rental contract carefully.
Do market research: Understand the demand for short-term rentals in your target area, such as by looking for locations with high tourist traffic or business conferences.
Potential Benefits
Considerations
+ Strong cash flow potential
– Initial setup and furnishing cost
+ Low startup costs compared to buying
– Dependence on short-term rental market stability
Making money in rental arbitrage comes from the difference between the cost of the long-term lease and the income from short-term rentals. The bigger the gap, the more potential for profit. But remember to factor in the expenses of running the rentals, like cleaning and maintenance costs.
11. House hacking
House hacking is a strategic approach to real estate where you purchase a property with multiple units and live in one unit while renting out the others. This is a side hustle because it can help offset your living expenses through the rental income.
House hacking can be an easy starting point if you want to dip your toes into real estate investing with the added perk of reducing your personal living expenses.
Back when we were living in a traditional house, we house hacked for a little while and had a few different roommates live with us. The monthly rent we collected allowed us to lower our house payments and put more money in savings.
We house hacked with our first house, and it was really great for us. Being able to set more money aside even helped me get ready to quit my job to become a full-time blogger.
If you are looking for a good book on the subject of house hacking, then I recommend reading The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom by Craig Curelop.
Recommended reading: What Is House Hacking & How To Live For Free
12. Real estate agent
A real estate agent is a person who helps people, like you and me, find real estate to buy or sell. They usually earn their income through a commission, which is a percentage of the property’s sale price.
To become a real estate agent and start this real estate career, you only need a high school diploma and a professional license. As of 2021, the median pay, according to the U.S. Bureau of Labor Statistics, is $23.45 per hour, or $48,770 per year.
And, there are tons of real estate agents who make a lot more money than this.
13. Crowdfunding and peer-to-peer lending
If you want to learn how to make extra money in real estate, then crowdfunding and peer-to-peer lending are areas to look into.
Crowdfunding platforms allow you to invest in real estate deals with a smaller amount of money compared to purchasing property outright. This can provide you with passive income through rental returns or potential property value appreciation.
Peer-to-peer lending platforms enable you to lend money directly to borrowers. You can potentially earn higher returns compared to traditional savings accounts, but there is always the risk of a borrower not repaying the loan.
Both crowdfunding and peer-to-peer lending utilize technology to connect investors with individuals seeking funding.
14. Bird dogging
Bird dogging in real estate can be a side hustle where you help find potentially profitable properties for investors. Your skill in spotting undervalued or distressed properties is important.
Here’s what you usually need to do:
Conduct market research to locate properties that are flying under the radar.
Build a network with local real estate investors who are looking for deals.
Learn to use the Multiple Listing Service (MLS) to spot opportunities.
Typically, you’ll be on the lookout for foreclosures, bank-owned properties, and distressed homes due for a quick sale.
As a bird dog, your compensation usually comes from a referral fee after the investor decides to move forward with your find. Importantly, to perform this role, you don’t necessarily need any initial capital, just the time and skill to identify promising investment opportunities.
15. General contractor
General contractors handle the day-to-day activities on construction sites, overseeing tasks from residential remodels to constructing new homes.
This is typically more of a full-time job, but this can sometimes be done as a real estate side hustle.
As a general contractor, you can choose projects that match your schedule and interests, providing flexibility. Despite the responsibilities, this role allows you to play a central role in turning plans into actual buildings, giving you the potential to make extra money.
16. Flip raw land
Getting involved in raw land flipping is when a person finds and buys undeveloped land to sell later at a profit.
The main benefits include a lower initial investment and less complexity compared to traditional real estate investments, as it doesn’t involve renovation or improvements. There are no buildings, instead it may be a lot or acres of land.
Here’s a step-by-step guide on how to start:
Find raw land – Research areas with potential growth or upcoming developments that could boost land value.
Due diligence – Perform thorough checks on land titles, zoning laws, and road access to avoid legal issues.
Pricing strategy – Your selling price should be attractive enough for buyers yet ensure you make a reasonable profit margin.
Sell and negotiate – Use online platforms to reach potential buyers and negotiate the best deal.
17. Rent out your storage space
If you have unused land or space in your home, renting it out for storage space can be an easy way to make passive income.
People have a lot of stuff, and they will pay you to store their stuff in your unused spaces.
You can sell storage solutions for vehicles, boats, personal belongings, and more. You can rent out your parking space, closet, basement, attic storage, and more.
A site where you can list your storage space is called Neighbor and you can earn $100 to $400+ each month. This depends on the demand in your area and the type of storage space you are renting out.
Recommended reading: Neighbor Review: Make Money Renting Your Storage Space
18. Property manager
A property manager side hustle can be a great way to make extra money.
A property manager is a real estate professional who finds and oversees tenants, collects rent, and handles repairs and maintenance activities. It’s a side hustle that property owners pay for because they may not have the time or skills to effectively manage their own property.
Property managers can manage long-term rentals like apartments, short-term rentals like Airbnbs, and even commercial spaces as well.
I have a friend who is a property manager on the side of his full-time construction job – he manages many different types of properties, from second homes to vacation rentals to someone simply being out of town. He checks on their properties to make sure that everything is running smoothly.
19. Home stager
If you’re passionate about real estate and design, starting a side hustle as a home stager could be profitable for you. As a home stager, your job is to improve the appearance of a home before it’s listed for sale.
This often results in faster sales and higher prices, making your service valuable to sellers.
You can start by staging homes for friends or family, if possible, to build a portfolio. Before and after photos are powerful tools to showcase your work.
You can even provide consultations to homeowners who prefer to do the actual staging themselves. In such cases, your design style can be a more budget-friendly option for a do-it-yourself homeowner.
20. Home inspector
We recently bought a house, and our home inspector was actually a home inspector on the side – this was his real estate side hustle! I think he was a city inspector (or something similar) full-time, so he was very knowledgeable in the area.
Home inspection as a side job can be a strategic move if you’re interested in real estate. This job allows for flexibility since you can set your hours, such as by completing home inspections on the weekends or before or after your day job.
You’ll need to invest in proper training and get licensed, which is a process that can be completed relatively quickly.
The responsibilities of a home inspector include:
Inspecting homes for possible problems, like a leak or bad wiring.
Creating and delivering reports based on what you find during the inspection.
21. Real estate appraiser
Real estate appraisers determine the fair market value of a property, and this process is important in transactions, such as home sales and refinances.
Appraisers assess property values by taking notes on unique characteristics and comparing them with similar properties that have sold recently.
They then prepare reports, detailing findings and providing a valuation that banks and other institutions depend on for loans.
22. Real estate wholesaler
Real estate wholesalers are middlemen who find properties under market value, contract them with the seller, and then sell the contract to a buyer, often an investor. Their profit comes from the difference between the contracted price with the seller and the amount the buyer pays.
Here is a quick summary of what a wholesale real estate side hustle is:
Find a distressed property – Search for properties that can be bought below market value.
Evaluate the property – Determine the After Repair Value (ARV) and estimate repair costs.
Secure under contract – Enter into a contract with the seller, giving you the right to purchase.
Find a buyer – Locate an investor interested in buying the contract.
Assign the contract – Transfer your purchasing rights to the investor for a fee.
By becoming skilled at finding good deals and building connections with trustworthy investors, real estate wholesaling can become a profitable real estate side hustle.
23. Start a real estate blog
Starting a real estate blog (or even a real estate YouTube channel or social media account!) can be a good way to make extra money without having to spend a lot of money.
With a real estate blog, you can write about local market insights, home buying and home selling tips, property investment strategies, home improvement and DIY projects, and more.
I have been a blogger for years, and I really love it. I am able to create my own schedule, decide how I make money online, travel whenever I want, and more. And, it all started on the side of my day job – so I definitely think that a real estate blog can be started as a side hustle.
Learn more at How To Start A Blog FREE Course.
Frequently Asked Questions
Below are answers to common questions about real estate side hustles.
Can real estate be a side hustle? Is real estate a good side hustle?
Yes, real estate can be a lucrative side hustle. Many people do real estate activities on a part-time basis, which can include short-term rentals, getting a roommate, and more, with lower time commitments.
Is real estate worth it as a side hustle?
Real estate as a side hustle can be worth it if you are looking for more income streams and have an interest in the housing market or real estate. As you probably noticed above, there are many different kinds of side hustles, so the amount of money you can earn or the amount of time you will spend will just depend on the gig you choose.
How can realtors make extra money?
Realtors can make extra money by managing rental properties, taking part in real estate crowdfunding, selling real estate photography services, and more.
Is real estate a good side hustle for teachers?
Yes, real estate can be a good side hustle for teachers. There are many options that may work for a teacher.
For example, some teachers work as real estate agents on the side. This is possible because you can handle listing and selling homes during weekends, breaks, evenings, and over the summer. However, keep in mind that selling homes might pose challenges, as clients may require your full attention during the day, which could clash with your teaching commitments.
You can find more ideas at 36 Best Side Jobs for Teachers To Make Extra Money.
Which licenses might be required to pursue a side hustle in the real estate field?
Depending on the side hustle, certain licenses like a real estate license may be required. For example, to become a real estate agent or home inspector, you’ll need a specific license. However, if you’re looking into just getting a roommate, then you may not need a license. It all just depends on the real estate side gig you are interested in.
How to make money in real estate without ever buying any property?
As you learned above, you don’t need to personally buy or own real estate in order to make money in real estate. You can invest in REITs, become a notary for real estate transactions, include affiliate marketing for real estate products on a blog, and more.
Real Estate Side Hustles – Summary
I hope you enjoyed this article about real estate side hustles.
Picking the right side hustle gig in real estate might feel overwhelming because there are many choices.
Some people might like jobs where you have to do more, like fixing up houses or taking care of Airbnb rentals. Others might prefer making money without doing much, like through REITs or renting out a spare room.
Whatever you’re into or however much money you have to invest, there are probably real estate side business ideas that fit with what you have and what you want to achieve.
What do you think is the best real estate side hustle?
Woodwell explained that such extensions and modifications had allowed the CRE mortgages to mature from $659 billion to $929 billion. He added that commercial mortgages had the tendency to be long-lived with maturities spreading out over several years. “Volatility and uncertainty around interest rates, a lack of clarity on property values, and questions about some … [Read more…]
Welcome to Summerlin, the epitome of tranquility and luxury living in the heart of Las Vegas.
With its meticulously designed neighborhoods and vast array of exclusive amenities, Summerlin truly embodies the perfect blend of opulence and serenity.
From exquisite gated communities to world-class golf courses and award-winning schools, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
And people have started to take notice.
Summerlin has seen an influx of new residents in the past few years, fast becoming Nevada’s top-selling community.
In the first half of 2023 alone, an impressive total of 544 new homes were sold in the master-planned community, pushing it to rank #5 nationally in new home sales in a recent midyear report by national real estate consultant RCLCO.
Celebrities too have been flocking to the area, with A-listers like Mark Wahlberg ditching the glamorous L.A. lifestyle and buying homes in Summerlin, Nevada.
To get a better feel of the local real estate market, we’ve reached out to industry expert Cami Lincowski, a prominent luxury Las Vegas real estate agent and former star of HGTV’s Say Yes to the Nest.
Talking about the appeal of the area of its rise in popularity, Cami tells us that “Summerlin is not only thriving, but when you throw in the latest and greatest shopping & high-rated restaurants the valley has to offer; there’s no denying that this area ranks amongst the top cities to call home.”
So let’s take a closer look at what makes this Las Vegas Valley community such a great place to live.
The luxury lifestyle in Summerlin
Summerlin is synonymous with luxury.
This master-planned community boasts some of the most prestigious homes in Las Vegas, offering residents an unparalleled level of elegance and sophistication. From sprawling mansions to stylish townhouses, Summerlin has something to suit every taste and preference.
The meticulously designed neighborhoods of Summerlin showcase architectural excellence and attention to detail.
Gated communities like The Ridges, Tournament Hills, The Lakes, and Red Rock Country Club provide residents with a sense of exclusivity and security. Impeccably landscaped streets and manicured lawns add to the overall aesthetic appeal, creating a sense of grandeur at every turn.
More recently, The Summit Club has emerged as the pinnacle of luxury living in Summerlin. The 555-acre resort community south of The Ridges (and only 9 miles away from the Las Vegas strip) is the only fully private residential golf and lifestyle club community in all of Las Vegas.
In addition to the stunning homes, Summerlin offers a wealth of amenities that cater to the luxury lifestyle.
Residents have access to world-class golf courses, private country clubs, and state-of-the-art fitness centers. The community also boasts a wide range of recreational facilities, including tennis courts, swimming pools, and parks, ensuring that there is always something to do for those seeking an active lifestyle.
The real estate market in Summerlin
The real estate market in Summerlin is thriving, thanks to its reputation as one of the most desirable places to live in Las Vegas. But you do have to have deep pockets – or an outstanding credit score – to afford to buy here.
The demand for homes in Summerlin has been steadily increasing over the years, leading to a rise in property values. The community’s prime location, coupled with its exceptional amenities and quality of life, make it an attractive choice for both homebuyers and investors.
But despite being a top luxury home destination, Summerlin’s house prices can accommodate a wide range of budgets — and are considerably less prohibitive compared to those found in other top luxury markets on the West or East Coasts.
“Anyone can call Summerlin home,” luxury agent Cami Lincowski tells us. “With price ranges starting at $400k & tipping the scale at $15m+, this city is not just made of city lights, but all walks of life.”
The community offers a wide range of housing options, from single-family homes to luxury condominiums and townhouses.
Whether you are looking to buy a home or invest in real estate, Summerlin offers a wealth of opportunities. The community’s diverse housing options cater to a range of budgets and lifestyles, ensuring that there is something for everyone.
Celebrities that call it home
With the Mansion Tax adding fuel to the California exodus, many of the Golden State’s affluent residents started flocking to new luxury markets — with A-listers and famous individuals choosing to make Las Vegas their new primary residence.
Naturally, Summerlin emerged as a top choice.
Celebrities to have called Summerlin home include actor Mark Wahlberg (who sold his sprawling $55 million LA mansion to move here), Grammy Award-winning singer Celine Dion, who sold her freshly-built Summit Club house for a record $30 million, and several Golden Knights players.
NHL pro Max Pacioretty played only four seasons with the Vegas Golden Knights (2018-2022) but went all in when it came to making himself at home in Sin City. The Carolina Hurricanes left winger owned a 10,000+ sq. ft. home in The Ridges community, which he sold for top dollar last year.
Pacioretty’s spectacular estate “netted” a cool $11 million, a record for the high-end The Ridges community.
Rob Roy, the CEO, founder, and chairman of Switch Communications Group, also paid $33 million for 5 acres to build a luxury estate in the same Summerlin resort community.
And while Wahlberg recently sold one of his Summerlin homes for $16.6 million one year after buying it, he made it clear he loves living here and has no plans of leaving the Las Vegas community. He’s just waiting for his other mansion to be completed.
Top neighborhoods in Summerlin
Summerlin is home to a number of top-notch neighborhoods, each with its own unique charm and character. Here are some of the most sought-after areas in the community:
#1 The Ridges
Located at the base of the Red Rock Canyon, The Ridges is an exclusive gated community known for its luxurious homes and breathtaking views. With its private golf course and world-class amenities, it is one of the most coveted neighborhoods in Summerlin.
#2 Tournament Hills
Situated around the TPC at Summerlin Golf Course, Tournament Hills offers residents the opportunity to live near one of the best golf courses in Las Vegas. The neighborhood features a mix of custom-built homes and luxury estates, providing a premium living experience.
#3 The Gardens
Nestled among lush green landscapes and scenic walking trails, The Gardens is a peaceful and picturesque neighborhood in Summerlin. With its tree-lined streets and well-maintained parks, it offers residents a serene and idyllic setting.
Tranquility and natural beauty
One of the most remarkable aspects of Summerlin is its breathtaking natural beauty.
Nestled against the majestic Red Rock Canyon, the community offers stunning views of the surrounding desert landscape. The vibrant hues of red and orange against the clear blue sky create a picturesque backdrop that is hard to find elsewhere in Las Vegas.
Summerlin is a nature lover’s paradise, with over 150 parks and more than 150 miles of trails to explore. Whether you enjoy hiking, biking, or simply taking a leisurely stroll, there is a trail for every skill level. The community is also home to numerous lakes and ponds, perfect for fishing or enjoying a peaceful picnic by the water.
For those seeking a more tranquil experience, Summerlin offers an abundance of peaceful retreats. The community’s botanical gardens and meditation centers provide a serene environment for relaxation and introspection. Escape the hustle and bustle of city life and immerse yourself in the tranquility that this community has to offer.
Amenities and recreational activities
Summerlin is not just a place to live; it is a lifestyle.
The community offers an impressive array of amenities and recreational activities that cater to residents of all ages. From world-class golf courses to community centers and sports facilities, there is something for everyone.
Golf enthusiasts will be delighted by the exceptional courses that Summerlin has to offer.
The TPC at Summerlin is a championship golf course designed by renowned architect Bobby Weed. With its challenging fairways and breathtaking views, it is a favorite among golfers of all skill levels. The community is also home to the Red Rock Country Club, which features two Arnold Palmer-designed courses and a host of other amenities.
In addition to golf, Summerlin offers a wide range of recreational activities. The community’s numerous parks and trails provide ample opportunities for outdoor enthusiasts to stay active.
Tennis courts, basketball courts, and soccer fields are available for those who enjoy team sports. And for those who prefer indoor activities, the community’s state-of-the-art fitness centers and swimming pools provide plenty of options.
Schools and education options
Summerlin is not only known for its luxury homes and amenities; it is also home to some of the best schools in Las Vegas. The community offers a wide range of educational options, from top-rated public schools to prestigious private institutions.
The Clark County School District serves the majority of students in Summerlin, offering a comprehensive curriculum and a strong emphasis on academic excellence. The district’s schools consistently rank among the best in the state, providing students with a quality education that prepares them for future success.
For those seeking a private education, Summerlin is home to several esteemed institutions.
The Alexander Dawson School is a renowned independent school that offers a challenging and well-rounded education. The Meadows School, another prestigious private institution, is known for its rigorous academic program and strong college preparatory curriculum.
When it comes to shopping and dining, Summerlin has it all. The community is home to The Shops at Summerlin, a premier shopping destination that offers a wide range of retail and dining options.
From high-end fashion boutiques to popular chain stores, there is something for every shopper.
Food enthusiasts will also be delighted by the diverse culinary scene in Summerlin. The community boasts a wide range of restaurants, offering everything from casual dining to fine dining experiences. Whether you are craving sushi, steak, or Italian cuisine, you will find it all in Summerlin.
Summerlin’s proximity to the Las Vegas Strip
One of the unique aspects of living in Summerlin is its close proximity to the Las Vegas Strip. While the community offers a peaceful and serene environment, the bustling energy of the Strip is just a short drive away.
Residents can easily access all the excitement that Las Vegas has to offer, from world-class entertainment and nightlife to renowned restaurants and shopping.
The convenience of being near the Strip allows residents of Summerlin to enjoy the best of both worlds. They can retreat to the tranquility of their luxurious homes after a night out on the town, providing the perfect balance between opulence and excitement.
Why Summerlin is the ideal place to live in Las Vegas
To sum things up, Summerlin is a community that embodies the perfect blend of luxury and tranquility. Its meticulously designed neighborhoods, breathtaking natural beauty, and array of exclusive amenities make it an ideal place to live in Las Vegas.
Whether you are seeking a luxurious retreat or a place to call home, Summerlin offers a lifestyle unlike any other. From world-class golf courses to award-winning schools and gourmet dining, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
Escape the hustle and bustle of the Strip and immerse yourself in the beauty and serenity of Summerlin.
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