While most states are struggling to keep up with recent economic issues, Nevada sure seems to be thriving. But is owning land in Nevada a wise decision?
Investing in land in Nevada comes with many perks because the land is generally a commodity that hardly depreciates compared to other entities. Land prices rise over time, so it is never a bad investment. However, there are some factors of owning land in Nevada that you might want to weigh before taking a step.
Nevada is a land full of opportunities. It is a famous state that millennials flock to for starting businesses. Retirees also prefer it for peaceful retired life surrounded by nature. However, owning land in Nevada isn't cheap, and it sells and rents for significantly lower rates.
When weighing the pros and cons of owning land, it is essential to decide what you want to do with the land. If you buy it to build a house, you should consider other costs and living conditions. On the other hand, building a business will need different perspectives.
While buying land as an investment to multiply your money is a low-risk move, you will still have to consider the taxes.
After all, buying land in a state requires a lot of consideration as you will be pouring in several thousands of dollars. We are a bunch of real estate investors, and having owned various pieces of land in Nevada for several years, we feel qualified to guide you about its pros and cons.
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Pros of Owning a Land in Nevada
A Good State for Secure Investment
Investing in land is probably the safest option to secure and multiply your savings if you want to be prepared for uncertainty or make a solid and reliable retirement plan. Millions of people are migrating to Nevada for its wide range of benefits, but it still has abundant land that you can buy. The majority of the land is government-owned, so you can get it for a low price.
The state is attracting people of all ages and classes from all over the country. So you can expect the land to increase its value tremendously over the next few years. Therefore, now is the right time to invest in land in Nevada and reap extreme profit levels.
Bustling Economy for Business Growth
Nevada’s economy is one of the most prosperous economies in the US. When most states are struggling to keep up with the economic crisis, Nevada offers bustling opportunities to several businesses. The state is home to several billion-dollar companies and their construction plants such as Tesla, Zappos, Panasonic, etc.
With the population inflow of the state rising at a significant pace, you have a good chance of your business thriving in such a positive environment. Another reason businesses are thriving in Nevada is because the sales tax here is lower than the national average. At the same time, 32 of the states fall above the average state sales tax of 5.09%, sales tax in Nevada remains at 4.6%.
High Tourism Rate
Nevada is home to one of the most bustling tourism cities in the US: Las Vegas. It is not only the liveliest place in the US, but it also attracts tourists from worldwide. You can use the high tourism to your benefit by opening a tourist attraction business or purchasing land to offer accommodation to the tourists. Combined with the low sales tax in Nevada, it is a golden opportunity if you are looking for a business scope.
Buying Land in Nevada Is Cheap
Nevada is an excellent place to start your land investment forte if you want something that requires a lower investment. As mentioned earlier, Nevada’s economy is bustling, and many people are migrating here fast. But there is plenty of land in the state, which has kept its prices low for the moment.
Here, the land prices are several bars down compared to other states like Arizona, Austin, and Texas.
Nevada's average land cost per acre is $350-$600, while the neighboring states have much higher rates. In Amazon, the average cost per acre of land is over $700. In Colorado, you will get an acre of land for at least $1000.
In comparison, California requires a lot more investment as it is one of the most developed states in the US.
With such low prices, you might not even need a broker to find suitable land at the right price. However, a broker will make your process faster and might get you better deals.
Buy Land in Nevada for a Family Chilling Spot
You can buy land in Nevada for the cheapest rates and turn it into your family getaway spot to make the best memories. Nevada offers an abundance of nature with a variety of landscapes. You can buy land in the most rural areas and build a cabin.
Hang out with your family and friends under the stars, roast marshmallows, and share the funniest stories.
Nevada is one of the states that receives a healthy amount of sunshine. You can plan various activities from hiking in the lush green mountains to camping by the several hundred lakes.
A Wide Range of Activities
The variety of landscapes offers a variety of activities. You will never get bored in Nevada, even though the state has several thousand acres of empty land that will make you feel like you are in the middle of nowhere. However, covering those distances comes with a=many perks as you can enjoy a wide range of activities.
The state offers great tourist spots that will strike you instantly with their beauty. Natural places such as the Great Rock Canyon, Black Rock Desert, Great Basin, Pyramid Lake, Spring Mountain Ranch, and many more are the natural wonders that fill the state.
There are many places to discover if you are a historical buff. These include Francis G. Newlands Home, Old Las Vegas Mormon Fort State Historic Park, Ward Charcoal Ovens State Historic Park, etc.
Besides that, you can gather your pals and go for wild adventures in the wild for trail and ATV riding, camping in the woods, white-water rafting, and canoeing.
Cons of Owning a Land in Nevada
High Crime Rate
Nevada’s crime rate is among the highest crime rates of all states.
According to Safewise, the violent crimes in Nevada are 5.96 per 1000 residents. This is much higher than the average national crime rate of 4.49 per 1000 residents. Not only that. Property crime is also just a notch higher than the national average.
Property crime in Nevada is 27.43 per 1000 properties. The national average property crime rate is 27.11 per 1000 residencies.
However, the crime rate varies from urban areas to rural areas. Urban areas generally have higher crime rates due to having many gambling attractions. Las Vegas alone contributes to the majority of the crimes in Nevada.
On the other hand, rural areas have a much lower crime rate, but you will have to settle for a less developed infrastructure.
Lower Standards of Living
While you can buy land in Nevada for very reasonable prices, you will find your living standards depleted if you plan to live on the land you purchased. This is especially true in urban areas. This is because Nevada has a high tourism rate, and most people come here for the vice life in the state.
A possible solution to avoid the high costs is to look for land in rural areas.
Unfortunately, you will still have to spend more money because you will be deprived of many primary needs in the rural areas. So you might end up paying for the shipping costs of many items or will have to drive yourself extensive distances to get the essential things.
Low Rent Rates
Affordable land and property is an attractive advantage for owning land here, but that also means that you will have to settle for a lower rent if you plan to rent your property. If you want higher rents, you will have to buy the land in the urban area, which initially requires a higher investment. In the end, it depends on how much you are willing to invest in the land.
Negatives of the Urban Areas
Unfortunately, some things are hard to get around in Nevada. You will want to own land in the urban areas due to the better infrastructure, but that comes with the downsides. The traffic will constantly be on your nerves because of the city life of Nevada.
Most big cities and towns have casinos and hotels that are tourist hubs, so be ready for the traffic flow in those areas.
Besides that, tourism also brings a lack of harmony that negatively impacts the state’s growing economy. Most of them are addicted to gambling and drinking, which leads to a large percentage of disrespectful people who do not respect the place as the residents do. The abundance of alcoholism also leads to many accidents as tourists commonly drink and drive.
About THE AUTHOR
Brittany has been in the land business since 2020 when the world was starting to shut down. Since then, we’ve sold to dozens of people from ATV weekend warriors to camping enthusiasts to retired truck drivers. Our inventory spans mostly in the western United States. We’ve been trained by experience, land acquisition courses, and hundreds of hours meeting with county assessors and clerks, zoning officials, realtors, and land investors. We’ve answered hundreds of questions from people regarding the buying and use of land.Read More About Brittany Melling