ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
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January 24th, 2021 at 11:18:18 AM permalink
It's never too early to think about what to do when I retire. Right now, I plan on retiring at the end of 2024; my pension "should be" $44K/year, plus what I have saved up (right now, between my 401(k) and my mutual funds I think it's around $1M).

Given that I live alone, and I decide to move to Vegas when I retire:
(a) Is a condo better than a house?
(b) Are there any recommended areas to buy - or, for that matter, any areas that you recommend I stay out of?

Example: there seem to be a number of condos just west of Decatur between Flamingo & Troicana currently just under $200K for 2 bed/2 bath.
There are also a few on Koval & Flamingo, but those are in the $250K range.
DRich
DRich
Joined: Jul 6, 2012
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January 24th, 2021 at 11:33:56 AM permalink
Quote: ThatDonGuy

It's never too early to think about what to do when I retire. Right now, I plan on retiring at the end of 2024; my pension "should be" $44K/year, plus what I have saved up (right now, between my 401(k) and my mutual funds I think it's around $1M).

Given that I live alone, and I decide to move to Vegas when I retire:
(a) Is a condo better than a house?
(b) Are there any recommended areas to buy - or, for that matter, any areas that you recommend I stay out of?

Example: there seem to be a number of condos just west of Decatur between Flamingo & Troicana currently just under $200K for 2 bed/2 bath.
There are also a few on Koval & Flamingo, but those are in the $250K range.



I would not recommend either of those condo locations. I would look more on the outskirts of the city away from the strip and downtown. There are lots of good neighborhoods and manythat you might want to stay away from. Sumerlin is a good family area, Green Valley is a good family area. There are many more.

Just remember, Las vegas gets cold. I would not have moved here if I knew it got this cold.
Order from chaos
billryan
billryan
Joined: Nov 2, 2009
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January 24th, 2021 at 12:04:42 PM permalink
I'd strongly suggest you rent for a year so you can learn the areas you like and dislike. When the moratorium on evictions expires, I'm thinking there might be some great deals.
If you decide Vegas isn't for you, you aren't stuck with one of the thousands of condos on the market.
When I moved out in 2016, I spent a month looking at condos and townhouses before deciding to rent in northwest Henderson. Many condos sounded good until you get into the carrying charges and tack on fees.
I looked at properties on and off for the next year, but it made economic sense for me to rent. I'm hoping to move back to Vegas in eighteen months and expect I'll rent again for a bit.
rxwine
rxwine
Joined: Feb 28, 2010
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January 24th, 2021 at 12:33:00 PM permalink
You should rent for at least a month and look around if you can. Actually being there and looking at locations in areas you are considering is a good idea even if it isn't the actual place you're going to buy or rent.

What is of highest priority to you may or may not matter to others.
Quasimodo? Does that name ring a bell?
jjjoooggg
jjjoooggg
Joined: Jul 13, 2012
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January 24th, 2021 at 12:54:02 PM permalink
Contrary to some, I think Vegas is bueatiful, Red rock mountains, Excitment everywhere, great food, parks.

I live in the most boring part of the US, South texas. I've been trying to leave for the last 30 years. My parents think they are doing somethin miraculous running a hole in the wall restaurant.
Besides study abroad. Born and lived in Tx my whole life.
Vegasrider
Vegasrider
Joined: Dec 23, 2017
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January 24th, 2021 at 1:55:52 PM permalink
Definitely rent for at least six month to get a feel for the city and familiarise yourself what part of the area appeals to you. Agreed, both those areas you have mentioned are not desirable. For me, I like the high rise condos vs the traditional apartment type complexes or house.

Benefits of retiring in Nevada, no state income tax. Remember the summer gets pretty toasty. I lived in Vegas for 15 years, I thought it was the best city in the world until I moved to Reno. I love the north, so much beauty, snow capped mountains in the background almost year long. But the cost of living up here is getting absurd. And if you fly, its like flying pre 911, just show up 30 minutes before your flight, that includes parking your car inside the parking garage.
rxwine
rxwine
Joined: Feb 28, 2010
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January 24th, 2021 at 2:34:58 PM permalink
Oh yeah, you could always look at places on Mt Charleston. I don't actually know anyone who lived there, but it probably has some good reason to be lived on.

https://lasvegassun.com/news/2012/apr/07/45-minutes-and-world-apart-mount-charleston-reside/
Quasimodo? Does that name ring a bell?
ChumpChange
ChumpChange 
Joined: Jun 15, 2018
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January 24th, 2021 at 2:37:18 PM permalink
2021 is just 2020 squared. All bets are off.
Ace2
Ace2
Joined: Oct 2, 2017
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January 24th, 2021 at 2:42:22 PM permalink
Quote: ChumpChange

2021 is just 2020 squared. All bets are off.

Actually, its 43 * 47
Its all about making that GTA
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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January 24th, 2021 at 3:35:12 PM permalink
General retirement advice. Dont forget to add what you get from SS into your in box. Agree 100% with those that recommend renting first. Unless you definitely want a single family house, condo seems like the way to go. Way less stuff to do or worry about as you get older. If it was warmer in winter Id be there with you, but wifey wants warm Florida.

The tough question is what do you plan on counting on your $1 million in savings to provide you annually?

Anyway..... good luck!

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