So my neighbors came up with the news that a casino is coming up in the neighborhood. And that’s great news indeed for them, as they were looking to sell their property for a long time. The news came like a silver spoon to them. They can fork out as much amount they want by selling their property. And now, the real estate investors will be looking forward to investing in and around the vicinity.
Though the prospect of staying near a casino sounds excellent, some aspects need to be considered.
1) Casinos are not only for gambling
Most of the casinos that are coming up today provide five-star facilities. Nowadays, the casinos are not only confined to gambling. They also offer features like large gaming floors, bars, and restaurants. The casinos are spread up over large size of area consists of thousands of square feet. Moreover, every casino has a unique theme and has its resort or multi-story hotels, which creates challenging competition for the nearby real estate properties.
A data by Summer Davis Inman shows that the prices of houses beside a casino can reduce by 2% to 5%.
2) Buy properties only to rent them
Buying a property near a casino can work as a jackpot as the property’s price will exponentially increase with time, and on the other hand, the real estate properties will decrease in time. You can even rent the properties. This will also guarantee a steady flow of income. Moreover, the rented rooms cost cheaper for visitors than the hotels, so there is always a craze for rented rooms.
3) Not far from the madding crowd
Many people love a calm and tranquil neighborhood. With a casino in your community, that won’t be possible anymore.
Another big problem is vast traffic and even more during popular vacations. Streets will be flooded with visitors during that period.
Moreover, the casinos remain open 24×7, and they often organize exclusive shows hosted by world-famous celebrities. Imagine Bryan Adams performing live in the vicinity, you can well expect a traffic deadlock for that.
4) Crime and other problems
Having a casino in the neighborhood can increase the rate of crime. Chances are small if it is an online casino like 918Kiss or Gclub. Frequent reports of burglaries and violent crimes and robberies can decrease the price of the real estate properties
However, the closing of casinos can lead to a slump in the housing market around the neighborhood.
Spending money on real estate is probably the biggest gamble one can do. The real estate market is highly volatile, and no one can predict the future. But we all love taking risks. However, if you want to invest in real estate around the casino sectors, you can use the available statistical data and forecasts to make a firm decision.
We all know that investing in something is always a bit of gambling-aren’t we?
By John Fosdyle
John Fosdyle is the founder of Web Casino Star. He is a 36-year-old programmer who enjoys golf, cookery, and drone photography. He is tech-savvy and smart, but can also be very nerdish from time to time. He has a degree in computing and obsessed with creating new tech projects and eating pizza.