Do You Want to Buy a Condo in Las Vegas?
Condos offer home ownership with the convenience of having everything outside the four walls of your condo maintained by an association. Residents, investors, and vacation-home owners all find this type of property appealing.
If you’re looking to buy a condo in Las Vegas, you probably already know a bit about the advantages offered with this type of property. From luxury Las Vegas Strip condos to suburban Summerlin communities such as Mira Villa, condo ownership means everything outside the four walls of your condo is conveniently maintained by an association. Gas, sewer, and water also generally come out of the community pot, relieving owners of these individual monthly bills as well.
If You’re Going to Buy a Condo…
When you shop around for a condo, you’ll need to take some specific factors into account. Living in a multi-family building is a different animal than a single-family house, so it’s important to do your due diligence. To do this, you need to ask the right questions:
- How much are the monthly condo association dues, and what do they cover? Make sure you get this information for each condo property you view.
- Are there any upcoming or pending assessments? Special condo board-approved assessments generally cover any special repairs or major upgrades. You’ll want to know the status of these.
- How much money is in the capital reserve account, how much is funded annually, and what is the condominium fee delinquency rate? Fannie Mae and Federal Housing Administration (FHA) loans require a delinquency rating of no more than 15 percent, helping protect buyers from common bills going unpaid and capital improvements unfulfilled.
Your Las Vegas real estate agent can reassure you further by running a search of the condo association through the court database to check for any ongoing disputes between owners and developers or other pending legal actions. After obtaining all the information, you’ll be confident in moving forward with your purchase or search.
Building Construction and Renters in Residence
Some Las Vegas condos actually began as apartment complexes. Find out if a unit you’re considering started out this way, or if it still has renters living there. These details could impact the quality of the building as well as your ability to get financing.
In Las Vegas, buildings originally intended to be apartments may lack a few details that would normally go into a building planned for condos, such as optimal soundproofing between floors and walls. Condo conversions may also impact your ability to obtain financing, because the ratio of renter-to-owner occupancy has an impact on terms. You can consult detailed website lists for Fannie Mae and FHA-approved condo projects. A reasonable balance of renters and owners bodes well for general environment around the neighborhood, as well as resale values.
Rules, Regulations, and Insurance
Before you buy a condo, look at the association’s rules. For instance, there may be regulations on how many pets and or what type of pets are acceptable for residents. The ability to rent out your unit or make certain structural changes might also be subject to regulation. And although you’ll maintain individual insurance for your unit, it’s wise to confirm the condo’s master insurance policy so you’ll know that adequate coverage exists under all circumstances inside and outside your four walls.
As with any homebuying decision, a little research will help you seek out the best condo with the right terms.
After that, it’s just a matter of enjoying the convenience of your new home.
Image Credit: Matthew Hoelscher