While living in strip condo may not be as common in Las Vegas as in other cities, more buyers see condos as an appealing option to a single family home. Las Vegas strip condos are more affordable to first-time homebuyers. Condos offer low maintenance for people looking for a holiday home. And, for anyone looking downsize, smaller spaces are attractive.
As with any home purchase, before you start your condo search, you want to consider your budget and where you want to live in town. But when it comes to buying a condo, there are also some unique considerations, viz;
The Homeowners Association
While many communities in Las Vegas have associations of homeowners, evaluating when buying a condo is particularly important. The homeowners association is often responsible for more maintenance with condo developments, including overall building maintenance. Whether the association is well-funded is the most important thing to know. You should get a copy of their latest budget and make sure that they are not close to being insolvent. The building could fall into disrepair if there is a lack of funds or your monthly association fees could increase.
Also, the association’s rules may be more stringent than neighborhood rules. You should check all living rules in the development, including restrictions on the size of pets you may own and the number of cars you can park on the property. In particular, the declaration of covenants, conditions, and restrictions should be reviewed. Of course, you may appreciate more restrictions if you’re looking for a quieter life.
The Financing
Budgeting for Las Vegas strip condos may differ from financing a single-family home, as many banks have unique requirements for obtaining condo approval. Banks require the homeowners association of the condo to complete a questionnaire against the builder and occupancy ratio of the development pending construction litigation. If building litigation is pending, which is not uncommon, or if the property has more renters than the owners living there, lenders may not lend you the money to buy the condo.
Your Lifestyle
There are a variety of options for Strip Condo in Las Vegas, and you should think about your lifestyle as well as your budget to decide what works for you.
The most expensive option is the high-rise condos. In the mid-six figures, buyers face average prices and higher HOA fees. At the same time, the units also come with fantastic amenities, such as a concierge, a modern gym, on-site spa facilities, theaters, and even free limo. Most of the high-rises are located close to the city center and provide easy access to the Strip (which is why you need the limo). They have amazing views as well.
If you want a high-end feeling but can’t afford a high-rise, mid-rise luxury developments are a bit cheaper. You just sacrifice a view and a few amenities, such as the limo.
Typically two to three stories are probably the best option for homebuyers whose primary consideration is saving money, garden-style or low-rise condos. However, if your budget allows more than a low-rise but not quite a mid-rise, you can look at townhomes ranging from $150,000 to $300,000.
The Building
In any development you are considering buying a condo in, you should inspect the common areas. Visit swimming pools. See the surrounding walls and landscaping closely. You should reconsider if things are in the wrong shape. It could be a sign of poor management of the homeowners association. Not only could your living experience be negatively affected by disrepair, but it could also undermine your unit’s resale value over the long term.
It is recommended that condo conversion communities be avoided. These are previously apartment buildings that have been converted into condos. They typically have more deficiencies and structural issues than standard condo communities.
You should ultimately rely on your own visual inspection and research. The loan process may result in litigation over building defects, but it may be worse than it sounds. The construction defect sounds very ominous, but with major construction, it may not have anything to do. It might be a small thing.