The Pros and Cons of Buying a Condo In Las Vegas
Owning a condo is a good thing- typically, the Las Vegas real estate market stays stable in regards to condos regardless of how the economy is doing. Condo sales in Las Vegas have been rising steadily, and with this, their values has also been increasing. Some condos are worth the same- if not more than- as a single family, detached home.
Because of this, selling a condo is just as good of an idea as buying one is. However, condo living isn’t always clear cut and easy. Like living in and buying or selling any other type of home, there are pros and cons to condos.
Before you buy a condo for yourself, consider the following list of pros and cons.
A good majority of condos available for buy and rest come with extra security measures. These measures include locked gates or entryways, security cameras, and sometimes doormen. In addition to this, the close proximity of the other residents in the condo make use of the “strength in numbers” saying, because in a time of need, you would have plenty of people nearby to turn to for help.
Many condos offer residents extra amenities. These amenities may or may not include outdoor pools, fitness centers, and clubhouses that other home owners are unlikely to have access to.
Living in a condo often means that maintenance such as yardwork and roof repairs are done for you by a professional or designated handyman within the community. This means that you have time to relax and can do so while the designated lawn mower mows and waters your lawn.
Condos are some of the most affordable housing units available. They tend to be sold at lower prices than single family homes. If you are looking to have a roommate, the cost of condos can be lowered still by splitting the bills and rent down the middle.
Condos are essentially apartments that you own. This being said, they come with all of the “perks” of apartment living which include neighbors on both sides of the wall, across the hallway, downstairs, and upstairs. If you like privacy and prefer not being able to hear your neighbor’s TV or phone conversation, a condo might not be for you.
Owning a house comes with perks like being able to renovate and customize whatever you want about your home. While living in a condo, this is also true- to some extent. However, if you wanted to install a solar panel in your roof you would have to check with the condo’s manager. Unfortunately, if he or she says no, you’re out of luck and will have to stick with what you have.
When you own a condo, you essentially own the area of floor space between the two outside walls of your unit. This doesn’t mean that you own common areas such as pools or clubs, and because of this, you have to share these areas with the other tenants of the building.
Living in a condo comes with fees. Like in an apartment, where you have to pay to do laundry, you have to pay small fees in condos, as well. When living in a condo, you might not have to pay for laundry but you still end up paying monthly fees to keep the maintenance of the building and common areas current and up to date. This sometimes means that you are paying for the maintenance of areas that you don’t use.
In general, living in a condo is nothing too special. At first, it’s exciting and new, but like living in any other type of house, its charm eventually wears off. After this happens, you become aware of the downfalls of your new home. Despite this, condos are still a popular choice for home buyers in Las Vegas, as they are cheap to buy and easy to afford in the long run- the fees are small and the extra amenities that your condo might offer can help make even the worst downfalls seem like minor issues. To buy a condo in Vegas, get in touch with a real estate agent and find out more information.