As you drive down I15 in Las Vegas you can’t help but notice all of the high-rise condo’s along the strip. But, have you ever thought about living in one? I know when most people in Nevada think of home ownership, they think of your standard single family home. If you live in New York, Chicago, or San Francisco condo living is much more common, but as Las Vegas Grows I believe more condo’s will be built and there will be a shift to condo living. There are many reasons that people prefer to live in a condo and I will discuss them in this article.
Maintenance – Many people enjoy planting a garden, mowing the lawn, and doing little fixer upper type projects around their home. There are also many people that don’t. Living in a condo eliminates most of the work outside of the condo. The exterior of the property is all taken care of by management and is usually covered by your HOA fee. If there is something wrong with the building or there are weeds out front, it will be taken care of by the maintenance team. This frees up your time to enjoy the amenities.
Amenities – Depending on the condo that you purchase, you will get to enjoy the amenities they have to offer. Common amenities include, indoor/outdoor pool, gym, valet, tennis, basketball, doorman, security, bar, etc. Again, this is all maintained by the condo and covered by the tenants HOA fees. This is great if you are active and like to have all your amenities under one roof. When purchasing a condo, this is one area you want to really research to make sure you are getting exactly what you want out of condo living.
Social – Living in a community under one roof will really bring people together. Condo’s will usually have different mixers and events that build the sense of community and togetherness for the residents. You can try to avoid these if you want, but generally people looking into condo living are outgoing and are looking for that sense of community. There isn’t a better way to build a community and friendships than Thursday Night Karaoke in the lobby bar.
Location – Condo’s are usually built with location in mind. Part of the allure is that you will be close to restaurants, night life, sport venues, and other important attractions. People that live in condos often like the ability to walk places without having to drive across town to get somewhere. They also tend to be set up with views that are far superior to most homes depending on which way your unit faces.
Price – Perhaps the most important aspect of Condo Living is the price. Condo’s tend to be priced below stand alone homes, although they can get pricey if you want them to. Let’s use the example of buying a 1200 Square Foot condo for $280,000 with 20% down, you would have a loan for $224,000. Your payment would be about $1000 per month plus taxes and insurance. If you have an HOA fee of about $200 per month then your total cost would be about $1400 per month for hassle free living.
There is something about owning your home that is very satisfying, so you just need to figure our what “your home” looks like. If it is condo living then contact your realtor and lender and get the process started today.
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