Buying A Home In Las Vegas With A HOA? Questions To Ask Before You Write An Offer!

Dated: May 27 2020

Views: 130

Condominiums, townhomes, and properties located within a homeowner association offer certain perks in Las Vegas, but it’s important to consider them in your decision process.

How much storage is available?

Some properties include storage lockers, but there may not be attics or basements to hold extra belongings.

How’s the outdoor space?

Your yard may be smaller than you’d find in a traditional single-family home, so if you like to garden or entertain outdoors, this may not be a good fit. But if you dread yard work, it may be the perfect option.

Are amenities important?

Many properties offer swimming pools, fitness centers, and other facilities that would cost much more in a single-family setting.

Who handles maintenance and security?

Property managers often hire professionals to care for common areas and perform in-unit repairs. Keyed entries and doormen may regulate access to your home when you’re not there (good news if you travel).

Are there required reserve funds and association fees?

How much are they? Although fees generally help pay for amenities and provide savings for future repairs, the HOA or condo board determines these fees, and you’ll have to pay them even if you’re not in favor of the improvements.

What are the association rules?

Although you have a vote on future changes, association rules can dictate how you use your property. Some condos prohibit home-based businesses; others prohibit pets or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws carefully before you make an offer.

What’s the average vacancy rate?

It’s never too early to be thinking about resale. The ease of selling your unit may depend on what else is for sale in your building, since units are similar.

How many units are owned by investors?

Some lenders require a certain percentage of the building to be owner-occupied and may not be able to offer you financing if the ratio is too low.

Can I meet other residents before making an offer?

You will share space and decision-making duties with your neighbors when part of a homeowner association, so it’s important to make sure you can work together. If possible, try to meet your closest prospective neighbors before you decide on a place.

Blog author image

Kenneth Manesse

Helping you experience something new in Las Vegas that's guaranteed. Real Estate with less stress!....

Latest Blog Posts

Nevada Post Highest Foreclosure Rates In 2021

The national trend, 3 metropolitan areas with a population greater than 1 million that had at least 500 foreclosure starts in 2021, saw an annual increase. They included Birmingham, Alabama - up 4%;

Read More

Should You Negotiate When buying A Home In A Sellers Market?

Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the

Read More

27.9% of Las Vegas Local Property Sales - CASH

The total number of existing local homes, condos, town homes and other residential properties sold in Southern Nevada during 2021 was 50,010, according to lasvegasrealtor.com That was the first time

Read More

Las Vegas Predictions for 2022 Real Estate

Experts agree that the Las Vegas real estate housing market will continue to favor sellers for some time, possibly for years, but with slower growth in home prices and decelerating inflation. The

Read More