The Second Most Important Thing About Condominiums in Las Vegas
Are you aware the power home owners associations can wield over owners Las Vegas Nevada homes and condominiums? Ignorance is certainly not bliss when it comes to Las Vegas real estate ruled by a tyrannical HOA. Here's something you need to know about Las Vegas condominiums before you throw in your lot with perfect strangers.
You see most any condo has an association managing things behind the scenes. They set the rules. They collect the condominium fees and then they disperse them to maintain the structures, landscaping and such. A condo is really like the creamy center inside an Oreo. Owners of condominiums in Las Vegas, or anywhere really, get exclusive ownership to what’s inside the four walls. The condo association is set up to take care of the rest.
Now you might look at the fees as prepaid repairs. In essence they force all owners to collectively save for that rainy day when the "big one" strikes. Because of that some Las Vegas condo owners see this as a benefit. Others do not for some reason.
Which is curious given too many homeowners often fail to squirrel away enough cash for future emergencies or repairs. And when the day comes that the trees need trimmed or removed, they have to dig deep to come up with the funds to pay the tree service. Those who prefer the freedom of avoiding such nonsense see the fees as a plus - on the whole. Actually such fees also help you to budget better too. As there’s less chance of any unplanned surprises associated with owning this kind of Las Vegas real estate.
The drawback to this type of housing of course is you do not have an option when it comes to paying said fees. You’re still responsible for them whether or not your dog needs emergency surgery that month. No borrowing from Peter to pay Paul allowed. Nor are they tax deductible. So you relinquish some financial flexibility to avoid the unexpected expenses apartments, houses and condominiums in Las Vegas are all prone to at the worst possible time.
On top of it there might still be the periodic special assessment. As many condo owners in South Florida have discovered after a hurricane hits.
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ABOUT THE AUTHOR
Frank Farage contributes articles on various real estate topics like this other one about Las Vegas condominiums. Buying or selling a condo anywhere is serious business. Make sure you know the ins and outs so you avoid costly mistakes.