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Investing in Las Vegas High Rise Condominium
In the previous Condominium page you read about the various types of Condominium available to you in Las Vegas. Each has its own target market.
If you have arrived at this page, you are probably thinking of investing in Las Vegas High Rise condos. There are many projects that have been cancelled while others have either sold out or gaining its market share.
Are you looking for a condo to be used as your primary or secondary residence? If its used as your secondary home, will you rent it out to for income? Or is this the first purchase of your investment portfolio or add to your existing portfolio?
Here are a few things to consider:
- How much cash do I have for down payment. Setting a budget of how much you have as cash down payment, will help include or exclude the type of condos you will be purchasing.
- How much will I finance? What is my maximum amount of money I can afford to borrow without affecting the quality of my life?
- Is this a 1031 exchange?
- What type of Condos do I like?
(for details on the types of condos, click here Condominium page Do I want to be on the Strip, along the Strip corridor or inside the residential area?
- What type of services and amenities must I have? (concierge, valet, security, housekeeping, restaurants, casino, spa, business center, health club?
- Will my pets be allowed? (Most complex impose restrictions on breeds, the number of pets and maximum size/weight)
- Will there be parking available (some High Rise condos offer no self parking but strictly valet parking only)
- If this is strictly a rental property, will I hire a property management to list and manage and how much will they cost?
- Do I have enough cash reserve to cover the vacancies?
- If This will be used as my vacation home, what will I do with it when I am not living in it? Will I hire someone to “house-sit”
- Rules and Regulations of the HOA (Homeowner Association). High Rise Condominiums that are categorized as “Residential” will most likely impose “NO Renting” or No short term leases. Other mid rise and standard residential condos may or may not contain this restriction. You need to review each CC&R carefully.
Once you have reviewed this list, we will meet to discuss your investment in details. If you have difficulties answering any of these questions, leave them until we meet.
Click Here to Contact Mei:
mei@SweetHomeLasVegas.com
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