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Tip 1:
Las Vegas CondoTips for Ownership & Taxes
Property Taxes:
Because condos are owned individually, they appear in the property tax rolls as separate entities and, accordingly, individual owners are taxed separately. When owning a condo, each individual is able to easily deduct payments made for mortgage interest and property taxes if he or she resides in the unit. If the unit is rented, further deductions for such things as depreciation and maintenance if the condo can be included.
Because property taxes are part of your monthly mortgage payment, it is important to get an estimate of what yours would be. Ask your real estate agent or tax office for the rates that apply in the area you want to buy.
When condos are resold as separate entities, the appraisals and higher sales prices are recorded individually, thus producing higher assessed values and consequently, higher property taxes than compared to living in residential housing. Conversely this also raises the resale value of the condo because the last sale is usually the benchmark for the next condo being resold.
Common tax deductions:
-Mortgage interest
-Late payment charges on a mortgage. These are only deductible if it wasn’t for a specific service in connection with your loan.
-Mortgage prepayment penalties. These are only deductible if it wasn’t for a specific service in connection with your loan.
-Real estate taxes
-Home improvement, mortgage and refinancing loan origination points. You must meet set guidelines or spread costs over life of the mortgage.
Las Vegas Condo Tips 2:
Home Owners Association
Dealing with your HOA:
For first-time Las Vegas Condo owners it can be very jolting to have an HOA decide important issues about how to manage your real estate. While having less control is a drawback, the HOA also helps you increase the value of your property.
What to know:
-Is a property under the management of an HOA a good fit for you? If you like to close the door and forget about the day-to-day responsibilities of your home, an HOA is a good choice. However, you have to be tolerant of other people with different needs and perspectives of an HOA. Remember, you cannot control others whose ideas and decisions many impact your home ownership experience.
-The function of most HOAs is to manage the common areas of the property. The common areas typically consist of: the grounds, exterior of your home and in some buildings the mechanical systems, hallways, elevators, stairwells, swimming pools, garage, etc. Most HOAs are also responsible for the financial management of the association and collecting assessments from all property owners in the association.
-The management style of your potential HOA is important and could impact your ownership experience. The management could be a professional property management company or self-managed. Smaller HOAs find self-managing the day-to-day operations more cost effective and hands on. It is important that you know which kind of HOA you want to live with because it affects your residential experience.
Thanks for your interest and if you have any questions or comments feel free to call or write us:
Phone: (702) 444-4321
Email: info@one-lasvegas.com
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