Las Vegas Condos - Tips.

Tip 1:

Being an Owner of a Las Vegas Condo

When you buy a condominium, you own your unit, as well as a percentage of the common property elements allocated to the unit. The boundaries of each individual unit and the percentage of common elements you own may vary from condominium to condominium, depending on how they are specified in the condominium's governing documents. The unit typically includes any equipment, systems, finishes, etc. that are contained only in the individual unit. The right to use one or more parking spots and storage areas may be included. While you may have exclusive access to parking spot or storage area, you seldom actually own the space itself.

There may be some parts of the condominium complex that are called “exclusive use common property elements.” They are outside the unit boundaries, but are for the exclusive use of the owner of a particular unit. Balconies, parking spaces and storage spaces are common examples of exclusive use common property elements. It is important to be aware of any exclusive use common property elements before you make an offer to purchase a condominium. While these spaces are exclusive to your use, there may be restrictions on how and when you use them. For instance, you may not be able to park a boat, RV or commercial vehicle in an assigned parking spot.

Tip 2:

Las Vegas Condos - Understanding the Advantages & Disadvantages of Buying New

These are some of the advantages to buying a new condominium:

Better Choices

• Ability to choose where in the building you would like to be located - based on availability
• Choice of layout and suite type
• Ability to personalize your space with the features and finishes that reflect your taste
• Newer buildings have less risk of having to undergo costly, noisy and intrusive repairs and renovations

• Built with state of the art technology using low maintenance and durable building materials
• Less maintenance, less repairs, and in the long run, less expense
• Energy-saving devices
• Latest styles & trends

• New, clean home, which will result in less maintenance, less repairs and in return, less expenses.
• The earlier you purchase in the construction process, the better the price - likely, your investment has already appreciated when you are ready to move in

Sight Unseen

• Because construction may not have started, you cannot "see" what you are buying and must rely on floor plans (which may change).

• Your initial deposit will be tied up for the duration of construction.

• Construction of your unit may not be completed by the expected date.