Now that Clark County is among the top counties in the country in terms of population growth, a flood of buyers have entered the Las Vegas real estate market looking to buy a new home. Investing in a condo in Las Vegas requires some advanced thinking, but with a little know-how, it’s possible to get a great deal. 

Here’s our guide to shopping for and buying a condo in Sin City.

Finding Your Neighborhood

Henderson, Nevada 

Although residents often think of the Las Vegas Valley as the same city, in reality, three cities (including Henderson and North Las Vegas) compose Las Vegas along with countless neighborhoods, which all have different vibes. While The Strip is pricier and more touristy, Paradise is more residential and even ranks among the best places in the country to retire.

Meanwhile, Henderson consists of neighborhoods like Green Valley Ranch, Anthem, and even Lake Las Vegas which have a more suburban feel with convenient access to shopping, grocery stores, and parks. While Henderson is home to condos across the price range spectrum, there are also luxury townhomes for empty nesters who want amenities without all the extra space.

Looking For The Right Fit

While high-rise condos in other cities are a commonality, most condos in Las Vegas are garden-style or low-rise condos, which means they’re more affordable than the high-rise options becuase they’re only two to three stories. Often, the only place to find a high-rise condo is on The Strip, where prices can range into the millions. Before taking the leap, think about which amenities are must-haves for your new home.

Most condo complexes in the Valley have at least one pool, and they often include a gym as well. Depending on your price range, there are often clubhouses and other amenities that can make living in a complex fun and unique. According to U.S. News & World Report, real estate experts suggest avoiding condo conversion communities that used to be apartments, as these constructions often have more structural issues. Something to also keep in mind while shopping for a condo is the freeway system. Since many condo communities are near freeways, it’s important to think about how important your commute is to your lifestyle and if living by the freeway is best for you.

While Las Vegas is known for its massive master-planned communities, not all new construction communities include condos within the neighborhood. Still, there are several affordable Las Vegas neighborhoods where it’s possible to get a great deal on a condo. Townhomes are also a potential option for buyers.

Consider the Market

Aerial view of Las Vegas

Housing prices in Las Vegas are increasing by $134 a day, which means that the longer you wait, the more you’ll pay for your condo. Since there’s a lot of competition on the market, it’s important to act fast if you see a condo you like. Yet, it’s also important to avoid buying in haste. The Review-Journal article explains that buying a condo is a great opportunity to live in a high-demand location that might otherwise be unaffordable, but it’s important to look at the prices of single-family homes in the area to make sure your condo is priced lower. Also, think about the enduring value of the condo by looking for a construction near transportation, employment, and shopping—this can add value to your home.

Working With a Real Estate Broker and Getting a Loan

Make sure to choose your real estate broker carefully and keep in mind that it may be helpful if your broker has worked with your condo’s association previously.

Getting pre-approved for a loan can save you a lot of hassle and also help you decide what your budget should be. It’s a good idea to visit your bank before shopping for your home, as this speeds up the home-buying process. Keep in mind that financing a condo is different than financing a home and that buying a condo has different requirements. Not all banks will let you finance a condo in the same way. While it’s possible to buy a home with a three percent down payment, it’s likely that you may need a down payment as high as 25 percent for a condo purchase. Some banks, like Nevada State Bank, will give you a mortgage that’s specifically for a condo.

Understanding Homeowners Association (HOA) Fees

Trash pickup can be included in the HOA fee 

One of the most important items to consider when shopping for a condo is the homeowner association (HOA) fees, which can cost several hundred dollars. Condo complexes with more amenities will have higher HOA fees, but the complex will usually include basics in the monthly dues like water, sewage, and trash pickup. Weigh these beside your current living costs to see if the fee is worth paying every month.

Pay for an Appraisal and Home Inspection

After the seller accepts your offer, the next step is a home appraisal, which is important to the home-buying process because it lets you know if the asking price equates to the actual value on the home. Right now in Las Vegas condos are going up in price, but they don’t always appraise at the listing price. Often, sellers will drop the asking price to the appraised value, but this doesn’t always happen. If they won’t agree to come down in price, try to meet the seller halfway by providing the difference. Make sure you’re getting a good deal by verifying that your condo is expected to increase in value in the coming months.