I'm moving to Las Vegas to start work. My company is moving to Downtown soon. Is it a good idea to buy a condo instead of renting?

Asked by Manish Honnatti, Irvine, CA Mon Oct 8, 2012

Recently out of Grad School - International Student.
1.5 years of high-skill part-time employment history with steady wage.
2 year credit history with outstanding credit scores from the three bureaus.
Not in the service industry.
Looking for a 1bed/1bath in a high rise. Preferably NOT a studio/loft.

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Answers

19
CIndy Sun, Agent, Las Vegas, NV
Tue Oct 16, 2012
BEST ANSWER
Hi Manish!

I believe renting would be a better solution for you in the first few months. You will be able to find a nice place without having to commit on a long term contract. You always have the options to purchase later.

I am not sure about your current immigration status, but I was on an F1 visa for a year while working in Vegas, and it was almost impossible to get a loan for a mortgage, unless you are planning on putting large amount for the down payment.

If you rent for now, you will have time to locate, and find a good place later.

Welcome to Las Vegas! Its an amazing town, and you will enjoy all it has to offer! If you have any questions about Las Vegas, please feel free to let me know. I will love to help you out!

Cindy Sun
Keller Williams Realty Southwest
Cell: 702-825-2555
Web Reference:  http://www.cindysun.com
0 votes
Al McGhee at…, , Las Vegas, NV
Tue Oct 9, 2012
Manish, as a mortgage lender i can tell you getting financing on condos in Las Vegas is VERY difficult. Not impossible, I recently did a loan at Turnberry Towers, but difficult. I would highly recommend looking at a townhome or single family residence. I would be happy to pre approve you when you are ready.
1 vote
Damon Bottic…, Agent, Las Vegas, NV
Mon Oct 8, 2012
I suggest you rent for at least 6 months to get a feel for it. That will give you a chance to try out the Las Vegas high rise living and see if it's a good fit for you. You may find you prefer another high rise location over your initial choice or you may even decide you want to be in a more suburban setting 10-20 minutes away.

If you're interested, one of the high rises offers a lease option where ever dollar of your rent is applied to your purchase. You can call or email me for more info.

Damon Botticelli
Silver State Realty & Investments
damon@botticellihomes.com
(702) 523-7713
1 vote
I look forward to hearing from you when you're here & happy to put those lease option numbers together for you. I don't get alerts to these replies, so feel free to contact me directly at that time.
Flag Sat Oct 13, 2012
Hi Damon. I've been planning to do exactly what you've suggested! Asked this question this early because I take my time to consider all the variables and let the options "sink in" before coming to a decision.

I'm aware of lease-to-own options, though not sure what the numbers will add up to. I will get in touch with you when I'm in Las Vegas, which would be in a couple of weeks. Thanks!
Flag Mon Oct 8, 2012
Phil Scheinm…, Agent, Las Vegas, NV
Tue Feb 19, 2013
I would suggest you rent. Unless you can sit down with me so I can blow your mind with all the incredible options that you have. If you like to think outside the box give me a call.

http://WWW.LAS-VEGAS-REAL-ESTATE-HOME.COM

Phil USC 92'
0 votes
Mark Fleysher, Agent, Las Vegas, NV
Fri Dec 21, 2012
Since your company is moving to Downtown, learn more about Downtown Las Vegas before you make a decision to rent or buy.

Here's a great starting point for why Downtown is a great place to buy... you will see incredible growth in property appreciation, and Downtown has amazing entertainment and culture:

http://sellstatedeluxe.com/downtown-las-vegas/


What do you think about Downtown Las Vegas?
0 votes
Joseph Rado…, Agent, Las Vegas, NV
Fri Dec 21, 2012
I am unsure how the lenders are mentioning loans because I have yet to see any highrise that arent CASH only because NO lender will touch a highrise for a resale loan.
Renting is a good alternative only if you do NOT have the cash to buy the condo outright.
However rent is of course not tax deductible and of course gives you no ownership.
If you have Cash to invest and plan to use the condo for a few years I would say with the most confidence to consider buying first mainly because highrises are increasing in value so if you think of this as a place to live and as well an investment you can get the best of both.
Regardless of who you use as an agent ( Although I would love to help ) just make sure you work with someone who fully understands downtown. I do a good amount of business and socializing in the area so I can assure you my opinions come from facts.
0 votes
Vlad Roces, Agent, Las Vegas, NV
Fri Dec 21, 2012
Manish,

If you are committed to living in Las Vegas for a few years I suggest that you look at every option from condos to houses. I love downtown and hang out there a lot and what I can tell you is that there the obvious choices, but there are also gems in the area. I recently started a blog and I will cover a lot of topics that involve downtown, including dining, architecture, design, etc. Do you work for a tech company by chance? There's a lot of talk at the cafe's about a major video game developer moving in to the neighborhood.

Here's my blog:
http://vegasvlad.tumblr.com/

Contact me if you have questions about downtown and the surrounding areas.
VladR@realtyonelv.com

Vlad
0 votes
Michael Diaz, Mortgage Broker Or Lender, Las Vegas, NV
Thu Dec 20, 2012
From what many of the agents are saying you can make a good decision that best fots you. I do the finance and I will say with the money this cheap and values still way down your payment for the home would put you in a better situation then renting. if you need any exact paymetns on a particular scenario dont hesitate to contact me! Good luck, glad to see companies moving back to Vegas!
0 votes
Barbara Jeff…, Agent, Henderson, NV
Mon Nov 12, 2012
http://www.Buying-Vegas.com is a great site to help you with any of your buying/renting questions. :)
0 votes
Mark Fleysher, Agent, Las Vegas, NV
Wed Nov 7, 2012
How is your high-rise condo search coming along? Did you decide to purchase or rent?

I can help you with your high-rise condo search, call me anytime.

Sincerely,

Mark Fleysher, MBA, Broker, REALTOR

702-291-8186

Beautiful, free, and live MLS Property Search:
http://sellstatedeluxe.com/las-vegas-high-rise-condos-for-sale/

--
0 votes
Matthew D'Er…, Agent, Las Vegas, NV
Tue Oct 16, 2012
My wife and I have lived in Vegas since 1976. We manage over 350 homes, condos and townhouses. We strongly recomend that you rent for 6 months and let us show you around the many areas and types of properties. If you need any information about Vegas just ask. Please email us what you'd like to do and what you need and we'll set you up with a custom search and send you the most current listings for the type of property you would like. We'll take you on a tour and show you the ones you want to see and help you with negotiations as well. Thanks, Matt and Kim

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes
David Cooper, Agent, Los Angeles, CA
Tue Oct 9, 2012
Have you a lot of student loans that must be repaid. With a history of part-time employment and just starting a full-time job, you might find a condo or townhouse a few miles from the strip is all that you can qualify for.

David Cooper Investor 702-499-7037
0 votes
Joseph Rado…, Agent, Las Vegas, NV
Mon Oct 8, 2012
I have a vast experience in the highrise market especially downtown and honestly many of the replies I noticed seem to be from agents who do not appreciate the lifestyle highrises offer vs. the less expensive SFR assoc fees. I can help with both however I truly love the lifestyle highrise offers and if that is your preferred route I can help with excitement. I know of many highrises with HOA under $500 so we have options.
0 votes
James Bellile, Agent, Las Vegas, NV
Mon Oct 8, 2012
Hello Manish,

I have two questions for you, based on those answers you will have your answer. Are you willing to be a landlord down the road? If not, I suggest renting to prevent yourself from the possibility of ever being stuck with the real estate if you should move unexpectedly and the market declined further. If you are OK with being a landlord someday, then buy, you'll save up to 50% off what you would pay in rent for the exact same model match condo currently plus have other advantages. My second question is, do you realize that the highrise condos in Vegas typically have home owners association fees that charge at least $400.00 per month? If this is a deal breaker, I suggest renting your highrise. Good luck with your decision and welcome to Vegas!


Sincerely,

James Bellile
iProperties International
702-222-0815
http://LasVegasRealEstateConnection.com
0 votes
Hi James. I'm ok with being a landlord - I was one in my home country. The HOA fee is one of two issues that I am dealing with, the other being the future of the unit especially in Downtown Las Vegas. If I get a mortgage rate that leads to at least 10% savings vs. renting (incl. HOA fees), then I'll opt to buy. Thanks!
Flag Mon Oct 8, 2012
David Cooper, Agent, Los Angeles, CA
Mon Oct 8, 2012
You didn't mention your student loan debt as a recent college grad, and how much money you will be earning?

Have you checked the cost of HOA in most high rise buildings? $500/mo, $600/mo or more. Just a few miles west of the strip on Sahara, Desert Springs, Flamingo you can find some beautiful, gated community of 2 bed/2 ba for way under $100,000 with HOA closer to $100/ mo.

David Cooper Investor 702-499-7037
Get your FREE Bank-Owned Foreclosure List! http://www.lasvegaswinner.org
0 votes
Hi David. Good catch on the student loan. I just cleared my student loan debt - both here in the US and in my home country. I'd rather not discuss my earnings so publicly. :-) Thanks!
Flag Mon Oct 8, 2012
Myra Gouger, Agent, Las Vegas, NV
Mon Oct 8, 2012
My advice would be to buy a single family home. Downtown highrises and very nice. The glamorous life with everything at your fingertips is a nice dream that everyone has. Not having to own a vehicle is also a nice dream. However, here are some facts - single family homes have significantly less association fees. Some of the downtown highrises have HOA fees of $1600 per month. This is a non-deductible expense on your taxes - so it is money down the drain. A single family home will cost less, your HOA fees will be minimal and your resale value will be higher with a single family home. Plus you will get more square footage in a single family home with the same dollars spent.

While everyone touted the manhattanization of Las Vegas in 2004-2005, it never became a reality. The only place you can do anything without a vehicle is 5 miles on the Strip. For everywhere else, you will need a car. Look at sections of Summerlin or Henderson. Many of those areas are very close to downtown. Myra Gouger / REALTOR / Realty ONE Group / 702-858-9311 / myra_gouger@yahoo.com
0 votes
Dean Decker, Agent, Las Vegas, NV
Mon Oct 8, 2012
Manish,

First of all what great news and how exciting that your company is moving here to Las Vegas. We all appreciate any business that will add to jobs here in Nevada.

I would want you to talk to one of my lenders that would give us a clear idea of what you can qualify for which would clarify where we could begin our search.
Generally speaking I would be very careful when considering a condo in Las Vegas. There are very few here that can obtain financing and may not be your best investment long term.
High rise living in Las Vegas can be a expensive proposition, so we will just have to look at all the possibilities once we have a clear picture of your financials.

Please let me know if I can assist you further.

Best Regards,
Dean Decker
Dean@DeanDeckerLV.com
0 votes
Wendi Willia…, Agent, Las Vegas, NV
Mon Oct 8, 2012
Hi, Manish Honnatti.

We recommend a single family home or condo, at least 2 miles from the hustle and bustle of the strip. You will thank me later. To answer you question, yes and no,...it all depends on your personal preference. What I can tell you is that you will get a lot more for your buck if you do it this way, and have a better opportunity to turn it into an investment later on down the line. But don't take my word for it, look at the stats.

It is important to use an "objective" outlook, rather than a "subjective" one, when purchasing Real Estate...especially when you are unfamiliar with the region. LV Property Search offers you a free online Las Vegas real estate overview that covers information regarding properties for sale, current market conditions, investment, home buying, rentals, mortgages & loans and so much more!

If you're in the market to buy Las Vegas homes or invest in Las Vegas, then we invite you to better educate yourself and browse through our website: http://www.LVPropertySearch.com

That said, we would like to offer you a bit of information regarding Finance in our dynamic Las Vegas market: http://lvpropertysearch.com/category/las-vegas-financing

Thanks for your inquiry and we look forward to speaking with you soon. Meanwhile, feel free to use our FREE MLS INTEGRATED webpage to browse around: http://lvpropertysearch.com/single-family.html

To your success,

LV Property Search
Info@LVPropertySearch.com
0 votes
Larysa Dombr…, Agent, Las Vegas, NV
Mon Oct 8, 2012
Hello Manish,
There are many condo's available throughout Las Vegas. With the high forclosure rate a lot of the condo communities are not financing. I would be happy to set up a personal property search page for you and send the link. All I need is your criteria.Please call or email me if I can help you in anyway, or answer any questions you may have.

Larysa Dombrovska
Broker Salesperson
SHORT SALE CERTIFIED
dombrovska@yahoo.com
Cell: 702.379.3662
Web: http://domlar308.las.mlxchange.com/
SearchLink: http://lead.domlar308.las.mlxchange.com/
My Profile: http://www.ziprealty.com/agent/ldombrovska
0 votes
Hi Larysa. I will get in touch with you when I am in Las Vegas. In a couple of weeks. Thanks!
Flag Mon Oct 8, 2012
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