Whether you are looking to make a permanent move or invest in a great vacation property, buying a high-rise in Las Vegas, Nevada can be a dream come true. As an expert in high-rise sales, I have seen the good and bad of this type of purchase and have collected the top five tips that can help you have a better buying experience.
- Over 85 percent of all Las Vegas high-rise transactions are cash purchases. Make sure you do your homework to see if financing is an option for the property you are interested in.
- Know the difference between the two main high-rise product types: private residences and condo hotels.
- Make sure you work with an agent who is experienced in selling high-rise properties. There are several nuances that an experienced high-rise agent will know and understand that can end up saving you thousands of dollars.
- Be aware of the monthly Homeowners’ Association (HOA) dues and exactly what they are allocated towards. HOA dues can be expensive and could mean the difference between being able to afford monthly holding costs or not. One bedroom monthly HOA’s can run as high as $1,300 a month in Las Vegas.
- If you are purchasing a high-rise as an investment, make sure you know how to calculate your true net operating income (NOI). Proper calculation of NOI is often the difference between a lucrative investment or a loss.
By using these tips and conducting your own research on the nuances inherent in these transactions, you can have an excellent buying experience and secure your luxury high-rise property in Las Vegas. On the other hand, if you need tips in buying Las Vegas homes like single-family residentials, help in selling your properties and more, we can also help you with such. After all, our services goes beyond real estate. We are always happy to answer questions and walk you through the process.
For over a decade, Jim Brooks has been one of the top real estate agents in Las Vegas, Nevada. With the belief that a strong work ethic paired with a ‘customer comes first’ mindset is the best approach; Jim has a track record of excellence in the field. He has been awarded over 50 real estate awards and, most significantly, was recognized as the #1 Las Vegas high-rise agent in transactions closed since 2008. Jim believes that doing business the old-fashioned way never goes out of style and continues to meet with clients face-to-face to best understand their needs in this new technology-centric age.