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Is my budget reasonable?

Discussion in 'Living in Sin (City that is)' started by edmguy, Mar 27, 2015.

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  1. edmguy

    edmguy Tourist

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    I am thinking of buying a condo to escape the Canadian winters.

    I visit tons of real estate sites and see prices all across the board.

    My budget is about $150,000 for a one or two bed condo.

    My wants are the standard; safe, clean, pleasant area within perhaps 30 minutes of the strip.

    Is my budget sufficient for my desires?

    Thx
     
  2. Piggylane

    Piggylane Well-Known Member

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    Www.zillow.com should be a good guide for that and generally will list the condo and association fees which in some areas can be quite high. Keep in mind to budget for both plus property taxes too.

    I looked several years ago at Lake Las Vegas at the Montelago Resort. Condos there were very nice and reasonable. They rent them out when you aren't using them and you get half of whatever they get as hotel fees. Now for the bad news. Between condo, association and master plan the fees added up to about $1000 a month for a basic one bedroom! No guarantee of hotel income and the place is basically a ghost town now that the casino has closed, again. So be careful where you go!

    Good luck!
     
  3. TomTWI

    TomTWI High-Roller

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    In my opinion yes. A two bed two bath in nice safe area start at around $90k in the more expensive areas would go up to $150 or more.

    We have Canadian neighbors above us and several more in the complex. The only one for sale now by us is priced at $105.

    Good luck with your search.

    TomTWI
     
  4. TomTWI

    TomTWI High-Roller

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    For most snow birds a HOA of $1,000 is killer, but expect to pay between $100 to $200/month. Then RE taxes $600 give or take.

    Our cost when not there is around $250 / month. This includes HOA, Taxes and Electric. Little more for electricity and cable when we are using it.

    TomTWI
     
  5. edmguy

    edmguy Tourist

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  6. tominiowa

    tominiowa High-Roller

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    30 minutes from strip ,leaves you pretty much the whole town. As others have said be careful of monthly fees and then add
    on 200-250 per month for utilities. I would also ask what the percentage condo's that are vacated or in bankruptcies are.
    Some have high vacancies which puts a strain on the HOA to maintain common things, :pools, gates and such
    check around good to see you have good maintanence and a complex in good standing. Hve you lived in a condo
    before? it is different than a house with sharing of things in condo's

    good luck, let us know how it developes
     
  7. IWannaBeInVegas

    IWannaBeInVegas VIP Whale

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    Make sure you use the online crime tool to see if the area your looking at is safe. I was looking at some nice condos on zillow out there and was interested until I seen the crime maps.
     
    Tentative Arrival
  8. edmguy

    edmguy Tourist

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  9. Mooda

    Mooda Low-Roller

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    Henderson is 10 miles outside of Vegas and absolutely stunning. And reasonable.
     
  10. CoveredinBeer

    CoveredinBeer Low-Roller

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    I lived in Summerlin. Can't speak to HOA fees and utilities, but I loved living there. Quiet, safe, great local casinos in Red Rock, Suncoast and Rampart.
     
  11. TomTWI

    TomTWI High-Roller

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    Henderson takes in a very large area. Some are absolutely stunning but not affordable (IE within budget of OP). Some are affordable but not stunning. Some are very nice and probably within the OP's budget.

    10 Miles?

    TomTWI
     
  12. scc31

    scc31 Low-Roller

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    Vegas is so cheap compared other parts in the world. For 150k you can't even put a downpayment on a house where I live... :(
     
  13. vegasbound

    vegasbound Moderator

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    Prices do vary greatly, but I think you can find something suitable in your budget. Condo prices are still pretty reasonable. My first purchase was a 2 bed, 1 ba condo in a gated complex with 3 pools, near Flamingo/Buffalo. Paid $82,500 in 2003, it was on the market this Feb for $85,000. HOA $130/mo, RE tax $548. Built in 1993. So, that gives an idea of what to expect on the low end.
     
  14. NickyDim

    NickyDim VIP Whale

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    Yes, you budget is reasonable for now. In two more months it wont be.

    Here you can thank me later...this lovely 3 bdrmhttp://www.ziprealty.com/property/10190-DELRAY-BEACH-AVE-_UNIT_201-LAS-VEGAS-NV-89129/42505703/detail or this very nice 2 bdrm http://www.ziprealty.com/property/3925-LEGEND-HILLS-ST-_UNIT_101-LAS-VEGAS-NV-89129/42506261/detail are ones I have my eye on.
    These are at the western most part of the valley at the base of Lone Mountain. Easy access to the 215, 20 minutes from the strip, 15 minutes to downtown.
     
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