There are some cities more typically suited to condo living, and while Las Vegas might not be one of them, they offer an alternative to small families looking for a home at an affordable price.

They also offer an opportunity for those looking to downsize from a larger home, and for those seeking a vacation home their minimal maintenance promises ease of mind.

Experts suggest that the demand for condos is driven by a younger demographic who prefer city living, with the educational sector and tech sector being key drivers. Condos will continue to do well when demand remains high and interest rates low. So, whether you’re looking for your nextLas Vegas penthouse for sale or an affordable low-rise family home, there are several considerations to be kept in mind before any condominium purchase. We have compiled some expert advice below, which can be used in your evaluation before putting in an offer on your next dream condo.

Homeowners associations

Unlike buying a freehold property where you can be free to do as you please with your property and home, buying a condominium often involves the Homeowner’s Associations which dictate rules you as an owner must follow.
When purchasing a condo, it’s important to take a close inspection of these rules, specifically what is called the declaration of covenants, conditions and restrictions (also known within the industry as CC&Rs).

Also, since the Homeowner’s Association holds the responsibility for maintaining the property, you will want to make sure they are financially sound. If they have a history of insolvency, you as an owner are likely to face increased fees, or become the owner of a building that falls into a decrepit state. It’s for this reason that before buying a condominium that you will want to get the latest copy of the association’s budget for inspection.

Maintenance of the Building

When evaluating a condominium pay close attention to the common areas such as pools, landscaping, and the general condition of the building. It can give signs toward the general attitude and financial condition of the management. Such things will likely affect your resale value, as well as your enjoyment of living there.

Experts advise that condominium conversions which were previously apartments should be avoided, as the rate of problems with structural issues and other kinds of problems can increase.

Lifestyle choices

Deciding on the style of condominium you want takes careful consideration. If you’re looking for complimentary amenities such as a gym, theater, and concierge, you’ll likely be looking at high-rise condominiums. Such condominiums also generally offer the benefit of being in a very central location. Naturally if you’re looking for a penthouse view, you’ll find it in a high-rise and such Las Vegas penthouses for sale will require a price premium over their counterparts in mid-rise and low-rise developments. Thorough research is required for you to decide what is best suited to your lifestyle as well as your budget.

If you can afford to sacrifice some of the amenities, a medium-rise condominium is a reasonable alternative. For those seeking to save money, low-rise and other condominiums typically built two to three stories are a good option.