Owning a home is a goal most of us strive for. Typically, that goal involves a single-family home. But there are other options: most notably, a condominium.

A condo -- short for condominium -- is a dwelling unit that, like an apartment, is usually located in a building with other units. Your neighbors may be above you, below you or next door. The difference between a condo and an apartment is that you own the condo.

So who is most likely to gravitate to condo living? Generally, it's the person who wants to own his or her dwelling but doesn't want to be bothered with maintenance. But there are other factors that may impact your decision about whether buying a condo might be right for you when compared with other Las Vegas homes for sale. 

1. Fees
   Because you are not responsible for the maintenance of a condo, you will pay fees for the cost of the maintenance for the grounds and building. Fees are usually required monthly, bi-monthly, quarterly or annually. While discussing these fees, ask the condo management what sort of reserve funds the condominium association has in case of emergencies. You have a right to know what shape the association is in financially, and a well-run condo association won't mind sharing this information. 
   
   
2. Getting a loan
   Getting a loan for a condo is different than getting a loan for a house. Bear in mind that lenders will not only look at your assets, credit, and income but will also consider the condition of the building you're buying into.
    
3. Common areas
   Condo owners usually share some common areas such as tennis courts, swimming pool, park, playground or gym. And while you might not make use of all these amenities, they can be attractive to potential buyers when it's time to sell your condo.
   
   
4. Amenities
   Some condos will come with certain amenities, such as storage areas, a parking space, or space for your guests to park. It's important to find out what these amenities are before you buy. 
   
   
5. Rules
   All condo associations set rules, so be sure to check them out before you buy into a building. For instance, most buildings will have certain rules governing the ownership of pets, including what type of pets you may have. Condo associations typically establish rules for governing noise, where your guests may park, and home improvements such as painting. 
   
   
6. Special assessments
   It's not unusual for condo associations to vote for special assessments to fund major repairs, such as a roof. Discuss any special assessments that the condo association has been involved with in the past, and ask about any that might be coming up. 
   
   
7. Storage
   You won't have much storage in a condo, so plan on divesting yourself of a good portion of your possessions.
   
   
8. Privacy
   If you value privacy, condo living may not be for you, as you are likely to see your neighbors in halls and around the property. On the other hand, condo living offers greater security and a chance to meet and mingle with others, if you're interested in improving your social life.

Our real estate agents can help you weigh whether a condo might offer the right lifestyle for you. Contact us today.