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Old 02-02-2012, 03:46 PM
 
6 posts, read 6,525 times
Reputation: 10
Default Need Advice on buying a Condo

My Fiance and I had been looking for houses and condos here in Las Vegas for about 6 months; we didn't find anything before our lease was up for renewal and signed on for another term. Now with a few months left we're thinking about looking again.

The pickle is ... a potential job may take us elsewhere within a year or so. Would anyone like to comment on whether it'd be advisable to buy a condo here (for a good price) even if it means moving away and renting in the next 12-15 months?

We're looking at this long-term (as a place to retire) and not necessarily thinking income-generating. As long as we could cover the mortgage I think it might be a wise investment. I know that we're not in a position to buy in the market we may be moving to. Thoughts?
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Old 02-02-2012, 04:33 PM
 
Location: Las Vegas
131 posts, read 165,009 times
Reputation: 111
Owning has many pros. One being able to write-off all the interest in your mortgage that you pay each year. With renting your money is just gone.
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Old 02-02-2012, 10:16 PM
 
177 posts, read 167,896 times
Reputation: 150
Unless your paying cash, it's pretty hard to find a mortgage on a condo right now.
The home values right now are historically low. If you were coming back to Las Vegas in a few years, I would think that you could do well by renting. I purchased a great home, in a nice area last year for $70,000 - put 20% down and my mortgage payment is $432 a month. I thought I got a great deal that will, over the long haul, increase in value. If you can find a good long term tenant, it would be worth your while to offer them a low rent in exchange for knowing your house is in good hands. Good luck and I wish you well.
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Old 02-03-2012, 04:21 PM
 
6 posts, read 6,525 times
Reputation: 10
Yes, the cash buyers are in part why we haven't been able to find anything yet. We got pre-approved and have the 20% ... just need to find the right one. We're trying to keep it in the 70-80 range as well. Seems like a smart move in many ways; thanks for the input
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Old 02-03-2012, 05:01 PM
 
Location: Delaware
877 posts, read 730,959 times
Reputation: 978
i have been a landlord and it wasnt my idea of fun - this may not apply to you but rentors are not going to take care of your home or condo as you would - so you should prepare yourself for the worse as they move in and out - what about outdoor maintenance - if you purchase a condo you shouldnt have any worries but if you purchase a home you will - who is going to hire paintors and other contractors as needed in your absence -
if you sound as if your rather young so if your looking toward retirement which could 30 or so years away that is a very long time to be an absentee landlord - i was a landlord for 7 years and to me it was the nightmare that didnt end until it was sold and i only lived 30 minutes away -
in my humble opinion i would just rent until your move - take the money you would have used as a down payment on a condo or home and save it toward a condo or home where your moving to
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Old 02-08-2012, 12:27 AM
 
Location: H-Town... "A place to call home"
2,532 posts, read 2,223,969 times
Reputation: 868
Prices will not be going up so what is the impetus to buy today? There are massive amounts of "shadow inventory" and of the 12 million homeowners in a negative equity position 4 million of them are either 90 days late or in some stage of foreclosure. There is a very real possibility that housing in Vegas will fall to mid 80's Reagan era prices.
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Old 02-08-2012, 09:02 AM
 
Location: Seattle area
354 posts, read 328,624 times
Reputation: 191
Quote:
Originally Posted by eventusstultorummagister View Post
There is a very real possibility that housing in Vegas will fall to mid 80's Reagan era prices.
Some bank-owned properties may already be at that point. My folks bought a modest house in Montana for $65K in 1976. Decent $65K houses in the LV area can be had today. With hedge funds gearing up to buy in bulk, I doubt that decent houses will be had for $50K, and even if they do it's only a $15K loss.
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