[dspastic]

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?

[baily23]

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.

[BWNLV]

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.

[dspastic]

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

[PJ1252]

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

[eventusstultorummagister]

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.

[Jalhop]

Originally Posted by eventusstultorummagister

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.