Buying or Selling a Home/Condo Investment

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Expert: - 3/30/2011


Question
What are your thoughts about purchasing a 40-year old $700k condominium located in a conveniently-located upper-class neighborhood?  I'm mostly concerned about the age of the condo.  How long do condos vs. houses last?

Answer
Hi Carrie,

Purchasing real estate is all about location, location, location. You should definitely check with a local real estate agent about the demand for this particular condo development.

That being said, an older well maintained condo unit could easily be in better condition than a newer home that has not been well maintained. If routine maintenance is being performed on a regular basis, homes and condos should last the same amount of time.

You will need to check with the homeowner's association to find out what they cover (roofs, exterior maintenance, air conditioning systems, etc.) and what is the owner's responsibility. You should also be able to review the financials of the homeowner's association to make sure they have adequate reserves for future repairs and maintenance. And before closing escrow, you should have a home inspection performed to make sure everything is in good working order.

I hope that helps? I would not hesitate to purchase an older well maintained condo in a great location if that suits your lifestyle best!

Buying or Selling a Home

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Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

Organizations
Las Vegas Board of Realtors and the National Association of Realtors

Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

Education/Credentials
college journalism major

Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

Las Vegas Real Estate
Las Vegas Condos
Henderson Real Estate
Las Vegas Golf Course Homes

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