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Old 08-21-2011, 09:28 PM
 
56 posts, read 171,562 times
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Which would be better? I have been reading the post on here regarding real estate and renting. I have a question that I haven’t seen answered on here. Condo or townhouse?

I am moving to Las Vegas for school this semester at UNLV for a master’s in hotel administration.

I was looking at renting an apartment, but found rents to be higher than I expected. Rent in the Henderson, Southwest and West portions of town were $750-900 for a one bedroom and $800-$1000 for a two bedroom. So I have decided to buy in the Henderson area since a mortgage will be cheaper.

I have been looking at townhouses and condos. I have looked at Park Ave and Manhattan as well as a number of townhouses. I will be putting 20% down. I am looking at this as a long term investment (very long with the way things look right now). I am also looking for something that would have strong rental potential if I move out of Vegas after obtaining my degree. I am 31 and a young professional in marketing. What would you recommend…Park Ave/Manhattan condos or a townhouse in Henderson? Would love to get some advice from realtors in Vegas and those that know the market and can provide some experience.

Last edited by chuckyb221; 08-21-2011 at 09:29 PM.. Reason: formatting
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Old 09-04-2011, 11:40 PM
 
56 posts, read 171,562 times
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Is there a Las Vegas Realtor or someone with some experience that can provide some advice? Thanks You!
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Old 09-05-2011, 10:54 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,244,990 times
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Originally Posted by chuckyb221 View Post
Is there a Las Vegas Realtor or someone with some experience that can provide some advice? Thanks You!
What is your criteria? You are going to be living there so what are you looking for. For a place to live I would generally go with Manhattan...which tends to be relatively young and lively. I am skeptical though that you can get a mortgage in either Manhattan or Park Avenue. I think both are on the forbidden list. You can on occasion get a mortgage from some of the selling banks but it is a very small population.

So you likely end up with the Henderson town house.

For any such purchase just calculate the return. You have taxes, insurance, property management, HOA fees and a substantial reserve (30% of rent). Compare what is left after all that to the mortgage. What is left is your return on your down payment. Any appreciation would be on top of that but I would not expect any in the next few years.
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