When you’re trying to decide between buying a house and renting an apartment in big cities like Las Vegas, condos often offer the best of both worlds. While they’re lower maintenance and often more centrally located and urban than a detached house, they offer many of the same financial and personal benefits gained by purchasing instead of renting a home. If you aren’t convinced by the National Association of Realtors positive housing forecast for Vegas, here are just a few more reasons why a Las Vegas condo is better than an apartment.
1. No Commute Amenities
Sick of commuting to your gym to work out, or to the movie theater to meet up with friends? After a long day of work, sometimes staying at home has its draws. Fortunately, most condos have on-site amenities that rival anything you’ll find in a regular apartment unit, or any other type of home for that matter. Where else can you find a spa, a putting green, and your own bed all in one place? Urban life is much less stressful when you minimize your commuting time and get to spend more time relaxing at home.
2. Building Equity and Savings
While your monthly bills in a condo unit or an apartment may look the same at a glance, when you think about where your money is going, buying a condo is clearly smarter for your savings. Instead of paying your rent to a landlord and never seeing any of it again, you’re paying into a mortgage to gain equity in your home which will benefit you in the long run. Real estate is a historically stable investment, so when you eventually sell your condo, you’ll get what you invested in it back. Even after factoring in the additional costs of ownership—taxes, utilities, interest—the amount you spend and never get back is substantially less than if you were renting. Even better, when you sell, you can gain up to $250,000 without any federal taxes.
3. Tax Deductions
Along with reaping the rewards of paying into a mortgage down the line, the interest you pay on a mortgage and other costs are deductible on your federal taxes. Some of those other costs you can deduct include energy efficient improvements and property taxes. While a tenant can opt for things like energy efficient light bulbs or small appliances, their impact is minimal. A homeowner can make larger more impactful changes like installing more energy efficient large appliances and reap both environmental and economic rewards.
4. Financial and Personal Stability
Along with building equity and tax benefits, when you buy you avoid fluctuating and increasing rental fees. Ultimately, this all leads to long term financial stability, but there are personal benefits too. It’s easy to underestimate the value of settling down in one place and integrating into the community. For many people, this is an underrated benefit of buying a condo instead of renting an apartment.
5. Doing What You Want
You may not be able to decorate the exterior of your condo as you would a detached home, you certainly get a lot more freedom in regards to customization internally than you would with an apartment. From simple things like the paint on the walls to more intensive but non-structural remodeling, you have pretty much free reign to make the space your own. Some interesting personal features to consider adding are built in closets, unique or antique doors and kitchen hardware, or different baseboards and crown molding.
6. The Time is Right
If you can afford it, buying a Las Vegas condo is better than renting an apartment in financial terms, and will probably make your life a lot smoother on other levels too. The good news is, now is the time to buy one. Interest rates are still low in Las Vegas, while sales and home prices continue to rise. If you’re looking for a convenient, urban lifestyle but with more freedom than renting allows, buying a condo is probably just the ticket.