If you’re looking for a home in Las Vegas, you’re probably contemplating if owning a high rise condo is right for you. High rise condos are a good choice if you’re starting to ease into home ownership, but they can also be quite expensive to maintain. Learn more about high rise condo in this post before you decide if it is right for your lifestyle or not.
What Is a High Rise Condo?
Before we go to what a high rise condo is, let’s start with something basic.
A condo is a residential unit inside a building. When phrased that way, it sounds like an apartment, right?
Actually, a high rise condo shares many similarities with an apartment in the sense that condos are adjacent to each other and often share a wall. Aside from that, there’s also the fact that when you live in a condo, there are homes above you and below you.
The difference between a condo and an apartment is a condo can be purchased and owned, while an apartment will forever remain as the landlord’s property.
From that condo’s definition, we can say that a high rise condo is a unit in a multi-residential building.
How tall should a building be to called a high rise? It should be over ten stories tall.
That means any residential building that rises higher than ten stories is considered a high rise building.
Residential buildings up to four floors are called low rise condos. Residential buildings that offer four to ten stories are called mid-rise condos.
You may ask “What if I live on the ground level of the building? Am I still living in a high rise?”
The answer is “Yes, you are. You are living on the ground floor or lower level floors of a high rise.’
Residential units in a multi-residential building like a high rise are classified based on the building they are located, not on the floor they are located.
What if you live on a building that has 20 floors, but the first six floors are offices? Then the building would be classified as a high rise that offers six stories of property use and 14 floors of high rise condo units.
Should You Buy a High Rise Condo?
When you want to own a home but don’t want the heavy responsibilities and stress of home maintenance, a high rise condo is a great choice. It allows you to become a property owner and learn things about owning a property, without the heavy burden of having to take care of everything.
If you want to buy a high rise condo, you first need to know why you need to buy one.
Is it because its cheaper compared to a home purchase? It is because you don’t like mowing the yard? Is it because it’s a good investment opportunity?
Perhaps you’re into the condo lifestyle because of the amenities. There’s no denying that high rise condos offer the best amenities in town.
Getting a clear picture of why you want the high rise condo living will help you know if it is right for you.
Benefits of Owning a High Rise Condo
For many people, the lure of many benefits of high-rise living is like a siren call. What benefits can you expect from a high rise condo?
High rise condos provide access to exceptional amenities that are only available through this kind of home. No other subdivisions or home styles can provide the same amenities of a high rise condo.
Common amenities include:
- swimming pools
- tennis courts
- fitness facilities
- business center with WiFi
- state-of-the-art movie theaters
- a private wine cellar
Also, a high rise condo is not complete without the 24-hour valet, security, and concierge services.
Location, location, location.
Many people are drawn to high rise condos because of their locations. High rise condos are usually conveniently located in cities and business districts, providing easy access to many business people and entrepreneurs who work in the surrounding area.
A lot of high rise condos are also located near the major roads, making it highly convenient for jet-setters to come home right after their flights.
Whenever there’s a high rise condo, expect top-notch restaurants and shopping centers to follow.
One of the biggest pulls of high rise condo living is its easy maintenance. You won’t have to mow the lawn. You have a condominium association who takes care of your maintenance needs.
It’s a good investment.
If you are planning to create a diversified real estate portfolio, buying a high rise condo is a great choice. Although condos take some time to appreciate, you can always use it as a source of rental income.
Stunning views all day long
Due to its height, high rise condos offer beautiful panoramic views of the surrounding area. Las Vegas high rise condos, for example, have an amazing view of the Strip and the mountains.
When you are rewarded with such views every time you wake up, who can refuse the allure of high rise condos.
Disadvantages of Buying a High Rise Condo
As with any real estate property, buying a condo also pose some risks. What are these risks? Let’s look at them one by one.
HOA fees. Homeowners association fees are fees condo owners must pay monthly, quarterly, semi-annually or annually. The money is used to cover building maintenance, repairs, salaries of staff, etc.
HOA fees can range from $200 to more than $2,000 a month. With an HOA that high, it’s like paying for two mortgages!
Yes, the high rise condo lifestyle may be appealing for you, but how appealing is it to your budget?
Reserve Fund. When there are special repairs that need more money than the HOA fees provide, condo owners are also required the reserve fund.
This could mean that on top of your hefty condo fees, you also have to shell out to get an amenity fixed.
Aside from the financial risks, there are also some lifestyle risks.
Pets. If you’re a pet owner, you may want to check with the building manager if they allow pets.
And even if the high rise condo claims to be pet-friendly, check the rules. Some condos only allow a maximum of two pets, so if you have three pets, you may have to give one away.
Noisy neighbors. You can’t choose your neighbors. In a high rise condo, your home is literally surrounded by neighbors.
If you prefer peace and quiet, you may want to live on the penthouse where you don’t get any neighbors except those who are living down from you.
Otherwise, you just have to bear with noisy and nosy neighbors. (Yes, you also get those in a high rise condo.)
The Decision Is Yours
A high rise condo lifestyle is not for everyone. Whether it is yours is up to you.
If you love the carefree lifestyle as well as the security and numerous amenities and have the means to pay for it, then go ahead and enjoy living in a high rise condo.