When purchase a home in Las Vegas or Henderson, you might not be aware of potential additional monthly, semi-annual or annual fees that are associated with your new home.
Depending on the community, your home may be subject to additional fees that are described below:
Home Owners Association (HOA) and Master Plan Fees :
- In most cases, paid monthly or quarterly.
- A large majority of homes for sale in Las Vegas and Henderson have an HOA.
- Most communities have 1 monthly HOA fee while there are several in Las Vegas and Henderson that have up to 3 HOA fees. (Some gated communities that are within a community may have a 2 nd HOA fee that maintains the gates. And, if within a master planned community, you may have a Master Plan Fee on top of that.)
- The fee is paid to managing company that the community has been selected to maintain and manage the community.
- Fees can range from $25 a month up to $1,000 (yes, you read that right! Hi-rise homes on the strip tend to range $600 – $800 per month)
- Most condo HOA fees include (but not always): water, trash, sewer, management, up-keep of community amenities (pool, clubhouse, etc.) and landscaping.
Local Improvement District (LID) & Special Improvement District (SID) :
- When your community was being developed, the builder requested the city to install basic needs to build to the unimproved land such as plumbing for the sewer, public streets, fire hydrants, and street lights. The improvements to the land is charged by the city to the developer who can either roll the costs into the sales price of the lot or home when being built or choose to defer the fees and the city will then assess each community a specific amount that is passed on the new home owners.
- The fee is attached to the property and is transferred from owner to owner until the balance has been paid in full.
- Ask your real estate agent what the assessment balance is and how much the semi-annual / annual amount is. (You can also visit Assessment Management Group, http://www.amgnv.com to find out if the property you are interested in purchasing as an assessment attached to it and the current balances).
- The assessment can be paid in full or over the specified duration that was specified when the account was established. (NOTE – there could be a pre-payment penalty if you choose to pay the entire assessment fee at once.)
