Unlocking the Hidden Costs of Owning a Home in Las Vegas: The Truth About HOA Fees, SIDS, and LIDS!

 

Are you dreaming of buying a home in Las Vegas? Well, there's good news and bad news. The good news is that the city has some pretty amazing communities to choose from. The bad news? You may have to pay some fees that are as confusing as a magician's trick.

 

But don't worry, we've got your back! In this blog post, we're going to explain the most common fees you'll encounter as a Las Vegas homeowner, and we'll do it in a way that won't put you to sleep.

 

SIDS and LIDS: The Mysterious Acronyms

If you think SIDS and LIDS are new dance moves or new text abbreviations, you're wrong. They stand for Special Improvement Districts and Limited Improvement Districts, and they're assessments that the city imposes on certain communities. Why? To pay for essential infrastructure like sewer plumbing, streets, water hydrants, and lighting. Think of them like the entrance fee to a swanky club.

 

The developer has to pay for these improvements, and they have two options: add the cost to the sales price of each lot or home or defer payment and let the city place an assessment on the community as a whole. If they choose the latter, the assessment is divided among all the properties and paid off over a predetermined number of years. Yes, it's complicated.

 

The assessment runs with the property, so if you sell your home, the remaining balance will be transferred to the new owner. Don't worry; you can also pay off your SID/LID in full at any time (there may be a pre-payment penalty). This is very common in our valley, and one benefit of having a SID/LID is that our property taxes are lower than in most other states.

 

HOA Fees: The Good, the Bad, and the Ugly

Homeowner's Association fees, or HOA fees, are another fee that you may encounter. They're paid to the association company that manages the affairs of the community, and they cover things like enforcing rules and regulations, maintaining common areas and amenities, handling disputes and complaints, and some even have security. Think of them like the maintenance fee for your new neighborhood.

 

Most Las Vegas Valley communities have HOAs, especially those developed after 1990. The fees can range from $15/month to over $500/month depending on the community. They're fixed, and only a meeting and voting session by the board members can change them. Some neighborhoods even have three associations, though these are not common and usually found in the most upscale custom home communities.

 

In addition to HOA fees, there may also be a Master Plan fee for the overall upkeep of the entire geographic area. The fee covers things like outer walls, community entrances, landscaping, parks, and trails.

 

The Master Plan fee is usually lower than the HOA fee and varies depending on the size and location of the area.

 

So, there you have it - the fees you may encounter as a Las Vegas homeowner. Yes, they may add to your monthly expenses, but they also ensure that your neighborhood is well-maintained and attractive, which can enhance your quality of life and property value.

 

If you want to know more about the fees for a specific community, just give me a call. Contact me, and I will help you find your dream home in Las Vegas!

 

-Love SusieHomemakerLV