| There are several different types of fees that may be
involved in purchasing a Las Vegas home that will be specific to
each different community. SIDs and LIDs - When a
developer builds on unimproved land, the city will install the sewer
plumbing, streets, water hydrants, and lighting. This cost is passed
on to the developer who can then choose to pay the city up front and
add the cost to the sales price of each lot/home. OR the
developer may elect not to pay for these improvements up
front. If so the city will place an assessment on the community as
a whole. The assessment is then divided among all of the properties
within the master planned community and paid off on a semi annual
basis over a pre-determined number of years.
There is the total
assessment amount and the annual assessment
amount. The annual amount is a portion of the total
assessment that is due each year until the total amount is paid in
full. The assessment runs with the property, so, if the property is
sold, whatever amount is still owed is transferred to the new owner
and until the assessment is paid in full. The community is
basically paying off a bond /loan at a fixed interest rate for a set
amount of years. However, each homeowner has the option to pay their
SID/LID in full at any time (there may be a pre-payment penalty). This is very common in our valley. As
a side note, you will find that our property taxes are much lower
than in most other states.
HOA fees and Master plan fees
- The HOA or Homeowner's
Association fee is paid to the association company that is
maintaining the affairs of the community. The community does not
have to be gated for there to be an association, but if it is gated
then the gated community may have a second association that
maintains the area within the gates. Many Las Vegas Valley
communities have associations. The Association will ensure that the
maintenance and all matters pertaining to the community are
addressed. In addition there may also be a Master plan community fee
for the overall upkeep of the entire geographic area within which
there are many sub-communities. The outer walls, community entrance,
landscaping, etc. The fees can range from $15/m to $150 and up
depending on the community. Association fees are fixed and only a
meeting and voting session by the board members can change those
fees.
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