Thinking about a condo in Las Vegas but not sure whether to buy presale or resale? You’re not alone. Each path offers real advantages and very real tradeoffs, and the differences matter for your timeline, financing, HOA costs, and rental options. In this guide, you’ll learn how presale and resale condos compare in Las Vegas so you can move forward with clarity and confidence. Let’s dive in.
What presale and resale mean
Presale condos are purchased before or during construction. You often choose from floor plans and design packages with move-in months, sometimes years, after contract. Resale condos are already built and previously occupied, so you can see the exact unit and usually take possession soon after closing.
At a high level:
- Presale: New finishes, potential customization and developer incentives, but longer timelines and different financing and appraisal rules.
- Resale: Immediate occupancy, clearer inspections and comparable sales, plus an established HOA history.
Timeline and contingencies
Presale timeline and terms
The contract-to-close window can span many months depending on construction. Developers often require an initial deposit with additional staged deposits. Inspection rights may be limited to scheduled walk-throughs and warranty processes rather than traditional repair negotiations. Closing typically happens after the certificate of occupancy and completion of common areas.
Resale timeline and terms
Most resale purchases close in about 30 to 60 days, subject to negotiation. You’ll usually have standard contingencies for inspections, appraisal, and loan approval. Repairs or credits can be negotiated before closing. Possession commonly transfers at closing unless another arrangement is made.
Pricing, appraisal, and financing
How pricing is set
Presale pricing reflects a developer’s launch strategy and phased increases tied to construction milestones or demand. Values may be based on where pricing is expected at completion. Resale pricing is driven by current comparable sales and available inventory.
Appraisals and lender approach
Resale appraisals are straightforward because recent comparable sales exist. Presale appraisals can be more conservative, since the appraiser is valuing a future product. Many lenders require additional project documentation and approvals before they will fund a loan on a presale unit.
Loan program availability
Government-backed and many conventional loans require condominium project approval at the building level. Newly planned or partially completed projects may not yet qualify. Developers sometimes offer incentives or in-house financing. It’s smart to compare any incentive to market-rate financing and verify project eligibility for your intended loan program before you sign.
Inspections, warranties, and defects
Resale inspections
With a resale condo, you can hire inspectors for the unit and systems and negotiate repairs or credits based on findings. Any existing warranties are case by case.
Presale warranties
New construction typically includes builder warranties for workmanship and materials, and manufacturer warranties for equipment. Some issues may not be visible until after you move in, so it is important to review warranty scope and dispute-resolution terms in the purchase agreement. Nevada’s common-interest community framework applies, but the specific protections and processes come from your contract and the developer’s warranty language.
HOA rules, reserves, and assessments
Resale HOA reality check
With resales, you can review HOA budgets, reserve studies, financial statements, meeting minutes, litigation disclosures, and current dues. This history helps you gauge stability and the risk of special assessments.
Presale HOA projections
For presales, budgets and reserve studies are often preliminary and based on projections. Early owners might see lower initial dues that change as services and occupancy ramp up. Ask for draft CC&Rs, bylaws, and budgets to understand rules, amenities, and owner obligations from the start.
Rentals and short-term rentals in Las Vegas
Short-term rentals are a hot topic in Las Vegas. Rules vary by municipality in Clark County and by HOA. Many condominium communities limit or prohibit short-term or transient rentals. If you plan to rent, confirm minimum lease terms, any owner-occupancy requirements, and local licensing rules before you buy. Your rental strategy can materially affect returns, so verify both HOA restrictions and local regulations.
Insurance and liability
Most condo associations carry a master insurance policy for the building and common areas. You, as the owner, typically carry an HO-6 policy for interior finishes and personal property. Review the HOA master policy, deductibles, and recent claims history to understand potential assessment exposure. Presale buyers should confirm the planned coverage that will be in place at occupancy.
Closing costs, fees, and taxes
Resale transactions include typical lender, appraisal, title, and escrow costs. There are HOA document and transfer fees, and Nevada requires specific HOA resale disclosures. Presale transactions may include developer-paid incentives or preferred title and escrow processes. Property taxes are assessed by Clark County, so review current tax records and any pending assessments during due diligence.
Key risks and how to manage them
Presale risks
- Construction delays or changes in scope.
- Developer or project financing issues.
- Appraisal or lending constraints tied to project approval status.
- Differences between the model and final delivered product.
How to mitigate:
- Verify the developer’s track record and financial strength.
- Confirm escrow protections and refund conditions for deposits.
- Get pre-approved with a lender familiar with the specific project and its approval path.
- Ask for detailed specifications and clear change-order processes.
- Seek contract language that outlines remedies or exit rights for major delays.
Resale risks
- Hidden defects discovered after closing.
- HOA financial weakness or special assessment exposure.
- Title or CC&R issues.
How to mitigate:
- Use a strong inspection contingency and request repairs or credits as needed.
- Review HOA financials, meeting minutes, reserve study, and litigation history.
- Obtain title insurance and confirm all liens are cleared prior to closing.
Practical due-diligence checklist
Use this to organize your next steps:
For both presale and resale
- Review CC&Rs, bylaws, rules, and any proposed amendments.
- Obtain HOA budget, reserve study, financials, meeting minutes, and litigation disclosures.
- Confirm the HOA master insurance and your HO-6 requirements and deductibles.
- Verify rental rules, occupancy caps, and any short-term rental prohibitions.
- Complete a title search and obtain owner’s title insurance.
- Check property tax history and any pending special assessments.
Additional for presale
- Read the purchase agreement in full: deposits, contingencies, delays, change orders, and warranty terms.
- Request the construction timeline, permits, and approvals.
- Confirm amenities, phasing plans, and any commercial components that affect assessments.
- Verify whether the project has or is pursuing the approvals required for your intended loan program.
- Confirm escrow arrangements for deposits and refund conditions.
Additional for resale
- Schedule general and specialist inspections as needed.
- Review Nevada seller property condition disclosures.
- Order the HOA resale certificate and compare it to the listing information.
Which option fits your goals?
If you want new finishes, potential customization, and you are flexible on timing, a presale can be a strong fit. Just make sure your financing path and deposit protections are clear. If you prefer immediate possession, a visible condition, and an established HOA history, a resale is often the safer route. Either way, focus on the HOA’s health, insurance coverage, rental rules, and total carrying costs.
You deserve a process that protects your timeline and your bottom line. If you’re weighing a presale high-rise on or near the Strip versus an established condo in Summerlin or Henderson, expert guidance can help you model the tradeoffs and negotiate the right terms.
Ready to compare specific buildings or review a presale contract? Connect with the team at Carlton Holland Realty for fiduciary guidance tailored to Las Vegas vertical living.
FAQs
What is the main difference between presale and resale condos?
- Presales are purchased before or during construction with longer timelines and different financing rules, while resales are move-in ready with standard inspections and clearer comparable sales.
How long does a presale condo in Las Vegas take to close?
- Presale timelines often run months or more, closing after the certificate of occupancy and completion of common areas, while resales typically close in 30 to 60 days.
Can I use FHA or VA financing on a presale condo?
- Possibly, but the project must meet program approval requirements; confirm eligibility with your lender before committing to a presale contract.
Do Las Vegas condos allow short-term rentals?
- Many condominiums restrict or prohibit short-term rentals, and city and county rules also apply; verify both HOA rules and local regulations before purchasing.
What HOA information should I review before buying?
- Review CC&Rs, bylaws, budgets, reserve studies, financials, meeting minutes, insurance coverage, and any litigation or pending special assessments.
Are developer incentives on presales always the best deal?
- Not always; compare any incentive or rate buydown to market financing and confirm total costs, lender terms, and appraisal requirements before deciding.
