Navigating Monthly Expenses as a Lake Las Vegas Resident and Homeowner
Living in the serene and picturesque community of Lake Las Vegas (LLV) may sound like a dream come true, but like any other place, it comes with its own set of financial responsibilities. In this article, we’ll take a closer look at personal monthly expenses that come with being a homeowner and resident in LLV.
1. HOA Dues
Lake Las Vegas residents are subject to not one but two Homeowners’ Associations (HOAs). The LLV Master HOA, which covers every home in LLV, comes at a cost of $153 per month. Additionally, there’s a Sub HOA specific to the community you reside in, with fees ranging from $82 to over $800 per month, depending on the community and its amenities. For instance, my Sub HOA costs $100 per month, resulting in a total of $253 for both HOAs.
It’s worth noting that some LLV condominiums even have three HOAs, with fees exceeding $1000 per month.
2. Property Taxes
Unlike some states where property taxes are based on the purchase price of your home, Nevada calculates property taxes based on an assessed value, which can vary by tax district. An estimation method is to multiply the purchase price by 0.72%, which is significantly lower than the rates in places like the San Francisco Bay Area, where property taxes average between 1.25% and 1.5% of the purchase price.
3. Monthly Utility Costs
Electricity bills in LLV can range from $220 to $445 per month, with settings typically around 79 degrees during summer and 70 during winter. Gas bills vary from $38 to $80 monthly, while water bills can be around $100 or slightly more, depending on factors like pool filling and water evaporation, water usage, and irrigation.
High-speed fiber internet is available in some LLV communities, with plans starting at $65 per month. Keep in mind that not all communities have this option.
Other recurring expenses include quarterly garbage bills at $53.25 per quarter, pest control services (a must in the desert) at $74 every 2 months, and pool cleaning costs, which average $40 per week.
4. Lake Las Vegas Sports Club
Residents have the option to join the LLV Sports Club, with monthly dues of $135 for singles, $160 for couples, and $185 for families (including children 22 years and younger). The club offers a wide range of amenities, including a gym, fitness classes, pickleball, tennis courts, lap pools, and social events. Most LLV homes come with an SC membership, but be aware that some new builders do not offer it. In such cases, there’s a one-time initiation fee of $12,500.
Personal Breakthrough: The Cost of Expectations
The video also highlights a valuable lesson I learned after moving to LLV. Having come from the highly demanding market of the SF Bay Area and Silicon Valley, I initially found it frustrating to deal with contractors who didn’t meet our high expectations. I’m not alone. My neighbors from the Los Angeles and Seattle areas all agree that it’s hard to find quality contractors.
However, the realization struck that the contractors weren’t the problem—it was the unrealistic standards carried over from a different region. Adjusting expectations and investing time and effort into finding reliable and professional service providers was key. It’s essential to understand that LLV, like any other place, has its unique set of standards and expectations. Bottom line is that Las Vegas is very transient and due to so much growth, contractors’ quality-bar can be very low.
In conclusion, Lake Las Vegas offers a tranquil and luxurious lifestyle, but it comes with its own set of monthly expenses and a need for patience when it comes to finding top-notch service providers.
By understanding and managing these costs, you can fully enjoy the beauty and serenity of LLV while ensuring some financial stability.
Questions on how to avoid these mistakes? Let’s connect!
Brian@BrianKGillman.com
925.895.5300 | 702.514.0505
