Buying a Condo MISTAKES | 5 Things to Avoid When You Are Purchasing A Condo
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- Опубликовано: 8 июн 2017
- Arlington VA real estate agent and Realtor Matt Leighton talks about 5 mistakes people are making when buying a condo.
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Buying a condo | 5 mistakes people make when purchasing a condo:
0:35 - Not looking at the parking spot size/location
1:41 - Not knowing about having a storage unit or not
2:49 - Restrictions. Pet restrictions, grilling, and move-in restrictions are most common.
4:25 - Not knowing the percent of owner-occupied units.
5:57 - Not thinking about the re-sell value when you purchase and when you renovate.
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Matt Leighton - Arlington VA Real Estate Agent
Matt [at] Orange Line Condo dot com
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
• Buying a Condo MISTAKE...
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Liked your video and just purchased your book on Amazon. I can go on and say there are many other important issues although the biggest one is the one you mentioned and that is to read the restrictions or known as CC&Rs in some states, also known as The Declaration, or Master Deed. As a Department, we reviewed over 6,079 projects last year and this is very good advice!
Thank you so much Jimmy! Appreciate the support!
Matt Leighton it’s a condo limited how many people should live in Unit ? If so how many should live at 3bed 3 bath?
In my area, I believe the number is twice the bedrooms plus one...so in my area the limit would be 7 people for a 3 BR, that being said I would need to double check and I'd recommend checking with your local housing authority
Should I sell my condo now in Toronto? They are building a condo in front of my condo it will block my view
I bought my condo 33 years ago. My advice is look at the neighborhood as a whole. If your in a nice neighborhood with a lot of beautiful homes it's probably a good place to live. If your surrounded by a lot of apartments, liquid stores, bars, or even heavy traffic areas your going to run into a lot of problems which includes crime. Yes, I know crime can happen anywhere, but you increase your odds by choosing a much safer neighborhood as a whole.😃🏡
+Timelessmusic Familymusic thanks for watching and good insight
I’m buying a condo in downtown Long Beach CA and it’s beach front property bland its surrounded by hotels and restaurants and beach it shouldn’t be a big deal if it’s a beach property right?
Sounds like Miami
@@MarioGarcia-lw5ss How did it go ? I am looking into LB
Crime follows poverty. Buy in the most expensive neighborhood you can afford.
Big mistake is not finding out about hoa fees and how well the hoa is maintaining the place
Great vid
Thank you for watching!
Indeed. I wanted to get a condo in downtown Chicago. Mortgages kept averaging at $580/plus $500+ in HOA fees.
In my mind it was convenient work was close like walking distance.
It's a big disappointment finding this out. And as much as I despise living in suburbs, the investment is simply better and cheaper.
qlovox
that's been on my radar HOA and special assessments---
Is hoa fees is the same as building maintenance fees?
@@mikeb5030 HOA includes building maintenance, landscaping, pool, fitness center, water, trash, etc...
I purchased a condo that did not include “assigned parking”. i lived in the condo I purchased for over a year and there was plenty of parking even though it is a mixed use area. When it was full there was additional on street and other parking lot with over 400+ spots. Once the developer sold all the condo units for a high price because they were the only properties in the area, he decided to build 3-4 story condos on the existing parking lots tripling the number of residents and eliminating hundreds of spots. When residents requested a parking ordinance to at least designate 1 spot per condo unit (only 105 units) they threatened to sue anyone who complained because it would be hurting their businesses. Beware of evil greedy developers and real estate investors they will try to screw you out of as much money as possible and attempt to take your home from you against your will and leave u with nothing and make you pay rent or buy your home a second time from them at a higher price. Don’t trust Levin Capital or affiliates. So many lawsuits and they continue to operate
Look at cars parked in parking lot and look at the condition/ cleanliness around dumpsters. High ownership ratio is very important. Tenants don't really follow rules or don't care to keep things clean.
Looking at the cars in the parking lot is smart
Good points! Condos are a lot more complicated than people might imagine.
I’m not a handyman and I hate yard work main reason why I’m considering getting a condo
Omg a condo with a fireplace sounds perfect, especially if the power goes out during a winter storm like what happened here in Texas.
Ask about assessments. If the driveway is going to be replaced, pool repair, roof/siding replacement, this can lead to an assessment. Each condo owner will have to pay for the repair (depending on your hoa by-laws). The assessments can be very costly.
Where were you when I was making thousands and thousands of dollar mistake because I was clueless! Your awesome !!!
STATUS OF CERTIFICATE IS A MUST. I always tell my clients this!
What is that? I've never heard of it.
@@jociem8950 Basically a certificate showing and confirming all the information regarding the unit, issued by the condo corp. Also shows any liens that may exist on the condo.
Good vid. The renter / owner ratio is a wake-up call for potential purchasers.
One thing that got me was when I bought my condo- the management agency was replacing all the windows. They said that I could go with a third party company... but they had a contract with a company putting them in... I just went with their company. Big mistake... Those new windows were very very drafty. They were basically useless... except that they were pretty. This is obviously something that is easier to detect when it's cold out.
We definitely made a couple of these mistakes when buying. Our parking space is SO FAR from our unit!
any chance you could talk about condo fees and when it should be a deal breaker
Awesome, very helpful information thank you!
I was about to buy my first condo in Montreal. The lady that's is selling it asked me to bring a 5000$ certified cheque to reserve it. I went to the bank and they told me not to give it to her because she could just cash it.
I didn't sign anything with her yet. I didn't sign a mortgage neither. Building is not being built yet.
What are my options, here?
Thank you in advance.
Very much appreciated as a first time Condo Buyer!
Thank you for including the picture of the hanging meat 😂 I was not expecting that
I greatly appreciate the insight! I would have not thought to look at owner vs rental percentage.
Excellent video, thank you so much for this! Thumbs uppppp
Thanks!!
thanks for the great video. what is the sunroom? which facing property holds its most value in your opinion? (balcony facing east; west; south; or north? )
Usually south gets most sunlight!
Thanks for this video👌🏽
+Athletic Glow 🤙
Thank you for this info!!!!!
You're welcome! Thanks for watching!
I’m in the middle of getting a 3 bed 2 bath condo property out here close to Portland Oregon. It sales for 220k with HOA fee of 360. Has Pool and park close to a lot of shopping outlets a college and hospital. With 10 percent down 22k I can lock it in and my plan is to rent it out let it appreciate and pull a HELOC and scale into another property down the road. The condo looks like an apartment and it’s on second floor. Has balcony also. This might be something interesting to look into?
thank you for a helpful video
You should have mentioned Home Owners Associations
Good point
What’s that
@@juniorquintero1702 HOA’s, they can be a nightmare
@@iPolitely why
Big help. Thanks!
+Bernie Jamon thanks for watching!
Thanks! Good info
Thanks for watching!
My advice never get involved or be social with neighbors when owning a condo or house as it might seem nice at first but you never know what kind of people your dealing with. A friendly hello or short simple greeting is enough! As once it was quite friendly when moving in but then over the years one of the owners became president and became very hostile sometimes about minor issues and really crazy behavior like screaming from her car at me from her to vote behind other board members as I was waiting for a uber ride. Then her acting like the police after I buzzed friends in the building. Now neighbors will not answer their door if they know its them as we just think she's crazy.
I think that advice is wise actually and can /should apply to any living situation including apts as some have tenant associations and owning homes, etc. The most trouble making people I came across tended to be places where more tenants didn't work or have jobs & too much time on their hands to spread malicious gossip and your private affairs around. I'd say avoid predators and just be friendly to a degree and stick with forming your life outside the complex.
Also, be aware that River Place Rosslyn is built on a leased land where you'll practically lose your house in 2052. I was close to making that mistake. Great video by the way :)
+Yazan Kioumgi thanks for watching! Great call on avoiding River Place
Yazan Kioumgi
Thank you.
What will happen after that for the “Owners”???
Great video Matt👌💯 good info
Thanks Jeremy!
There are lots of condo units to invest here in cebu, good thing you can rent it while paying your monthly amortization. Prices of condo units are cheap even if it's near the city. If you are interested I'll refer you to a realty company where you can trust.
Condos shot up in value here in Denver Co, and if it comes with a garage it adds extra 50 grand to a value of a condo. it cost about less then 10 grand to build a garage, investors make $$$$. In some desired areas 1br condos go for over quarter million dollars
+Дядя Федя Wow! Hot market
Good info sir.. thx
My pleasure!
What about adding sliding glass partition walls for office or second bedroom?
Great advice!! Thank you. Any advice on Las Vegas Condos? Thank you 🙏
My only advice is to reach out to Andrew Finney! He's the expert in Las Vegas and he has a large RUclips channel with tons of informative videos. Good luck!
Thank you for the tip.Love your energy
That raw chicken bit made me LOL haha. Great video Matt. Thanks for the info!
Haha thanks for watching Aaron!
There are lots of condo units to invest here in cebu, good thing you can rent it while paying your monthly amortization. Prices of condo units really cheap. If you are interested I'll refer you to a realty company where you can trust.
I'm looking to buy a condo on the first floor. It has a large terrasse (200 sq ft) but my concern is if this will affect resale value or rental potential due to the security and maybe other disadvantages of being on the first floor. Any advice for this?
It will be a pro for some people and a con for others. If the numbers make sense for you, go for it
Would you have any pros and cons of buying a detached condo vs a single family house ?
I believe it's also very important to inspect condition of the condo you buying and the building itself. It can be looking good from the outside (fresh paint or whatever) but totally rotted or damaged from the inside.
Isn't that common sense?
Yes, reading the past meeting minutes and looking at the financials can help you glean this information. Also can give you an idea of whether or not huge assessments above and beyond your normal dues will be forthcoming if you purchase the place.
How do I determine if condo association finances are in good shape or if there is an assesment pending?
Hi Alma! Good question. You can ask the listing agent (or your buyer's agent) if there are any upcoming special assessments. It might be wise to also check with the condo Association or management company. Additionally, you will receive the condo docs once your contract is accepted and those documents must disclose any upcoming special assessments. Good luck!
Great job Matt!
Thanks Mark!
Thank you so much!! I looked at my first condo recently and I am a little scared of the process.
You got this!
Roselyn Rainey so am I, I’m praying I’m not making a huge mistake. The HOA fees are a bit much and I feel like the fees should cover more than what they do
How did it go??
Did you close on deal?
Matt,
Thanks for rhe tips. Great kob.
Franny P.
Make sure you check ,is there a recreation lease on the condo...somehow the realtor don't tell u until u show up for the closing.
If I have two children and am pregnant, will I not be allowed to purchase/live in a 2 bedroom condo? I know it is common in rentals to restrict capacity but wasn’t sure if that applied to condos.
We live pretty small and simple.
I believe in Virginia, the capacity limit is the number of bedrooms x2 + 1, so the capacity for a 2 bedroom is 5 people. I would double check for your local jurisdiction
That hanging raw meat side story gave me a good laugh :D
It's one of my favorites!
I'm going through this now is there a way to contact you?
Great video
Excellent Lebowski reference!
Hi Matt
My main concern is homeowners association at the Sunshine State of Florida not only for condos but also for single family houses and townhouses. Unfortunately all I keep getting is bad vibes about these people aside of all the negative RUclips videos 😨 My intentions are to buy a home and also invest in real estate property at West Palm Beach Florida. I'm asking if you can educate me on this particular subject can you. Can you tell me the do's and don'ts and what to look for when dealing with those HOA people. TY 😁
Hi Ana, thanks for watching! If you're unsure of a certain HOA development, I'd see if you can reach out to a member of that HOAs board to get a further understanding of the community as a whole.
Matt Leighton Thank You 🤗
Hanging Raw Meet🍗🍖😂 hilarious! Great information! Thank you so much! Just subscribed!
Haha! Thanks for watching and subscribing!
I honestly don't think its a big deal. One should be allowed.
Can you rent out the extra rooms in the condo or are those restrictions? I plan on purchasing a 3 bedroom condo and renting out the two extra rooms.
+Luis Galvez Absolutely!
Luis Galvez that your property ofcourse
One parking space? When I lived in Charlottesville Virginia they did that and then they didn't even put it into account that the residents might want to have guests!!! I was so glad to leave Charlottesville Virginia and move to the Tampa Bay area and into another condo with PLENTY of parking (wherever the hell you want), a nice pool and a clubhouse AND I'm right on a canal overlooking a nature preserve... Virginia totally sucks! ONE parking space lmfao... I forgot about that.
The raw meat thing is actually a cultural delicacy in China. It is made of pork and because back then China was so poor, that way of preserving meat helps them last longer. they usually do it in winter leading up to Feb in chinese new year. I have never seen it tho.
I suspected it was something like this.
Hello dude,
Is it worth to buy a studio ?
Maybe
Would love to buy a condo in Arlington, but I have absolutely NOTHING for a down payment. So...I am a renter.
+Lisa J nothing wrong with that!
Lisa J... I was thinking about doing the same thing... how's it working out?
Cannot stress the importance of common sense. How much is in escrow for maintenance? Really anslyse it. How realistic is the condo Board of Directors & Management? What "improvements" do you have to support with your HOA fees?
Lol yeah, in China it’s pretty common to hang raw meat outside to preserve them. But I can see it’s strange here in US
Cultural differences... But yeah, the association got pretty upset very quickly lol
How does hanging meat outside preserves it? Just wondering.
Well, if you salt it heavily it will cause a reaction on the surface of the meat that suppresses bacteria from growing. This is a huge part of human history before refrigeration came into the fold.
More often than not with condos would it not be a buyers market then a sellers.
I’d love to buy a condo, but im scared of HOA fees and such
I see. What about HOA fees are you scared of?
Love the content and the big Lebowski reference Matt, I’m afraid that hoa fees can rise and I would be at the mercy of it.
Thanks for watching! It's very likely that fees will rise. The most likely scenario is that they'll only go up 0-1% every year. Maybe more, maybe less. It's one of the downsides of some condos, which is why it's very important to buy into a well- run community
@@brianthomas3451 My HOA fees were 54 USD in 1988 and now 340 USD. Its in Los Angeles. Our fees are low compared to others nearby. We have no pool, tennis courts or jacuzzi.
I am buying a 850 square foot 2 bedroom condo for $38000 Canadian dollars. I am planning on living in it for a while but i want to sell it for a profit in the future. It is about 300 dollars a month condo fees and i have to pay the power bills.
2 bedroom?? that's really small I have 1 bedroom 775 square feet you'll get around 30000
How stupid could someone be to not understand their parking situation before making a major real estate purchase?
Exactly! You'd be surprised..
Hey matt we went to school together! I'm planning to buy a condo hopefully in 2 years
Awesome! Who is this?
ilubCHRISTsomach 2 :)
get a clear picture on all HOA fees
corner condos sell at higher price then the avg price of same condo
+Santosh kumar agreed
Santosh kumar I
Are pools a liability? HIgher HOA's down the road in a condo tower specifically?
Yes
@@TheMattLeighton Interesting, I was considering a condo under construction in Seattle, First Light, but it is a ways out (2023) There is a rooftop pool and other features but I am concerned about HOA's ballooning after it's complete. Does that happen?
It sometimes happens
@@TheMattLeighton alright, thanks for the insight.
@@TheMattLeighton how are pools a liability?
I buy a condo for investment, but its hard to rent out! Its hard to sale also , dont know what to do?
I need one…where are you?
@@mokdadus my condo location is in Sucat Paranaque , if your buying i can sell it to you in lower price as long it cash
@@analenpadernal6000 Oh, thanks.. it's in the Philippines. Good luck!
i just found out after 5moth moving in a Condo to know tat electric bill gone higher and higher no matter How I tired to tack down my usage ! The Company earned on your blood and sweat!
U dindt mention hoa
You're right! Be careful when buying in an HOA so you understand what you are allowed to do and what rights you are giving up
I'm not an expert. But, how about this: Live in the condo, and make improvements that make it more enjoyable for you, as resident.
Jessie from breaking bad 😂
Using Bank of America
groundskeeping
Hi, im located in va im looking to buy a condo as an invest plan the condo is located in alexandria, its around 160k
Has no HOA, i can put down 30%
Should i go ahead and get it?
My plan is not live there just rent it out
Thank you for the video i hope you can answer my question👍
If it's a condo, it has a condo association (aka an HOA). The condo fees will be at least $500/mo. I would need to know more information about the property before advising further
@@TheMattLeighton
This is what the add says
HOA dues $0
"Fees paid by homeowners within a shared complex to pay for building repairs and operation costs"
Is this good or bad?
Thanks again
Do you mind sharing the property address? I could give you a better answer
There are a few red flags for that property. First, it is listed as a 652-square foot 2-bedroom? Does the property even have a living room? The last time it sold it was listed as a 1-bedroom. Condo fees for a property like that will be around $400/month. That community may have restrictions on rentals. I would be careful if you were seriously considering that property.
@@TheMattLeighton thank you so much for your help!! 👍👍
I'm looking for a condo or house in toronto. Burlington or oakville. moving soon.
Send me an email: matt@orangelinecondo.com
This is bowling there are rules lol
🤣🤣
Parking spot would be a deal breaker for me
Good video. But too long to give out 5 mistakes. Hope to see quicker smaller videos. Good job and thank you
Good feedback. Thanks!
Condo be good for a single guy first time homebuyer ?
+Shawn Afshar Yes it can be. Thanks for watching!
Shawn Afshar don't do it... If you have the option, get a townhouse instead. Buying a condo is like buying an apartment space. If you don't plan on living there very long, don't do it either. You will not profit anything off the property. Condos appreciate the slowest and are hit the hardest during cold markets.
@@Noc4ball is it better than renting an apartment though?
@@Noc4ball what if it is called “condo/townhome”?
Ya don't need to yell bro! we can hear ya!
mistake number 5 into mistake number 2 lol
+cody hill yeah true. Thanks for watching
🤭🤣 raw meat.
fuck condo's a house with secret door's is better then having a condo
I'll just buy a lot and slap a single wide on it.
Prospect house in Rosslyn perfect example of entire building allowing zero pets
+Nick Rudnev exactly! Thanks for watching
"Stop doing these things" as if I've been buying condos every month
Haha
You can never really own a condo huh lol
You can! Many people do in not as informed as they should be. My goal is to provide what I know to home buyers so they are making a wise decision
You can’t own a co-op
Correct!
You are so handsome.
Am i the only who thought its 5 mistakes while purchasing a condom
Lol
If you've purchased a condo in today's market, you've already made a major mistake. Historically, they are terrible investments. I'll never understand why people choose condos over townhouses... Townhouses are a cross between condos and single-family living. With a condo, you share more amenities with your neighbors than you would with a townhouse. Above all else, condos appreciate at a slower rate and take the largest hit when the marker is cold.
Noc4ball
When I bought my condo I didn't care about appreciation at the time.
It was my home not an investment.
Well if you're purchasing a condo in a beach area, many people prefer beachfront compared to what most town homes offer. Condos are just more convenient.. being a bad investment is more of a varied opinion based on area and all variables that play into ones realty endeavors. It's overall not a bad investment if you take the right steps and educate yourself thoroughly before making any purchases.
I plan on purchasing a condo by the lake with lakeside view. All the other condos I’ve been tracking the last 6 months have sold except for 2. And the property is well maintained (except for a couple of fishing piers). I personally am not a fan of townhomes in Houston. Might as well get a home for 20-30k more.
in today's market in my area, a starter home is at least 100k more than a condo.. Townhouses are much more expensive as well. Mortgage payments on a condo is cheaper than rent in my area.
I have a question for all of you... I'm 43 and broke...my apartment is $850/mo....I would like to save and buy a single family house in 5yrs...do you think it would be wise to buy a condo for the time being instead of paying rent for my apartment?
a mortgage for a condo in my area would be pretty close to $850/mo.
Condo=$100,000
House=$200,000-$300,000
Thers only one and its buying the condo. Its a trap!
Umm I'd rather throw away a couple hundred bucks on an HOA fee than $1000+ on rent!
Owner pays the HOA fee
Admiral Akbar?
1. DEAL with RAT/ROACHES
2. High condo fees
3. Shares laundry
Dónt buy CONDOS...íts not worth it bc u have to deal with RAT in the winter...they're everywhere