Why Buying a Condo Might Be Riskier Than You Think

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Күн бұрын

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Timestamps:
0:00 - Introduction: Buying a Condo or Co-op
0:06 - Personal Story: Son's Dream of Buying a Condo
0:22 - Mortgage Lender Experience
0:33 - The Impact of HOAs on Costs
1:31 - HOAs: Lack of Control Over Dues
2:20 - HOA Regulation Issues
2:41 - Responsibility for Common Areas
3:01 - Florida Condo Issues
3:40 - Inexperienced HOA Boards
4:01 - Special Assessments Explained
5:11 - Personal Condo Experience
7:09 - Management Company Issues
9:00 - Understanding HOA Meeting Notes
10:00 - Final Thoughts: Due Diligence Before Buying
12:48 - Conclusion: Advice for Prospective Buyers
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Пікірлер: 30

@antareschen4451 20 күн бұрын

Biggest SCAMs in real estate 1. Property insurance 2. HOA

@s.j.5850 20 күн бұрын

You are 100% CORRECT Jen. Those condos are booby-traps waiting to happen. Not only deferred maintenance, but they are potentially ripe for ripping off the owners with the dues & assessments. Kickbacks & other shady "fees" that you can get stuck with, and the sky's the limit. I would not touch one. Lived with someone who owned one & I would always see the super whispering to someone on the board outside. Let's see if your son listens to Mom. I hope he does!

@monicaharris-green2400 20 күн бұрын

I'm learning. It would seem that similar could be said about single family homes in communities with HOAs. I have relatives new to HOA. Relocated a couple years ago. No community amenities, at least not yet. They're still building out neighborhood. Their dues are very low but went up, still low, because some other residents weren't paying their dues.

@JenniferBeeston 19 күн бұрын

fingers crossed

@russlea6383 20 күн бұрын

Way to Say, Momma J ! 👏

@x35mmman 20 күн бұрын

That top pops your eyes Jennifer

@hungp.8191 20 күн бұрын

Yea HOA can screw you over fast. My sister-in-law bought a condo in Dublin CA and HOA was $240/month. Within a few months it jumped to $650/month. No landscaping whatsoever and they said it's due to general maintenance costs...

@briann8983 20 күн бұрын

Everything you said is dead on. Just sold my condo I owned for 22 years. As you stated, owners change which equates to board changes. I have not spoken to one person living in a condo that found it easy to find volunteers to serve on their boards. As you stated some board members have no clue how to run their finances and life and serve on a board. My condo building put off exterior painting to the point it was cited as a violation and almost caused the sell of my place to fall through. We had so few meetings that I was only able to provide the buyer with minutes from two meetings. Never again!!!

@JenniferBeeston 19 күн бұрын

Sounds like we lived in the same building lol Glad you escaped

@aneesahm4301 19 күн бұрын

Been trying to buy a condo. Having issues with securing enough parking spaces. Need 3 but most only offer 2 max. Been frustrating but maybe it’s a sign to stay away from condos, just be patient, save more money and try to get a house instead.

@JenniferBeeston 19 күн бұрын

if you want 3 parking spaces I think a house is the way to go.

@jessicamccreary8488 20 күн бұрын

A good friend of mine has a condo (SWFL). Since the Miami incident, his HOA has doubled, along with a special assessment that they offered to roll into his monthly HOA fees. They also claimed a reason for the increase, was due to making up for owners that haven't paid their dues in YEARS.. I always ask him how they are still able to live there. The HOA has just never gone the foreclosure route 🙃 More HOA regulations across the board is 100% needed.

@JenniferBeeston 19 күн бұрын

Agreed that hoa need legislation or some level of buyer protection. It is just so wild the stuff that goes on. In fairness not all are bad but the ones that are really make it bad for the rest

@alex182618 20 күн бұрын

In NYC all condos and coops are being managed by companies.

@JenniferBeeston 20 күн бұрын

Does not mean those managers are good and they have to follow what the board wants .

@KDrop84 20 күн бұрын

this makes me nervous. I am in a condo.

@JenniferBeeston 19 күн бұрын

It is a good idea to always be saving money just in case and that is true whether you are in a condo or a home.

@ZER0_G 20 күн бұрын

HOA dues are basically super local taxes subjected to super local dictatorial politics. If your son's not in finance or big tech, and he wants to move into NYC he can kiss his post-graduation dream goodbye... unless he wants to live in a toaster oven. Entry level positions don't pay enough, even in things like the traditional engineering disciplines. Just my opinion.

@falsificationism 20 күн бұрын

Good way to put it. I know some HOAs have literal jurisdiction across an absurdly broad domain, hire private police forces, exert control over local votes on matters you'd think states or municipalities would be in charge of, and more. A "super local tax" is exactly right.

@ZER0_G 20 күн бұрын

@@falsificationism Holy cow! I thought I was being at least a little hyperbolic but that's insane. 😬

@JenniferBeeston 19 күн бұрын

I think you both nailed this

@AlexisLove81 20 күн бұрын

What about a townhome? Is that similar? I'm looking at buying one?

@JenniferBeeston 19 күн бұрын

Depends on the townhome and what the hoa covers. If hoa covers all the siding, roofs and deck and amenities then same potential issues. Always do deep research.

@TruckDriver2005 20 күн бұрын

Do you have HOA fees if you buy half of a duplex? That's probably a dumb question, but I always wondered how that worked if you bought half of duplex.

@jaz499 11 күн бұрын

What if the condo building is brand new?

@JenniferBeeston 11 күн бұрын

New condo buildings are lower risk because the odds of them already having assessments is unlikely however, you still have the question of who’s going to run the HOA and if it’s brand new construction where it’s not complete you do want to make sure that the HOA fees are solid that they’re starting off with

@od2437 20 күн бұрын

Then how do you live in NYC?

@JenniferBeeston 20 күн бұрын

Buy beneath your means so you can handle hoa increases and save for the inevitable. Also research the hoa like you are getting married to them because financially you are