The biggest mistake I ever made was not looking up the reputation of the condo developers. Most of them declared bankruptcy as soon as all the condos were sold effectively making their warantee null and void. My experience has been costly!

@tyd7804

Жыл бұрын

How can you look up their reputation?

always look at several condos (i.e. minimum of 10 but ideallly 25+) before buying one too, especially if its your first one.

@TheMattLeighton

4 жыл бұрын

It's good to get an idea of what options/layouts are available

@gilbertmatos2725

3 жыл бұрын

@@TheMattLeighton Where can I find a great local real estate agent in my area of Bergen County NJ.

@TheMattLeighton

3 жыл бұрын

Email me matt@thebattlegroup.com

@MrKelvin2230

2 жыл бұрын

@@TheMattLeighton Thank you ill do that, Currently im renting, in the Orlando area and the lease ends in January 2021 but im seeing Rent increases from 300 to 500 of what I currently pay which in itself is high. So my thought is too look for a condo with same amenities in the area. well see.

@DazedMango

2 жыл бұрын

This may be a silly question, but I have been renting in a neighborhood of town homes with mostly older adults, does this negatively impact the value? I absolutely love it, as people are very quiet and respectful of others, especially regarding noise pollution. I only ask because I am considering buying one of them. Thank you!

make sure to take a look at your assigned parking spot if any. Make sure to take a look at the owner occupancy rate. Find out if there are any upcoming special assessments. - Ask condo management, real estate agents, or read contract disclosure Read pet policy Check Govt loan policy Check condo fees

Here's another tip: Don't just check out your own parking space(s), check to see whether there is adequate visitor parking for the size of the community. If visitor parking is sparse, the chances are that somebody's visitors will park in your space(s) (and by the way, they won't care about any "authorized parking only" signs). Sure, you can call a towing company, but is the unpleasantness worth it?

Very nicely done. Appreciate you're getting to the point & staying there. Thank you.

Thank you sooo much. Im under contract now and I'm so glad I found your KZread definitely helped me to know 100 percent what to watch out for

I own a single family home but am considering buying a condo in a different state. The special assessment tip you gave is great. I’m early in my research but this is my first time hearing about the future special assessment.

Thank you for the info, and keeping it entertaining. Agreed on the pet approval.

This is very helpful, thank you

Wow... Thanks so much for the information on upcoming special assessments. Wouldn't even know to ask about that otherwise. Very helpful info!

@TheMattLeighton

3 жыл бұрын

Thanks for watching!

4:30 YES YES YESSSSSS !!! Me and my two neighbors by me all own and we have our own little "click" lol..we look out for eachother and definitely are super cautious of activity within the complex...and parking is a HUGE deal because I drive for work and I'm always randomly coming home at different times so I'm glad I have 1 covered spot(under the port) and 1 uncovered! Also the pet policy is a MUST for me always since I always had dogs(before when i was renting), they have a policy no more than 2 dogs. Size limit has been stretched lol. I'm also very picky when it comes to the layout of the unit like having my own personal restroom inside the master bedroom and having the guest bathroom in the hallway so guest don't have to walk through my room. As far as fees go,I just pay maintenance fee and my taxes which are both decent,and I don't pay for water or gas!

Thanks Curtis, we are employing all your points in our search. Just backed out of a purchase that had easement issues. Was listed as having a deeded easement where in reality it had a notarized affidavit claiming an easement that had not been awarded by either the court system nor property owners. Huge disappointment but valuable lesson in that only you can only trust yourself...verify everything!!! Thanking the Lord that my husband knew to ask for document and to question it.

Helpful, thanks.

Thanks for all the useful tips! I'm really considering buying a condo, and I've been watching your videos today.

Looking for my first condo. Thank you for information.

As someone that has a 60g fish tank, I took that personally. hahaha

@TheMattLeighton

3 жыл бұрын

😂

Thank you for all these great tips!

@TheMattLeighton

3 жыл бұрын

You're welcome!

Great video! Condos can be a little tricky. I make sure to have similar conversations with my clients on the lending side of things.

Do you think you could make a video about a check list of things you should definitely do before buying a condo.

HOA fees are skyrocketing in many places including Florida making condo purchases less desirable. High condo fees often lower the real estate value of condos except in the most expensive condos costing many millions of dollars.

@cfoster6804

5 ай бұрын

Wel I guess these HOAs didn't get the memo because the fees keep going up. Seriously I saw some so bad in Florida that it would be like you're paying 2 mortgages!

Great Job! Matt

Best explained so far.

Great video! I am in the process of buying a condo. Never heard this before. Thanks!

@TheMattLeighton

4 жыл бұрын

Thank you for watching! Good luck with your purchase

How to avoid condos with crazy/loud neighbors? Imagine moving in only to find out upstairs kids are running around 24/7 and an alcoholic next door yelling at her husband every night.

@TheMattLeighton

4 жыл бұрын

That's one of the downsides of condos. Sometimes your condo is only as good as your surrounding neighbors. Best case would be to constantly talk to condo management about the disturbances, but of course that is not a great solution

@nopenotgonna175

3 жыл бұрын

If you’re a condo buyer in the DC area, don’t go for newer developments. You want a concrete-and-steel high rise that was built in the 50s, 60s, 70s, or even early 80s. The floors will be thick and there will be a cinder block firewall between units. You’ll hear nothing. Just a tip from Gramps.

@LoveAndSnapple

3 жыл бұрын

@@nopenotgonna175 thank you for the advice!

@mulliganstew72

2 жыл бұрын

Before putting an offer on a condo go visit the place at different times and days Of the week. Even different weather conditions. All of these might give you some clues.

@dcole9589

Жыл бұрын

@@TheMattLeighton the management will NOT disclose that information. The owner is on his own. Buyer beware.

Thank you so helpful.

@TheMattLeighton

3 жыл бұрын

Thank you so much for watching!

I just wanted to thank you for the excellent tip about looking at the parking spot. It's something I never would have thought of.

@TheMattLeighton

11 ай бұрын

Happy to help! 😁

your the best, thanks for the info.

@TheMattLeighton

2 жыл бұрын

Thank you!

The condos in the area im looking at may be cheaper than most townhomes list price, but the condo fees are so astronomical, that it takes the mortgage from affordable to not worth purchasing.

@TheMattLeighton

4 жыл бұрын

Good point. Sometimes the condo fees alone make townhouses (or houses) better options

I love your energy.

@TheMattLeighton

4 жыл бұрын

Thank you Todd!

I've owned my first condo since October 2015. A couple months ago my parking neighbor got a new Chevy Silverado, the Trail Boss edition. Parking has become a bit of a nuisance with the limited amount of space. BUT, our parking spot is the closest to a set of stairs that leads directly to our floor. So you win and you lose! We are living in a very good part in our city, and will use the profits from selling this property as a down payment for a new one. I'm not too thrilled that this new one is basically 3x the price for only 2x the space (around 1500 sq ft). But I feel I need more space after having a child, and I hope this condo will grow in value over time so we could eventually buy a house, or flip this property and buy something overseas. My salary has more than doubled since the time I got the first condo, so I hope that it doesn't become a burden with the added costs of parenthood!

@mulliganstew72

2 жыл бұрын

Same exact thing happened to me with parking space. The people in the unit behind me sign a guest slot right behind my car and there’s always a huge trucks parked there so I have to do like five point turn to get In and out of my spot.! Also because it’s close to the door all the delivery trucks block me in or prevent me from being able to pull in LOL. I am going to sell and on a lot of the websites you can see detailed history of the places you’re interested in and that’ll give you some idea as to whether you’ll have a good resale value.

Great info

@TheMattLeighton

3 жыл бұрын

Thank you!

Questions are condo fees and HOA not the same? Also, do you have any updated videos of condos in Arlington and/or surrounding cities?

When I was in the military I rented a few apartment and by fair that was the worst experiences .People were alway coming and going . Then I rented a condo and all that went away .The people who lived next to me were the sweetest couple and had been in there condo to years.So respectfully its not bad at all .

@tanoox7162

Жыл бұрын

What's the difference between apartment and condo? If both are in a building with common grounds, same problems will exist.

@garza7676

Жыл бұрын

@@tanoox7162 it’s the turnover of people in apartments that sucks . Condos , people who live in them actually own it and live in it for years .

Another tip. Move into a solid concrete building, it's way more sound proof and won't go up in flames as well as resistent to rot and rust and keeps people safe from natural disasters. Wood frame no good.

Excellent and thoughtful information. New subscriber.

@TheMattLeighton

3 жыл бұрын

Thank you Paula!

@choosetoshine2610

3 жыл бұрын

@@TheMattLeighton Very welcome! Buying your book.

You’re a realtor in VA? That’s awesome. We’re hoping to buy a condo in Fairfax! How can I find out what condos are FHA approved in Fairfax?

'Enjoying' is a strong word

Hi there, can you point me in the right direction to get a real estate agent in Essex county NJ, Hudson County or Bergen county NJ. Interested in condo's/townhomes. Thanks so much. Enjoying your helpful videos 😊👍

As a person who likes aquariums that part absolutely killed me 😂😂

@TheMattLeighton

4 жыл бұрын

Haha 🤣

The condo I bought in warmer temperatures goes to 13 degrees Celsius in a winter. The condo board Visitec me and said it's because I don't keep the 🚪 door open to one of the smaller rooms. It's doesn't makes a difference since the slightly warm heater located in main living room and kitchen. What can I do? What is my rights?

If I buy a condo and pay down my loan and let's say the cables in the building freeze and I can't pay because of lack of work etc what will the most likely happen? Coz the cables are usually for 3 other people, right?

@8:23 love the humor 🤣

Funny comment about the fish tank. Not to mentioned one gallon of water weighs 8lbs times number of gallons, could be alot of weight.

Even with some nicer condos, do they typically bring in people on Section 8. I've been eyeing this one location, but noticed that there are alot of open units/Apts. I'm curious to know how many lower income folks have moved in through assistance programs. I'm a first-time home buyer & don't want to get caught up in a building where I'm dealing with alot of desperate elements. Is this a common scenario when the seller can't find renters, & if so, can it cause condo values to decrease?

Hi am thinking of buying a condo with in this month. The condo’s price is 65k and am thinking to be there for a year and then to rent it. Can you tell me pros and cons of doing this.

So we put an offer on a condo and after visiting another 2 times, I found some things in the complex not in working condition as well as cosmetic issues. I’m concerned the building (with 10 units) is not being cared for as well as it should. It’s a larger condo with a higher fee and no amenities. The listing agent mentioned the reserves being low but when the present seller moved in they got involved and helped to increase the reserves as well as find a new management company. I’m a little on the fence about this purchase because of the building issues.

@leonab545

8 ай бұрын

How did it go?

SIr Matt Investing in a Condo or a townhouse for renting to others Can I have your opinion.?Thank you

I’m looking for a Condo to buy , but since I have no experience I wanna ask how much I can make monthly clear if I’m renting it ?if hire property management and gross monthly income is about 1500$? I wanna know what the expenses ,thx

Understand about the dogs and the fish tank. Ok you can have the fish but not much water lol . Problem-solving .

In Houston I’ve seen condo fees up to $1900!

Do you know any good buyer agent in Indy area?

Those are not HOA fees going up those are salaries for management companies who get raises. You home is at the mercy of these creeps. And your family is just as any other family who is getting over. Inflated rent increases.

thanks!

Can you make a video on detached condos? I see a lot of them being built in the Virginia Beach area and am considering the pros/cons on detached condos vs attached.

I’d argue cars were wayyyy larger back in the day

@armandovela4415

3 жыл бұрын

Same... the massive land boats from the 70s and 80s was the only thing i can thank about when he said "cars are getting bigger"

@brandonjohnson5205

2 жыл бұрын

Those cars were longer and more narrow but cars today are wider.

Are condo fees and HOA fees the same thing?

What about if you are buying a condo as an investment and planning to rent it out does that fit in owner to renter ratio

@TheMattLeighton

4 жыл бұрын

Yes, you want to make sure there is not a "rental cap" for the building.

I have a pet boa constrictor I didn't know it was allowed to be in the condo

What type of housing should I buy (townhouse, single family home, or a condo) if your by yourself and a small budget I would only need 1 room and 1 bathroom I would really appreciate if you could help

@karmasutra4774

Жыл бұрын

Condo is good or what they call part of a duplex… if you can buy both sides reasonably you can rent one side and live in one

What does special assessment mean?

Hi ...your channel is super informative. Quick question ...noticed bank of america is ¨best lender for first timers¨; is there any truth in that?

@TheMattLeighton

3 жыл бұрын

Who says Bank of America is the best lender for first timers?

You kind of remind me of that guy from Love it or List it.

Excellent video! I have been your fan for long. Regarding HOA i see some condo has almost fee like $1900 for price of $450000 but some in Brooklyn similar price range condo’s in other neighborhoods has HOA fee of $ 200-300( I am from Brooklyn) Why such drastic differences? Is it due possible special assessments. How can i make sure condo association has decent and sound finance before buying? And it will be a value trap for me and difficult to sell in future. Most condominium i see don’t look at buyers financial condition as throughly as otherwise a COOP but if one occupant condo falters in mortgage or causes harm to Condo overall harm due to being irresponsible or accident. Then what happens to other owners? How is other owners protected or even from crime/violations that occurs other units that reduces overall appeal and value of your units? Please kindly explain. Thanks 🙏

@markanthonyholm

2 жыл бұрын

L CD

buying a condo for 250K is great but in DC condo fees can be up to triple of your base morgtage!! Ludicrous. Can condo fees be deductible?

Is buying a condo a good idea for someone who travels a lot? Before the pandemic I traveled every few months to Egypt and the Philipines to visit family I currently do not have a house or condo in the US I would eventually like to buy a condo or something similar when I do eventually live in the US again and have a place that's mine so I don't have to stay in a hotel or stay at a family member's house every time I come back home to the US.

@kindsplash21

3 жыл бұрын

Yes it's the perfect choice I heard if you buy a house you kinda screwed

Who's responsible for flooding damage in a condo or town home and those FEMA SCORES really matter? Insurance?

Is the monthly condo fee different than the HOA fee?

@TheMattLeighton

3 жыл бұрын

Same thing. Unless the condo is within a separate HOA community, which is rare

Correct me if I'm wrong but condo fees and special assessment fees are not tax deductible....???

@mulliganstew72

2 жыл бұрын

No.

Condo it's private property as I understand correctly. If majority of building decide to change management is it possible?

@TheMattLeighton

2 жыл бұрын

Yes. Happens all the time

What state are you in?🇺🇸

Actually sedans and a lot of cars were a lot bigger in the '80s than now

Can you buy and own a condo without HOA....or non HOA. I would hate to buy a condo and not be in full control. I live in Jersey City

@kindsplash21

3 жыл бұрын

I'm wondering the same thing to l live in Dallas have you found out yet

Don’t buy a condo unless it’s super cheap or that is the only housing you can afford

@phillybryan3762

3 жыл бұрын

Is 125,000 cheap?

@manuvns

3 жыл бұрын

@@phillybryan3762 location? Hoa fees? Are all other similar condo asking 150k?

@13kkngs

2 жыл бұрын

Why not ?

Kinda like RTH bus

#1 When a new owner takes 5 months to renovate, make that completely rip out the unit above yours, and you loose total use of your own place everyday from 7AM to 7PM with JACKHAMMERS, do you have TO TAKE IT? What could a lawyer STOP? #2 Can a lawyer get any unit owner out of paying the monthly HOA FEE when the Board and Association DO NOT enforce the original restrictions and property rules violated by unit owners? Any rights for the INNOCENT?

@mulliganstew72

2 жыл бұрын

No. Don’t bank on it. When you’re dealing with the condo association you’re literally messing with a “son of a bitch”.

Are those condo fees the same as if you were paying money to the homeowners association?

@tiana7780

Жыл бұрын

Yes. It’s the same.

HELLO!!!👋👋👋👋

@TheMattLeighton

3 жыл бұрын

👋

Dogs are loud, fish is not

eh id rather have a low condo fee and pay for stuff myself vs group it into a fee and spread it out among everyone. Houses dont share an internet fee for good reasons lol.

Im in Ireland. Do you know anyone here as well? (kind of asking too much but I gotta try)

@TheMattLeighton

4 жыл бұрын

What part of Ireland?

@bruninhamrso

4 жыл бұрын

@@TheMattLeighton wow. Currently at Co Meath.

fishes dont bark or shit outside their tank

Cars gotten bigger? Lol

Make sure the HOA has Officer and Director Liability Policy, FHA Disability Claims, every type of HOA really, Litigation, fences- a common problem, Policy not that expensive well worth it, reserves -special assessments -operational reserve, make sure you see the line item amounts for both common elements and limited elements. Audit in a large condo, get full-year condo minutes, past litigation? If it's not done don't buy. See settlement agreement. Never buy one in litigation.

I dont agree with the comment on renters. I think renters get a bad name. I am a renters, not because I cannot afford to purchase, but because I have t found anywhere on this planet that I want to purchase yet. I like to be mobile and I travel a lot for my job. Nevertheless, saying that renters do not keep up the property or care for their home the same as if they owned it, is a horrible stereotype. We need to change that narrative. Not everyone wants to own property. Some people are happy with renting. And with the price of rent nowadays, many renters have a higher liquid net worth, meaning actual cash to spend , than some owners . 🤷🏾‍♀️

@dmills7375

Ай бұрын

As someone who has been a landlord, I’d say it is largely true. There are certainly exceptions, but they are not the rule.

One more, unexpected crooks working in the condo board

Amber scholl @

just buy a small car - if you are living in a big city where people live in condos - why buy an SUV ?

Anyone actually happy with their condo after two years?

@TheMattLeighton

3 жыл бұрын

What makes you say that?

@Pinkflo363

2 жыл бұрын

I love mine! Going on year 4.

I’ve never heard of a fish that barks, what’s wrong with you dude?

@TheMattLeighton

3 жыл бұрын

Did I actually say that? Lol when?

Purchasing a condo is a mistake…

cars have gotten smaller. a sedan in the 80's was far bigger than today.

@richardpuckett8127

Жыл бұрын

The majority of Americans drive large trucks and SUVs. And those are larger/wider than cars in the 70s and 80s

Condos are still stupid to me unless you’re using it for airbnb

@TheMattLeighton

2 жыл бұрын

What makes you say that?