24 Condo BUYING and OWNERSHIP Tips You Must KNOW!

Buying and owning a condo can be complicated, but in this video I am going power through a TON of helpful TIPS to help you fully understand what is involved in buying and owning a condo.

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[SirCarlosMusicBMI]

WOW 😮❗️
Things have changed so much since 2 years ago.
Insurance has taken over the majority of “Costs” to consider.
Thank you Michael.
Wish that I knew your channel a couple years ago.
I’m very happy for you and know that your channel is growing.
Blessings, Carlos ✝️🙏❤️😊❗️

[richardcheatham]

Exactly the type of information a buyer like me needs to understand when he shops for a unit. Best to get a jump on the 5 day due diligence period I'll have before the purchase is officially complete. Thanks, Michael, this is especially useful and concise information.

[Texas_Made_]

7:43, VERY IMPORTANT 😮, oh i own my condo❤

[RIP.BIGMLBOA]

Do a video about condo vs apartment / ownership vs renting

[JoeDWhiteTalks]

Great tips. I own a condo, but I didn't put any money down when I financed with a VA loan.

[BrisLS]

Very good points, as always. I would be curious about "co op", and how that works. Sometimes you see a lower price for co-op and think it could be a good deal. As for lifestyle, I have done 2 condos, but not in Florida so my experience may not apply. I can say, one I had for < $100k, 2/2, 1000 sq ft, luxury. Wish I never sold. Comparable rents were double my overall monthly outlay on that one. The other has crashed to 2/3 of what I paid for it. The monthly dues have gone up, and special assessments keep coming. Something universal, Florida or Virginia, I would advise; don't buy the people in a place. They may show you wine and cheese parties in the brochure. Don't bite. Get your friends some place else. It's too close for comfort, and people who should be your BFF, will hate you. Buy a place for the awesome parking spot for your Porsche, and the view of the ocean. Be invisible to the people who live there, because I guarantee you will wish you were.

[hermelyndapickleball]

Thanks! I'm getting an inspection on my 1st condo and this was helpful! 🙂👍🙏

[rbraxton]

Very great information. I'm definitely more interested in buying a single family home, but this is interesting.

[Carlossantos-wgrs]

The major problems with tenants not respecting HOA RULES is dogs and No Over night Commercial Vehicles

[mcarlkv]

condo buying is tough. I would love to buy a condo in orlando, kissimmee, or melbourne...but with the hoa or condo association fee and the taxes, and the homeowner insurance, and sometimes a "special assessment fee"....its just tough...any condos in orlando without any fees or homeowner insurance or taxes required?

[timward]

Very interesting video, Michael! I enjoyed the advice and also the some of the views of the area. Florida looks beautiful!

I have owned houses with strict HOAs and condos with HOAs in another hot market, Phoenix (literally hot). I was once on an HOA board from Hell (not unlike being an honest person in Congress). Owning your own house here (with an HOA, and almost all homes have them) or condo can be either good or horrible. Right now, I' live in a great condo in a tiny older complex of four buildings, each containing four one-story units in a spectacular neighborhood. HOA fees are only $125/month because there is no pool, no grass (desert landscaping), no clubhouse, and no gate - which brings me to my first piece of advice (maybe you covered it elsewhere): amenities cost money! The fewer the amenities, the lower the dues and, usually, special assessments. If you don't want a pool, gym or clubhouse, you may not want to pay for their upkeep. My second piece of advice is: CHECK OUT THE PARKING situation before you buy. Here, complexes have assigned parking but what happens if a neighbor throws a party? You come home to discover that YOUR spaces are occupied. This is not a problem where I am now, but it was a HUGE problem in my previous condo complex - so verify there is adequate guest parking (even if you don't have guests, yourself). And the third piece of advice is: buy in a good, safe area where you won't be robbed and your car won't be broken into (if you can).

[colemant]

CONDO SPECIAL ASSESSMENTS! in Ft. Myers/Cape Coral !!! You need to do a "Walk About" here. My Estimated Special Assessment is $10K! My Insurance Policy covered by FL Law... Only $2K... You should do a complete video on this Mis-Justice alone! We Purchase insurance for only one reason... to make sure we do not absorb expenses we cannot afford. The Insurance companies pull out the Fine Print when the adjusters are sent to INFORM US OF THE REAL CONTRACT TRUTH!. Talk about it Mike. Show it Mike

[soniadowney]

Great job ... I'm in a condo and rules keep on changing.some for the good and some not ...I'd like to learn about co op one day when you have time

[RIP.BIGMLBOA]

Man thank you for this video 💯 I don’t know much about rules & regulations until I saw this video

[THEFLYBOYWAY]

Nice video ... the break down was great . Its a good feeling to know I don't have to get my hands dirty with maintenance... but boy oh boy finding a contractor to do some work in Miami Beach is turning out to be difficult 😅

[genew]

One of my condos is charging me a special assessment of almost 3600.00 and I only own a 1 bedroom apartment. The reason for this was unforeseen roof repairs and replacements. I find this to be total BS. If our monthly HOA fees cover roof, why weren't they doing inspections that would've avoided total roof replacements. Seems like this all boils down to not doing inspections.

[SR-vkfv]

Not buying a condo but still liked the video. Renting vs buying a condo? Video idea? I don't really know if there are a whole lot of differences besides financial.

[landho]

Great video Michael, so many things I did not know about condos. Thank you!

[Texas_Made_]

13:58, yup same where im at, single family homes also are close by everything🎉

[nyhiadancelover]

Can you please do a owning a condo beginning to end like how do you go about saving and how long should you prepare and stuff like that or is it basically the same as buying a house