Buying a Condo MISTAKES | 5 Things to Avoid When You Are Purchasing A Condo

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

[timelessmusicfamilymusic]

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.😃🏡

[qlovox]

Big mistake is not finding out about hoa fees and how well the hoa is maintaining the place
Great vid

[gotchihaeyo]

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.

[omrixavier]

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

[NEWHOMESALES]

Good points! Condos are a lot more complicated than people might imagine.

[BossChronicles]

I’m not a handyman and I hate yard work main reason why I’m considering getting a condo

[agreedboarart]

Omg a condo with a fireplace sounds perfect, especially if the power goes out during a winter storm like what happened here in Texas.

[SamTorontoRealEstate]

STATUS OF CERTIFICATE IS A MUST. I always tell my clients this!

[msbeaz]

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.

[emerald]

Where were you when I was making thousands and thousands of dollar mistake because I was clueless! Your awesome !!!

[FeedScrn]

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.

[carlyisveganinsd]

We definitely made a couple of these mistakes when buying. Our parking space is SO FAR from our unit!

[itsyaboilmao]

any chance you could talk about condo fees and when it should be a deal breaker

[dnicecpamba]

Very much appreciated as a first time Condo Buyer!

[stacismith]

Thank you for including the picture of the hanging meat 😂 I was not expecting that

[michaelzma]

You should have mentioned Home Owners Associations

[yazan.kioumgi]

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 :)

[miljannyjets]

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.

[krotsin]

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.

[Chinunit]

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