The wisest thing that should be on everyone's mind currently should be. To invest in different streams of income that doesn't depend on government, especially with the current especially with the current economic crises around the world.
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Although condo living is really nice, I've been finding it hard to justify the ultra high HOA fees (seems to be much higher than other HCOL cities like Vancouver), because for the same monthly payment, you could get a townhome almost double the size (with parking!) not far from downtown Seattle...
I've had a few special assessments so far and all my HOAs have gone up about 20% a year so far. I'm concerned my Cap Hill condo will likely have special assessments coming up given the amount of repairs needed , shame for a 2019 building :( Next to special assessments my other headache with condos is restrictions on common properties especially when it comes to EV charger installs.. almost 3 years in and still haven't been allowed to install one.
A similar thing happened to me - 6 months into owning a condo we found out the roof needed to be replaced. luckily we did have good reserves but we were still hit with a small special assessment and now have no reserves.
Great information and be sure to have Loss Assessment coverage on the Condo insurance policy. It won’t cover the cost of maintenance but will help with events like storm damage, fire, etc. Especially if the Master policy and/or reserves don’t have enough to cover it completely.
I almost bought a one bedroom (ground floor, tiny window, decorated by Delia Deetz) but backed out (because the entire place was so gaudy, I'm talking glass pedestal sink in the shape of a wave). Luckily I did as a few months later the roof needed to be repaired and HUGE special assessment came through. ALWAYS be wary of any thing (houses and people!) that don't think for the future.
You can get coverage from your insurance to cover those special assessments. It comes in handy, especially when they run into the thousands of dollars.
it's really interesting how your.real estate system works in the USA . great video [ SPECIAL ASSESSMENT ] are the condos earthquake proof like the buildings in Japan ?
special assessment!! your explanation on HOA fees was really informative, I never thought about them like that, but it makes total sense. I guess in my head I see HOA's as this outlet for Karens to dictate what you can and can't do, I've seen some horror stories. But for condos I guess this isn't too much of an issue and not what HOAs are for? Great video :)
Special assessment!! Are buyers allowed to ask about any known upcoming special assessments to the building, and are sellers legally obligated to disclose?
So true that high rise condo has amazing view of sky and harbor. Takes longer to sell but it sells eventually, especially in this hot market. Also you should take into account that townhouse sqf is actually counting stairs so same sqf of townhouse would be much less.
11:10 I bought my first condo in Lake City and then got hit with a *huge* special assessment to repair a faulty building envelope and major water intrusion. Lesson learned. Luckily, we were able recoup that cost when it was sold after just two years of ownership.
Thank you for talking about the reselling certificate and the special assessment! I walked away from an amazing place after seeing what little reserves they had & their plan pretty much was "fingers crossed nothing happens we need a special assessment for". Also read the HOA notes it tells you a lot about the place.
Very informative! Looking forward to the vids for the rest of the week. Regarding Special Assessment, in the early 90's, I had a friend who purchased their first home - unfortunately this was the Leaky Condo Crisis era and the new build began leaking shortly after completion. 😑 By luck and windfall, he ended up having the $15K needed for the repairs, however, most of the other owners did not.
I am so excited for this series! I just bought a condo in a small building in West Seattle earlier this spring. We're on the top floor and (even in a small building) the light is SUCH a difference from the townhouse we used to rent - like you said, even a cloudy or rainy day feels so much brighter. Because we're in a small building with fewer amenities, our HOA dues are ~$.50/square foot which seems fair based on what you described in the video.
I lived in a building in Belltown that allowed short term rentals and it was a nightmare. We were long term renters and got out as soon as we could. Getting woken up every night at bar close by people continuing their parties totally put me off of the idea of buying into a condo, but it sounds like that's avoidable. What keywords should I look for to avoid buildings that allow/disallow short term rentals?
@@monicachurchrealtor Sure was... never again! Also got more cosmetic damage to my car in ~1.5 years living there than in 6 years parking in a back alley in capitol hill!
Special assessment!!!! Hey Monica, just moved to the area and doing sales. How long do I have to be working in sales to start the buying process since I’ve heard that due to me being commission, I have to be working commission for a certain amount of years!!
That is a great question! Ultimately you’ll want to connect with a lender about this, because it varies depending on your situation. Short answer though is you could be looking at about 2 years before they can take into account your commission. It’s worth chatting with a lender though because they may be able to sooner. Let me know if you need a connection!
I am studying to become a software engineer and I dream of living in a high rise building (not a fan of the suburbs, been living in those all my life). These videos are so inspirational to me.
Special assessment Love your videos - landlord moving into unit I’m renting and have a month and a half Pre-qualified for around $300k - wow - only about 3 units in that price range in greater Seattle Just unreal - love dreaming about living in these high rise units
We just had a special assessment. Boo. Anyway....I think it's also really important to know who is on your HOA Board. The fallen Champlain Towers in Florida is a good example of a board that had a lot of problems and as a result, their decisions (or lack of) contributed to that building falling down.
I don’t personally have kids or want them to be raised in a mf condo but I would love to know what families think of condos. I feel as if it typically sells this young single city life and I’m just curious what a family’s perspective is
My condo had a special assememt years ago as prior years had a bad finical record and then repairs came up. Now we are out of the negative budget into a positive one. My building special asssmemt how handled was not the best but they listened and changed approach on payment plans
Used work for a HOA management company in AP! Some HOA are basic with just pool service, power bills, cleaning service. OTHERS like in $$$ area Scottsdale and Hilton head,… few others this be charge for Yoga, ice cream bar (real bars), gym trainers, dog walkers, car valet, even seen a pianist. List of weekly charges that HOA paying… use or not use service you still paying. Plus management fees. I was in AP with 8 years AP/AR experience only got $15!!! Very cheap people!!
