NEVER Buy a Condo 

Want to know which types of houses you should never buy? ➡ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-6XXjKV37gSk.html

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?

I was a renter for most of my adult life. Rent was becoming so expensive, I decided to buy a condo. Now, after 15 years my condo is Paid For. I am a member of the Board of Directors Directors. We are keeping HOA rates as reasonable as possible. I never could afford a house. Much better than an apartment.

She ain't lying. I owned a condo for a decade and just like a boat owner, the happiest day is, when you buy it, and sell it.

My HOA IN FORT LAUDERDALE FL WENT FROM $430 TO $1400.00 PER MONTH! I politely sold it and moved on. The People who didn't do the same are now situational hostages! No one wants to buy there with that high HOA. The only amenities are the pools. THATS IT!

I owned a condo for 11 years. Never again will I buy one for all the reason Jackie mentioned.

I have lived in the same house for 50 years. I am now old and no longer able to look after the house anymore. I want to sell my house and live in a condo but thank you for the heads up on the pitfalls of condo ownership.

I bought my first home at 23 and it was a condo. Were the HOA and neighbors a pain? Yes they were. But it was also a good way for a young single woman to ease into home ownership (I was only responsible for the maintenance inside of my unit) and I pocketed a lot of equity when my husband and I sold and moved into a home. It can be a good choice for some people.

That also happens because people do not attend the HOA meetings

Although most people dislike HOA FEES THAT ARE RISING, you will have maintenance costs for single family homes too. I currently have a single family home which is 68 years old. I estimate that I will have about $100k in maintenance costs coming up. House needs a new roof, new floor covering, new water line, new sewer lateral, dry rot repairs, new kitchen counter top, new paint inside, some new landscaping (8000 sf lot), etc. etc. I have been impounding extra money for years knowing these repairs were coming up for an old home. If you own either a condo or single family home , you are going to have maintenance costs. Everyone needs to set reserves aside when you own real estate. Some options I could use to pay these repairs: pull money out of reserve account, tap my home equity line of credit line, and/or refinance with new first loan. Currently the house is free and clear with a line of credit available for $150k which I renew with my bank every 10 years. Hopefully my story will assist other homeowners to navigate through these challenges that we all face at some point during our ownership. Folks, you have to think of the future at least 10 years down the road.

I would NEVER purchase a property with HOA fees. They'll suck the life out of you.

I've owned homes and condos. I agree and disagree with some of your points. Land means taxes and yard work. Your health and amount of available free time will determine your ability to perform yard chores. In my experience it was more expensive to hire a lawn service than it is to pay HOA fees. Condos are cheaper to buy, and they have lower taxes than homes. Taxes vs HOA fees...math determines the more costly. Based on recent sales, my condo is worth 90% more than when I purchased it. Good enough investment? No shortage of buyers here. Condos sell as fast as homes. Rules enforce common courtesy. Are not intrusive to decent folks. They also ensure that renovations are done safely and do not harshly impact your neighbors. Special assessments... it depends. In my area single family homes and condos had terrible issues with foundations made with cement product from China. The house owner has to come up with a massive pile of cash (or get a loan) to remedy it. The condo owner shares the cost with everyone in the complex. The condo owner doesn't need to deal with the various contractors.

As a condo owner everything you say is correct. But their are pros and cons to everything.

I had to buy a condo because I cant afford a ranch house in the Seattle metro for over 600k. Condos appreciate here pretty well.

I bought a condo in Florida in 2013 for 75k still near the bottom of the bubble crash, and I absolutely love it. I have never once regretted my decision. To be fair, there is ZERO chance I'd be able to afford to buy it at its current estimated value. The HOA fees have gone up because of the Florida insurance crisis, but I bought into one with a locally run HOA with excellent reserves. It's also all single and dual level buildings within a bird sanctuary... 7 pools and 4 tennis courts for 500ish units, and I can't imagine buying a house with grounds as wonderful and walkable as these. Also... I hate yard work. At this time, I have every intention of retiring here and spending the rest of my days in my current home. If the Florida housing market falls into a death spiral, that may change, but I'll cross that bridge when I come to it. Til then I've got some much nicer, more scenic bridges to cross daily.

Reasons 1 to 4 are why I didn't want a condo/townhome. The assessment was especially scary to me,since they are out of my control.

I bought a condo FOR the HOA. When you live in a house and your neighbor(s) wants to blast their death metal, party all night, practice the drums in their garage, leave their monster truck running in the driveway with the fumes choking you on your porch, etc. you have no legal recourse other than to call the cops - which gets you nowhere. In our condo, we had problem neighbors move in next door and reported them to the HOA - they got charged increasing higher penalties for each "no excessive noise after 9PM infraction" and finally packed up and left after 6 month. When the heavy snows come - the HOA deals with it, I don't. Privacy in a house? I walk around my neighborhood, where we have very nice single-family homes in a good neighborhood, but I don't really see the privacy. If you're trying to relax in your back yard, your next door neighbors can still look down into your yard from their second floor windows and vice versa. Sure you have the freedom to wrap a fence around your property, if you want, but you'll still hear your next door neighbors' screaming kids running around or their vicious guard dog going nuts on the other side of the fence. And houses are so oversized now, they're practically touching. You'll probably have a nice view of your neighbors' bathroom through your kitchen window. The stock video Ms. Baker provides of kids gleefully running around an expansive yard, doesn't reflect the reality for people. A nice home with acreage is not an option for most home buyers. Finally, it's a lot easier to rent a condo than a house. Condos tend to be more conveniently located near public transportation stops, grocery stores, banks, etc. Houses tend to be in the suburbs and require driving everywhere. The younger generation has shown little enthusiasm for car ownership, so renting a conveniently located condo is probably more appealing for them than trying to rent a more expensive, inconveniently located house. But yeah, Ms. Baker is right, try to get a top floor condo unit, if you can. 🙂

I would never buy a condo because I'm an introvert and I place a high value on the sufficient amount of space I have between my neighbors and I

Never again! Had one for 10 years. HOA fees went up every single year. Sold it when it was a sellers market and paid cash for a single family home. It was like giving my self a raise by dumping those HOA and special assessment fees!!!! ;-) - and to boot the condo was in CA. - which is turning to crap. Not in CA. anymore and that also gave me a raise.

I bought a first-floor condo and regretted it. The noise was astounding. I went top floor every time thereafter. I still don't understand why people don't treat their neighbors with consideration. My parents made my siblings and me tread quietly and use inside voices at all times, and that was in a single-family dwelling.

As a sole breadwinner with a medium to low salary taking care of a disabled wife and a child with special needs, I was tempted to get a condo to fit my modest budget. I ended up buying a small semi-detached house with no HOA as a compromise. It was hard to qualify for a mortgage on one income but I've done it. Very glad of my decision and my family appreciates the house. It sure feels good not to have to deal with anyone else's rules.

Our condo fee just went down from $645 to $488 and that fee includes gas heat (cold Northeast climate), public water and public sewer. It also includes a deeded underground parking space, elevator serving all 6 floors and nice neighbors who share their gourmet creations and help each other all the time.

Bought one 2 years ago. Felt pressured to “get in the market”. And we regret it. Building is from the 60s, and now that market has cooled, we couldn’t sell it without taking a big loss. Oh yeah, and we’ve got 2 babies now so this 2 bedroom condo is feeling tight. Rent is “throwing money away” they said. Real estate “always goes up” they said. If there’s a silver lining, it’s that we worked the kinks out with our first major real estate purchase so we’ll feel more informed when it’s hopefully time to get a house. But that’s a stressful lesson.

We have lived in our condo since 2007. Our condo fee is only $295, up from $150 when we moved in. The HOA replaced our roof and takes care of snow removal n lawn care. We have a community pool that we use almost daily in summer. We don't have to worry about neighbors not picking up dog poop or hanging inappropriate window drapes or placing old cars n stuff in their driveways. There is give n take, but we feel safe here n like our neighbors.

A friend bought a condo in an older conversion and now has a condo fee of almost 1k a month. I thought she was crazy.

Condo HOA dues go up because of the cost of upkeep of a building, etc. I know this because I am the treasurer. The same goes for the high cost of owning a house.

Anyone who imagines buying a condo is a good idea should rent one first. That ought to be enough to see the seriousness of some of the problems such as the noise and lack of privacy and the woeful curtailing of exerting your own preferences. Even tiny mobile home park lots give you more privacy than the shared walls of a condo. Honestly, I would rather live on the road than buy a condo. Don't do it. Just don't do it.

She didn't mention all the reasons why living in a single family detached home is a real pain in the a**. And one of them is car dependency. When you live in a condo you are usually living in a pretty dense urban environment, you can walk to many places and live car free/car light depending on your area. To me car dependency is a reason why I would never buy a single family home.

I don’t regret my first being a condo it doubled in value… I also don’t regret selling it If you want a foot in the door in owning real estate they can work but houses are better

In Denver, HOA fees hover around $500 and up. This does not even allow for your own washer/dryer. Most units you have shared laundry. It also rarely includes parking. You'll get a mediocre pool if you're lucky. Rip-off

As a 26 year Florida Realtor who has sold numerous condos I agree with you regarding the uncertainty of possible special assessments as well as rising HOA fees. Especially oceanfront condos require an enormous amount of exterior maintenance. The salt air is brutally corrosive and cause concrete spalling. Hurricane Ian then Hurricane Nicole knocked down may condo seawalls along our coast and pool decks and pools fell in the ocean. Master condo insurance doesn't usually cover the cost of the damage requiring special assessments to help pay for the restoration. Living in a condo is like living in a hotel. Too many rules. Lack of privacy. Can be noisy. Some balconies are not private. And the list goes on. As far as appreciation, what I have witnessed is that, like any real estate transaction, that timing is key. After the "great recession" condos in our area depreciated as much as 50% but now the price of a condo is out of sight. Far from being affordable. Condo sales in our area are often cash sales. You are right about FHA financing. There are not that many condos in our area that are FHA approved. Also VA loans may not be possible as well. There are even condos that can only be financed by a few select lenders. I would never own a condo either. The condo market is a volatile one. Values are like a roller coaster and HOA fees constantly rise. I also agree with your other video about homes you wouldn't buy. You nailed that video too. Our experience tells us what to stay away from. Thank you for doing these videos. However, there will always be buyers that make bad choices, which is actually great for our sellers. Because, ultimately, we all sell condos and homes that we would never buy!

Condos are nothing more than an expensive Apt.

Recently sold my first floor condo due to noise and dogs all over the place

I am totally qualified to go conventional... But FHA is your friend! They protect you big time. A friend was getting so annoyed because FHA inspected the hell out of this Florida condo. She couldn't get it because: 1. there were too many rentals 2. it had a special assessment, and the seller did not inform 3. The property insurance was underinsured... 4. They require full inspections! 5. HOA fee maximum yearly increase MUST be in the covenance! She ended up going conventional, and guess what? Her HOA monthly fee ended up being more than her mortgage! WTF!

Unfortunately, due to the limit of physical land, that's all they seem to be building in the northeast. What's amazing is that despite all the negatives, the prices are the same or more as a single family, not including the HOA fees. Yep, you'll be paying $300k for a single bedroom, single bathroom, 500 square feet apartment. Want the top floor? Well, if one is avaliable, add another $50k to $100k. Oh yeah, nobody wants to be at the bottom, so each floor up will cost 10s of thousands more. And again, that doesn't include HOA and taxes. I honestly don't know how people manage. 😳

I just wanted to say that HOA mean home OWNERS association. So if the fee gets too high, the homeowner can petition, to lower it. The management company and the president are the ones responsible for the fee, it’s not an invisible entity making the amount. Just putting things into perspective for you all. Condo’s don’t have to be having huge HOA fees, if the homeowners all start to get involved and not leave it up to the only 2 people deciding the fate of the majority of owners in the community. They ARE part owners, not renters.

It’s not just condos that have rising HOA’s.🤪

I had to subscribe after watching this today Jackie. I'm 65 and have never owned a condo, but intuitively I sensed there w/b a lot of downside to owning one. You just showed me I was right all along. Also, I like the way you think about whether it w/b difficult to later sell a home or not, as part of the "buying decision making process". That's what I've always done in buying homes. (Answer: selling a condo c/b very difficult to do....)

I mean, to be completely fair, outside of Florida's .... entire thing, ANY appreciating asset that you're going to pay for anyway is better than renting. Condos might have the same negatives as renting, but at least you own. A lot of people can't afford a downpayment and monthly bills for a 400k+ home, but they can afford them on something that's closer to 180-200K.

I've always lived in single family homes or unattached townhomes. A couple of years ago after a divorce and relocating to a different state, I decided to buy a condo because it was more affordable. However, it was the biggest mistake of my life. To make a long story short, due to noisy and inconsiderate neighbors I only lived in the condo for 4 months and owned it for 6 months. I sold it and got the hell out of there as it was causing me a lot of anxiety. The HOA won't help you when you try to get their assistance in these types of situations. They only care about taking your money and they will turn on you if they sense that you're complaining too much. Condos are overrated and sometimes they're worse than living in an apartment

As a single, neurodivergent woman with executive dysfunction, owning a condo is the best way for me to own my home. My HOA is reasonable, I keep to myself, and it’s enough space for me to have a home office but not big enough to have a second person live with me. It’s exactly how I want it. It’s best to not say “never” when it comes to anything to do with real estate. One size doesn’t fit all and some of us just don’t want the hassle of a single family home.

I bought a condo with my former spouse and had to deal with a new roof assessment for years to come. That and a nightmare of an older tenant who lived behind us. We could barely play our music at a reasonable volume before the cops were called. His justification was that if he could hear the slightest bit of music from any of the units he would call the authorities with a noise complaint. We were in our mid 30s at that time and lived rather low key so having the cops at our door for noise was a total buzzkill. The officers heard the volume and were quite sympathetic to us 😄

Many of your points have counterpoints. Those HOA fees are INSTEAD of the costs Homeowners have such as saving monthly for replacing the roof, for repainting the fences, for the gardener (not just mowing, but plant replacement and tree trimming), repaving the driveway (or access street); outer wall maintenance (e.g., painting) and INSURANCE. A good HOA is computing rates to meet budgets that project upcoming maintenance expenses and insurance payments makes sure dues/fees account for those costs. Whereas, buying a Pre-Owned home, the buyer isn't giving you their savings for all the upcoming expenses. No, instead, you're supposed to have it. You might pay a million for the home, and then have a roof that's at age 25 (needs replacement in 5 years). Did the prior owner transfer 83% of the projected costs for the upcoming roof repair to you? NO. They did not. BUT, if you buy the condo... guess what? The HOA saved that money and you're funded for the upcoming roof repairs. As for price appreciation, the costs of the condos factors in the HOA fees. Low HOA fees, the better match in price they are to surrounding houses. The higher HOA fees (e.g., downtown towns may have fees as much as 4,000 a month), you will likely get a steel on the price of the Condo. Unfortunately, or fortunately, the 30 year mortgage payment in combination with property taxes, Mello-Roos, Special Assessments, HOA fees, and the like create monthly payments of which Supply and Demand dictates price. If it weren't for loans, surely the prices of real estate would be much lower. Agree on noise of the neighbors. If buying a condo, buy one that has a lot of insulation between units.

Even alot of new house developments have HOA fees now.

HOA fees are nothing more than what you’d have to pay for you owned a place without an HOA. Jackie is taking a very few instances and saying this is happening all over. That’s not the case. In Florida, it’s required that a prospective condo owner be given a copy of all HOA rules prior to purchasing. You’re required to sign to say you’ve read these rules. If you get surprised later, it’s your own fault.

Great advice! We spent many years - decades, in fact, in a townhouse style condo. It was perfect for us then. We didn't have to hire someone to mow the grass, or clear ice when it snowed. The roof wasn't our problem, nor was the parking lot. We had a GREAT location with a top-rated school district (and stand-alone homes were 5x more expensive in that district). But, the HOA was rather totalitarian - sending fines to families whose guests' cars leaked oil on the parking lot, or whose children played outdoors (to be clear, these fines were illegal, but it is nearly impossible to sue the association!). One member even lodged a complaint because a disabled child was allowed to move in without all the residents being "warned." And the fees were skyrocketing when we sold. We got out just in time.

I have owned a condo in LA for the last 3 years and while some of this is true, it's a bit embellished. First, HOA fees have definitely gone up since we moved in and we have had a special assessment due to insurance increases. However, if you own a single family home, the expenses covered by HOA fees have also gone up. It's just that 100% of the burden is on you, the homeowner. Where we are, a 3 bed, 1600 sf single family home on a 6,000 sf lot starts at $1.8 million and goes up from there, so unless you're loaded, want to move to a bad area or enjoy spending multiple hours a day in the car, you're looking at a condo. We bought a larger 4 bed condo for way less than that and have a sub-3% interest rate. The assessments and HOA fees stink, but seeing our rent go up every year and never knowing what the annual rent increase would be was worse. As for the noise, rules and other items, those are not big issues for us at least. Our HOA doesn't bother you unless you really leave a mess in the common area or want to do a renovation that could alter the structural integrity. We have not had any issues with noise (we only have two common walls). Since we are on the second floor in the back of the building, we actually have a lot more privacy and security than people in single family homes on their small lots. I will say you need to do your homework and even then it may not be enough. You also REALLY need to go to the HOA meetings as annoying as they can be. It's not perfect by any means but we have more control of our unit than we did when we rented and we also have much more space. Realistically, if you live in a typical suburb with reasonably priced homes, a single family home is usually the better option, but in major cities on the coasts, if you want to own, you're probably going to have to look at condos. Just make sure you know what you're getting into.

Never buy a one-bedroom condo. If you have two or three bedrooms, you can rent out a room or two. ❤

Noisy shared walls are reason #1 for many, beyond price. But the HOA rules can also evict bad eggs.

The good things about buying a condo: 1) no yard work 2) building is maintained for you 3) less to worry about if it’s a second home and you’re not there for long periods of time 4) easier and cheaper way to live on the beach 5) amenities provided like indoor and outdoor pool, exercise room, game room, library

I lived in a condo in Raleigh, NC for 21 years and had a good experience. The homeowners fees do increase generally annually. However, you have to allow for adjustments due to inflation and increased expenses as buildings age. I was on the HOA board for 6 years. In our community, the HOA was responsible for the roofs, siding, landscaping, roads, community lighting, community insurance, and very expensive retaining walls. I sold my condo closing in 2023. I moved out of that area for personal reasons. I miss my neighborhood, my neighbors, and my beautiful community and former home.

for owning no land, condo owners have to pay property taxes too. In addition to the monthly condo fees

Large HOA condo fees are usually new roofs, windows, siding, etc. Near Portland, there are 250K condos with $900/month HOAs - imagine trying to sell one.

You are so on point! I owned a condo many years ago for 2 1/2 years. Yes those fees and my neighbors were always upset with the Condo Association Board arguing, they were accused of stealing money. It was a real mess. I sold my unit because I thought this wasn't for me at all too much hassel.

25 years ago, my choice in Seattle was to buy a condo in Seattle, remain a renter, or become a road warrior spending 1 1/2-2 hours a day stuck in traffic to and from a house I could afford in the suburbs. I bought the condo. I used the time I saved not doing yardwork or sitting in a car to work more, save my money, and then buy and manage a rental. After a few years, I sold the rental and invested in a commercial property. Now, my income from the commercial property will be greater than my social security income. Seattle rents are now typically over $2,000 for a one bedroom apartments. In 1 1/2 years, my mortgage will be paid off, and I have over a half million dollars of equity. Living in town, I've been able to commute by bicycle and not get unhappy and unhealthy sitting in a car in traffic. My car savings also contributed to my being able to afford the rental. In lower cost areas, houses are a viable option, but in more expensive areas, the choice is becoming to get a condo or stay a renter.

In my area Condo hoa fees are going up very high. Management companies are not maintaining the properties despite charging higher fees.

which is what happened to stepmum Bought in 86 when HOA was 100/month..by the time we sold in 2020 HOA was 1000/month My GOD..thats a Mortgage Payment !!!

Great info! Thanks.

GREAT video! I know people with condos, never knew much about them. Bought a house a few years ago, NO HOA, nothing. I will never buy a place that is associated with any HOAs!

Excellent information. Thank you ❤

Anyone wanting a condo because they assume lawn maintenance etc. will be taken care of, think again. I'm so glad I sold my "townhouse" 20 years ago. In addition to knowing a special assessment was coming, they sent us a letter stating that all lawn maintenance will be the responsibility of the homeowners. I sold before it took effect but how in the world would that work? No way to know where my property line was since I owned none. For these high fees you could hire several lawn care companies, put a new roof on your house ever other year, etc. Edited to add that I almost couldn't sell, they claimed I missed a payment, no-I consistently paid early and they misapplied an early payment as two for one month.

Very good report, Jackie! Couldn't agree more.

Thank you Jackie we watch you all the time and you give great advice. We're old and have a three family house that is paying all the bills for us and our old age and we have a wonderful life. But again thank you so much for all the advice you give your very smart woman

I lived in a couple of condos, and they worked out fine, though that was many years ago. An upside is having a close in home with lots of cafes, shops and more around, with all the gardening and common area maintenance someone else's problem (unless you're on the board). The HOA problem is probably worse with single family homes than with condominiums, since very little of the condo is visible externally anyway. Just park within the lines in your assigned spot. Special assessment risk is a thing, though.

Really appreciate your videos, Jackie. Thank you

Condos have never been an affordable option..I remember wanting one in 2008 and they cost the same as a single family home. I am talking about the high rises and lofts, not rental apts for sale with lower quality construction

Awesome job! Thank you!

Condos are great for investment---maintenance of outside area & insurances are covered. Common grounds are kept free of tacky vehicles & noisy pets. Deferred maintenance is maintained in reserves. You might not have HOA fees on your non HOA property, but every 20 years get a big bill when your roof needs replacement.

Love this!! Would also love your input on CO-OPs!!

wow some great tips, thanks for your video.

I agree with most of your points and would never own one myself, but did want to clarify something: just because a project is not approved by HUD, does not mean it is ineligible for FHA financing. There is a process called single unit approval where the local HUD office will review condo docs and permit a single unit from an unapproved project. It’s done on a case by case basis, so the next time a borrower wants to FHA finance a unit in the same unapproved project, the underwriter must complete the process again. It’s a pretty tedious and exact process, but does happen with a solid rate of approval. Sometimes a project is unapproved solely because a borrower never sought FHA financing, but this is not a case for all and IMO says a lot about the project when it doesn’t fall into that bucket. Keep up the great work!

I think HOAs are the real owners, not the houses owners . Thanks a lot for your clarification before I get into this mess

HOA needs to be abolished. It really doesn’t serve any purpose imo.

Here from PA. THANKYOU for your time and energy! ❤

Thank you! I was planning to buy a condo next year but after a few videos from different channels, I will either buy a house or just keep renting.

I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?

Excellent video. I'm in a condo/townhome in the DFW Area but it works in my situation. Its not an investment. I didn't buy it with plans to sell it later on. It's my retirement home. I own it free and clear along with my car and anything else I have. I'm debt free, in my 60s, and don't miss having to do maintenance around my property. HOAs are the devil, but the devil is in the details. Our bylaws restrict the HOA Fee from going up more than 5% per year. They have raised it that much four years in a row. Because of the storm that hit here in Feb 2021, insurance prices have gotten ridiculous. The HOA wants to do Special Assessments but the Bylaws state that 61% of the owners have to approve. In the four years I've lived here, they never get close to that number, so it hasn't happened. We have another one coming up to be voted on where they are trying to get everyone to pay $1200 for a year. That's an extra $100 a month on top of the recent HOA Fee increase. Yeah, that's got about as much of a chance of passing as a snowball has of surviving in the open during a Summer in Phoenix. I know I will be voting "no" and so will the other owners I spoke with. The rules here don't bother me, and I have no remodeling ambitions. It's way too much work and I have a bad back anyway. I love your videos and I agree with you, but I think condos or townhomes can be right for the right person as long as that person is informed and knows what he/she/they are getting into.

I live in NYC and am lucky to own a single family house. Here we have condos and coop apts. Something people have told me is that there is a big problem with mismanagement by the HOA. Members if the HOA are actually embezzling money. Many of the condos in Manhattan are sold but empty. They are just investments for overseas buyers. There are many problems in that market.

Wow! Thank you Jackie! Just when I was thinking that my husband and I can’t take care of our house anymore, you reminded me that condos are not what they seemed to be. My brother and I were the first kids to live in a condo full time in the state of CT. Our mother lobbied for laws to protect condo owners in the state legislature. My husband and I bought a condo when we were newly married. It was a townhouse, 3 floors with 3 bedrooms. We brought both of our kids home from the hospital there. There were so many issues and I had to keep the police non emergency number taped to my nightstand for issues with neighbors. I had a brick thrown through my VW back window and my husband’s Audi window shot out. It was a good complex, but when owners rent, there is no control. You can have drug dealers living next to you, who beat up their girlfriend while you are trying to sleep. Our HOA aka condo fees weren’t too bad but they didn’t do much other than the pool upkeep and plow the snow, which at times was a nightmare to be woke at 4 am to shovel your car out so they could plow the lot. The gutters were coming loose and my husband would se d the nails with the monthly fee! It wasn’t until I fell when pregnant did the fix the gutter that was over the front step. Rules! Ugh! We had the outside faucet in front of our unit so that people could wash their cars. I was all set with bucket and sponges and went back into my unit for steel wool to clean off the tire rims. It took me a few minutes and when I came out, my car was ticketed and at times my flower pots were counted even though there was nothing in the bi-laws. During out time there we bought an electric snow shovel, a leaf blower and a weed whacker cause they didn’t do their job. One kid was okay, but two was hard. We sold it and did double our investment in 21.5 years and moved to our house. I was glad to hear that some owners have great boards that care. However, the attached concept is so hard and if you have great neighbors….yea! Otherwise it isn’t a pleasure. I am not sure if I could ever go back after being in a home for 25 years! Be wise and discerning. If you have to shovel your own snow, blow and bag your own leaves and wack the patch of grass, while never being able to swim in the pool because it wasn’t open when you wanted to…it is time to get your own piece of grass and driveway!

We have an amazing management team at our condo. Keeping everyone apprised of the math and expenses of a luxury condo. Fully funded reserves, fully scheduled maintenance and scheduled replacement. No deferred maintenance has prevented surprise assessments. The vast majority of the owners are elderly, quiet and keep to themselves. This has worked well for us as we have zero interest in maintaining a house and property. Knowing all about the HOA is more important than what a condo looks like. Cheap HOA fee is a HUGE red flag.

condos are a step between rentals and home ownership. Yes there are bad things about them as Jackie points out. But to make a blanket statement of "Never buy a condo" is just her hype to trigger views. Everything she says that is bad about a condo CAN happen in owning your own home. You could have a home in an HOA controlled neighborhood and have all of those same issues. Your home could have a back porch where you can hear the neighbors yelling at each other or their phone calls from their porch. You can have unforeseen high expense repairs pop up (similar to a new special assessment from an HOA). You could end up in a home and the neighbor's kid just started a rock band in their garage. Just like anything - you need to do your due diligence and understand the risks & rewards of your plan. Staying in a rental could be financially worse than a condo but it could also be better depending on your market, your financial situation and your short and long term plan. Home ownership could be riskier than a condo depending on those same questions and situations. There is clearly a market for condos, do not let Jackie's negativity stop you from making your own choice, but you need to understand what you are trying to do and what you are willing to accept.

In Australia we call these body corporate or strata. My first unit (semi detached single dwelling) was a strata. Strata had its drawbacks but enabled me to get into the property market. Horses for courses, as long as you have a plan these types of dwellings can definitely work! ..

Condos in London Ontario: 2 bed asking $229,000. This is affordable housing. Always buy a condo instead of renting for this price.

Thanks for mentioning the noise. People really have different sensitivity thresholds. My sister had a condo in NYC across from Trump tower, but the woman above her was a night nurse who'd enter with clacking high heels at the wee hours. My sister politely asked if she would just take off her shoes and she gave a rude response. I can't stand the pounding of a boom box. People often sit at parking spots with that damned thing going. It amazes me that there are obviously millions of people who negotiate these sounds and worse and seem to be fine.

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this was very informative

Bought my first townhouse in a condo 8 years ago and realized my mistake within a few months for all the reasons mentioned in the video. Been saying since then never again!

Condos in nj doubled in last 5 years some even more

Personally I love living in a condo,and yes there are dues that increase every year but that's only because prices of EVERYTHING else goes up every year ,such as cable, lawn maintenance ,pool maintenance... same as owning a house and yes there are certain rules that you have to adhere to like not being able to park your boat and trailer in the parking lot (gasp!) It's a parking lot not a marina. I've lived in condos for over 30years and yes there are ups and downs just like owning a home and you just deal with it. I have heard about some condo associations being a little bit over the top but thankfully !mine is pretty good.

Everything you are saying here in your broadcast is very, very true! Live in a condo community on Long Island, NY and the HOA fees are high! There are communities that are charging from $400 to $595 per month. It definitely isn't worth it! Best to have your own home and land and pay the property taxes!

Listen to Jackie. She is right! Perhaps condos can be a winner once in a while, but I would never buy another condo. I bought one before and it was a nightmare. Loud neighbors.

If recent HOA fee increases are mainly driven by insurance costs, wouldn't that also apply to non-condo homeowners? Not that I'm in the market for a condo. I think I'd sooner buy an RV. Regarding top-floor units, it's not only noise. You also don't have to worry about your upstairs neighbor's overflowing toilet.

Hallelujah!!! I’m the favorite, $60,000 every week! Now I can afford anything and also support the work of God and the church.

Thank you Ms Baker for your advice !

I just bought one and have no regrets. The HOA is reasonable, $480/month. I have no furnace, no A/C no hot water heater and no water softener. The utilities are $75-100/month and taxes are $200/month. So I am all in for about $800/ month. I also have the option to rent it for $1600-$2000/month. Yes, there are some restrictions, like no dogs, but I don't have one. We owned a 4000 sq. ft home for 18 years and we spent $$$$ for upkeep.

You can also go through the same things if you have a single family home that is a row house. I experienced the same things.

I owned a condo for a few years as my first house and I swore I would NEVER buy a condo again, and the #1 reason is the noise! Chances are you have neighbors living above, below, and next to you, and as Jackie said, condos usually don't have the best construction and that includes soundproofing, so you get people stomping right above your head, neighbors playing their stereos and watching movies, etc. When you have 5-6 households living just a few feet from you, even if one of them makes noise, it would make your life very difficult.

Pertaining to resale, when selling I would imagine that you might only get as much as the lowest previous condo sale has been previously. Unlike Owning a single-family home, your condo does not have any individuality where it can easily be differentiated from other houses in your area. Also a sudden unexpected large special assessment can literally wipe out years of price appreciation Of your condo.

Such good advise! Been there done that but it's always good to be reminded 🤷‍♀ I'd rather live in a tiny house 🏡