Buying a Condo - The Biggest MISTAKES When Purchasing a Condominium
Buying a Condo - The Biggest MISTAKES When Purchasing a Condominium
Real estate agent and Arlington VA Realtor Matt Leighton talks about the 7 biggest mistakes that condo buyers make when buying a condo. Whether you are a first time home buyer or you are a seasoned real estate investor, the goal of this video is to provide you with tips and tricks when buying a condo so you have the best experience possible.
Matt's book: 46 Condo Buying Mistakes and How to Avoid Them: https://amzn.to/34Pde9d
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Buying a Condo tips - The 7 biggest mistakes when purchasing a condominium:
0:37. 1. Not understanding renovation rules. As a condo owner, you will own everything from the "walls-in". Although you are the owner, there still may be restrictions on what renovations you can and can't do. Items like load-bearing walls, plumbing, and electrical work may limit your renovation plans. If you're planning on doing a significant remodel of a condo as soon as you move in, reach out to the condo management office to confirm your plans are possible.
1:32. 2. Not viewing the parking spot. Most 1 bedroom condos will come with one spot and most two-bedroom condos will come with one or even two parking spots. But a mistake that a lot of first time home buyers are making is that they are not seeing their parking spot until the date of closing. Your spot could be located very far away from your unit, or even worse, the spot could be labeled a "compact" spot and the spot could be too small for your vehicle. Before writing your offer on any condo for sale, be sure you tour the parking spot.
3:20. 3. Not knowing the percentage of owner-occupied units. Before buying a condo, you want to have a broad understanding of the owner-to-renter ratio. This is important for two reasons: 1. it can be more difficult to get financing when the owner-to-renter ratio is around or under 50%. The reason being is because absentee owners (rentals) are more likely to default on the loan compared to owner-occupied units. The second reason you want a high owner-to-renter ratio is that your quality of life will be better with more owners. Owners oftentimes will take better care of the unit and community since they have actually purchased the property, compared to a renter that may only be there for a year or two years.
4:31. 4. Not learning about an upcoming special assessment. A special assessment is a fee levied on homeowners in a condo association to pay for an unexpected repair or deferred maintenance. You can potentially find out about a special assessment by asking the listing agent, asking the condo management, or by reading the condo docs (re-sale disclosure) once you are Under Contract on the condo.
7:28. 5. Not being aware of the pet policy. Some condos do not permit pets, others allow as many pets as you would like, and of course, there are many policies in between that dictate the size, number, breed, and type of pet allowed in a condo community.
8:29. 6. Not checking for FHA/VA approval. If you are going the FHA or VA loan route when buying a condo, you want to be sure that the condominium is actually approved for this type of loan. Ask your local real estate agent or ask your local loan officer.
9:18. 7. Not understanding condo fees. Condo fees are usually paid monthly and they can range from $100 - $1,000+. The fees will go towards operating expenses, amenities and the Reserve Fund. When judging one community versus another, it's important to learn about everything the condo fee provides so that you have a full picture of the value of each individual community.
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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
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