Wednesday, June 23, 2021

24 Condo BUYING and OWNERSHIP Tips You Must KNOW!

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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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  1. 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).

  2. 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?

  3. Very informative! As far as renting out the apartment, I understand from your video that it's rare to be allowed to do so for less than one year or six month periods. But how about short-term renting out my spare bedroom? Seems like smaller/older buildings would be more amenable to that, yes?

  4. 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

  5. This video was extremely informative, Michael! Thank you for sharing your wisdom on this topic. Could you do one on townhouses? I checked your playlist, I don’t believe I see a video on that. Let me know! Thank you. Hugs from NY.

  6. Wondering what is a better living situation overall I'm a single guy in his 30's and find both of these options appealing different reasons.

    1st scenario small condo 1 or 2 bedrooms in a downtown setting close to light rail no need for a car close to major international Airport everything within walking distance.

    2nd scenrio house in the suburbs need a car but has 3 to 4 bedrooms can have 1 for an office one for a main bedroom convert one for a gym etc needs a car

    Price around the same overall would like to get some perspective

  7. Hey Mike love your videos. I looking to retire to Florida in a year or two. I’m looking for a 55 and over CONDO with the spa life. Any suggestions? It would be greatly appreciated! I want the beach near by.

  8. can you do something on pest infestations and multi dwellings like apt and condos? i am moving from Dallas to probably tampa and have a severe phobia for bugs. i could not stay somewhere that has visible roaches every time you turn on the lights.

    any way to check a place for bugs before signing?

    maybe how to avoid horror stories video. you might cover things like noise issues.

    i visited one place during they day only to realize there was a railroad crossing close by and at night the train would signal so loud and wake me up all night. also construction or crime. in Dallas I know where not to live. i lived in Memphis and parts of Memphis are super dangerous to live. so how do you check that type of info when recommending a place.

    maybe a "how to avoid horror stories when renting or buying"

    FYI – you are a pretty laid back sounding guy you would do well talking about different things on youtube. people often seem to watch less for information and more for pseudo companionship.

  9. Hi Michael – I like your videos. Can you share with me who the new construction condo builders are? Also where they are built as well. Our focus is the starting from Miami up to Boca Raton.

  10. Hey I’m moving to Miami in the brickell area next year and I really love ur channel! Is there any way you can make a video showing the brickell, midtown, edge water area for rental apartments and condos?!

  11. Michael, why is it that there are so many rentals on the market for the non oceanfront old art deco 1 or 2 bedroom condos. Im interested in buying as an investment but concerns me the condos has listing for rent that dates almost a year without any tenant. What's up with that?

  12. 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.

  13. Hi! Where should we look for places if we want to stay in Miami Beach or Hollywood beach for 2-3 months? We are planning to visit in mid February for 2-3 months and we are 7 adults and 1 small 2 year old kid. Can u tell us any idea? Thanks

  14. kinda a stupid question but in winter and fall, when does the sun set?
    Where i currently live in fall and winter time it gets dark around 4-6, but since its alot warmer in florida does the sun set later or not ?

  15. do condos/apartment for rent offer 2 parking spaces ? my wife and I own two cars and we've seen only one parking space in most of them,,, you'd just park one car on the streets ? great videos man, moving next year

  16. 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.

  17. 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 😅


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