Dear algorithm,i am happy Monica has uploaded again, please promote her channel!😄✌️❤️🇬🇧 much love Monica,a purveyor of property and human combinations! Hitting a birdie with every customer i'm sure!👍
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.
Working with Romero pieto is the best thing that can happen to a beginner trader who is aspiring to be fruitful out of the market he is trustworthy and straightforward we surely need more men like him in trading world.
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...
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.
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.
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.
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.
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!! 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 :)
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.
Special assessment!! Are buyers allowed to ask about any known upcoming special assessments to the building, and are sellers legally obligated to disclose?
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 ?
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'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.
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!
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!!
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!
Haha, preach! I operate an HOA and I raised it to an equivalent of the area based on a forecast I ran; someone complained that "you have to consider people's budgets" and I posed a question. Which would be worse for your budget paying $77 more per month or paying $2,000 when something breaks and we need to repair it and fix any problems in addition to the original one.? Heavy is the head that wears the crown but I want to keep the condo values up (including my own)
Monica I love your channel but the tornado example is not a good one. Tornado damage would likely be paid by insurance, not reserves. Insurance covers sudden and unexpected events.
A condo is the right fit for me but those prices are too expensive. So I make $120,000 (ft job + freelancing), ok? So just taking a look at my ft job: by the time taxes/health/401k is taken out in left with around $2720 to pay my remaining bills/rent/save extra money (or travel depending on the month), so that’s 2 paychecks a month with that amount. I’m left on average of $500, which goes toward food/hair/nails/misc expenses. Most mortgages are more than $3000, so if I got a condo, there is no way I would be able to put anything into my 401k or save extra here and there for my emergency savings or Roth. Even with a down payment I have it still wouldn’t be enough to lower a mortgage, it’s cheaper for me to rent! I’m not living paycheck to paycheck renting but with a mortgage I would! How single people are doing it is beyond me!
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.
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.
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
Dear algorithm,i am happy Monica has uploaded again, please promote her channel!😄✌️❤️🇬🇧 much love Monica,a purveyor of property and human combinations! Hitting a birdie with every customer i'm sure!👍
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.
His trade execution quality and profiting is well structured with great financial features.
Working with Romero pieto is the best thing that can happen to a beginner trader who is aspiring to be fruitful out of the market he is trustworthy and straightforward we surely need more men like him in trading world.
Good good content.
Yes I'm a living testimony of Romero pieto his platform has also done a great thing for me.
I've seen so many review about this man called Romero pieto who is he ?
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...
Different people, different needs and wants…
✨special assessment✨
me, watching intently knowing full well I am not buying property anytime soon
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 am looking at buying a townhome so this video is RIGHT ON TIME Thanks for teaching us about a SPECIAL ASSESSMENT!
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.
This is my kinda series, love seeing different styles of properties👏
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.
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.
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.
I didn't know it was condo week. You're the first one Monica 👍🏻. Those are HOA are just BS. Good video on condo reviews.
Everyday Monica videos >>>>yes please !!!!
I was today years old when I learned what a special assessment was
Can’t afford a condo, but interesting to learn about HOAs and Special Assessment
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!! 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 🔥🔥
Special assessment!! Love the information I'm soaking it up for when we're ready to buy
Thanks for doing this! So interesting to get info on condos as I’ll probably have to go that route eventually.
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.
Special assessment!! Are buyers allowed to ask about any known upcoming special assessments to the building, and are sellers legally obligated to disclose?
i’m planning to start a career as a real estate agent this summer so this video was super interesting and informative thank you!
I am so happy for this! I love to watch all of your videos!
Thank you, this was super informative! Looking forward to seeing the rest of the videos this week 😃
I’m buying a condo instead of a townhouse they just seem so comfy
special assessment is the word of the day
Special assessment!
Yay upload!
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!
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.
Thanks again for discussing what is available.
A special assessment actually changed my plans for the next few years 😭
Special assessment
Welcome back Monica
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.
EV charging is a huge issue condos are facing! Thank you for bringing up your experience.
SPECIAL ASSESSMENT 😬 🥂😊
Special assessment!
Are you familiar with blue max pipes? multi- million class action lawsuit when the pipes blew. Love your videos.
I love this series!
Ha ha ha okay Monica.. Special Assessment.... I enjoy videos like this.. as a new hone owner in Indiana.. I like to learn things about Real estate
That was good. There somethings ,I did not understand. Well done!
Special assessment 🥳🥳
Special assessment aka still watching.
✨ special assessment ✨
SPECIAL ASSESSMENT
Special assessment :)
Looking forward to more videos
Special Assessment
Awesome info!
How much would the fake condo in the tv show “Frazier” cost in real life Seattle. Love this series. 🤓
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?
Oh gosh was it belltown court?
You can request the HOA bylaws/CC&Rs/regulations for the building which should indicate whether or not they prohibit short term rentals and Airbnb.
@@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!
Dear algorithm, please promote these videos! 😍
Who pays the HOA on the condo you are renting? You or the owner ?
Specia assesment 👀
SPECIAL ASSESSMENT 😄
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!!
Only stayed for two years! Won’t job in accounting and never again HOA
Special assessment (for the algorithm 😆)
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!
should you rent a condo in seattle?
The special assessment clause sounds like BS. They should have insurances in place to cover those type of emergencies.
Special Assignment ugh!
Haha, preach! I operate an HOA and I raised it to an equivalent of the area based on a forecast I ran; someone complained that "you have to consider people's budgets" and I posed a question. Which would be worse for your budget paying $77 more per month or paying $2,000 when something breaks and we need to repair it and fix any problems in addition to the original one.? Heavy is the head that wears the crown but I want to keep the condo values up (including my own)
Seriously good for you for taking control of that hoa! Someone had to, and it’s a thankless job.
viva monica
Special assessment we here🙋🏽♂️
hope you stopped touching gas pumps w your bare hands🫶🏽
Monica I love your channel but the tornado example is not a good one. Tornado damage would likely be paid by insurance, not reserves. Insurance covers sudden and unexpected events.
A condo is the right fit for me but those prices are too expensive. So I make $120,000 (ft job + freelancing), ok? So just taking a look at my ft job: by the time taxes/health/401k is taken out in left with around $2720 to pay my remaining bills/rent/save extra money (or travel depending on the month), so that’s 2 paychecks a month with that amount. I’m left on average of $500, which goes toward food/hair/nails/misc expenses. Most mortgages are more than $3000, so if I got a condo, there is no way I would be able to put anything into my 401k or save extra here and there for my emergency savings or Roth. Even with a down payment I have it still wouldn’t be enough to lower a mortgage, it’s cheaper for me to rent! I’m not living paycheck to paycheck renting but with a mortgage I would! How single people are doing it is beyond me!
You'd need to make 250,000 a year minimum to afford a condo like this.
@@zunedog31 true that!
Special Assessment 😅
What about buying a condo to rent out to college students? Charge by the room?
College students don't have $5000/mo to spend on rent.
@@zunedog31I think it's a two bedroom I believe and I know some college students who their parents pay their rent.
I thought it was Shelby's condo?
I think it’s a one year lease
They rented it together. Shelby is living there, and Monica is using her bedroom as an office.
They share it.
yes they always say "My" or "Mine" or "I bought" when its always for both of them
special assessment fo shizzle
lol
special assessment😅
Special Assessment! (just to help the algo )
agorithm get it together
This video is so clutch as I’m looking to buy in a high rise. I wish you were in my city! No one talks about this stuff so thank you 🙏🏼 !
Special assessment!
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Where are the videos "every single day?"
Special assessment
I'm considering buying a condo in the Bay Area so this was really helpful.
11:10 I bought my first condo in Lake City and then got hit with a *huge* special assessment to repair a faulty building envelope and major water intrusion. Lesson learned. Luckily, we were able recoup that cost when it was sold after just two years of ownership.
special assessment 🌝
i'd be interested to hear your views on which buildings are good for airbnb & what to look out for
literally had never heard the term "special assessment" before-- uber useful!
I am so excited for this series! I just bought a condo in a small building in West Seattle earlier this spring. We're on the top floor and (even in a small building) the light is SUCH a difference from the townhouse we used to rent - like you said, even a cloudy or rainy day feels so much brighter. Because we're in a small building with fewer amenities, our HOA dues are ~$.50/square foot which seems fair based on what you described in the video.
Special assessment ❤️
could u tell me how much is the property taxes on a condo with around $800,000?
thoughts on the spire condos near belltown?
It's fun seeing all the videos from you and Shelby coming from this beautiful apartment!
Special assessment 😁
Special assessment
Special assessment
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
Special assessment.
As you told us to comment. No need for a reply. I’m sure your UA-cam will be back. You and your sister know well how it works 😍
In the words of Wendy Williams “women a condo is a great option for you”special assessment, hey girl hey! That Queen Anne and your condo are 🧑🍳💋