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!👍
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.
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.
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.
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.
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.
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.
Special assessment!! Are buyers allowed to ask about any known upcoming special assessments to the building, and are sellers legally obligated to disclose?
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 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.
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!! 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 :)
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 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
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
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 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!
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!!
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
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!
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!👍
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.
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.
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 🙏🏼 !
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.
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.
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 ?
I am looking at buying a townhome so this video is RIGHT ON TIME Thanks for teaching us about a SPECIAL ASSESSMENT!
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.
This is my kinda series, love seeing different styles of properties👏
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.
Special assessment!! Are buyers allowed to ask about any known upcoming special assessments to the building, and are sellers legally obligated to disclose?
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.
i'd be interested to hear your views on which buildings are good for airbnb & what to look out for
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.
literally had never heard the term "special assessment" before-- uber useful!
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.
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'm considering buying a condo in the Bay Area so this was really helpful.
Everyday Monica videos >>>>yes please !!!!
Thanks for doing this! So interesting to get info on condos as I’ll probably have to go that route eventually.
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 :)
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 ?
It's fun seeing all the videos from you and Shelby coming from this beautiful apartment!
i’m planning to start a career as a real estate agent this summer so this video was super interesting and informative thank you!
Special assessment!! Love the information I'm soaking it up for when we're ready to buy
I am so happy for this! I love to watch all of your videos!
Special assessment 🔥🔥
I was today years old when I learned what a special assessment was
Welcome back Monica
Thank you, this was super informative! Looking forward to seeing the rest of the videos this week 😃
Special assessment ❤️
Can’t afford a condo, but interesting to learn about HOAs and Special Assessment
I’m buying a condo instead of a townhouse they just seem so comfy
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
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
Are you familiar with blue max pipes? multi- million class action lawsuit when the pipes blew. Love your videos.
Special assessment! Are you and Jason living in the condo while the townhome is being remodeled?
Thanks again for discussing what is available.
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.
Yay upload!
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!
I love these videos!! Keep em coming! Special assessment LOL
I love this series!
special assessment is the word of the day
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 🧑🍳💋
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!
Special assessment.
As you told us to comment. No need for a reply. I’m sure your TH-cam will be back. You and your sister know well how it works 😍
A special assessment actually changed my plans for the next few years 😭
special assessment 🌝
That was good. There somethings ,I did not understand. Well done!
Thank you for the video…and for the video series this week! Special Assessment 😉
Special assessment!
I learn a lot from you and your sister’s channels 😍
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?
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
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
special assessment!
Who pays the HOA on the condo you are renting? You or the owner ?
Looking forward to more videos
Special assessment :)
Special assessment 😁
Special assessment!
✨ special assessment ✨
Great video!
SPECIAL ASSESSMENT 😬 🥂😊
Special assessment aka still watching.
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
should you rent a condo in seattle?
Where are the videos "every single day?"
How much would the fake condo in the tv show “Frazier” cost in real life Seattle. Love this series. 🤓
The special assessment clause sounds like BS. They should have insurances in place to cover those type of emergencies.
Special assessment
~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.
Dear algorithm, please promote these videos! 😍
SPECIAL ASSESSMENT 😄
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.
Specia assesment 👀
Special assessment (for the algorithm 😆)
SPECIAL ASSESSMENT
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.
Special Assessment
viva monica
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!
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 we here🙋🏽♂️
hope you stopped touching gas pumps w your bare hands🫶🏽
Special Assignment ugh!
The building would have insurance i the case of the window damage.....not a good example for the assessment.
Special Assessment 😅
😃😃😃
special assessment fo shizzle
lol
First
special assessment😅
agorithm get it together