WEBVTT - Best Practices For Buying a Home

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<v Speaker 1>It's time for the b a q a A to

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<v Speaker 1>b a q a? Would you say the b a

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<v Speaker 1>q a A?

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<v Speaker 2>Hey?

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<v Speaker 1>Manjer, how you doing? Hi?

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<v Speaker 2>Goudgeous? If this is how you look in a room

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<v Speaker 2>that has no A C like, I just don't understand

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<v Speaker 2>how your jeans work. J I just said j e any.

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<v Speaker 1>I was thinking. I was like, I feel like that's

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<v Speaker 1>not what she meant.

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<v Speaker 2>Oh my god, lord, hey did you even you didn't

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<v Speaker 2>notice too? I have on my T shirt? Can you

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<v Speaker 2>recognize her?

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<v Speaker 1>Oh?

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<v Speaker 2>Is that y'all say? It's Oh my god. If she

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<v Speaker 2>ever sees this, which why ever should would she? She

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<v Speaker 2>would be so happy that you thought that was Yonce.

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<v Speaker 2>I've had people ask if it's me, which I'm like,

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<v Speaker 2>where it's blonde? This is Nicola Cochlan aka Penelope Feather.

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<v Speaker 1>From Where did you get that from?

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<v Speaker 2>I made it?

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<v Speaker 1>You know what, at the time, we don't even have

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<v Speaker 1>the time to dog.

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<v Speaker 2>People to what I'll tell you. I'll tell you off.

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<v Speaker 2>I was going through it okay, and it makes me happy.

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<v Speaker 2>And did you know you can make custom T shirts

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<v Speaker 2>on Campa?

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<v Speaker 1>That's upfair, I do now.

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<v Speaker 2>I didn't go ahead. Welcome to the b a q A. Everybody.

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<v Speaker 1>Yes, where you have questions, we might have the answers,

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<v Speaker 1>although we are not you a doctor, your attorney's financial minds,

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<v Speaker 1>or anybody that you pay. So you're going to take

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<v Speaker 1>our advice, not even advice. You have to take the

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<v Speaker 1>coming out of our mouths with the small screens of salt,

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<v Speaker 1>and you're going to lean into the people that you

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<v Speaker 1>pay for information from. Okay, Okay, so you're granny, not us.

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<v Speaker 2>I make my own T shirts to be a fan

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<v Speaker 2>on campus, so definitely don't trust anything I have to say.

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<v Speaker 2>What have we got today? Some many questions? So this

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<v Speaker 2>is a juicy, juicy question from listener Tanya, who sent

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<v Speaker 2>us a question on ig Would you like me to start?

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<v Speaker 2>Are we doing this as a two parter?

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<v Speaker 1>Yeah, because we've got to split her into two parts?

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<v Speaker 2>So like yeah, so okay, like magicians. Okay, let's go.

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<v Speaker 2>Tanya says, Hi, ladies, I love listening to your show

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<v Speaker 2>and I have learned so much along the way. I

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<v Speaker 2>currently transition from a nurse to a nurse practitioner. I

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<v Speaker 2>really don't like my job and I feel burnt out.

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<v Speaker 2>I currently work two jobs to keep up with all

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<v Speaker 2>of my bills. I want to start working less to

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<v Speaker 2>open up my schedule for more activities that make me happy. Okay,

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<v Speaker 2>so I think that's like one part of this. So

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<v Speaker 2>she wants to work less be more happy. Got it?

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<v Speaker 2>Then she says, I feel stuck because last August, which

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<v Speaker 2>is about a year ago, I purchased a condo. It

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<v Speaker 2>is beautiful, but so costly. Two months after moving in,

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<v Speaker 2>I was notified of an upcoming assessment. I have to

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<v Speaker 2>pay eighty six thousand dollars over the next six years.

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<v Speaker 2>Even if I sell before six years, I would have

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<v Speaker 2>to pay off the total assessment. Also, my HOA fees

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<v Speaker 2>already went up ten percent from being here less than

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<v Speaker 2>a year. This purchase was definitely a mistake. How can

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<v Speaker 2>I maneuver to get rid of this expense besides going bankrupt?

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<v Speaker 2>It's one bedroom, so I can't rent a room, and

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<v Speaker 2>if I were to rent the entire unit, I could

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<v Speaker 2>probably get twenty eight hundred per month when the mortgage

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<v Speaker 2>in HOA is actually forty two hundred What how does

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<v Speaker 2>this happen?

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<v Speaker 1>The assessment? I'm confused, But she's saying that she has

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<v Speaker 1>to pay the assessment whether she sells it or not.

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<v Speaker 1>I'm not really certain about what that means.

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<v Speaker 2>Is this one of those things that you get in

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<v Speaker 2>line to buy a new unit in a condo, like

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<v Speaker 2>two years before it's actually built, and then is it

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<v Speaker 2>like you agree to a price and then they build it,

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<v Speaker 2>you move in and uh oh the price is actually

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<v Speaker 2>a lot higher now, so now you got to pay

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<v Speaker 2>us this amount? Is it like that?

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<v Speaker 1>Well, here's what I would say. That it sounds like, yes,

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<v Speaker 1>you sound like it's your bit underwater or I don't

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<v Speaker 1>even know if underwater is the right word, but it

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<v Speaker 1>sounds like you're a bit overwhelmed financially, and that it

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<v Speaker 1>sounds like the best option is to sell. It's still

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<v Speaker 1>very much a seller's market, depending especially on where you live.

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<v Speaker 1>And even if you had to pay the eighty six thousand,

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<v Speaker 1>my assumption is would that come from the sale of

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<v Speaker 1>the condo? You know? But because I'm not familiar with

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<v Speaker 1>you have to pay an assessment. I'm not really sure

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<v Speaker 1>what you mean. You're having to pay the assessment Eveil

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<v Speaker 1>eighty six thousand over six years, Okay, I'm here now.

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<v Speaker 1>The assessment is typically payable in installments over a set period,

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<v Speaker 1>which can range from several months to several years. Depending

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<v Speaker 1>on the size of the assessment, condo owners may have

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<v Speaker 1>to pay it in full or spread the payments out.

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<v Speaker 1>What are special assessments? Oh okay, so these fees are

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<v Speaker 1>a maintenance fees and are usually paid on a monthly basis.

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<v Speaker 1>An association can also be reserved.

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<v Speaker 2>So it's it's the monthly maintenance. Is that what it is?

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<v Speaker 1>That's what it seeming like.

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<v Speaker 2>But you have to pay monthly that I'm familiar with,

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<v Speaker 2>you know, definitely in New York when you own a

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<v Speaker 2>when you buy in a building that has a co

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<v Speaker 2>op like a co op board you tip, or any

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<v Speaker 2>building really, you typically have yeah, maintenance fees because you're

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<v Speaker 2>getting the perks of being a renter without renting like

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<v Speaker 2>you own. But trash removal, maintenance of the place, that

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<v Speaker 2>kind of stuff. So I just did the quick math.

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<v Speaker 2>That would be eleven hundred dollars almost twelve hundred dollars

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<v Speaker 2>per month for the next six years.

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<v Speaker 1>So I can see excuse about why you have to

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<v Speaker 1>pay that either way if you sold the place.

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<v Speaker 2>Oh, oh yeah.

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<v Speaker 1>That's what That's what it seems like, right, isn't it

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<v Speaker 1>seem like what she's saying that she has to.

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<v Speaker 2>Pay in that email before six years, I have to

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<v Speaker 2>pay off the total assessment. Whatever. What source are you

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<v Speaker 2>getting your information from right now? What are you reading

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<v Speaker 2>it from?

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<v Speaker 1>I'm looking at some like urban Turf. I mean, I'm

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<v Speaker 1>sure it's not DC real Estate Real Time because I

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<v Speaker 1>understand like the moment you read, I guess I'm just

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<v Speaker 1>really confused because it is my understanding. Like I have

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<v Speaker 1>a condom. I do pay a monthly assessment fee. And

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<v Speaker 1>maybe I didn't do Maybe I didn't do my new

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<v Speaker 1>villages where it's like I pay while I'm there and

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<v Speaker 1>if I'm not there meaning to the condo, then that

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<v Speaker 1>is said because the person who sold me the condo

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<v Speaker 1>I did did what her monthly fee was, Like what

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<v Speaker 1>she was paying is what I'm paying? Asked, I said, obviously,

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<v Speaker 1>what's the monthly fee for the assessment, the monthly of

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<v Speaker 1>HOA or whatever fee? And I also asked once the

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<v Speaker 1>last time it went up? And how often does it

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<v Speaker 1>go up? So that was a question I asked, and

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<v Speaker 1>I found that mine doesn't really go up at all,

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<v Speaker 1>and the last time I went up it was like

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<v Speaker 1>fifty bucks.

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<v Speaker 2>But I think the best thing you can do, Tanya,

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<v Speaker 2>get some clarify cation on what is all of this, Like,

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<v Speaker 2>I actually want to see a copy of your contract,

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<v Speaker 2>in fact, send it over. I'm just very curious. But

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<v Speaker 2>maybe even have a real estate attorney to take a

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<v Speaker 2>look at it and give you some advice, or a

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<v Speaker 2>realtor or whoever sold you the property in the first place.

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<v Speaker 2>Going bankrupt cannot be the solution here. It's either you

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<v Speaker 2>sell it or you do some more research to see

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<v Speaker 2>what other solutions there can be. I just want you

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<v Speaker 2>to feel empowered to find some solutions. I don't want

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<v Speaker 2>you to feel like, Okay, got this letter, this means

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<v Speaker 2>I have to do this. There must be or there

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<v Speaker 2>might be. I would say there might be a way

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<v Speaker 2>that is just more like you know, negotiating that you

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<v Speaker 2>can do with the HOA or with your condo or

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<v Speaker 2>just like a candid conversation so they can understand where

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<v Speaker 2>your confusion is and maybe clarify it and maybe it's

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<v Speaker 2>something that has been misinterpreted or yeah, I hope it

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<v Speaker 2>turns out okay. But I just want you to not

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<v Speaker 2>stress in silence, ask some questions and kind of get

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<v Speaker 2>to the bottom of us.

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<v Speaker 1>Yeah, And I would just say Tanya that I just

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<v Speaker 1>want more clarity on what you mean by this eighty

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<v Speaker 1>six thousand dollars assessment that it has to be paid

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<v Speaker 1>no matter what. I'm just not familiar, you know. I

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<v Speaker 1>know typically my assessment is monthly as long as I'm

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<v Speaker 1>the owner of the condo, and then if I sell

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<v Speaker 1>the condo to whoever they take over, whatever, those monthly,

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<v Speaker 1>like you know, assessment fees are, but it might be different,

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<v Speaker 1>maybe in different states it's different. So I'm curious. So

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<v Speaker 1>if you can help to edify and clarify, that would

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<v Speaker 1>be excellent, so we could be like, okay, because my

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<v Speaker 1>initial knee jerk suggestion would be to sell the condo

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<v Speaker 1>and then if there is this assessment that you know,

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<v Speaker 1>ideally that the sale of the condo would help to cover. Tanya,

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<v Speaker 1>I'm so sorry that this is happening to you. Please

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<v Speaker 1>give us more information about this total assessment. I've never

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<v Speaker 1>heard that before. What state do you live in? Is

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<v Speaker 1>there a link you can give us? Because I play

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<v Speaker 1>my assessment monthly. We're going to throw the break, We're

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<v Speaker 1>gonna come back and we're gonna to actually talk about

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<v Speaker 1>best practices. Are you ready to buy our home? Doesn't

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<v Speaker 1>make sense for you? So you do not end up

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<v Speaker 1>in a situation where you kind of regret home ownership.

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<v Speaker 2>Okay, alr aba fan, we are back. So we just

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<v Speaker 2>heard a very challenging and disturbing question from new condo

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<v Speaker 2>homeowner Tanya in the first half of the show, And yeah,

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<v Speaker 2>we just wanted to talk a little bit about best

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<v Speaker 2>practices for when you're purchasing a home so that you

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<v Speaker 2>don't end up regretting it, because Bebee, it's hard to

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<v Speaker 2>get out once you're in. All right, signed, yours truly

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<v Speaker 2>stuck in a starter home? Yeah, well, I.

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<v Speaker 1>Mean tell me and Mandie have both we know. An

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<v Speaker 1>episode earlier, we talked about our money mistakes and I

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<v Speaker 1>bought a condos. I'm in a condo. I just recently

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<v Speaker 1>bought a condo, but my first home was a condo.

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<v Speaker 1>And one of the mistakes that I made, you can

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<v Speaker 1>kind of trade mistake. So mistake one money that I

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<v Speaker 1>made was not really understanding the whole housing market, like

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<v Speaker 1>not even like looking. I didn't know to look. I

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<v Speaker 1>was in my twenties and I just bought. I did

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<v Speaker 1>not know that I was buying at the top of

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<v Speaker 1>the recession. But maybe just getting a better understanding of

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<v Speaker 1>the housing market, and so mistake number one not taking

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<v Speaker 1>into consideration what's happening in the housing market nationwide, but

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<v Speaker 1>specifically in your area, in your state. That was my mistake.

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<v Speaker 2>What about you, Mandy, Oh, well, you know, I my

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<v Speaker 2>mistake was buying a house based on my emotions about

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<v Speaker 2>the place I'll never forget and I still, I mean,

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<v Speaker 2>it's hard to call it a mistake because it just

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<v Speaker 2>felt so right. And I am very much like I

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<v Speaker 2>go on my feelings a lot, which is not the

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<v Speaker 2>greatest strongaging all the time, and especially with the biggest

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<v Speaker 2>purchase of life. But when I walked into this house,

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<v Speaker 2>it just felt like beautiful people lived here, They had

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<v Speaker 2>a beautiful like. It was just a good energy, It

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<v Speaker 2>was sweet, it was cute. I was young, I didn't

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<v Speaker 2>have children yet, and I thought, this is the kind

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<v Speaker 2>of house that I would like to raise a family in.

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<v Speaker 2>And I know that they had had kids who were

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<v Speaker 2>grown up, and it just felt right. It felt really right,

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<v Speaker 2>And I think Husbie, bless his heart, I think he

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<v Speaker 2>was so happy that I just agreed. Not only to

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<v Speaker 2>the day like that was. We had such a big

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<v Speaker 2>fight about wanting to buy a house. I did not

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<v Speaker 2>want one. He wanted one, and I, you know, acquiesced

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<v Speaker 2>to him by saying, okay, fine, get your friend from

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<v Speaker 2>college and take us around look at some property in Westchester,

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<v Speaker 2>and I just, unfortunately I fell in love with it.

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<v Speaker 2>I think that he was so amazed that I was

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<v Speaker 2>down and that I was saying yes, that he was

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<v Speaker 2>just like, yes, I love this house. Let's get it now.

0:11:52.280 --> 0:11:56.520
<v Speaker 2>Six years seven years later. Yeah, we have some regrets,

0:11:56.679 --> 0:12:01.199
<v Speaker 2>like no garage in the We're the only house in

0:12:01.240 --> 0:12:05.320
<v Speaker 2>our entire neighborhood with no garage, and it is not

0:12:05.440 --> 0:12:08.480
<v Speaker 2>big enough for our growing family, and there are some

0:12:08.640 --> 0:12:12.160
<v Speaker 2>challenges there. But how can you predict that? I think

0:12:12.200 --> 0:12:14.160
<v Speaker 2>if I could go back, I would go back and

0:12:14.200 --> 0:12:17.160
<v Speaker 2>I would just say, you know, really think about what

0:12:17.240 --> 0:12:19.559
<v Speaker 2>kind of life you like, what kind of life you want,

0:12:19.679 --> 0:12:23.240
<v Speaker 2>Go see some more options and think about all the

0:12:24.040 --> 0:12:25.480
<v Speaker 2>think about how you're going to live in the house

0:12:25.480 --> 0:12:27.160
<v Speaker 2>and what you want the house to give you, and

0:12:27.240 --> 0:12:28.880
<v Speaker 2>make sure that it can give you all of that,

0:12:29.559 --> 0:12:34.560
<v Speaker 2>and maybe don't watch so much HGTV and overestimate what

0:12:34.760 --> 0:12:39.520
<v Speaker 2>contractors can do. I mean, I think honestly, between Tiffany

0:12:39.520 --> 0:12:43.080
<v Speaker 2>and I, the big takeaway is to think things through,

0:12:43.200 --> 0:12:46.640
<v Speaker 2>say things out loud, talk to the experts. Don't make

0:12:46.920 --> 0:12:51.600
<v Speaker 2>big home ownership decisions based on your gut feelings and

0:12:51.640 --> 0:12:54.360
<v Speaker 2>what you think you should be doing. It's okay to

0:12:54.400 --> 0:12:57.720
<v Speaker 2>take your time. It's also okay to not purchase anything

0:12:57.760 --> 0:13:00.920
<v Speaker 2>in general and rent instead. There's no shame in that.

0:13:01.679 --> 0:13:04.680
<v Speaker 2>So for those of y'all who are wondering, like should

0:13:04.679 --> 0:13:07.600
<v Speaker 2>I buy? Do I need to buy? What you need

0:13:07.760 --> 0:13:10.680
<v Speaker 2>is to feel financially stable, have a roof over your head,

0:13:10.720 --> 0:13:13.640
<v Speaker 2>and there are more ways of doing that than the

0:13:13.640 --> 0:13:16.960
<v Speaker 2>cookie cutter American dream of let me get a mortgage

0:13:17.120 --> 0:13:20.080
<v Speaker 2>and buy this house. It does not have to be

0:13:20.120 --> 0:13:22.920
<v Speaker 2>that way. So thank you to Tanya for your question,

0:13:23.160 --> 0:13:27.200
<v Speaker 2>and Tiff, thank you for sharing your experience in BA FAM.

0:13:27.240 --> 0:13:29.800
<v Speaker 2>Always we love you. If y'all have a question for

0:13:29.880 --> 0:13:32.400
<v Speaker 2>the show, do not hesitate to reach out. We are

0:13:32.440 --> 0:13:35.400
<v Speaker 2>Brand Ambission Podcast on ig or you can email us

0:13:35.400 --> 0:13:42.079
<v Speaker 2>Brandambission Podcast at gmail dot com.