Webinar: What to Know Before Buying a Condo in San Mateo County

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Buying a condo in San Mateo County is a lot different than buying a single family home in San Mateo County. San Mateo County home buyers need to be aware of these differences so they can determine whether or not buying a condo in San Mateo County is right for them.

This webinar will help home buyers make an informed decision whether or not to consider a condominium in their home buying strategy.

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Webinar: What to Know Before Buying a Condo in San Mateo County

  1. 1. What to Know Before Buying a Condo Thanks for joining tonight’s webinar. We will begin shortly. To download the slides, please visit http://budurl.com/WebinarHandout Tonight’s Speaker Raymond Stoklosa Managing Broker and Co-Owner The RayChel Realty Group Phone: (650) 655-2500 www.LivingWellinSanMateo.com The RayChel Realty Group Purpose and Goals of Tonight’s Webinar Purpose • Empower and Educate Home Buyers Goals • Share with you the things we’ve learned over 30 years about buying a condominium • Leave you more aware and informed about buying a condominium The RayChel Realty Group Questions During the Webinar You may type questions in at any time during the presentation – Question box on your screen The RayChel Realty Group 1
  2. 2. Questions During the Webinar • Condominium experts are available to answer questions throughout the presentation • This is an interactive learning environment. You will get the most value from this program by having your specific questions answered. • The only dumb question is the one you don’t ask The RayChel Realty Group What to Know Before Buying a Condo in San Mateo County Presented by Raymond Stoklosa Managing Broker and Co-Owner The RayChel Realty Group Phone: (650) 655-2500 www.LivingWellinSanMateo.com The RayChel Realty Group www.RayChelRealtyGroup.com Topics Covered • What Is a Condo? • What Do They Look Like? • Who Should Consider One? • What You Need to Know Before Buying One • How to Protect Yourself The RayChel Realty Group 2
  3. 3. Is the Complex A True Condominium? Condominium • Legal Term • Type of Common Interest Subdivision • Created by Declaration & By-Laws • Special Consumer Protection Laws Typical SFH disclosures required Plus 27+ additional disclosures The RayChel Realty Group What is a Condo? Ownership Components • Unit Itself – A Box of Air – Where buyers will live • Proportionate Interest in Common Property • Set of Easements Exclusive Use Non-Exclusive Use The RayChel Realty Group Townhouse • Architectural Term • Not Ownership Term • Two Story Dwelling Unit The RayChel Realty Group 3
  4. 4. What Do They Look Like? Single Family Homes 1242 Hoover Street, Menlo Park The RayChel Realty Group What Do They Look Like? Apartment Buildings Park Road, Burlingame The RayChel Realty Group What Do They Look Like? Townhomes Ownership Type: Condominium Ownership Type: PUD Park Bayshore Townhomes Clearview San Mateo San Mateo The RayChel Realty Group 4
  5. 5. What Do They Look Like? Condominiums Ownership Type: Condominium Ownership Type: Condominium 601 Laurel Stonegate San Mateo Madison Ave San Mateo The RayChel Realty Group Who Are They Great For? • Seniors Looking to Downsize Tired of Hassles No Major Maintenance No Outdoor Upkeep or Gardening • Young People or Couples Without Children Career Advancement #1 Priority Heavy Travel Schedule Interests Don’t Include Upkeep of a Home The RayChel Realty Group Buying a Lifestyle • Shared Living • Intimate Lifestyle • Ownership by Consensus • Rules and Regulations The RayChel Realty Group 5
  6. 6. Is A Condominium Right for You? Key Questions You Must Answer… • Do You Want the Community? • Does the Community Function Well? The RayChel Realty Group Financial Issues • Is there litigation pending or anticipated? • What are the monthly dues? • What do the monthly dues cover? • Are there current or anticipated special assessments? • Are the reserves adequate for the age and condition? • Are unit owner’s current on fees and assessments? The RayChel Realty Group Occupancy Issues • Are there occupancy, rental or pet restrictions? • How many units are owner occupied? • What is the sale history of the unit and complex? • How are parking spaces and storage facilities allocated? • Are any units in foreclosure? • What is the policy for handling delinquency? The RayChel Realty Group 6
  7. 7. Board Issues • Is complex self-managed or professionally managed? • What are the foreseeable plans for maintenance and rehab? • Is Board approval required for resale? • How much liability insurance coverage • Deductible? The RayChel Realty Group The Best Experience Possible • Buying a Condominium is a… Complex Complicated Legal Mine Field • Utilize Professional Expertise The RayChel Realty Group Professionals Help You Succeed • Work with Condominium Expert Transaction Expertise Market Knowledge • Expert – How can you tell? Informs and Educates • Your Advocate Puts Your Interests First Counsels, Advises & Negotiates on Your Behalf The RayChel Realty Group 7
  8. 8. How to Protect Yourself Stop, Look, Listen and Look Again! • Include Contract Contingencies • Conduct Investigation • Review Disclosures • Evaluate HOA Documentation The RayChel Realty Group All About Getting Your Money’s Worth • For the Right Person • At the Right Time • The Right Condominium Unit… Can Be Right For You! The RayChel Realty Group www.LivingWellinSanMateo.com The RayChel Realty Group 8
  9. 9. Upcoming Class in San Mateo Guide To Buying Condos & Townhomes Tuesday - November 3rd 7pm – 9pm For Reservations Visit: http://budurl.com/CondoClass The RayChel Realty Group Our Next Webinar Common Home Buying Mistakes Even Smart People Make Saturday, November 7th 10am To Register Visit: http://budurl.com/HomeBuyingMistakes The RayChel Realty Group Free Conversation Raymond Stoklosa Chela Stoklosa Rebecca Williamson Managing Broker and Owner Agent and Owner Agent Phone: (650) 655-2500 info@RayChelRealtyGroup.com LivingWellinSanMateo.com YouTube.com/LivingWellinSanMateo The RayChel Realty Group 9

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