Cribs: Condo Edition

Thinking about buying a condo? Derek Mazzarella, CFP® and Kelly Turner break down everything you need to know before you sign on the dotted line. From HOA fees and special assessments to how the 2021 Surfside condo collapse completely changed condo mortgage lending, this episode covers the real pros and cons of condo ownership.Derek and Kelly dig into why condos are often 10-20% cheaper per square foot than single family homes, what an HO-6 insurance policy actually covers, and why your HOA fee doesn't build you equity (even though it's not money down the drain). They also get into the messier stuff: HOA mismanagement horror stories (including Derek's own condo association drama), how reserve funding and insurance scrutiny have tightened up since Surfside, what happens when a complex has multiple HOAs, and why some condos are flat out "non-warrantable" for a mortgage.Whether you're a first time homebuyer considering a condo as a smarter alternative to renting, or you're weighing a condo against a single family home, this episode gives you the real, practical breakdown, not just the highlight reel.Topics covered:What is an HOA and why Connecticut is different than most of the countryCondo pros (lower price, less maintenance, amenities, cheaper insurance, building equity) Condo cons (HOA fees, HOA rules, special assessments, privacy) The Surfside condo collapse and how it changed condo lending Reserves and reserve studiesFHA vs conventional condo approval The condo resale package process Self-managed vs professionally managed HOAsMultiple HOA complexesWho condos are (and aren't) a good fit for.📩 Subscribe for new episodes every week💬 Got a condo question? Drop it in the comments — we might answer it on the show.