Ten Pros and Cons on Buying a Condo in the Northern Virginia Area

[Ritu]

Are you a
First time home buyer who is so new to home ownership and its
maintenance needs?

Or

An investor who does not want a period calls from tenants on the
repairs?

Or

Empty nester who wants to downsizing and enjoy life?

There is long standing argument what is best condo or a fee simple
home in Northern Virginia area.

Here are 10 pros and cons about buying a condo in Northern Virginia
area
Pros about buying a condo:

1. Exterior maintenance: Sine condo is shared living area, most of the
exterior and common area covered under condo fees.

2. Insurance: Condo fees include master policy (excluding your
personal property) so that will save buyers on monthly hazard
insurance policy.

3. Yard work: No yard to water, mow and maintain. If you do have yard
it will typically covered under condo fee.

4. Attractive location: Due to high cost of land most of the condos
are located in prime location.

5. Security: Many condos have secured buildings or a gate. Plus you
are closer to next door neighbor for emergence help.

6. Low purchase price: Condos are relatively cheaper in sales prices
compared to fee simple homes or townhomes.

7. Lower property tax: Since you don't own land in some condo
properties your tax bill will be lower compared to a house or a
townhome in the area.

8. Amenities: New condos do attract lot of buyers with art of the
facility of amenities. These features are included in the condo fee.
Plus the home owner does not have to leave the building to access
these amenities.

9. Socialize: This one comes to my mind few years back an executive
bought a condo in an upscale condo building to built relationship and
contacts with similar executive in the area. Some serious love it as
they can mingle and feel at home with similar age group around them.
Condos also have lot of organized events that attracts different
people from all walks of life.

10. Life Style: Condo living offers a stress free living since major
improvement and maintenance are well taken care off.


Cons about buying a condo:


1. Condo Fees: That is the number one disadvantage. They tend to go up
which are already significantly higher to began with. Also if the
condo building is older or any major repair comes along it will be
reassessed to the home owner as special assessment.

2. No privacy: many condo balconies/out door space overlook each
others and lack complete privacy. Also cheap construction can also
cause noise through the neighbors condo.

3. Parking: If the condo is located in a prime location, the condo may
offer no or only few spots for parking.

4. Storage: Condos being smaller in sq. ft and few condos offers a
small storage facility. It can pose a challenge to buyer who owns a
lot of stuff or downsizing.

5. Restrictions: You are under the rule of the condo associations
rules and regulations. If you live in a condo that only allows 1 pet
you cannot adopt another pet. Some have restrictions on renting your
condo, use of your outdoor space and so on....read your disclosure
package for complete list of restrictions.

6. Resale value: Buyer pool for the condos are typically smaller
compared to the fee simple home. That will lead to smaller percentage
of appreciation of your equity.

7. Control over improvement: You hate the carpets in the hall way or
paint color in the common area? Well that is dictated by the condo
management where you have no control over the common area
improvements.

8. Higher Default & Investor ratio: You might have bought the condo in
days where most home owner lived in their home, with the market
shifted if the number of renters or investors are significant it can
be a big hurdle if try to resale or refinance your home.

9. No Personal Insurance: Condo policy only covers condo & common
elements of the condominium. If you still have to insure your personal
belongs.

10. Box Feeling: Many condos are over crowded and do not have any out
door space. That leaves my condo owner feel box into their home.

Talk to your Virginia Realtor and understand your local market to make
a healthy decision on your choice of style of home.