For condo buying or condo selling in Northern VA call Nesbitt RealtyIn Northern VA, a condo is a great option for first-time home buyers, those who relish convenience and for empty-nesters looking to downsize. Buying a condo is very similar to buying any other real estate, but there are a few things you'll want to be mindful of. For example, before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive --- and organized --- its members are. You'll also be alerted to potential problems with the property.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn't the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
Waterview condos are some of the finest luxury residences in Northern VA.
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS(r), owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly. Sometimes the litigation is minor. Sometimes the litigation is a show-stopper.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer's report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren't in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments. For example, Stratford Place is a part of Kingstowne.
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All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS(r) are properly called REALTORS(r). They proudly display the REALTOR "(r)" logo on the business card or other marketing and sales literature. All agents and brokers at Condo Alexandria are Realtors. REALTORS(r) are committed to treat all parties to a transaction honestly. REALTORS(r) subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR(r) again.
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR(r).
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
Harbor Terrace covered in snow.Harbor Terrace is located north of the center of Old Town Alexandria between the George Washington Parkway and the Potomac River.
Happy Saint Patrick's Day from Nesbitt Realty! We hope you have a happy and safe holiday.
Father and son celebrate Saint Patrick's Day by wearing green at the office
If you are looking for a fun place to celebrate, there are a variety of the bars and restaurants to chose from in the Northern Virginia area. For instance, there are options in Arlington like Clarendon's Sobe Bar & Bistro (which participates in the annual neighborhood bar crawl) or in Alexandria like at Old Town's Murphy's. Furthermore, there are a lot of Irish restaurants to chose from in Old Town including Irish Walk, O'Connell's, and O'shaugnessy's.
Single-family house at Country Club Manor is in Centreville 20120
Country Club Manor is a community of single-family houses in Fairfax County. The community is served by Deer Park Elementary School, Stone Middle School and Westfield High School.
Country Club Manor is close to Sully Station. The area is served by Country Club School Site Park, Chalet Woods Park & Cub Run Park and not far from Sully Road and Lee Highway.
Single-family house at Young Assoc is in Oakton 22124
Young Assoc is a community of single-family houses in Fairfax County.
Young Assoc is close to Vienna. The area is served by Difficult Run Stream Valley Park and not far from Custis Memorial Parkway and Dulles Access Road.
Condo at Oak Park is in Reston 20190
Oak Park is a community of condos in Fairfax County. The community is served by Lake Anne Elementary School, Hughes Middle School and South Lakes High School.
Oak Park was built around 1993. This is a pedestrian-friendly neighborhood where residents can walk to most daily needs.
Oak Park is close to Reston. The area is served by Reston Center Park & Reston North Park and not far from Dulles Access Road and Fairfax County Parkway.
Printers Row is a community of condos in Alexandria City County. The community is served by Jefferson-Houston Elementary School, George Washington Middle School and T.C. Williams High School.
Printers Row was built around 2012. This is a walkable neighborhood.
Printers Row is close to Old Town North. The area is served by Tide Lock Park & Montgomery Park and not far from George Washington Memorial Parkway and Jefferson Davis Highway.
