The Wooster Mercer Lofts are located in Rosslyn in Arlington County Virginia
As with any home purchase, location, size and price are important. With a condominium you'll also want to understand the ownership scheme. This type of information is found in the "condo docs" or condominium documents. Most states, and the Commonwealth of Virginia, require condo doc disclosure before any purchase contract is finalized.
The condo docs will contain detailed information on the ownership and property rights of the condo and its owners. The rules of the homeowners association are generally explained in the condo docs in plain English and not in legal jargon. It's important to read the condo documents to understand the annual maintenance and upkeep fees, as well as to obtain a full understanding of exactly how much control the association has over the regulation of the property.
Condominiums can be found all over the country, with more being developed each year. Condominiums are quite common in Northern Virginia and the National Capitol area. Some condos are new construction and a few are apartment buildings that were rental apartments before making the switch. In newly constructed condos, it's common to find a sales office onsite at the condominium.
The outside of the building during summer
Here's a list some of the typical concerns for real estate purchases, with specific notes for the condominium purchaser. Some of these (like Home Inspection) are optional, and a few of these are only required from some buyers (like PMI).
Nesbitt Realty never makes any money from your loan. This frees us to make the most objective recommendation possible.
Bank costs, including application fee, credit report, appraisal or inspection fee, processing, bank attorney fee. These fees are related to the acquisition of the loan and thus an expense of the buyer and usually paid by the buyer. These fees include discount points and origination points. Each point is 1% of the mortgage amount. Discount points reduce the interest rate. Origination points are paid to the bank or broker to make the loan.
Attorney fee for representation of Buyer interest at settlement. In some states, a lawyer is paid to negotiate the interests of the buyer, but in the Commonwealth of Virginia, a settlement agent (who is often an attorney) works to ensure that the contract is followed. The settlement agent makes no representations or opinions about the deal that was negotiated. Rather the settlement agent ensures that all parties are fairly treated with regard to the contract presented.
Property tax escrows are usually moneys held by the lender to pay property taxes on the behalf of the owner. The seller is usually responsible for taxes up to the point that the sale closes and the buyer pays taxes during his ownership. The settlement agent reconciles this to the penny to determine who owes what taxes at closing.
Buyers often have to pay prorations to the seller for taxes, oil, water, sewer, rents or condo fees. The prorations are are paid to reimburse the seller for items that were paid in advance by seller. For example, if the condo fee due on the first covers the entire month, but the sale happens on the 15th, the buyer owes the seller for half of a month of condo fees.
Both the buyer and the seller have to pay fees for recording deed and mortgage. This is a nominal fee paid to the settlement agent.
Buyers must pay for their fire and liability insurance policy. Lenders usually require that this is prepaid for six months or a year. Condo owners rarely pay this fee as the policy is often included in the condo fee.
When the sale doesn't close on the first of the month, the buyer prepays a fraction of a month's interest.
Buyers who have a minimum down payment may have to pay Private Mortgage Insurance (PMI) premium.
Realtor
Many lenders require the purchaser to obtain (and pay for) a survey. This is rare for condo buyers, but condo buyers have to pay for "condo docs", the documents that spell out the condominium rules and finances.
Buyers who want a home inspection must pay for one.
Most usually, the seller pays the realtors.
Lenders require that buyers purchase title insurance to insure their interest against claims and fraud.
Buyers and sellers should be aware that almost all closing costs are open to negotiation, meaning several things. Firstly, sometimes the seller pays all or some of the closing costs. Sometimes the seller pays only the seller's closing costs. Furthermore the amount of some of these fees are negotiable. So while in any given contract, any expense can be paid by either the buyer or the seller; there are costs that typically related to the purchase, and those are paid by the buyer. Likewise there are costs related to the sale and those are most usually paid by the seller.
If this seems like a lot for a first time buyer to remember, don't worry, That's why you have professionals to help you along the way. Your agent, settlement agent and mortgage broker or lender will help you make the transition smooth and easy. In Northern Virginia, if you have questions or need further help, please contact Will Nesbitt.
See Also
Stabler Leadbeater Apothecary Museum
The Stabler-Leadbeater Apothecary Museum was opened by a Quaker pharmacist Edward Stabler in 1792 and is one of the oldest pharmacies in the country. Located on 105-107 South Fairfax Street Alexandria, Virginia in the heart of Old Town Alexandria.
In addition to being a pharmacist, Stabler was dedicated to the abolition of slavery and the expansion of educational opportunities. Among other accomplishments, Stabler purchased many slaves for the express purpose of granting their freedom. Edward Stabler died in 1831, but his son continued to run the business for many years after.
This particular building served and survived through many important events in United States history such as the War of 1812. The pharmacy was of great importance during the Yellow Fever Epidemic of 1821. During the Civil War the apothecary furnished medicines for the Union. The pharmacy also served during the Spanish-American War of 1898, and World War I.
Finally, in 1933 the shop closed due to the Great Depression. At that time the contents of the shop were sold, and the money that was raised was used to preserve the property as a museum. In 1939 the shop re-opened as a museum and 43 years later Stabler Leadbeater Apothecary Museum was placed on the National Register of Historic Places.
With over 8,000 objects-- gold-leaf labels, hand-blown medicine bottles, pill rollers, show-globes, mortars & pestles-- the museum provides visitors with a wide, fantastic collection. The first floor is in the Gothic Revival style from 1835. On the second floor names of herbs and medicine are in their original hand writing placed on the walls and shelving of the interior. The Apothecary is home to many important artifacts, journals, receipts, ledgers, and invoices, and also include many historical figures names in documents, Martha Washington, James Monroe, and Robert E. Lee.The purpose of the Stabler-Leadbeater Apothecary Museum is to promote the history and educate people about the values of Edward Stabler. More importantly, the museum promotes a better knowledge of historic public health issues of the past. It was a center of daily life in Old Town Alexandria, and as a museum the apothecary is still having an positive impact today.
This museum is just one of the many features that make Old Town an attractive destination for tourists and a highly prized location for residents. Parking can be a hassle in Old Town, but the problem can be avoided by taking the Metro and the King St. Free Trolley, which stops near the museum.
The historic Carlyle House in Old Town Alexandria is more than 250 years old.
Everything built by man requires some maintenance at some point.
Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance.
Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters needn't worry about the expense maintaining a property. Many first time buyers aren't ready to take on the hassles and expenses of yard work, gutter cleaning, painting and so on, and for this reason condos are a viable and interesting alternative.
In the case of a condo, maintenance can be separated into two categories: owner's responsibilities and association responsibilities.
These exact nature of these duties and responsibilities will vary from condo to condo, but there are a few rules of thumb. For example, certain retirement communities provide maid service as part of the condo, but most often the condo owner is responsible for cleaning his own unit.
In most cases, the condo owner must clean the condo interior, including all windows which are reachable from the interior. The condo owner must clean of his or her private balcony or patio. Most renters are accustomed to this type of arrangement already.
An updated kitchen in a Belle View condo.
Unlike renters, condo owners own the appliances in the unit. Thus, the condo owner cleans and maintains all the appliances, but the condo owner also pays for repairs and replacements as needed. A condo owner has the power to pick his own appliances, but with that benefit comes the duty of maintaining that unit.
In most older condos, the association supplies the heating and cooling to the unit, and the condo owner owns the convector or radiator (heat transfer appliance) in the unit. In new condos, the owner typically owns the HVAC (heat pump / air conditioner) that heats and cools his unit.
Plumbing and electrical concerns remain for owners of single family homes and townhouses, but in all but a few rare cases the condo owner need only worry about systems that are outside the walls. For example, the condo owner typically owns the bathroom vanity and the pipes supporting that vanity, but not the pipes which supply water and take sewage away from the bathroom. A condo owner owns his kitchen cabinets, but not the electrical wires inside the wall that bring power to his kitchen appliances.
In general, the condominium owner is responsible for his personal space, but the condo association is responsible for all common areas. This includes maintaining and operating the elevators and outside doors. In most cases this includes the windows. Most always, the association maintains the lawns, flowers and shrubs. The condo association maintains the roof.
While the owner of a single family home must maintain his own driveway, a condo parking lot is maintained by the condominium association. The parking garage can be private, common, or common with assignments. If the parking garage is common, with or without assignments, the condo association will clean and maintain the parking. A private garage is the domain of the condominium owner.
Parking Grounds at Montebello
Review your docs
Ultimately, you'll want review your condo documents, charter and by-law to determine exactly how your condo association interprets its domain. Rest assured, a condo owner will have more to maintain than a renter, but significantly less responsibility than the owner of a single family residence or townhouse.
Friday is the best day of the week to sell a home. Homes listed on Friday sell for 99.1 percent of their original asking price, a higher percentage than homes listed on any other day of the week, according to a study by real estate broker Redfin, which analyzed more than 500,000 home listings and sales records.
The best month to sell? April, according to the analysis. Homes sold in April tended to sell closer to their asking price. In April, homes were found to sell for a 99.2 percent sale price-to-list ratio, compared to a 97.3 percent ratio of homes listed in December.
Springtime is still a good time to sell for a higher price and also in the fastest time too, according to the study. Homes tended to sell within 90 days of being listed during March through June, according to the study.
Redfin also found that pricing the home competitively from its debut is critical because that’s when it’ll receive the most traffic. During the first week a listing debuts on the market, it receives nearly four times more visits on real estate Web sites than it will a month later.
Source: Redfin
Nothern Virginia Condo Experts
It should be obvious, but start by choosing a selling agent that cares about you and your condominium. The agent you choose should also understand the benefits and challenges of the condominium lifestyle.
An agent who has never lived in a condo or owned property in a condo might not appreciate the benefits of life without guttering, lawn care or exterior maintenance issues. Your Condo Alexandria agent knows how a condo community functions and just how great it is to own a condominium. A Condo Alexandria agent understands why some units are more than others. A Condo Alexandria agent can help others understand what a great view you have or how nice it is to be close to the parking lot.
Each condo has it's own benefits. We find your unit's benefits and make it obvious so that seller who want your condominium can find it.
5 Sure Signs That Its Time To Sell Your Home
When should I sell my home? This is not always the easiest question to answer. A lot of people don't plan on living in their first, second, or even third home forever, but still knowing when to let go and move on can be tricky. It can feel like ending a long term relationship, it's…
6 Budget Tips For Staging A House To Sell In Arlington
If you are trying to land a great deal for your property in Arlington, then you can't afford to overlook home staging. You'll want to hold a terrific open house- one that leaves the attendees entranced. And the good thing is, you can do that without having to break the bank.
Staging Hints For Sellers With A Place At Stratford On The Potomac In 22308
Are you planning to list your residence? A home that isn’t staged may sell if properly prices. On the other hand, a staged place of residence will sell faster and for more money. What steps can you take now to sell your split foyers-style house in a Split Foyer-style community?
Traditional Townhouses of Carlyle City Residences
According to new U.S. Census Bureau data as interpreted by CNNMoney, the suburbs have the highest concentration of wealthy people, more so than cities.
The wealthy tend to stay near major population centers, according to the study. For example, the region with the highest concentration of wealthy households in the nation is Bridgeport-Stamford-Norwalk, Conn., which is just north of New York City. Nearly 18 percent of residents there make more than $191,469 per year. In the nation, only 5 percent make that income.
The following are the 10 metros with the highest concentration of high-income households, as well as the percentage in each area where households are among the top 5 percent of U.S. incomes. (The study did not take into account the cost of living in these areas.)
Stuart Nesbitt, a chip off the old block
Younger Americans place more importance and hold more favorable views toward home ownership than older generations, according to a new survey from Prudential Real Estate of about 5,000 potential buyers and sellers.
About 77 percent of those aged 25-34 and 78 percent of those aged 35 to 44 rate home ownership as “very important.” The millennials and Generation X age group represent the ages between 25 and 44.
“Millennials and Generation X — about 85 million people strong — face a unique opportunity in U.S. housing,” says Earl Lee, president of Prudential Real Estate. “They are generally optimistic about home ownership and, by nature, share a strong sense of community. As important, many were not impacted by the real estate downturn and are looking at today’s buying opportunities with keen interest.”
Seventy-four percent of all survey respondents say that interest rates at historically low levels make it a great time to purchase a home. The primary drivers for owning a home, according to the survey, were for more control over space, safety, and as an investment.
Still, consumers are cautious about the real estate process. Sixty-two percent of respondents say that obtaining financing is more challenging, and 72 percent say that having a trusted partner as a reliable source of information is important to them.
“It’s been a tough road but the momentum we are seeing across the economy and real estate market appears sustainable,” says Stephen Phillips, chief operating officer for HSF Affiliates LLC. “Real estate agents have a real opportunity to develop new relations with a younger generation ready to invest in a home, and with others who are returning to the market thanks to improving conditions.”
Source: Prudential Real Estate
This is the 15th year that Remodeling magazine has released the Cost vs. Value Report. The purpose of this report is to compare the cost of an improvement versus the value the improvement will likely add to the sale of your home. If you're thinking of selling this year, take a look at this list and see what might best benefit your home and family. This year’s survey included more than 3,900 appraisers, sales agents, and brokers across the country who provided their opinions and estimates.
The Hallmark Condominium, with 220 spacious one-, two-, and three-bedroom condominium homes, enjoys a prime location in Alexandria, Virginia, with beautiful views over Holmes Run and James Marx All Veterans Park. The Hallmark is convenient to public transportation, the Beatley Central Library, shops, and a local farmers’ market. Hallmark is located at 200 North Pickett Street Alexandria, VA 22304
Hallmark amenities include:
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…
Source: Redfin
