Condominium ownership in Northern Virginia is different from single family home or townhome ownership. Condominium ownership is a great investments in the D.C. area, mainly because home prices have gotten so expensive, which creates a huge amount of demand for these properties.
Condominium Ownership – What to Expect
The easiest way of thinking about condominium ownership is that you own everything “walls in”, so basically, you own everything you can see inside your unit, including the drywall. You don’t exclusively own any part of the exterior of your building, including the exterior walls, roof, etc. A condo’s exterior is all maintained by the condo association, whose budget is funded by your monthly condo fees.
The exterior, as well as the common areas inside your condo are shared by all of the unit owners in your building, so in effect, you “share” ownership of those areas. The condo association, which is headed up by the condo board (members of the condo community who are elected by other unit owners), makes decision regarding the building’s maintenance, renovations, adding additional amenities, etc.
Some condo communities have units that include some outdoor patio or yard space, but the majority of all exterior landscaping is typically handled by the condo association.
Just as condominium ownership in Northern Virginia is different from other types of home ownership, condo purchase contracts are also very different. It’s important to work with a real estate agent who sells a lot of condos and who understands these specific contract differences. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can help you find the right NoVa condo!