This is the third article in a blog series on finding a cheap condominium in Northern Virginia. So far, we’ve covered Part 1 and Part 2.
Finding a Cheap Condominium in Northern VA – Why Are Some Condos So Much Cheaper Than Others in the Same Area?
Often, I’ll get emails from clients asking me about a certain Northern Virginia condo community that is known for having very cheap sales prices compared to other condos in the same area. Why does this happen? Well, each condo community is different, and some have units that are more popular for a variety of reasons.
However, sometimes, a cheap condominium community has very high condo fees, which actually drive down sales prices in that community. Why does this happen? Condos with higher condo fees don’t have as much buyer demand, mainly because it’s harder for buyers to qualify for loans for those condos since the condo fee has to be incorporated into their monthly payments. When fewer buyers are able to purchase these units, demand goes down, and so do sales prices.
Read Part 4 of the my blog series on finding a cheap condominium in the Northern Virginia area. We’ll finish discussing how condo fees impact property values, and we’ll also look at how other factors impact how much you’ll pay for a condo.
Email me at DarrenRobertsonHomes@gmail.com for a free list of the top 5 condos for first time condo buyers in the Northern Virginia community of your choice!