This is the second post in a two-part blog series on typical condo fees in Northern Virginia. You can read Part 1 here. In this article, we’ll discuss how condo fees affect the sales price you’re able to qualify for when applying for a home loan.
Typical Condo Fees - Analyzing Monthly Payments When Buying a Home Versus Buying a Condo in Northern Virginia
When you’re considering properties that aren’t condos, one good rule of thumb is that with the current interest rates, every $1,000 in loan amount equals about $5 per month in monthly payments, and the same holds true for condo fees. So if you’re planning on buying a condo that costs around $365,000, and the property has $280 monthly condo dues, that $280 per month is the equivalent of borrowing another $56,000 from the bank. So if you bought a single family home or duplex with no HOA or condo fees for about $421,000, you’d have around the same monthly payments as if you bought a condo for $365,000 with $280/month condo fees.
Are you thinking of buying a condo in Northern Virginia? It’s important to work with an agent who understands the key differences between condo contracts and single family or townhome contracts. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com for a free list of the top 10 condos you can buy for zero money down in the area of your choice. I can also send you information on typical condo fees in any condo community you’re curious about.
Do you own a Northern Virginia condo and are curious about how much it’s worth in the current real estate market? Contact me for a complimentary comparable market analysis, which will give you a good idea of how much your property has appreciated in recent years.
Read more about typical condo fees to expect when buying a condominium in Northern Virginia.