Ten Pros and Cons on Buying a Condo in the Northern Virginia Area

1. Exterior maintenance: Sine condo is shared living area, most of the exterior and common area covered under condo fees.

2. Insurance: Condo fees include master policy (excluding your personal property) so that will save buyers on monthly hazard insurance policy.

3. Yard work: No yard to water, mow and maintain. If you do have yard it will typically covered under condo fee.

4. Attractive location: Due to high cost of land most of the condos are located in prime location.

5. Security: Many condos have secured buildings or a gate. Plus you are closer to next door neighbor for emergence help.

6. Low purchase price: Condos are relatively cheaper in sales prices compared to fee simple homes or townhomes.

7. Lower property tax: Since you don't own land in some condo properties your tax bill will be lower compared to a house or a townhome in the area.

8. Amenities: New condos do attract lot of buyers with art of the facility of amenities. These features are included in the condo fee. Plus the home owner does not have to leave the building to access these amenities.

9. Socialize: This one comes to my mind few years back an executive bought a condo in an upscale condo building to built relationship and contacts with similar executive in the area. Some serious love it as they can mingle and feel at home with similar age group around them. Condos also have lot of organized events that attracts different people from all walks of life.

10. Life Style: Condo living offers a stress free living since major improvement and maintenance are well taken care off.

1. Condo Fees: That is the number one disadvantage. They tend to go up which are already significantly higher to began with. Also if the condo building is older or any major repair comes along it will be reassessed to the home owner as special assessment.

2. No privacy: many condo balconies/out door space overlook each others and lack complete privacy. Also cheap construction can also cause noise through the neighbors condo.

3. Parking: If the condo is located in a prime location, the condo may offer no or only few spots for parking.

4. Storage: Condos being smaller in sq. ft and few condos offers a small storage facility. It can pose a challenge to buyer who owns a lot of stuff or downsizing.

5. Restrictions: You are under the rule of the condo associations rules and regulations. If you live in a condo that only allows 1 pet you cannot adopt another pet. Some have restrictions on renting your condo, use of your outdoor space and so on....read your disclosure package for complete list of restrictions.

6. Resale value: Buyer pool for the condos are typically smaller compared to the fee simple home. That will lead to smaller percentage of appreciation of your equity.

7. Control over improvement: You hate the carpets in the hall way or paint color in the common area? Well that is dictated by the condo management where you have no control over the common area improvements.

8. Higher Default & Investor ratio: You might have bought the condo in days where most home owner lived in their home, with the market shifted if the number of renters or investors are significant it can be a big hurdle if try to resale or refinance your home.

9. No Personal Insurance: Condo policy only covers condo & common elements of the condominium. If you still have to insure your personal belongs.

10. Box Feeling: Many condos are over crowded and do not have any out door space. That leaves my condo owner feel box into their home.

Talk to your Virginia Realtor and understand your local market to make a healthy decision on your choice of style of home.