April 22nd, 2009:

Condominiums are found all over Northern Virginia. From quiet communities along Fort Hunt Road at River Towers and Belle View to glamorous high-rises like Carlyle Towers or the Eclipse to urban luxury in Rosslyn, there are plenty of choices in Arlington, Alexandria and Fairfax County.

A condominium is usually a housing unit or apartment in a multi-unit building in which each unit is individually owned, while common areas and the property in general is jointly owned by the residents and the owner of the building, or all of the residents together. Some people choose to purchase and live in a condominium because some condos are less expensive than a traditional single-family house. Additionally, many condo’s have added amenities and facilities.

Before deciding to purchase a condominium, it is important to do your research into both the legal and practical aspects of owning a condominium. 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 have 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 condo’s 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 on-site at the condominium. And whether your buying from a condominium owner or a condo office, it’s a good idea to take a guided tour of facilities and the units that are available for purchase. Of course, many new condominium offices have staff that act as sales agents. Potential condominium owners can make an appointment to meet with a staff sales agent to discuss interest in condo ownership. However, when you’re in the market for a condo, it’s a good idea to employ your own real estate agent rather than rely on the services of the condominium staff. Your real estate agent will have an understanding of the condominium ownership structure and the condominium documents and the real estate agent can explain what this means to you.

Although there are various types of condominiums, the most common legal arrangements involve individual ownership of each unit, with joint ownership of the communal or common areas by all of the residents in the building. You might be surprised to learn the variety of sizes found in condominiums. Condos range from studios and one bedroom apartment, to a four bedroom penthouse apartment. Even condominiums with the same number of bedrooms can have different floor plans and different numbers of bathrooms and half-baths.

While some condominiums are located in large multi-unit buildings, others may be detached form each other and be located in a gated or planned community. Some condominiums may be located in resort or vacation destinations. Besides total cost of the property, you should also inquire as to the annual homeowners association costs. These fees are usually charged in order to pay for the upkeep and maintenance of the common areas. Owning a condominium can be one of the largest investments you make, so make sure that the one you choose can accommodate your specific needs. Purchasing a condominium can be a great way to buy a property in the location you really want with all the amenities you seek.