First-time home buyers, need advice (Fairfax: lease, condo, coop)

[Old Guard]

Originally Posted by kww

can't say I've ever seen an HOA fee that high.. Condo fees, definitely.

Do you remember where it was (if in northern VA)?

These I think. But they were not the only ones I had seen that were multiple hundreds a month.
https://www.redfin.com/VA/Falls-Chur.../home/40395762


In your defense these may be Townhouse Condos but I was not really that concerned with the difference when I was looking.

[leighland]

Originally Posted by Old Guard

These I think. But they were not the only ones I had seen that were multiple hundreds a month.
[URL]https://www.redfin.com/VA/Falls-Church/7023-Haycock-Rd-22043/unit-H/home/40395762[/URL]


In your defense these may be Townhouse Condos but I was not really that concerned with the difference when I was looking.

Thats literally across the street from the West Falls Church metro stop and around the corner (walkable) to Falls Church City so it has location in its favor and none of fcc taxes

All the *condos* with 600$ monthly fees have centralized heat/ac so you have no hvac.

[Lemming95]

I wish every real estate site had a field for HOA dues. It is important information that is obtainable from the HOA and the seller.
I would do a sit down meeting with a mortgage broker . No contracts needed , no commitment to a specific area. No cost. They can't promise an interest rate without a finite date but you can find out where the market is now.

[kww]

Originally Posted by Old Guard

These I think. But they were not the only ones I had seen that were multiple hundreds a month.
https://www.redfin.com/VA/Falls-Chur.../home/40395762


In your defense these may be Townhouse Condos but I was not really that concerned with the difference when I was looking.

yeah those are condo ownership properties, condo fee is $350+/ a month

[kww]

Originally Posted by Lemming95

I wish every real estate site had a field for HOA dues. It is important information that is obtainable from the HOA and the seller.
I would do a sit down meeting with a mortgage broker . No contracts needed , no commitment to a specific area. No cost. They can't promise an interest rate without a finite date but you can find out where the market is now.

A lot of these sites do not have a way to distinguish the frequency the payment is made, so you end up with an inaccurate number published. Agents just choose to not publish it at that point.

My girlfriends neighborhood, for example, has three separate HOA fees paid. One is paid monthly, the other two are paid once a year every January. There really isn't an accurate way to display this, even in the MLS. It's annoying to see listing agents in her neighborhood not mention it in a listing, sometimes only publishing the monthly fee. Buyers in some cases won't find out until the HOA docs all arrive, usually well after they've spent money on an inspection/appraisal.

[johnsonkk]

Originally Posted by kww

A lot of these sites do not have a way to distinguish the frequency the payment is made, so you end up with an inaccurate number published. Agents just choose to not publish it at that point.

My girlfriends neighborhood, for example, has three separate HOA fees paid. One is paid monthly, the other two are paid once a year every January. There really isn't an accurate way to display this, even in the MLS. It's annoying to see listing agents in her neighborhood not mention it in a listing, sometimes only publishing the monthly fee. Buyers in some cases won't find out until the HOA docs all arrive, usually well after they've spent money on an inspection/appraisal.

Its most likely buyers just don't ask questions prior to getting those HOA docs vs being lied to by listing agents. If buyers specifically ask about all the HOA fees and their frequency, is it your experience that agents or townhouse reps evade answering?

The most common HOA confusion is when a number is listed on the sales sheet and it's unclear if that is a monthly cost or quarterly. And no room to put the annual fee that is extra.

On those home shows, buyers are told the monthly HOA fees and often remark " that's not too high" when the HOA fee is $700 per month for an Atlanta high rise with security and pool.

[SmartMoney]

And.......once you have found someone you trust, hopefully, a loan officer and Realtor, decide on your price range (but remain open as the search narrows or the rates change). Once you've narrow down what you are doing, tune everyone else out. Like having a baby, everyone will unload unsolicited advice. Some (many) will share their horror stories, some may even be family, those darn passive aggressive. So when you are there (tuning everyone out), say "thank you, I will take what you said under advisement" (and ignore whatever they said, unless it was solicited). Peace of mind takes many approaches.

[HomesForAllVA]

Originally Posted by leighland

All the *condos* with 600$ monthly fees have centralized heat/ac so you have no hvac.

That is untrue. Most condos owners are responsible for their own HVAC units. A very small percentage have a central unit owned and maintained by the building. The fee may include the cost for gas and electric. I own a condo in Falls Church as a rental (which has a $651/month fee) and I had to replace my HVAC just a few years ago.

[Old Guard]

Originally Posted by leighland

Thats literally across the street from the West Falls Church metro stop and around the corner (walkable) to Falls Church City so it has location in its favor and none of fcc taxes

I know where it is, it is a good location. Not great. I know because I found these when I was looking. I believe the one(s) I looked at then were $600 a month fee. I passed because the fees always go up and I personally believe, based on made up things in my mind, that a high monthly fee makes it harder to sell.

Originally Posted by kww

yeah those are condo ownership properties, condo fee is $350+/ a month

I am not sure what this means. Many of the real estate sites are wrong. I know that. But is this $350 a month property of an over $600 a month property because I think for the former it is a good deal and for the latter....well that is not what I personally am looking for.

[kww]

Originally Posted by Old Guard

I know where it is, it is a good location. Not great. I know because I found these when I was looking. I believe the one(s) I looked at then were $600 a month fee. I passed because the fees always go up and I personally believe, based on made up things in my mind, that a high monthly fee makes it harder to sell.


I am not sure what this means. Many of the real estate sites are wrong. I know that. But is this $350 a month property of an over $600 a month property because I think for the former it is a good deal and for the latter....well that is not what I personally am looking for.

disregard my previous post about it being $350+/- a month, i'm not sure what I was looking at but it wasn't the neighborhood you referred to