Condo buying, any additional expenses I should know about? (Arlington: sale, real estate)

[lmh182]

Hi,
I'm considering moving to NoVa and plan to buy a condo if I move there. Are there any additional taxes or monthly fees that I should know about? For instance, in California we have this thing called mello roos taxes, which are separate from property taxes. I don't think most places outside of California have mello roos, so it might be a surprise to buyers who are not familiar with California. I don't want any surprises!

I've been using Redfin's calculator which shows me for each property the total monthly cost which includes:
Principle and Interest
Property taxes
Monthly HOA fees
Homeowner's Insurance
Mortgage Insurance

Also I know I'm responsible for utilities (electric, gas, water, sewer, trash)

Are there any additional monthly/yearly taxes or fees that I'm missing?

Thanks!

[JohnRebolledo]

Hello,

There is no mello roos taxes in Northern Va, and you have covered most everything but it really depends on where you buy for example, are you buying a condo, coop or fee simple ownership. Just because the property may look like a townhome does not mean it is owned Fee Simple or just because it may look like a condo it could be owned either be condo or coop which can affect your buying power or who you use as a lender. There are not many coops in NoVa but they are in Washington DC. If you are buying within just one of the counties i.e. Arlington or Fairfax it's pretty straight forward but if you buy in one of the cities within the counties such as Falls Church City there is an additional layer of taxes to both the city and county.
Additional not all condo fee's cover the same utilities, and many times if you see a higher condo fee double check that is that monthly and or what does it cover. There are many times the condo fee can cover all the utilities sometimes with or without cable. Also typically the newer condo's the more the amenities the more the condo fee, or if you see a drastically lower condo sale price it's typically an older building with a much higher condo fee. There are many pros and con's to them so I just recommend looking into more detail then just looking at the price of the unit or the monthly fee that goes along with it. Also looking into the budget of the condo and researching to see if they have sufficient funds to do any or all repairs that may be needed in the near future. You can't predict or protect yourself from everything but look into and see if they have a long history of a good reserve budget combined with the complex is in good repair then you should be good for several years. If part or many areas of the complex are looking a little rough or has needed items repaired then i suggest ask more questions and just prepare yourself and or take that in mind while negotiating the purchase price. By law the HOA/COA only needs to disclose what's been approved but the boring yet important meetings minutes should be read though to see if there is any topic of discussion that may need a big sum of money to repair for the common grounds, because you don't want a surprise just after you move in of a special assessment. On that note even if there is one which most all will one time or another have a special assessment but I say this so you don't get blind sided. Virginia law requires to give you at least 3 days the right to review all HOA/COA bylaws.

[Hal Roach]

My condo in Las Vegas didn't cover sewer, did cover water...so never assume. I think they had Mello Roos in some newer areas. First saw those in the Bay area in the early 90s. Los Banos...a mere two hour drive to SF....what a shiitehole. I believe there is a Grantors Tax in Arlington...and that may be a contagion, so look at that...like .5-1%. Transfer fees in the HOAs can be murder, too...as well as initiation fees. There will be a line for everything in the contract...just check seller, and you will prevent a lot of surprises. Title insurance varies by State, as to who pays.

[Middlin]

Real estate assessments are all available online. You can look up total assessed value and tax bill history on most counties in the area. You can do a search just on the street name and see/click on individual addresses. You can get a feel for how much assessments have gone up year over year, etc.


Fairfax County

[HokieFan]

Originally Posted by lmh182

Hi,
I'm considering moving to NoVa and plan to buy a condo if I move there. Are there any additional taxes or monthly fees that I should know about? For instance, in California we have this thing called mello roos taxes, which are separate from property taxes. I don't think most places outside of California have mello roos, so it might be a surprise to buyers who are not familiar with California. I don't want any surprises!

I've been using Redfin's calculator which shows me for each property the total monthly cost which includes:
Principle and Interest
Property taxes
Monthly HOA fees
Homeowner's Insurance
Mortgage Insurance

Also I know I'm responsible for utilities (electric, gas, water, sewer, trash)

Are there any additional monthly/yearly taxes or fees that I'm missing?

Thanks!

Parking. Depending on the complex - parking may be included, you may have to buy or pay a fee for a spot, or only street parking may be available. So be sure to take that into consideration as well.

Not related to your real estate question, but we are also taxed on our vehicles each year (personal property tax).

[ClassicGal]

I was once a condo owner and I have some general recommendations. Do a lot of investigating and thinking before purchasing one. If the HOA isn't great, it can be a negative experience. When viewing properties, pay attention to the grounds and buildings. If it looks worn or anything looks to be in need of repair, that may be a red flag that money isn't available to see to those things or the budget is tight. Another thing is the HOA fee. If the fee is covering more goodies (like cable tv) than maintenance, like easy repairs and groundskeeping, that might be a problem. A lot of people recommend looking at bylaws, meeting notes, and rules. However, that's just what is in writing. Unles you know someone living there, you don't always know how well the paperwork is followed or is truthful until you live there. You may want to also know that condos can have hurdles during resale. Sometimes, lenders want to know about the health of the HOA's funds, how many rentals are in the community, how many people are behind on dues, if there are any lawsuits, etc. In that case, you can have a great personal condo property, but the overall property affects the sale. Try to find out how quickly units sell there. If they sit for months and months that isn't a good sign.

[Gaylord_Focker]

Process has been killing me. I see plenty of nice condos in Reston for less than 350k, but the HOA fees are 1000.00. That's basically tacking another 150k onto the loan amount.

[tatortots]

Be prepared for the HOA to cost you money by bad decisions. I live in an HOA at Mosaic District and the HOA makes bad decisions that cost homeowners money. The costs are out of the blue and you often don't even know about it until it happens.