Tips On Buying Condos In Virginia
Condos used to be the inexpensive entry into real estate ownership. In Virginia, condo prices were relatively low, monthly fees low, and life was virtually worry free – you didn’t even have to worry about mowing lawns. These days, condo ownership is not so trouble free. In fact, while prices are low, acquiring a condo can be so much harder compared to owning a traditional home. It doesn’t have to be – there are still some good condos for sale in Virginia that are well worth considering.
When looking at condos, you have to consider the following factors:
Resident owner ratios. Condos were a popular investment option with owners placing their condos on the rental market. However, high rental/resident owner ratios no longer make for a happy lifestyle. Renters are often less caring of their neighbors or the property in general.
High condo fee delinquency. Condo fee delinquency creates a number of problems. The first is very simple – no income means that condos are not going to be well maintained. It also means condo fees are going to be higher for those that do pay. This creates a circle where the higher the fees are the more likely people will become delinquent in paying them.
Low lender confidence. Finding a lender willing to enter into a mortgage agreement for a condo is becoming almost impossible. I say almost – choose your condo wisely and you may have more success.
If you are looking to buy a condo, and they do still make for comfortable living, find a condo that has a high owner-residency ration, has a low delinquency history and has acceptable monthly fees. There are condos in and around Virgina that meet these criteria and, when it comes to mortgages, lenders will at least seriously consider an application for these types of properties.
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