Archive for October, 2007
Is it a Condo? Or is it a Townhouse? BOTH YOU SAY???
October 30th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Home Buying, McLean Dirt, Real Estate 101, Reston Dirt
It’s a condominium? It looks like a townhouse! Could it be both? What’s the difference? This is the #1 question I get asked about consistently –
Today I’d like to help de-mystify what exactly is a townhouse vs. a condominium. Often times buyers come to me and they are in a price range where they are struggling with whether to purchase a condo or a townhome. Well, guess what? It’s possible to find a townhome that’s a condo. Here’s what you have to know… condominium is an ownership definition; townhome is a building structure. So the answer is: it can be both!
What IS a condo?
Most of us, when we think of a condo, we think of a high-rise building 
with an elevator and a trash chute! Perhaps a nice lobby with mailboxes and a 24 hour concierge. Yes, these are some amenities that are offered in some high-rise style condos. There are also mid-rise buildings as well as garden-style condos – in which case you might have a direct access door (e.g., a door from the outside, right into your unit) – you might even have a little yard, if you’re on the ground level. BUT, here’s the kicker, you don’t own that land. Nor do you own the exterior of the structure – that’s what defines a condominium – your ownership is from the middle of the wall to the middle of the wall – same goes for the floor and ceiling.
You’re not responsible for exterior maintenance or the roof (or the underground garage or hallways) and sometimes even the doors and windows*. (*This depends on the Association) These maintenance costs are built into your condo fee – as is the maintenance of the common areas and insurance on the structure, management fees, etc… If you think about it, this “ownership” style could even apply to a single family home – and sometimes does – especially in the case of patio homes. All of the grounds are maintained by the association – as are the roofs and other exterior features like trim and gutters.
So What’s a Townhouse?
A townhouse is a style of building – generally multi-level, direct entry
door and 2 or 3 (sometimes even 4 or 5) levels and typically built in rows and attached in some way. Most of the time there are decks or yards outside either the front, back or both – but not always. I have seen townhouse communities that have rear alleys that lead to rear loading 2 car garages – no yards there. But I digress…
The point is, that *most* townhouses in the Northern Virginia area are what we would refer to as fee simple ownership – roughly defined that you own the air and ground and everything in between. There are lot lines that include the 2 sides of the townhome – assuming you’re not on an end in which case, your lot will most likely extend out quite a bit from the side and you therefore end up owning more land, and along the front and back, usually creating a rectangle. This also means that all exterior maintenance is the homeowner’s responsibility (roof, shutters, doors, trim, patios, decks, etc…) so keep that in mind when trying to decide which is best for you.
So Can it be both?
Sure — there are occasions where structures are townhouse style (e.g., multi-level, built in rows) but are condominium ownership. You could easily have 2 communities, side by side that appear the same – one is fee simple ownership, one is condominium ownership. You can’t tell the difference – but be sure you know what you’re looking at and what you’re considering purchasing. This information is easily obtained! There are obvious pros and cons to either ownership style, fee structures and layout options and it just needs to work for you.
I hope this helps to clear up this question a little bit! I’m always here if you have further questions about this or any other real estate related topic.
Happy Tuesday!
Jennifer
| Discussion: 2 Comments »
WOW – VA Loans – Welcome to the 21st Century!
October 29th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Real Estate Finance, Reston Dirt
The VA announced today that they will begin providing financing for eligible 
military personnel for loan amounts up to $1,000,000 — that’s right, ONE MILLION DOLLARS! This is a bold and impressive step for VA and of course, for a prospective borrower, will require a deeper understanding of the options this opens up for them.
VA Loans are still limited to $417,000 for 100% financing, but with a calculated down payment, they will now fund loans up to $1,000,000. Additionally, they will now allow the VA funding fee to be added on top of the max loan amount calculation – this is a new option for VA loans.
IF you have VA eligibility, this is a great time to look into what your options are. It’s also a great time to be a buyer, while inventories are high and prices are negotiable.
Call today to discuss it – I have some excellent lending partners who can get you through the VA loan process with ease!
Happy Monday!
Jennifer
| Discussion: 3 Comments »
Spooks, Goblins and ….. FEAR….
October 26th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Friday Fun, McLean Dirt, Reston Dirt
I wanted to write a post about the Halloween holiday and festivities right around the corner – you know, a cute little writeup about the different parades, parties, etc.. but the other day when I walked into my office building something frightened me and I’ve been afraid ever since.
I thought it only fitting to share that with you today. I’m not sure if you can read the sign on the door – but it says
“DANGER – NO SMOKING – NO OPEN FLAMES – NO SPARKS”
Do you know what I saw? A woman was sitting on the yellow and black striped barrier SMOKING A CIGARETTE!!! Now I’m not sure what was behind that door but there is NO WAY I’d want to be blown through that parking garage – there are quite a few large concrete pillars – wouldn’t be too much fun to see one of those coming at you 400 miles/hour.
Anyway, I hurried inside hoping that the building didn’t blow. It’s been on my mind ever since – and it frightens me way more than goblins or ghosts!
BOO!
Happy Friday
Jennifer
| Discussion: No Comments »
Keller Williams Makes a Big Splash into the Luxury Home Market
October 19th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Reston Dirt
On October 1, 2007, Keller Williams launched the highly anticipated Luxury 
Homes Division and I, yours truly, is so proud to be a charter member of this great new program. I think it goes without saying that this is a HUGE win for those buying and selling high-end luxury homes across the country. This is a members only program, populated ONLY by those agents who have the expertise in this market segment. The training component of this program will be provided by industry heavyweight The Institute for Luxury Home Marketing, as part of a new partnership between the Institute and Keller Williams.
As a charter member of this exciting new division, I will be able to bring yet another marketing avenue to the table to successfully market high end homes to the right market, both locally AND around the country. I will also have a top notch referral network of other high-end professionals across the country to help with all of your real estate needs, whether they are here in Northern Virginia or elsewhere. You will receive the expertise, knowledge and experience that you deserve for a smooth transaction wherever that might be! Whether you’re looking for a second home or relocating – you deserve the best!
I am so excited to be a part of this and it’s yet another confirmation that I work for the greatest real estate company EVER! Keller Williams ROCKS!
Happy Friday!
Jennifer
| Discussion: 2 Comments »
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