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The Pros and Cons of Owning a Condo

Owning a condo comes with its fair share of both pros and cons. These are the most notable of the bunch.

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Owning a condominium comes with both pros and cons.

First, I wanted to explain that condominium refers to a type of ownership, not a type of building or apartment.

Condo ownership has a concept called "fee simple" that means you own everything within the walls of your condo, but anything outside the walls is owned in partnership with other owners in the building. This is called "tenancy in common." Depending on how the condos are set up, you're in charge of everything outside your home in partnership with the other owners for things like maintenance and repairs.
Condo fees in older buildings can get pretty expensive.
The biggest pro of owning a condo is that the grounds are typically very well-maintained. However, if the building is older and has deferred maintenance, the condominium fees can get expensive.

Before buying a condo, ask your real estate agent which costs you'll be responsible for and whether it's a good deal. There could be a special assessment fee for things like a one-time project of fixing all the building's decks, for example.

If you're interested in buying a condo or any other kind of property, just give me a call or send me an email soon. I'd love to help you!

Should You Sell Your Home or Rent It Out?

A client of mine was debating on whether they wanted to sell their home or not. Here’s what I suggested they do.

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A client of mine was getting ready to move out of town and asked me if they should sell their home or simply rent it out after they move to generate some passive income.

This particular client was moving to Florida and had owned their home for about seven years. Each situation is different and could require a different answer, but I usually like to ask a few questions first to determine which option is best. These are questions like:

Do you ever intend to come back to this area?
How long do you want to hold onto the property for?
Have you ever been a landlord before?

If they have been a landlord before, they are more prepared for the possible outcomes. It usually goes one of two ways when renting out a property. Either you have perfect tenants and no problems or problem tenants that drive you crazy. I believe owning real estate is a great way to build wealth, and I am a landlord myself. However, I’ve either had a great experience or a terrible one.
Investing in real estate is a great way to build wealth.
When it comes down to it though, I haven’t seen a market like this in the last 10 years for sellers. It might be a better idea to consider selling now, but we won’t know until we sit down and determine what your goals are.

In making your decision to sell or rent out your home, all of these factors and more must be considered. If you have any questions about your personal situation or anything else about real estate, give me a call or send me an email. I look forward to hearing from you.

Why the N. Virginia Market Is So Hot Right Now

Home sellers are in a strong position in the hot northern Virginia market, but these conditions won't last much longer. 

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What's been happening in the northern Virginia real estate market?

The first bit of good news to note is that mortgage rates have stabilized. From a low of about 3.41% last July, they spiked at 4.31% in December, and we're now seeing them in the low 4% range.

The second bit of good news is that jobs are up here too. One of the great things about living here in northern Virginia is that jobs are always up and we've got a lot of government-supporting companies that make our economy thrive.
Mortgage rates have stabilized and the economy is strong, which is great for the real estate market.
When it comes to housing, we know that inventory is low. I recently placed three properties on the market on a Friday, and by that Monday, we had 13 offers on those three homes! We even had a buyer offer $7,000 in cash above the property's appraised value.

If you've ever thought about selling your house, right now is the time to do so. It's the hottest market I've seen in 10 years in real estate. You can't take it for granted though because it won't be around forever.

If you have any questions about what's going on in your specific area or community, let me know! Email or call me and I'd be happy to give you any information you need about our market.