One bedroom one bathroom condo located in Old Town Alexandria. Hardwood floors and undated kitchen. All utilities except electricity included. One parking spot included. Easy access to GW Parkway, Rt. 1, 95, and 495. A MUST SEE!!! [Read more]
If you’re seriously considering a condo there are some important questions to ask. Contact Nesbitt Realty for answers.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS(r), owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly. Sometimes the litigation is minor. Sometimes the litigation is a show-stopper.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments. For example, Stratford Place is a part of Kingstowne.
Real Estate Overview
1 bed, 1 full bath
Home size: 671
Added: 08/05/19, Last Updated: 08/05/2019
Property Type: Unit for Rent
MLS Number: VAAX238480
Subdivision: Fayette Court
Fayette Court Overview
The most common heating system at Fayette Court is forced air.
Condos at Fayette Court are 69 years old and were built in 1950.
The average living area at Fayette Court is 847 sqft.
The most common cooling system at Fayette Court is central a/c.
Properties at have been on the market an average of 6 days.
Residents of Fayette Court enjoy additional benefits from this community.
None of the condos currently on the market at Fayette Court have garage parking.
Maryam N. is a Senior Writer at Nesbitt Realty. She is an expert on Fairfax County. Maryam has also worked previously as a geologist. She is a foodie and enjoys cooking and exploring new restaurants.
