Calling a Condo Home:
What to Know Before You Buy

Buying a condominium can be a great path to homeownership. From shared amenities to reduced maintenance demands, condos offer a balance of convenience and comfort. But purchasing one also means understanding how the community operates and what responsibilities come with joining it.

Why Condos Appeal to Homebuyers

Condos offer access to amenities like swimming pools, gyms and common areas. Residents enjoy the benefits of owning a home while avoiding tasks like lawn care or roof repair.

What is a POA/HOA?

Condo living also comes with shared costs, rules and community expectations which are important to review before committing. When you buy a condo, you’re also joining a Property Owners Association (POA) or Homeowners Association (HOA). These organizations manage the development, maintain common spaces and uphold community guidelines. Sellers must disclose whether the condo is part of an association and provide governing documents that explain your rights and responsibilities as an owner.

GOOD TO KNOW
Condo fees are your share of the costs to run the building or development. Fees can range from $100-$700 per month, depending on what they cover.

Include these costs in your Spending and Savings Plan.

You’re also protected by Virginia’s Condominium Act and Property Owners’ Association Act, which require sellers to provide a Resale Disclosure Certificate after your contract is ratified. This document outlines financials, rules, policies and other essential information about the community.

Know Before You Buy

Before submitting an offer, review key factors that may affect your financing, long‑term costs and overall satisfaction with the community:

• Does the condominium community have a current FHA certification?
  Condominium communities without an FHA project certification are not eligible for FHA loans. They must apply for recertification every two years.
• Is the association financially sound?
  Look for strong reserves and stable budgeting.
• Are there any pending or ongoing litigations?
  Ongoing legal issues can make lenders hesitant to approve financing.
• Review the community Conditions, Covenants and Restrictions (CCRs). 
  Can you abide by the established community guidelines and rules? If not, you may want to rethink purchasing in that condominium community.
• Verify the number of parking spaces.  
  A seemingly harmless issue such as parking can cause a lot of stress down the road.
• What is the delinquency rate? 
  Lenders are reluctant to offer financing if the condominium community has a high percentage of owners who are delinquent on dues.

Reviewing these details upfront helps you determine whether a condo fits your lifestyle and financial goals.

Learn more when you sign up for our free homebuyer education course!