Home Buying in Reston>Question Details

Lf Morris, Home Owner in Reston, VA

I am looking for a condo In Reston. How do I learn the percentage of units being rented out in a community? that usually affects property values.

Asked by Lf Morris, Reston, VA Sun Oct 31, 2010

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The condominium association will have this information. And you are right, not only will a high percentage of rental condos affect property values, it will also affect new buyers' ability to get approved for FHA/VA loans.
FHA and VA are interested in investor ratios and delinquent homeowner ratios in determining whether they will approve a condominium.

Randi Halavazis
Long and Foster
703-0915-3960
1 vote Thank Flag Link Sun Oct 31, 2010
A real estate agent can also tell you from the tax records how many are owner occupied, give me a call!
1 vote Thank Flag Link Sun Oct 31, 2010
The association management company will have that information. Usually your lender requires the completion of a condo questionaire to see not only how many units are owner occupied but also the percentage of homeowners deliquent on their condo fees. Either one could derail your purchase.
1 vote Thank Flag Link Sun Oct 31, 2010
My colleagues are correct in how to obtain the information. Let me stress however there are MANY other factors affecting values of all properties..but condos have inherent things to look for. Simply the condition of the common grounds and exteriors would be a start but once you have refined your search you will want to know how much $ is in reserve, if/when and how much the fees have risen and why...whether there have been special assessments and if so when/why/how much.

To touch on the FHA condo approvals...if it's not good after Dec. 7..it doesn't fit your profile now. However, the next few months typically are the best season for purchasers.

These are just a few things..a well managed condo will typically prove to be a better investment. I am in Reston and I am familiar with the product offerings. Feel free to contact me.

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
(703) 216.1222
Erik@AskMeAboutHomes.com
0 votes Thank Flag Link Mon Nov 1, 2010
To answer the immediate question - all posters suggesting the condo management office as a first stop are correct. However, they may not engage without having a condo questionnaire (and accompanying fee) submitted by a lender.

This is just one good reason why hiring a competent agent is important in today's ultra-competitive condo market, and something that should be a part of the initial Buyer Consultation.

An end-to-end strategy that starts with your needs and ends with keys in your hand (not to mention someone who is always there for you after) is a critical part of the agent/client relationship. Settle for nothing less!

All my best,
Lisa

Lisa Moroniak | REALTOR® | Service360°
Keller Williams Realty
Phone: 703-635-0388
Fax: 703-679-1701
http://www.LisaMoroniak.com
Licensed in VA
Web Reference: http://www.LisaMoroniak.com
0 votes Thank Flag Link Mon Nov 1, 2010
Hi LF,

Your agent will find this out for you, if you want to do it yourself many associations have their own web page with these things on them. Also, if you don't have an agent, don't want an agent, the association does not have a website, and you cannot get a name and number of someone on the board, you can check out the tax records.

Best,
Craig Fauver
REALTOR serving DC, VA, & MD

Long & Foster Realtors
(202) 643-HOUSE
(888) 814-4987
(202) 547-9200 (office)

721 D Street SE
Washington, DC 20003
0 votes Thank Flag Link Sun Oct 31, 2010
Hello Mr. Morris,

As mentioned by previous agents, if you are seeking this information yourself, you could call the condo association but if you are working with an agent, the agent could get a fairly good idea with access to searchable tax record information.

Have you interviewed agents yet? It is a good idea to meet with a few and see which one you feel will be the best fit to work with you and the most competent.

I specialize in Reston and have worked extensively on the buyer side in the condo communities. I hope you'll consider me when you start looking for an agent.

Thanks,
Sonal
703-863-0031
0 votes Thank Flag Link Sun Oct 31, 2010
Hello there,

Your question is a very good one. The first place we should start is the homeowner association or tax records. However, tax records are not always up to date but between the two we would have a good idea if a particular community you are interested in would work for you.

Also, as noted in previous post it is very true that if you are financing with FHA an important deadline is approaching on December 7, 2010, the project approvals for condos will be expiring. Some have already been reapproved and others should be completed by the deadline. . If the project is not approved for FHA financing – you cannot get FHA financing.

Once we find you the right condo we can get you closed in 30 days. Please feel free to call me or send me an email at the information listed below. Happy Halloween and I hope to hear from you soon.

Jeannie Jarrett
The Realty Group, Virginia
703-309-8062 direct line
bryanjeannie00@hotmail.com
Web Reference: http://jeanniejarrett.com
0 votes Thank Flag Link Sun Oct 31, 2010
Previous posters are correct, the condo association is the best place. If you were working with me, we would start by running the info available through tax records, because although they are not terribly reliable, you can get a rough idea with that info. After that initial scan, then we could dig further to make sure that you're buying into a community that fits your ideal criteria.

Also, IF you are financing with FHA please note that an important deadline is approaching. On December 7, 2010, the project approvals for condos are expiring. Some have already been reapproved; many have not. If the project is not approved for FHA financing – you cannot get FHA financing.
0 votes Thank Flag Link Sun Oct 31, 2010
Hi LF,

Cindy is correct, the condo association is the best way and certainly the most reliable way to ascertain this. The tax records will inaccurate. An agent can look at the mailing address as compared to the property address to see what owners are no longer living there, but this is not reliable information. The county doesn't require an owner to report that they rent out their condo, or that they've moved, but the aondo association does require copies of the lease when a unit is rented.

I'm in Reston, so if you have any questions about any of the condos there, please feel free to contact me.
Good luck to you.

Andy Krumholz, ABR, GRI, CDPE
Keller Williams Realty
(703) 599-4755
0 votes Thank Flag Link Sun Oct 31, 2010
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