Willam E. Wood & Associates
Condos are a kind of ownership. They are not a kind of construction. It is possible to buy a detached condo.
But, given what your son is pre-approved for, if a condo is what satisfies his needs and desires there is nothing wrong with his buying one. The purchase of a condo will cut down on the actual price he can pay due to the condo fees is all.
In this market, anyone expecting to sell their home is still going to be offering some sort of closing costs assistance. Full CCA under $225,000 in price works out to about 4% of the price. Over $250,000 abot 3% of the price. If I were writing an offer for your son, that is what we would be asking for from the seller.
It costs nothing to hire a Buyer's Agent. They are paid out of the co-broker commission which is that part of the entire commission paid by the seller to have a Buyer's Agent bring them a ready willing and able buyer, and take them through the home search process all the way to handing your son the keys at the closing table.
By chance is your son A. Active Duty B. Certified Wounded Warrior C. Retired 20 Year Veteran D. Dept. of Defense Employee ? If so, he will very much like our Military On The Move Program at William E. Wood and Associates. (We are the only real estate company that offers it in the greater Hampton Roads area.)
Let me know if I can assist you.
William E. Wood & Associates
The responses you are getting contain very good information. Unless I overlooked it, I did not notice any mention of "special assessments" that condo's are subject to if the dues are not sufficient to pay for maintenance and upkeep of the entire complex and all units. I will be happy to explain this in more detail.
A single family detached home could be the best choice for your son. He should explore the pros and cons of each type residence.
Fred Ritchie 757-287-2641
I've noticed that most of the Realtors that have responded have had very similar answers and they all are true. There is one thing that I have noticed that no one has approached. That is the lenders are now looking at condo's and apartments as a higher risk than in years past. Lenders are having stricter guidelines when approving a loan for condo's and apartments because of them being walked out on when the dues can't be paid for or in a foreclosure process. This is happening for many reasons but the most common is that the condo is an income property or second home and that is let go before the primary residence when the owner is in a bad financial situation. The lenders are looking at how many units are rented verses the total owned. The requirements for the down payment and minimum credit score can even be higher than a single dwelling home. They are doing these things to protect their investment, bottom line and minimalize their risk. There is a lot to consider and it will come down to personal preference, future plans and total cost. Feel free to contact me for more information or to talk it over. I can be reached at 1-800-677-2410 office or firstname.lastname@example.org.
ABFC USN ( RET )
757 754 8498
William E Wood and Associates REALTORS
As another agent stated, there are pros and cons. This depends upon his lifestyle and how much time he wants to put into the care of his home. Condos will normally include upkeep and maintenance of the exterior of the property which makes things so much easier when your time is limited. As a condo owner, you may have restrictions on what can and cannot be done to the outside of the property. You may also get more bang for your money, i.e.: granite, wood floors, as compared to a single family home where land is included. When it comes to reselling, a single family home is much more attractive and will hold its value much better. As a tax write off, there is no difference. Another thing he may want to consider is when he wants to start a family. I hope this helps.
Performance Realty, Inc.
630 Cedar Road
Chesapeake, VA 23322
Condo living offers 'care free' living with the exterior of the property and the yard work and common areas being maintained for a fee. Pricing will depend on location. Virginia Beach is a very large geographic area. I would be happy to talk with your son and get his wants/needs list, and put together a summary of location and what is available. There are many options -- Beach living is great!
Please contact me at:
Long & Foster Real Estate
317 30th Street
Virginia Beach, VA 23451
A couple of things: a) Condos will have a Condo Fee which takes care of the exterior of the unit, along with grass cutting, etc. These could range from app. $100 to several hundred dollars, depending on the Condo. b) A single family residence may have a POA fee, but they normally are less than $50. However, your son will have to do all the exterior maintenence, grass cutting, etc., himself. There are pros and cons in either scenario. If your son will contact me, I'll be happy to sit down with him and go over his options.
Rose and Womble Realty
Licemsed in Va.
REALTOR, ABR, SFR
Rose and Womble Realty Co.
Please contact me at (800) 215-0211 for any further assistance.
Have a great day!
Anthony Alleva, CSSA
Certified Short Sale Agent
Allison James Estates & Homes
601 Dinwiddie Street
Portsmouth, VA 23704
Toll Free (800) 215-0211