Thinking About Buying A Springfield VA Home? Different Types of Homeownership

By
Real Estate Agent with Integrity Real Estate Group

What Type of Home Do I Choose in Springfield VAYou've hired an experienced Springfield VA Realtor® to work with you on your home search.  You've meet with a lender and understand the financial obligations associated with buying a Springfield home.  Now you need to understand your options on the type of home you can buy.

In Springfield VA you will find "condominiums" and "fee simple" homes for sale.  Both of these terms refer to the type of ownership and not the style of the home.  It can be confusing but in easy terms a condominium you own what's inside the four walls and you also have a fractional ownership of common areas.  For example you are responsible for any repairs that happen inside your home but the association is responsible for outside those walls include the common areas.  You will pay a monthly condominium fee which will cover the maintenance and upkeep of the common areas and any other shared resources.

"Fee Simple" ownership is by definition "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat."  In simple terms it means you own your home and the land around your home.  You are commonly responsible for both the inside and outside of your home.  If there is a community pool you may have a membership to the pool but you have no ownership interest in the pool.

To be honest it can be confusing but this is one reason why you have an experienced agent at your side.  Most people instantly think a condominium means a one floor apartment style building.  But that's not the true.  For example in Springfield one of the biggest condominium neighborhoods is Cardinal Forest and in the neighborhood you will find everything from one level apartment style properties to three level townhouse style homes.

One of the reasons to understand the difference in the ownership types is there can be costs associated with condominium ownership which may impact your housing budget.  Condominiums often have fees that add a few hundred dollars a month to your bottom line.  Those fees need to be factored in to your monthly costs and can lower the amount of mortgage you can qualify for.  This may not be a bad thing if a condominium makes the most sense for you but it's just one more item to consider.

Next up.  What style of Springfield home are you most interested in?

 

 

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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Rainmaker
304,747
Paula Bradfield
Keller Williams Performance - Salida, CO
Your Salida Colorado and Down Valley Realtor

Nice differentiation of home ownership, Cindy. I never thought to explaing the fractional ownership of the common elements...we have so few townhomes/condos here. Great point!

Jun 03, 2012 07:32 PM #1
Rainmaker
1,053,095
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
Cindy, great explanation abut the difference between fee simple and condominium ownership...most folks don't know the difference. Just curious...regarding condo ownership in your area...where does the home owners responsibility end...at the sheet rock/drywall or the interior of the wall half way to the ajoining owners condo?
Jun 03, 2012 07:35 PM #2
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Paula- common element ownership can be confusing to many first time condo owners.
Jun 04, 2012 03:42 AM #3
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Nick- In my condo building it is to the interior common wall.
Jun 04, 2012 03:44 AM #4
Rainmaker
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Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Cindy...I sell mostly second homes and therefore a lot of vacation buyers prefer the condominiums - for the maintenance and peace of mind when they aren't there all the time. This type of ownership works well in the vacation business. Most of these folks have single family homes as their primary abode.

Jun 04, 2012 01:07 PM #5
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Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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