Condominiums

A condominium building is like an apartment building. However, instead of renting your individual apartment (unit), you own it. It’s real estate. And just like any other real estate, you can buy it, rent it, sell it, refinance it, and share ownership in it. Others who live in the building also own their units. In addition, all of the owners in the building collectively own the building and share the common areas (hallways, laundry room, exercise room, etc.). So, when you invest in a condo, you invest not only in the unit you are purchasing, but also in the common areas as well. You invest in the building and the philosophy that collectively (SOC, Shared Ownership Community), all unit owners will help run your building and maintain a satisfactory or even exemplary standard of quality for the benefit of all owners.

This is done by electing a Board of Directors, who in turn hires a management company to oversee building maintenance, administration, and finance, primarily through the collection of condo fees. The Board also solicits support from the unit owners, via committees, for the distribution and execution of things that need to be done to keep the building running well.

Remember that it is your responsibility to thoroughly investigate the pros and cons of your new purchase. As your real estate agent, The Condo Connection will review this information with you so that you have an understanding of the documents. Condos are currently the most popular form of shared ownership living here in the in the DC Metropolitan area, and as well in most densely populated, major cities in the U.S.

Cooperatives

A Cooperative is a corporation, owned and operated by its members and formed to provide housing for its members. Ownership of a cooperative unit is generally considered an interest in personal property because the cooperative corporation has ownership of the entire building. This Co-op, in turn, grants each member the right to occupy a unit. This is the most significant difference between cooperative and condominium ownership. One’s ownership interest in the corporation and the right to occupy a unit is considered an ownership interest in personal property and not in real estate. Nonetheless, the daily operation and characteristics of cooperative and condominium associations are very similar.
Cooperatives usually require a 10% down payment for purchase.

Townhomes

Washington, DC and DC Metropolitan area has a growing population and shrinking housing availability and space for development. AS a result of this dense population, DC has a makeup of more townhomes than single family homes. Located in or close to the city, the characteristics of these properties are usually attached to one another, may have little or no front & back yard (although many do have yard space), range between 2 to 4 levels of living space, and may be with or without an English Basement and/or private parking. Townhomes are attractive because of their close proximity to the city and public transportation. And while Townhomes may not have the yard space that many single-family homes have, they compete (and exceed in many areas) pound for pound with single family units with regards to square footage, space and amenities. And most Washington, DC Townhomes do not have a homeowners’ association.

New Homes

Purchasing a new home has tremendous benefits and provides the buyer with an elevated level of satisfaction and quality of life, knowing that you are the first owner of a brand-new home. The Condo Connection diligently keeps abreast of new homes construction. As a result, we can present our clients with some of the finest new home construction, in all price ranges, to provide them with broader options and flexibility in their home search.