A family that recently requested a consultation had their eye on a condo unit in Centerville, but they were held back by the pet policy just before signing the contract. They discovered too late that their large dog exceeded the weight limit set by the building's bylaws. Despite having aligned the purchase price, location, and school district, the contract was jeopardized by a single pet clause.

When purchasing a condo, HOA (Homeowners Association) fees almost always come into play. These fees cover maintenance of common structures like the building's exterior and roof, master insurance, management of shared facilities such as pools and gyms, landscaping, and trash collection, and in some cases, utilities like water or heating. On average nationwide, monthly fees typically range from $200 to $400, while high-end condos with more amenities can exceed $500 to $1,000. This information is sourced from the National Association of Realtors (NAR) and realtor.com's HOA cost guide.

The median monthly HOA fee in Fairfax County, where Centerville is located, is reported to be around $428. Looking at the Meadows condominium in Centerville, the fees are between $356 and $405, which aligns closely with the county median. Nearby townhome communities like those in Virginia Run or London Town show slightly lower fees, ranging from $200 to $400. Expanding to all of Northern Virginia, condo fees typically range from $250 to $450, with full-service buildings costing more.

Virginia is known for having strict regulations regarding reserve fund management. According to Virginia's condominium law, associations must conduct a reserve study at least once every five years and review the results annually to adjust budgets and assessments. The revised HB 1209 in 2024 clarified that the board has the authority to impose additional assessments or borrow funds for reserve contributions. If the reserve fund is insufficient, residents may face special assessments for major repairs like roofing, plumbing, or elevators without prior notice, a situation that can occur in any state.

Lending institutions also do not only look at individual units when assessing condos. Under Fannie Mae's condo project guidelines, they consider the association's delinquency rate, reserve fund contribution ratio, ongoing litigation, and the proportion of commercial space. If these criteria are not met, the condo may be classified as non-warrantable, leading to loan denial or stricter conditions. Even if you like a unit, checking the association's financial statements first is the proper order of operations.

In Virginia condo transactions, it's also essential to obtain a resale disclosure packet. The association must provide this packet within 14 days of a request, which includes the condition of common elements like the roof and elevators, the seller's delinquency status, and recent budgets and financial statements. If the seller is behind on HOA fees, this packet can help confirm that the burden may transfer to the buyer after closing.

Many families in Centerville are also considering townhome communities alongside condos. Townhomes typically have lower fees but may require owners to handle exterior maintenance, while condos have higher fees but the association takes on that responsibility. Which option is better depends on lifestyle and budget.

• Association financial statements and recent reserve study results
• CC&Rs and bylaws related to pets, rentals, and renovations
• History of special assessments in the last 2-3 years
• Ongoing or pending litigation

Ultimately, those looking for condos in Centerville should not only consider the purchase price and HOA fees but also review the above items. Whether prioritizing school districts, seeking rental income as an investor, or moving from out of state, overlooking these aspects can lead to difficulties after the contract is signed. For school district ratings, refer to metrics like GreatSchools or Niche, but since boundaries change frequently, it's advisable to verify the assigned school for the specific address separately. This article does not constitute investment or legal advice, and it is recommended to consult a real estate professional before finalizing any contracts.