$998,000 :: 6801 Smithway Dr, Alexandria VA 22307 – Comparables And Suggestions

Are you shopping for a 4-bedroom townhouse in 22307? I can help.

Recommended Detached Home in Hazeltine Heights

$998,000 || 4 BR Townhouse At Hazeltine Heights || 22307

Price Adjustment. Sellers are motivated. Don't miss this amazing opportunity! Welcome home! This impeccably cared for 4 bedroom, 3.5 bath is the place to call home. From the street level entry, you step into a generous foyer which opens to a ... [Read more]

I can provide you with the answers to some of the questions you may have to ask if you are seriously considering purchasing a townhouse. 1. What percentage of units is owner-occupied? A higher percentage of own-occupied tenants versus tenant-occupied tenants (renters) will translate to a higher market value for the property. 2. What covenants, bylaws, and restrictions govern the property? Before committing to a property in a development (as a townhouse would be), you must take into consideration any covenants, bylaws, and restrictions that are in place and decide whether or not you can live with them. You may also want to ask about what grandfather clauses are in place. For example, individuals who purchase a property after a certain date might find that they can't rent out their units while those who bought earlier on can. Additionally, you will want to have an attorney review all the property documents for you. 3. How much does the association keep in reserve and how much money is being invested? Money in reserve and money being invested show that the association has the ability to make some improvements to increase market value if necessary. 4. Are association assessments keeping pace with the annual rate of inflation? Associations that think ahead and plan smartly will raise assessments a certain percentage each year to build reserves to fund future repairs and improvements. To determine if the assessment is reasonable, compare the rate to others in the area. 5. What does and doesn't the assessment cover? You will want to ask if assessment includes services such as common-area maintenance, recreational facilities, trash collection, and snow removal. 6. What special assessments have been mandated in the past five years, and how much was each owner responsible for? While some special assessments are unavoidable, repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy. 7. How much turnover occurs in the building? Residents who are generally happy with a building will stay there longer, so if you look at the turnover rate in the building, you will get a general idea of how satisfied or dissatisfied the occupants are. According to research by the NATIONAL ASSOCIATION OF REALTORS(r), owners of townhouses in two-to-four unit buildings stay for a median of five years, and owners of townhouses in a building with five or more units stay for a median of four years. 8. Is the townhouse building in litigation? A townhouse building in litigation is never a good sign. Involvement in a law suit can deplete reserves quickly. A litigation may just be minor, but it might also be a show-stopper. 9. Is the developer reputable? The developer of the property you are looking at may have other projects. If so, visiting one of those sites would be a good idea. You can ask residents about their perceptions or request an engineer's report for developments that have been reconverted from other uses to determine what shape the building is in. If structural things, such as the roof, windows, and bricks, are not in good repair, they will become your problem once you buy the property. 10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments. For example, Stratford Place is a part of Kingstowne.