For Sale in Northern Virginia$1,699,000 || 5 BR Residence At Ely Estates || 22304
Once a Virginia country estate, Three Oaks now enjoys one of the finest locations in the Washington area. Downtown Washington, Georgetown, Olde Town Alexandria, sophisticated shopping, major airports and fine dining are just minutes away. … [Read more]You need to ask some important questions if you are thinking about buying a single-family home. I can answer them for you.
- Are the nearby homes occupied by owners or tenants? Homes that are occupied by owners will provide you with more stable neighbors that you will hopefully get to know and get along with in time. Homes that are occupied by tenants are more likely to change occupants, sometimes even several times in a year. Homes in a neighborhood with a high percentage of owner-occupied houses will be more marketable when it becomes time to resell the home.
- What covenants, bylaws, and restrictions govern the property? Homes in neighborhoods sometimes have a home owner’s association, which is an association that sets forth certain guidelines that you must follow for yourself and your property. For example, you might not be allowed to park a boat or RV in your yard or driveway, or you may have to build a certain type of fence if you decide to put up a fence. Review the bylaws and make sure that you feel you can abide by them. You also need to have an attorney look over property documents, such as the master deed, for you.
- Are association assessments keeping pace with the annual inflation rate? Smart home owner’s association boards will raise costs by a certain percentage each year in order to keep some funds in reserve for future repairs. You can compare the rates to others in the area to judge whether or not the assessment rate is reasonable.
- What is and isn’t covered by the assessment? When looking at the assessment, be sure to find out if the assessment covers maintenance of the common-areas and recreational facilities, trash collection, and snow removal. These items may help you make a determination, especially if you are comparing it to other assessments in the area.
- What special assessments have been mandated in the past five years? Another thing to consider would be the portion of assessments that each owner has been responsible for. While some assessments can’t be avoided, repeated and expensive assessments might be a red flag about the way the board manages finances.
- Does the property fall under multiple associations? Large developments may have smaller associations that fall under them. These different associations may all have different fees and guidelines, so make sure you review the paperwork carefully.
5 beds, 4 full, 2 part baths
Home size: 3438
Added: 09/27/19, Last Updated: 10/23/2019
Property Type: Detached Home for Sale
MLS Number: VAAX240118
Subdivision: Ely Estates<!--
List Price: 1699000.00-->
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