David Bruce

October 12th, 2009

Buying A Richmond Condo or Townhouse

The easiest way to understand the concept of a Richmond area condominium or townhouse ownership is to see it as an apartment you own. Your ownership extends inward from your interior walls, floors and ceilings. In addition, you are a partner, with all of the other owners in the complex, of the exterior structure (the foundation, exterior walls and roof) as well as any common areas and amenities (for example, swimming pools, clubhouses, tennis courts, play areas, etc.)

One of the requirements of condominium or townhouse ownership is the payment of a monthly condo fee, which covers general repairs and maintenance to the common areas of the complex as well as building up a cash reserve for future needs. In general, all exterior maintenance and repairs are the responsibility of the condominium association, although you will be charged for them, either through your association dues or a special assessment, a one time charge assessed to all owners. The normal day-to-day maintenance of the grounds (some examples are cutting the grass, shoveling snow and maintaining the pool) are also the responsibility of the association. Interior maintenance and repairs (for example, replacing a dishwasher) are the responsibility of the individual owner.

In many areas around Richmond, a condominium maybe a great way to live in a more expensive neighborhood and still fit within your budget. The reason for this is pretty simple. In general, the same square footage will many times cost less in a condo/townhome setting than it will in a single family home, due mainly to land cost.  (You can build many more condos and townhomes than you can single family homes on the same amount of land)

Advantages of Condominiums and Townhomes

• You will be responsible for little or no exterior maintenance or repairs.
• Many condominium communities offer amenities (pools, play areas, tennis courts, etc.) you may otherwise not be able to afford.
• Condominiums and townhomes are often located in Richmond locations convenient to centers of employment and shopping.
• Condominiums and townhomes are often more reasonably priced than other forms of housing.

Is a Condominium for You?

• You want absolutely nothing to do with exterior maintenance and repairs.
• You like the idea of amenities (swimming pools, tennis courts, etc.) but you don’t like the idea of having to pay for them on your own.
• You like the safety of numerous and nearby neighbors.

Check out this featured CONDO/TOWNHOME property listed by Skye Bruce Properties!

RAINTREE COMMONS CONDO in Richmond’s West End

1791 Raintree Commons Drive    Richmond, VA 23238    $199,950

This lovely elevated condominium in Raintree features a Kitchen with stylish black & white tile floor and backsplash; open area for dining and living space that has dramatic floor to ceiling windows, architectural columns, fireplace and built in shelving; Master Bedroom with spacious closet, ceiling fan and glass doors to deck; Master Bathroom with tile floor and linen closet; 2nd bedroom with ceiling fan; full bathroom with tile; and laundry closet with shelving. The large deck overlooks a wooded area which affords wonderful privacy.  Click here to view full details of this home! Click here to schedule a tour of this home!

Skye Bruce Properties, REMAX Action, 11551 Nuckols Rd, Glen Allen VA 23058, 804-467-7041.

This entry was posted on Monday, October 12th, 2009 at 2:16 pm and is filed under Buying A Home, Hot Listings!. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website