Torpedo Factory Links and Resources

What every renter should know about the Torpedo Factory

As the primary mover and shaker at Condo Alexandria, I field calls every single day from renters who are interested in condominiums. The names and locations change but there are a few fundamental misconceptions that are so common, I feel the need to write this note for the general benefit of the world at large.

It looks like an apartment, but it's not an apartment.

First of all, a renter needs to understand the difference between an apartment and a condominium. An apartment, or any multi-family dwelling, is owned by a single entity. Most usually the owner is a company, but more rarely an individual owns the property. Employees of the apartment complex, or the owner himself, manages the property.

A condominium is different because there are many owners, meaning each unit is individually titled. The owners of a given condominium complex make up something called a condominium association. The association jointly owns the common areas such as the lobby and the lawns. The association oversees the management of the property.

There is no rental office: you need an agent.

When you rent at an apartment complex, you'll see a big sign that says "RENTAL OFFICE". That office is staffed by folks whose job it is to explain to you why that particular building is the greatest place to live in the world. They are generally helpful and pleasant and they will gladly show you a model apartment and give you an idea of what is "coming available".

A condominium complex is completely different. The condo office is filled with employees of the condominium association. The employees at the condo office are concerned with the maintenance and security of the building. They could care less where you rent or where you live. In most condominiums in Northern Virginia, staff won't allow you to enter the property and they won't show you any rentals here or anywhere else. The staff has no idea what is available or what is "coming available".

A condominium complex looks like an apartment building on outside, but it's more like a neighborhood full of townhouses or houses. In a neighborhood everyone lives in the same place with similar housing but each person owns their own house. If you want to rent in that neighborhood, you CAN'T do so by banging on people's doors and asking them to see their house. Nobody in the neighborhood knows "what's coming available". If you want to tour a house in a neighborhood, you need a real estate agent. An agent costs the renter nothing, but can be of great service to you. [click for more about this]

It's the same in a condo. If you don't have an agent you can't see a condo, or any private residence. Homeowners don't want strange people walking through their house and they don't want to make allowances unless a real estate agent knows their is a possibility that you can afford the rent.

There are always other options.

If you don't want a rental agent, you do have a choice. You can rent from an apartment complex---less hassles on the front end, more hassles on the back end. Or, you can take your chances on Craigslist. My advice: Craigslist is great for room shares, but doesn't work so well for grown-ups.

The most important thing every renter should know about condos.

Then, the last and most important thing any renter should know about condos: in today's market a condo will cost you a few dollars more each month than a rental. But a condo will cost you less on an annual basis.

How is this possible? Condo owners pay association fees and mortgage. Taken together, a first time buyer with a low down payment will have payment slightly higher than a rental. But each year we all file taxes. Renters take a standard deduction. But, property owners can deduct real estate taxes, mortgage interest, depreciation and certain other expenses from their taxes. This can amount to thousands of real dollars in your pocket each year.

Don't forget, next year, the renter will get a rent increase. Next year, but if you buy, the mortgage will be the same.

It's your choice, but this is the best time to buy in the last 5 years.

Featured Rentals

$3,700 :: 116 Union St N #Th-116, Alexandria VA, 22314

Click picture or title for more information

Property Photo



3 beds, 3 full 1 part baths
Home size: 1,812 sq ft
Lot Size: 0 sq ft
Added: 07/24/10, Last Updated: 07/24/10
Property Type: Residential for Rent, Res. Condo for Rent, Townhouse for Rent
MLS Number: AX7397238
Tract: Torpedo Factory


Beautifully renovated 3 lvl TH one block from King St and the waterfront. Fantastic renovation of kitchen and baths with granite and custom tile, hardwd flrs on main level, new carpet on bedroom levels, fresh paint, private patio, and vaulted ceilings in master bedroom. One assigned garage pkg space. Min 2 year lease. Pets case by case, limited to 1 under 40lbs.

Listed with Long & Foster Real Estate, Inc.

Brought to you by Will Nesbitt, Condo Alexandria. Call me today at 703 765 0300, or visit my website at www.condo-alexandria.com!

 

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Prospective renters are urge to select a rental agent rather than randomly search for properties in various location. We stand by this recommendation whether you choose Will Nesbitt Realty LLC, Condo Alexandria or any other agency. An agent provides expert advice at no cost to you the tenant. Any good agent knows the area and will show you only those priorities which suit your budget, commute, needs etc. If you want to know how rental agents work, call us or read this.

If you find a property here that suits your needs, Condo Alexandria can only show you properties in a capacity as a rental agent. Without an agency relationship, we simply can't afford the time/resources to give renters a tour of the area in the hopes that they might rent a particular property. These search tools are provided free and without obligation and we sincerely hope they help you find your next residence. We are still available for free consultations by phone at 703 765 0300.

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