Buying a Condo in Arlington: Fees, Reserves, Rules and Resale

Buying a condo in Arlington means looking past the unit itself and studying the association behind it: the monthly fee, the health of the reserve fund, the rules on renting and renovating, and whether lenders will finance units in that building. Get those four things right and a condo can be one of the most practical ways to own close to Metro. Skip them and a good-looking unit can turn into an expensive surprise.

Why condos are such a big part of Arlington

Arlington is compact, and much of its housing near transit is vertical. Condo buildings line the Rosslyn-Ballston corridor, Crystal City and Pentagon City, and Columbia Pike, with smaller garden-style communities scattered through neighborhoods farther from the Orange, Silver, Blue and Yellow lines. For many of my buyers, a condo is the only realistic way to own a home within a short walk of a Metro station.

The trade-off is shared ownership. Under the Virginia Condominium Act, you own your unit outright and an undivided share of the common elements: the roof, the elevators, the garage, the pipes in the walls. The association’s decisions about those elements show up in your fees and, sometimes, in a special assessment.

Condo fees: what they cover and what they don’t

Two buildings with similar fees can be very different deals. Before comparing, find out exactly what the fee includes.

Often included	Sometimes included	Usually not included
Building insurance (master policy)	Water and sewer	Your own HO-6 insurance policy
Common area cleaning and maintenance	Heat or gas (common in older buildings)	Electricity in your unit
Reserve contributions	Concierge or front desk	Internet (unless a bulk contract exists)
Trash and recycling	Pool and fitness room	Garage space (can be deeded, leased or extra)
Management company fees	Storage unit	Special assessments

In older Arlington buildings with central boilers, a higher fee can make sense because it covers heat and hot water. In newer buildings, utilities are often metered by unit, so the fee is lower but your monthly bills are higher. I ask buyers to add the fee and expected utilities together and compare that total, not the fee alone. The mortgage calculator lets you add the HOA fee into your monthly payment so the comparison is honest.

Reserves: the number most buyers skip

Every building ages. Roofs, elevators, garage decks, windows and mechanical systems all wear out on a schedule. A reserve fund is the savings account the association uses to pay for that work without a sudden bill to owners.

Virginia law requires condo boards to do a reserve study at least once every five years and to review it each year when setting the budget (Va. Code § 55.1-1965). The study lists each major component, its remaining useful life and estimated replacement cost. Here is what I look for:

• Date of the last study. Older than five years is a yellow flag.
• Percent funded. How the current reserve balance compares with what the study recommends at this point in time.
• Big-ticket items coming due. An elevator modernization or garage restoration in the next few years should be fully planned for.
• Contribution trend. Are owners actually paying in what the study recommends, or has the board kept fees artificially low?
• Board minutes. Talk of engineering reports, leaks, facade work or loans is a sign to dig deeper.

The resale certificate and your review period

When a condo is sold in Virginia, the seller orders a resale certificate (often called the condo docs or resale packet) from the association under the Resale Disclosure Act, Va. Code § 55.1-2307 and following. It includes the governing documents and rules, the current budget and reserve study, the fee and any unpaid amounts, approved special assessments, pending lawsuits, insurance information, recent meeting minutes and any restrictions on leasing, pets, parking and signage.

Once you receive it, you generally have 3 days to cancel the contract if you deliver notice properly, measured from hand or electronic delivery (a mailed certificate gets a little longer). That window is short, so I tell buyers to block out an evening for the packet as soon as it arrives. A Virginia real estate attorney can review any document that raises questions.

Financing: is the building warrantable, FHA approved or VA approved?

With a condo, the lender approves the building as well as the borrower. Each loan program has its own test:

1. Conventional (Fannie Mae and Freddie Mac). The lender reviews the project. Common problems include one investor owning too many units, a large share of owners behind on fees, a budget that doesn’t set aside enough for reserves (Fannie Mae’s full review looks for at least 10 percent), significant commercial space, pending litigation or critical repairs. A building that fails is called non-warrantable and may need a portfolio loan with a larger down payment.
2. FHA. The project needs FHA approval, or the unit may qualify through FHA’s single-unit approval process. You can look up a building on HUD’s FHA condo search, keeping in mind that approvals expire.
3. VA. VA keeps its own list of approved condo projects, so eligible military buyers should check it early.

Conforming loan limits also matter at higher price points; see 2025 loan limits in Northern Virginia.

Rules that affect how you live and what you can do later

• Rental restrictions. Some associations cap the number of rented units, require a minimum lease term or ban short-term rentals. If you might rent the unit later, confirm the current policy and any waitlist.
• Renovation approvals. Flooring changes often require sound-rated underlayment. Moving plumbing or walls may need board approval and a licensed contractor.
• Pets. Size, number and breed rules vary by building.
• Move-in logistics. Many high-rises require you to reserve the elevator and pay a move-in fee or deposit.
• Parking. Know whether a space is deeded, assigned or leased, and whether it conveys with the unit.

A worked example

Here is an illustrative comparison of two Arlington condos at the same price. The numbers are hypothetical, chosen to show the math, not drawn from real listings.

	Building A (1980s, Pike)	Building B (2010s, R-B corridor)
List price	$450,000	$450,000
Monthly fee	$620 (includes heat, water)	$480 (water only)
Estimated utilities	$60	$150
Fee plus utilities	$680	$630
Last reserve study	2 years ago, well funded	6 years ago, underfunded
Known projects	Windows done recently	Garage repairs discussed in minutes

Building B looks cheaper per month, but an old reserve study, a funding gap and garage talk in the minutes point to a real risk of a special assessment or a fee jump. Building A’s higher fee buys predictability. Neither is automatically right. The point is that the fee alone tells you very little.

Common mistakes I see condo buyers make

• Comparing fees without comparing what they include.
• Skimming the resale certificate and missing the cancellation deadline.
• Assuming a building is FHA or VA approved because it was approved years ago.
• Ignoring board minutes, where future assessments are usually discussed first.
• Buying with a plan to rent later without checking rental caps.
• Forgetting the HO-6 policy and budgeting only for the master policy.
• Skipping the inspection because the building is managed. Your unit’s systems are still yours.

For the broader picture on closing costs and neighborhoods, see Virginia buyer closing costs and how to choose a neighborhood. For more on the county itself, visit my Arlington page.

Frequently asked questions

How long do I have to cancel after getting condo docs in Virginia?

Generally 3 days after you receive the resale certificate by hand or electronically, with a bit longer if it is mailed. Notice must be given properly, so talk with your agent or a Virginia real estate attorney right away if you want to cancel.

What is a good reserve fund for a condo?

There’s no single number. Look at how the current balance compares with the latest reserve study’s recommendation and whether the association is contributing what the study says it should.

Can I get an FHA loan on any condo in Arlington?

No. The building needs FHA approval, or the individual unit must qualify through FHA’s single-unit approval. Check HUD’s condo search and ask your lender early.

Are condo fees tax deductible?

Not for a home you live in. If you rent the unit out, fees may be deductible as a rental expense, so ask a CPA about your situation.