Buying a condo in Arlington can feel more complex than buying a house. Each building has its own rules, finances, and lender requirements, so it is normal to have questions. You want a home that fits your commute and lifestyle without surprises after closing. This guide breaks down the steps, financing, HOA review, costs, and timelines so you can move forward with confidence. Let’s dive in.
Why Arlington condos stand out
Arlington is a dense, transit-oriented market next to Washington, DC. You will find high-rise towers near Metro in Rosslyn, Courthouse, Clarendon, Ballston, and Pentagon City, plus low-rise and garden-style buildings in established neighborhoods. Proximity to job centers and the National Landing corridor influences demand and pricing.
Pay attention to transit access, walkability, and nearby redevelopment. These can have a big impact on long-term value. For context on planning and neighborhood initiatives, explore the Arlington County official site.
Building type also matters. High-rise buildings with full amenities often carry higher dues and more shared systems to maintain. Smaller or historic conversions may have lower monthly fees but more variability in maintenance schedules and reserve planning.
Your step-by-step condo buying roadmap
1) Set your priorities
List what matters most. Consider neighborhood, Metro or bus access, parking and storage, pet and rental policies, amenities, and any school boundary needs. Decide what is a must-have versus a nice-to-have.
2) Get pre-approved with a condo-savvy lender
Secure a pre-approval from a lender experienced with Arlington condo projects. Ask how they handle condo project reviews and what documents they will need. A strong pre-approval helps you act quickly when the right unit appears.
3) Partner with a condo-experienced agent
Work with an agent who routinely handles Arlington condo transactions. Your agent will help you identify buildings that fit your budget and lifestyle, flag project-level risks, and shape a strong offer strategy.
4) Tour buildings and units
Walk common areas and look for signs of deferred maintenance. Confirm how parking and storage work, and whether spaces are deeded, assigned, or paid separately. Ask about move-in procedures, elevator reservations, and any associated fees.
5) Write a smart offer with targeted contingencies
Build in the right protections. Common contingencies include financing, satisfactory review of the condo resale certificate and HOA documents, and a general inspection. Your offer should also account for monthly dues and any known or potential assessments.
6) Review the resale package thoroughly
In Virginia, the seller typically provides the condo resale certificate and governing documents. Use the review window to confirm rules, fees, reserves, and any planned capital projects. Ask questions early if something is unclear.
7) Complete inspections and lender project approval
Order a unit inspection, and consider targeted checks if building systems raise concerns. Your lender will review the building’s financials, owner-occupancy ratio, insurance, and any litigation. This can take extra time, especially in smaller or investor-heavy buildings.
8) Close and handle move-in logistics
Your title company will coordinate closing, taxes, and recording. Arrange HOA onboarding, key fobs, and parking decals ahead of your move-in date. Confirm insurance coverage is active on day one.
9) After closing
Update your HO-6 policy as needed and register your ownership with the HOA and County as directed. Keep copies of the resale package and insurance for future reference.
Financing basics for Arlington condos
What lenders review about the building
Condo financing is not just about your credit. Lenders evaluate the project itself. They look at owner-occupancy levels, HOA delinquencies, reserve funding, the master insurance policy, and whether there is any litigation. Some smaller projects or condo conversions may have special underwriting rules.
FHA, VA, and conventional loans
- FHA loans usually require the condominium project to be FHA-approved. Review guidance on FHA condominium approval.
- Conventional loans follow Fannie Mae or Freddie Mac standards. Many lenders rely on Fannie Mae project eligibility and Freddie Mac condo project guidance for condo reviews.
- VA loans have similar project-level requirements. Ask your lender how they verify eligibility for your target building.
Questions to ask your lender
- How often do you close loans in Arlington condo buildings?
- Will you require project approval or a manual project review? What documents will you need?
- How do pending or planned special assessments affect my loan approval and debt-to-income ratio?
- What timeline should I expect for the condo project review?
Insurance matters
The HOA’s master policy covers common elements. You will need an HO-6 policy for the interior of your unit, personal property, and liability. Confirm master policy deductibles and consider loss assessment coverage to complement the building’s insurance.
HOA and legal due diligence
Use your document review window wisely. Key items include:
- Resale certificate or estoppel letter that confirms dues and account status.
- Declaration, bylaws, and rules that outline rights, restrictions, pets, rentals, and alterations.
- Current budget, recent financials, and reserve study that show operating health and long-term planning.
- Board meeting minutes for the last 12 to 24 months that reveal capital projects, policy changes, or disputes.
- Insurance declarations and fidelity bond details that clarify coverage and exclusions.
- Pending litigation disclosures that can affect financing and future costs.
If you see red flags, consult an experienced condo real estate attorney. Ask whether large projects will be funded by reserves, new assessments, or financing options.
Budget, taxes, and timelines
Typical costs to plan for
- Monthly HOA dues and what they include (utilities, amenities, parking, reserves).
- One-time move-in or elevator reservation fees, plus fob, key, and parking registration charges.
- HO-6 condo insurance and optional loss assessment coverage.
- Closing costs, lender fees, title insurance, and state and local recording or transfer taxes.
- Possible special assessments for capital projects.
Arlington County sets the real property tax rate and assesses value on a schedule. Your title company will calculate taxes and transfer fees at closing, and you can review county resources on the Arlington County official site for current information.
Typical timeline from offer to close
- Offer to acceptance: 1 to 7 days depending on negotiations.
- Due diligence and document review: about 7 to 14 days, sometimes longer.
- Lender underwriting and condo project approval: days to weeks based on the building and loan type.
- Closing: often 30 to 60 days from contract, but this varies by market conditions and lender review.
Avoid these common condo pitfalls
- Skimming the HOA rules and missing rental, pet, or renovation restrictions.
- Assuming the master policy covers interior finishes and personal property.
- Not confirming parking rights, storage, and guest parking policies in writing.
- Choosing a lender without strong condo experience and facing last-minute denials.
- Overlooking board minutes or reserve studies that hint at upcoming assessments.
- Using a down payment assistance program that does not fit the project rules.
Quick buyer checklist
- Get pre-approved with a lender experienced in Arlington condos.
- Hire an agent who regularly works in Arlington buildings.
- Verify parking and storage details, including whether spaces are deeded or assigned.
- Request and review the resale certificate and full governing documents.
- Review the budget, reserve study, board minutes, insurance, and litigation disclosures.
- Schedule a unit inspection and any targeted inspections indicated by building age or condition.
- Confirm lender project approval requirements and timing.
- Get an HO-6 quote that aligns with the building’s master policy and deductibles.
- Confirm move-in rules and fees with the HOA or management company.
Local resources
- Arlington County government for taxes, planning, and homeowner resources: Arlington County official site
- State programs for first-time buyers and assistance: Virginia Housing
- FHA condominium approval guidance: HUD condo approval
- Conventional project standards: Fannie Mae project eligibility and Freddie Mac condo guidance
- Market data and listings platforms: Bright MLS and the Northern Virginia Association of REALTORS®
Buying a condo in Arlington means evaluating both a home and a community’s finances, rules, and long-term plans. With the right lender, a careful document review, and a clear plan, you can move forward confidently and avoid costly surprises. If you want a tailored strategy, one-on-one guidance, and help navigating building-by-building nuances, connect with Teresa Burton to get started.
FAQs
How long does it take to buy a condo in Arlington?
- Most purchases close in about 30 to 60 days after contract, depending on lender condo review, document timelines, and negotiations.
What do Arlington condo HOA fees usually cover?
- Dues typically fund common area maintenance, building insurance, reserves, and sometimes utilities or amenities; review the budget and resale certificate to confirm specifics.
Can I use an FHA or VA loan to buy an Arlington condo?
- Yes, but the building must meet program requirements; check HUD’s FHA condominium guidance and confirm eligibility with your lender.
What condo documents should I review before I commit?
- Examine the resale certificate, declaration and bylaws, rules, budget and financials, reserve study, board minutes, insurance declarations, and any litigation disclosures.
Do I still need a home inspection for a condo?
- Yes, a unit inspection is recommended, and targeted checks may be wise if building systems or age suggest potential issues.
