Condo Living: Preview the Pads

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IT'S THAT TIME of the week again. Monday through Friday, your inbox filled up with open house invites from all the real estate agent e-mail lists you've been signing up for.

You kept those that looked somewhat appealing — yes to the Flats at Scenic Crossing, no to the Lofts at Railroad Track View. Now you're prepared to spend the better part of Saturday or Sunday afternoon strolling through condos, hunting for a space that will not only fit your budget but also your needs. It'd help if your potential pad had loads of aesthetic appeal and modern conveniences, too.

So, how do you get the most out of condo open houses? Whether you're looking at a single flat or scoping out model apartments for a whole new development, here's how to capitalize on the 10 to 15 minutes you spend wandering from room to room.

Already working with a real estate agent? It's a good idea to bring him or her along. They work most weekends anyway, and an agent can help you squeeze the most info out of the real estate agent on duty and the four (or more) walls of the spot that might be your future home.

"Having an agent is like wearing armor — you're protected," advises Mary Bayat, who has been in real estate for 22 years and recently opened her own firm in Tysons Corner. "Someone buys one, two, three [condos] at the most in their lifetime. Agents see a lot," she says. "Agents protect buyers' interests."

With or without a real estate agent, tool around the neighborhood of the complex prior to going in. Do the streets look safe? Does it have the amenities you need — a nearby Starbucks, a grocery store within walking distance? Is there a bus stop or Metro station close by? A "no" to any of those could make this particular tour unnecessary.

If you didn't before, once at the open house, put aside all emotion. You don't want to be sold on an abode because "it's pretty," says Joan Caton Cromwell, a real estate agent with the Chevy Chase, D.C., office of Long & Foster Real Estate.

Look pragmatically at the space. Mentally place your table and chairs and that gorgeous coffee table your grandmother promised you as a housewarming gift. This is particularly important when touring model flats — you know, the ones developers have furnished and decorated to look like uncluttered dream homes even when the high-rise isn't completed yet.

When trekking through these potential House Beautifuls, it's handy to bring a measuring tape or ask for a floorplan with measurements, because while that leather futon rocks against the chic red wall in the model, you never know whether your beloved full-length, purple velvet sofa will work, too.

As you're taking in cupboard and closet space, note the time of day and how much sun is drenching that neutral Berber carpet. If you're directionally challenged, ask the real estate agent which direction the windows face. Increased sunlight could also mean a lower utility bill. Residences with southern exposure get the most rays, while those with northern exposure could end up dungeon-dark, not cozy, in the winter months.

After that, check out the view. In some tower blocks, the higher the condo, the better the vista — with corresponding price increases. And if your budget keeps you on lower levels, are you happy with a view of the neighbor's naked mannequin?

If the building you're checking out is older, inspect the appliances and elements that may need replacing during the time you're the owner. Scrutinize the windows. Any intruding moisture will show up on the wall below the windowsills, advises Bayat.

There's only so much you learn by eyeballing a place, though, so come prepared with a list of questions. But beware, warns real estate agent Caton Cromwell: "Nothing is binding that has been said verbally. It's only binding if it's in writing." So, if the deciding factor for you is the groovy 1950s dresser the owner promised to leave behind, make sure it's in the contract before giving it your John Hancock.

Also, keep in mind that real estate agents, like most folks, hate to admit ignorance. "People will make up the answers rather than say, 'I don't know,'" Caton Cromwell says. That said, "Don't approach a transaction suspiciously," Caton Cromwell also advises. Trust what the real estate agent says, but verify it with your agent and make sure everything is documented.

The first thing to ask is how much the condo fees are and what they cover. The monthly dues at Potomac Towers, a onetime apartment complex currently being converted into condos at 400 Eighth St. SW, cover amenities including a pool, fitness centers and a convenience store plus all utilities, save for cable and telephone.

For brand-new structures, the questions can stop there. But for older buildings, probe a little further. Find out whether the management or owners' association is planning renovations in the near future and whether there is a surplus of funds to cover them or whether owners can expect to have their fees raised. Also, ask about recent refurbishments and how often such face-lifts happen. "A condo in Alexandria changed their lobby three times in three years," Bayat says. Clearly, that's an extreme, but it's helpful to know how often those in charge typically spring to "modernize" common areas and whether owners have to pony up for such improvements.

Equally important is whether and how often you can expect dues to increase. "Condo fees can go up every year," notes D.C. condo owner Laura Thompson Osuri, 30. During her two and a half years in her first condo, her dues stayed the same. But at her second condo in Gallery Place, which she moved into two and a half years ago, her dues actually went up $15 per month.

In new buildings, ask about standard features and upgrades. A model condo may feature sparkly granite countertops and gleaming wood floors, but they might not come with your pad unless you plunk down an extra $15,000. In older buildings, ask about rules regarding owner renovations. Some associations require unit owners to cover hardwoods with a certain percentage of carpet cover — which might just mean throwing rugs over your self-installed Pergo floors.

Ask about proximity to such amenities as trash and laundry facilities. A condo next door to the floor's garbage room might mean you'd face some unpleasant odors.

Also, in-unit washers and dryers are not a given. Originally designed as a hotel back in 1959, Potomac Towers has laundry facilities only on the ground floor, a long elevator ride for an eighth-floor unit owner with a basket of grimy workout wear. Yet Tower dwellers don't have to hang around the laundry room for hours — the complex offers an online service that displays washer/dryer availability and sends e-mails when loads are finished.

If need a place for you and Fido or Fifi, be sure to ask about pet policies, especially whether your furry pal is allowed. "No pets would have been a deal breaker," says Thompson Osuri, who has a cat, Monkey. Conversely, if you have allergies, you might prefer an animal-free complex.

As you're looking at a unit in an established building, ask whether your neighbors — above, below and to the side — are owners or renters. Pride in ownership lends itself to compromise when sticky issues crop up, Caton Cromwell says, such as how to decorate balconies. It's easier to convince an owner than a renter that her pony keg is an eyesore.

Think you've found dream digs? One other thing to find out, which may affect your ability to secure a loan, is the ratio of renter- to owner-occupied units. Renters typically don't keep up units as carefully as owners, potentially depreciating the value of surrounding condos. If a complex has a higher percentage of renters, you may have to get a loan at a higher interest rate, advises Ray Hrabec, vice president of SunTrust Mortgage.

Still, if your short look at a unit makes you ready to commit for the long haul, it's time to make an offer. Don't forget to unsubscribe from all those pesky real estate e-mail lists after you're done.

» INVESTMENT IQ:
The days of flipping condos and real estate profits may be over. But real estate still is a popular investment. If you're watching a fabulous high-rise go up across the street and wondering whether to buy a unit as a rental, do your homework before taking on a second mortgage. Here's what to consider before you leap.

» Are investors allowed? Some builders inject a clause into their building contract prohibiting sale to owners who don't intend to live on the property, says real estate agent Mary Bayat. It's about pride in ownership —renters aren't as conscientious about keeping the place looking its best.

» How much rent can you expect to charge? This is a figure you'll have to verify with your agent. His or her estimate should give you an idea about whether this investment is a cash cow or a money pit.

» Note any retail establishments already in the complex. Lower-end stores could inhibit the appreciation of the property. "You don't want a million-dollar property with a pawn shop on the ground floor," warns real estate agent Joan Caton Cromwell. And a complex that's more than 20 percent retail/office space means the property ranks as more commercial than residential, inhibiting your ability to secure a loan.

Written by Express contributor Sara Kruger
Photos by Lawrence Luk/Express