The condos in Tysons Corner (McLean 22102 + Vienna 22182) tend to be nice, super located, and also very appealing to first time buyers. Many people, especially first time buyers, when buying don’t think too much about the future. They think that this is a great location. It is! They think there should be demand if I go to sell or rent. Always debatable and dynamically changing depending on the market and time of year – but we are very well positioned vs. many other areas in the country – and even one of the best in this area because of Tysons Corner’s huge disparity in the large number of jobs outnumbering the amount of homes in the area. So we could say this is a safe bet too [all things relative - don't over price, or it doesn't matter how much demand there is - will have to write another Tysons Corner Real Estate blog on that one]. One thing that isn’t thought of too much, and who can blame these Tysons Corner Condo buyers, is the paperwork. Yes, yes, I’m talking about paperwork.
In particular the paperwork I’m talking about is for the Gates of McLean (McLean zip 22102) condo community. I commend the Gates of McLean board and management staff for their dedication to the financial well being of the community. Remember condos, Tysons Corner Virginia or anywhere else in this country, are a group of owners paying for the whole of the community and amenities. And when I say amenities I mean more than fitness centers, pools, gates, doggie trails, car wash areas, and etc. I mean it all. Shoot, amenities doesn’t begin to cover what is covered. That condo fee that each owner pays is for a whole variety of important things, such as: staff, management, building upkeep and maintenance, janitorial services, lawn maintenance, roofs, walls, garages, reserves, pest control, and on and on. I didn’t even mention if you want a annual pool party or super bowl gala! So it’s important to be “healthy” financially. And the Gates of McLean has taken an extra step to be “health.” That extra step is in the form of paperwork.
So I’ve been speaking broadly, but to get specific, the Gates of McLean paperwork I’m referring to is the ” Gates of McLean Lease Addendum.” It is required to be attached to all leases in the Gates of McLean. The purpose of this addendum [and I'm not a lawyer, so don't go quoting me], by my understanding, is to make sure the condo fees keep getting paid. That’s pretty simple, and important. It does this by saying, again this is Jeff Wu paraphrasing, that if the landlord doesn’t pay his or her condo dues, then the Gates of McLean can collect them directly from the rent of the tenant.
This [a] incentivizes the landlord to pay the condo dues, because if they don’t the community is taking them from their renter. It also [b] keeps the income coming to the communmity. Remember, hard times hit all kinds of people. Gates of McLean landlords may not be exempt from trouble economically. The community knows that they’re probably going to pay their own mortgage and HOA or condo fee first before they pay their investment property’s condo fees. So if tough times hit, the Gates of McLean is low on the list for most investors in terms of creditor ranking. So [c] it is pre-emptively protecting the community from landlords hitting economic tough times.
[A] + [B] + [C], from above, all good reasons to do what the communit did. So good job management and good job Gates of McLean board of directors.
This is important to know for the owners for many reasons. [1] An investor should know from the get go if there are extra bylaws or regulations in particular communities. Not all communities have lease addendums like this. [2] Many of the owners and first time buyers should think about these things as well. It has been a natural progression for many who bought in the Gates of McLean as first time buyers to hang on to their Gates of McLean condo and go buy something else as their life needs evolve. Thus they become defacto landlords. [3] This is even important for potential Gates of McLean renters/tenants to know. Then they won’t be super surprised when they get a knock on the door or call from the Management saying that the community is exercising it’s right to take some of the rent this month because the landlord/owner of this McLean condo didn’t pay their condo dues!?
So not all McLean 22012 zip code, Tysons Corner area, condos have something like this. Unique and important to know about. If you’re more curious about this, would like a copy of the addendum, or anything else Real Estate related – feel free to contact me.
Jeff Wu
Your Tysons Corner Realtor!
571-248-1110
