The Condo Costs That Can Blow Up Your Budget
Buying a condo in Arlington, VA comes with a lot of moving parts — and the price tag on the listing is only part of the story. Beyond your mortgage payment, there are ongoing and sometimes unexpected expenses that can affect your budget both now and in the future. Knowing what to look for before you make an offer can save you from costly surprises later.
1) Condo Fees
These monthly payments cover shared expenses like maintenance, insurance, and amenities. In Arlington, fees can range from the mid $300’s for a simpler garden style in Ballston to $1,000+ for full‑service luxury buildings in Rosslyn with pools, concierge, and fitness centers. If you are not going to use the amenities, why pay for them? One of the biggest factors in determining condo fees is the number of units in a building. For example, the cost of a running a pool is going to be the same whether it is in a boutique building or large complex, but whether that cost is spread over 50 owners or 350 makes a big impact on condo fees.
Pro tip: Compare what’s included (e.g., water, gas, trash, amenities). Two similar‑looking buildings can have very different fee structures.
2) Special Assessments
One‑time, unexpected charges for big projects not covered by the regular budget — think façade repairs, emergency elevator replacement, safety hazard repairs, or roof replacement. These can run into the thousands. Remember, these are sudden, unexpected repairs or projects. Any well run building will budget for replacement of major systems and components, like HVAC systems and roofs.
Pro tip: Read recent board meeting minutes and the resale package to see if any assessments are proposed or discussed. A special assessment needs to be disclosed when it is actually passed by the board. However, leading up to that, there might be some discussion in the board meetings.
3) Reserve Fund Health
The reserve fund is the association’s savings for future repairs. Low reserves can increase the risk of special assessments later. A newer building in Shirlington may have smaller reserves because fewer components are near end‑of‑life; an older complex in Pentagon City may carry larger reserves.
Pro tip: The condo docs should include the most recent reserve study and compare the recommended funding level to the actual balance.
4) Insurance Gaps
The building’s master policy covers the structure and common areas, but you’ll still need an HO‑6 policy for your unit’s interior, personal property, and liability. Coverage differs by “walls‑in” vs. “walls‑out.”
Pro tip: Get a copy of the master policy so your insurance agent can match coverage and plug any gaps (including loss assessment coverage). An HO-6 policy is going to be similar to a standard hazard policy you would get for a single family home, however, an HO-6 policy is going to be a lot less because of the coverage of the master insurance policy.
5) Parking & Storage
Spaces may be deeded, assigned, or leased. Storage lockers are often separate and may carry monthly fees.
Pro tip: Verify what conveys at closing, any additional costs, and whether spaces can be rented or transferred. Especially for newer buildings, always check out any garage spaces and make sure your vehicle can fit.
6) Utilities
Some buildings (especially in Crystal City) include more utilities in the condo fee; many newer buildings in Ballston and Rosslyn meter electricity, gas, water, and internet separately.
Pro tip: Don’t think you are saving money if all the utilities are included in the condo fee. Owners have less incentive to conserve when the same amount whether they keep the thermostat at 68 or 78!
7) Amenity Premiums
8) Capital Improvement Projects
Lobby refreshes, elevator replacements, and security upgrades can lead to fee increases or future assessments. Some Courthouse buildings have updated common areas to stay competitive, passing part of the cost to owners.
Pro tip: Review the association’s 5‑year capital plan and ask how projects are funded.
Arlington Condo Buyer FAQ
What are typical condo fees in Arlington, VA?
They vary by building age, size, and amenities. Expect under $300/month in simpler mid‑rises and $1,000+/month in full‑service high‑rises with extensive amenities.
What is a special assessment and how can I spot one coming?
It’s a one‑time charge for large projects not covered by the annual budget (façade, elevator, roof, HVAC). Read board minutes, the reserve study, and the 5‑year plan.
How do I evaluate a condo association’s reserves?
After you ratify a contract on a condo unit, you will receive a set of condo docs with the latest reserve study and financials. Compare the recommended level to the actual balance and check which major components are near end‑of‑life. Don’t waive your condo doc review period!
Does the master policy replace my need for an HO‑6 policy?
No. The master policy covers the structure and common areas; your HO‑6 covers interior finishes, personal property, liability, and loss assessment.
Are parking and storage included?
Not always. Confirm whether they convey, whether they’re leased or deeded, any monthly fees, and any restrictions on renting or transferring spaces.
Which utilities are included in condo fees?
It depends. Many include water and gas; electricity and internet are commonly separate. Ask for the seller’s 12‑month utility history.
