There is a program in DC that helps protect buyers of newly constructed condominiums. It is in effect for two years after the settlement date of the first condo in the building. 10% of the total cost of construction is put aside as a condominium warranty bond. It is held by the Department of Consumer and Regulatory Affairs (DCRA) and the condo association can request money from it for structural issues that arise. This link will help explain exactly how the process works. Here are some tips to keep in mind when buying a brand new condo to make sure the program is effective for you.
The developer of the condominiums is allowed to manage the building during the two year warranty bond period. This is a conflict of interest, and while legal, it should be
As more and more people are moving back into the District of Columbia, areas that were once not well known or considered off the beaten path are now becoming hotspots for real estate development. One of these areas is Ivy City, which is a small neighborhood located in Northeast DC between the very popular neighborhoods of Brookland and H Street Atlas District. Spurred by development of those two neighborhoods and the emergence of nearby Trinidad and Union Market, Ivy City has seen a recent renaissance. While property prices still remain well below the DC average, they have begun to rise this year and will likely continue to do so due to an abundance of recent development.
The biggest change in the neighborhood may be the Nike store that has opened in
Do you own a home in DC with a basement you’d like to rent out? Are you looking for a property with the ability to rent out the basement to make the mortgage more affordable to you? While it’s definitely an option, many homeowners in the District do not follow the rules when it comes to renting out their basement. That can cause quite a headache for the landlord if they are caught, as legally DC is very tenant-friendly. However, we’ve got the answers you need. This link will give you the rundown of what you need to do to get a Two Family Rental License. The most important thing you must have to rent out your basement is a certificate of occupancy. Here’s what you need to do:
Make sure you live in an area of DC that is zoned for multi-families.
Are you a teacher in Washington, DC? We understand that buying property can seem daunting for a number of reasons, including cost, but there are a few loan programs that can help. One is the Employer-Assisted Housing Program, or EAHP. This helps full-time DC Government employees become first-time homeowners within the District. You must have a good credit rating and enough income to afford a mortgage loan. If you are deemed eligible, you will receive matching closing cost funds up to $1,500 ($500 for each $2,500 saved by an employee) and a deferred second trust loan up to $10,000. Applicants are allowed to select a first trust lender of their choice. The maximum loan amount for the EAHP is $625,500. A second program that we recommend is the Home Purchase…