Condo Fees vs. Co-Op fees

When looking to buy in both Virginia and DC, make sure to take a closer look in the condominium fees or co-op fees. Most buildings in Virginia are condominium buildings vs owned by a co-op, so most fees will be condo fees, so buyers will rarely notice a difference when looking building to building. But, in DC, many buildings are owned by a co-op which includes a co-op fee instead of a condo fee. When comparing these two fees, keep in mind that co-op fees usually include real estate taxes. These real estate taxes are usually tax deductible, so much of the co-op fee is deductible. When buying in a condominium, owners pay their real estate taxes separately, which is then potentially tax deductible.

So, my main point is...when you're looking in both DC and VA, don't get scared if you see dramatically different fees. Just remember what they all include!