What is a Condo? The Ultimate Guide for Renters and Buyers in DC

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Renting or buying a place is more than just signing a lease or mortgage. Before you start the home-buying process, it’s crucial to understand the different types of home options you have in your area. 

Today, we’re focusing specifically on condos in the DC area, and what the benefits are to buying these types of homes. So, what is a condo? How do they differ from apartments, townhouses, or single-family homes? 

Let’s get started.

Key Takeaways:

  • What is a Condo?: A condo is a residential unit that you own within a multi-unit building, with shared ownership of common areas like gyms, pools, and lobbies.
  • Benefits of a Condo: From being affordable to being low maintenance and even having resort-style amenities in prime locations, the benefits of owning a condo are vast.
  • Condo vs. Apartment: Condos are owned units, while apartments are rental properties managed by landlords or property managers.
  • Condo vs. Townhouse: Condo owners only own the interior of their unit, while townhouse owners also own the land and exterior.
  • Condo vs. Single-Family Home: Condos offer affordability and low-maintenance living, while single-family homes offer privacy and full ownership of the land.
  • How Nomadic Real Estate Helps Condo Owners: Nomadic provides end-to-end property management, including leasing, maintenance, and maximizing rental income.

What is a Condo? 

A condo, short for condominium, is a type of residential property where individuals own their specific unit within a larger multi-unit building or community. 

Unlike apartments, which are typically rented, condos are purchased as personal property. However, condo owners also share joint ownership of common areas like hallways, lobbies, gyms, pools, and outdoor spaces. 

These shared areas are managed collectively by a homeowners association (HOA), which oversees maintenance, security, and overall community standards.

With over 280,500 estimated condo units in the DC metropolitan area, you’ve definitely come across these properties in your neighborhood.

The Top Benefits of Living in a Condo 

For many, condos offer significant appeal over other types of houses like apartments or even single-family homes. 

Of course, everyone will find their own advantages of living in a condo, but here are some of the major benefits that most condo owners experience: 

  • Low-Maintenance Living: With the HOA handling exterior maintenance, landscaping, and shared area repairs, condo owners avoid the hassle of mowing lawns, shoveling snow, or repairing roofs. This makes it ideal for those with busy lifestyles.
  • Access to Shared Amenities: Condos often feature resort-style amenities like swimming pools, fitness centers, rooftop lounges, and coworking spaces. These perks are included as part of the HOA fee, giving residents access to luxurious features without the high cost of ownership.
  • Prime Locations: Many condos are built in urban hubs and highly desirable areas near restaurants, public transportation, and entertainment hotspots. Living in a prime location provides easy access to city life and walkable neighborhoods.
  • Affordability Compared to Single-Family Homes: Condos are often a more affordable entry into homeownership compared to single-family homes in the same area. Lower purchase prices, smaller down payments, and shared costs for amenities make condos a practical choice for first-time buyers.

The benefits of living — and owning — a condo are vast and unique per person. You simply won’t know just how much positive change it can bring to your life until you buy one yourself. Thankfully, that’s exactly why Nomadic Real Estate is here. 

The Differences Between Condos and Other Housing Types

When searching for your new home, it’s important to take the time to understand what differentiates each home type from the next. Condos, specifically, are unique property types that vary quite significantly when compared to apartments, townhouses, and single-family homes. 

To help you ensure that a condo is the right property type for you, let’s see exactly how these homes compare to other property types on the market. 

Condo vs. Apartment: Key Distinctions 

Plain and simple, the main difference between a condo and an apartment is the ownership

Apartments are typically rental units owned by a landlord or property management company, while condos are individually owned properties. Condo owners can live in their units or rent them out, whereas apartment tenants have no ownership rights.

Here are four things to consider when buying a condo to rent it out.

Property management firms manage apartments, while in condos, the HOA oversees shared spaces and community standards. 

Monthly costs also differ: renters pay rent and utility bills, while condo owners pay HOA fees on top of their mortgage. This fee covers shared amenities like pools, fitness centers, and maintenance of community areas. 

In other words, if you’re interested in homeownership with access to resort-style amenities, a condo may be a more appealing option than an apartment.

Condo vs. Townhouse

While condos and townhouses may appear similar on the outside, they differ quite a bit in terms of ownership and maintenance. 

Condo ownership only applies to the interior space of the unit. On the other hand, townhouse owners own both the unit and the land it sits on, including the exterior walls and roof.

This difference impacts maintenance responsibilities. In a condo, the HOA handles exterior upkeep, landscaping, and shared amenities. Townhouse owners, however, are responsible for maintaining their own exterior spaces, including the roof, yard, and driveway.

The layout of condos and townhouses is also distinct. Townhouses in DC are often multi-story homes with private entrances, while condos typically resemble apartment-style units within a shared building. 

That being said, if you’re a home buyer seeking a low-maintenance, community-oriented lifestyle, you’ll likely find condos a better fit — especially in high-demand areas like DC.

Condo vs. Single-Family Home: Which is Best for You?

Finally, let’s talk about some of the biggest differences between condos and single-family homes. 

Single-family homes provide complete ownership of both the structure and the land, offering more privacy, space, and customization options. Owners have full control over renovations, landscaping, and design choices. 

Condos, on the other hand, offer the perks of homeownership with fewer responsibilities. The HOA manages exterior upkeep and community spaces, allowing you to enjoy a low-maintenance lifestyle. 

Condos are often more affordable than single-family homes in the same location, making them an appealing entry point for first-time buyers.

In general, if you’re seeking space, privacy, and the ability to customize a home, a single-family home is a great option. But for buyers who prioritize location, affordability, and low-maintenance living, condos present a modern, convenient alternative in the bustling DC Metro area.

Learn more about condos vs. houses in our helpful guide. 

How Nomadic Helps Condo Owners Maximize Investments 

No matter what part of buying a condo appeals to you, Nomadic Real Estate is here to help you find the property of your dreams. From managing day-to-day operations to optimizing rental income, Nomadic offers a full suite of property management services. 

Our team handles everything from tenant screening and leasing to maintenance coordination and rent collection, ensuring a hassle-free experience for condo owners.

Nomadic prides itself on staying up-to-date on rental demand, pricing trends, and tenant preferences in the DC Metro area, allowing us to price units competitively and reduce vacancy periods. 

Not to mention, Nomadic provides ongoing property care and maintenance, ensuring all of our condo units remain in peak condition. 

By streamlining the rental process and offering end-to-end support, Nomadic empowers condo owners just like you to achieve consistent returns on your real estate investments. 

Buy Your Dream Condo Today With Nomadic Real Estate 

All in all, condos offer a fantastic blend of affordability, convenience, and modern amenities, making them a great option for both buyers and renters in the DC Metro area. 

If you’re ready to explore condo ownership or maximize the return on your existing condo investment,  Nomadic Real Estate is here to guide you every step of the way. Contact us today to see how our personalized support can help you achieve your real estate goals in DC, Maryland, and Northern Virginia.

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

Owner Portal Reports
  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

Enhanced Rent Roll Report
  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

Unit Comparison Report
  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

Income Statement by Month Report
  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

Owner Portal Documents
  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

Owner Portal Property Statement

You'll also find a month-over-month operating statement:

Month over Month Statement

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

Commincation Dashboard Screenshot
  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

Owner Ledger Dates
  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

Ledger Property Column
  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

Owner Ledger Description Column
  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

Owner Ledger Amount Column
  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

Owner Ledger Account Balance Column
  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

See a running list of all bills, and drill down for more detail:

Owner Portal Bills View

Under Bill Details, you'll find dates/descriptions/amounts and more:

Portal Bill Details

You can also communicate with your Account Manager through the portal:

Owner Portal Communication Tools

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

Net Distribution

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.