Blog :: 12-2017

What Is Actually Covered by Your Condo's Master Policy?

 

Thinking of buying a home?  Search the local MLS here.

Thinking of selling your home?  Get a home valuation here.

Want to see our inventory of homes?  View our listings here.

 

Today I’m speaking with Austin Head, who is the Long & Foster insurance guru. Austin is going to give us some insight into the subject of condo insurance.

With condo insurance, owners are usually only responsible for the interior of the building. This is because the condo association holds a master policy over the exterior. 

But recently, Austin says he’s been seeing many master policies that are covering not only the exterior, but also the interior of the unit. 

This sounds like a good thing at face value, but it is still important to be aware of what is covered. For a better understanding of this, Austin always recommends obtaining a copy of the master policy and taking it to your insurance agent. 

The master policy may state that the interior is only covered up to builder’s grade materials. So, if you lived in a very nice condo and it happened to burn down, it may be rebuilt using builder's grade material. 

"If you lived in a very nice condo that was covered by a master policy and it happened to burn down, it may be rebuilt using builder's grade material."

If you spent a lot of money upgrading your living space with high-quality amenities and something were to happen to require them to be replaced, the replacements would be installed with a much lower grade of material. 

Even if the interior is covered by a master policy, Austin highly advises that you get additional condo insurance to cover any upgrades. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 
 


 

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Let Total Wine Help You Celebrate the Holidays in Style

 

This time on “Fairfax Fridays,” we decided to stop in at Total Wine and talk with assistant manager Kathleen Scott about what makes their store unique and how they can help you celebrate this holiday season.

According to Kathleen, Total Wine’s best quality is their knowledgeable staff. Not everybody is totally comfortable when it comes to making wine choices, but they’re always able to assist people with their questions. 

Kathleen also says Total Wine has the best selection and best pricing of any store in the area. They offer product knowledge classes throughout the year which you can sign up for, along with weekly wine tastings on Fridays and Saturdays from 12 p.m. to 6 p.m. 

If you’re hosting a party this holiday season, Kathleen has a couple useful tips for you. 

"Total Wine has the best selection and best pricing of any store in the area."

First, keep your wine selection simple—try for a crowd-pleasing red and a crowd-pleasing white. A good example for red wines would be a Pinot Noir because it goes well with any type of food. For white wines, you can try a Riesling or a Prosecco. 

Also, allow your wine enough time to breathe. To do this, you can use a regular decanter or a decanter with an aerator attached to it to save time. 

Lastly, as an added bonus, if you walk into the Total Wine located in Greenbriar Shopping Center and say the words “Get Keyed Up,” you’ll earn a free gift. 

We want to thank Kathleen for allowing us to stop in and visit with her. If you have any questions for us, feel free to give us a call or send us an email. We’d love to speak with you. 
 

 

 


 

Who Pays Real Estate Commissions in Virginia?

 

Thinking of buying a home?  Search the local MLS here.

Thinking of selling your home?  Get a home valuation here.

Want to see our inventory of homes?  View our listings here.

 

The No. 1 question we get from folks who are either new homebuyers or new to buying homes in Virginia is this: “Who pays the commission of the buyer’s and seller’s agents? How does it work?” To show you, I’ll use this example.

I recently met with a client who contacted me through Zillow at a house. When I met him, we started to chat and I found that he was looking at a bunch of different houses with a bunch of different agents. I was curious about this. 

He felt very strongly that he needed to interview multiple agents. I agreed with him, and think it’s a great idea. However, his reasoning was that he was going to be paying them a 3% commission, so he wanted to make sure to hire someone he trusted. 

"It’s extremely important to interview multiple agents."

In Virginia, commissions work a little differently. The sellers are actually the ones who are responsible for the commission for both agent's. However, the amount they spend on the buyer’s agent commission is usually reflected in the sale price.

Whether you’re looking to buy or sell, it is extremely important that you interview multiple agents and find one with the experience, communication skills, and business savvy to help you accomplish your goals.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.


 


 

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