Staring at a condo listing in Richmond’s West End and wondering why it says “HOA fee” when you know it’s a condominium? You’re not alone. The terms can blur together, and that makes it harder to compare buildings, understand monthly costs, and plan for long-term ownership. In this guide, you’ll get a clear, buyer-friendly breakdown of condo HOA vs COA, what West End condo fees usually cover, how to read association budgets and reserve studies, and the key questions to ask before you make an offer. Let’s dive in.
HOA vs COA, explained for Richmond buyers
If you are buying a condominium, you are joining a condominium association, often called a Condominium Owners Association or simply “the association.” This COA owns and maintains the common elements and enforces the declaration, bylaws, and rules. In everyday Richmond real estate, people may still say “HOA” for condos, but the governing framework for condos is the Virginia Condominium Act.
For detached homes, townhomes, or planned communities, HOA is the typical term. HOAs and COAs collect assessments and enforce rules, but the underlying ownership is different. With a condo, you own your interior unit plus a shared interest in the common elements; with an HOA, you usually own the land under your home along with any shared amenities.
Why the distinction matters
- Your rights and obligations come from the condo declaration, bylaws, and rules. These documents control what the association maintains and how fees are set.
- In Virginia, condo associations can levy regular assessments and, when needed, special assessments for capital projects.
- Lenders and loan programs look closely at condo associations. Project approval, reserve funding, owner occupancy, and litigation status can affect your financing.
For deeper background on association governance and reserves, you can review the Community Associations Institute’s resources on association operations and best practices. The national organization provides useful primers for consumers and boards at the Community Associations Institute website.
What West End condo fees typically cover
Fees vary by building age, size, and amenities, but most West End condo associations include these line items:
- Common-area maintenance and repairs: hallways, lobbies, roofs, windows, exterior siding, elevators
- Landscaping, grounds upkeep, snow removal, exterior lighting
- Building systems and common utilities: elevator service, shared HVAC for common spaces, water and sewer for common lines
- Trash and recycling
- Master insurance policy for the building and common elements
- Reserve fund contributions for big-ticket items like roofs, façade work, elevators, and parking decks
- Professional management fees and accounting/legal services
- Security systems, concierge, on-site staff where provided
- Amenity operations: pool, fitness center, clubhouse
- Periodic services depending on the building: pest control, window washing, chimney or vent cleaning
Most owners also carry a separate HO-6 policy for interiors, personal property, and loss assessment coverage. To understand how the master policy and HO-6 work together, review the Insurance Information Institute’s guide to condo insurance.
How fees are calculated
- In many buildings, your monthly assessment is based on your unit’s ownership interest, often tied to square footage or a unit factor.
- Fees reflect the building’s amenity level, age, and reserve strategy. Older buildings or those with elevators and parking structures often need higher reserves.
- Special assessments can be added when reserves are not sufficient for major repairs or unexpected costs.
Read the numbers like a pro
Strong associations show their health in the budget and reserves. You do not need to be an accountant to spot the basics.
Operating budget basics
Ask for the current operating budget and the prior year for comparison. Focus on:
- Income: regular assessments should fund the bulk of operations. Some buildings also have parking or rental income.
- Recurring expenses: look at utilities, janitorial, landscaping, and management. Persistent increases can point to future fee hikes.
- Reserve contributions: make sure this is a separate line item and not skipped in tight months.
- Deficits and delinquencies: repeated operating deficits or a high percentage of owners behind on dues are red flags.
Reserve studies in plain English
A reserve study catalogs the big shared components, estimates their useful life and replacement cost, and recommends annual funding levels. Best practice is to update the study every 3 to 5 years and to fund reserves on a schedule that matches upcoming projects. You can learn more about reserve studies and funding approaches through CAI’s reserve study resources.
Key items to check:
- Reserve balance vs. recommended balance: this is often described as percent funded. Higher is usually better.
- Upcoming projects: roofs, façade repairs, garage decks, and elevator modernizations are common in West End buildings.
- Funding plan: does the current budget stay on track with the study’s recommendations, or is there a gap that could trigger a special assessment?
Red flags to watch
- No recent reserve study or very low reserve balance
- Zero or minimal reserve contributions year after year
- Repeated special assessments or sudden large assessment increases
- Operating deficits or high owner delinquency rates
- Active litigation or unusually large legal expenses
- Frequent turnover in management or long-outstanding contracts not rebid
Due diligence checklist for West End condo buyers
Request these documents from the seller or association during your review period:
- Current and prior-year operating budgets; recent financial statements
- Reserve study and current reserve account balance
- Minutes of board meetings from the last 6 to 12 months
- Master insurance certificate with coverages and deductible
- Declaration, bylaws, rules and regulations, and any amendments
- Resale certificate or disclosure, including assessments, delinquencies, and any planned special assessments
- Management contract and major service contracts like elevator or landscaping
- Information on pending litigation, code issues, or insurance claims
Ask the manager or board:
- Are any special assessments expected in the next 1 to 5 years?
- What major repairs are scheduled and how will they be funded?
- What is the owner-occupancy versus rental ratio today?
- What percentage of owners are delinquent on assessments?
- Is the association in litigation? What is the nature and potential cost?
- What does the master policy cover and what is the current deductible? How might deductibles be allocated if there is a claim?
- How often is the reserve study updated and how closely are its funding recommendations followed?
- Which utilities and amenities are included in the fee? Are there fee tiers by unit type or parking?
Financing and insurance checkpoints
Condo financing can depend on the building’s profile. Government-backed loans and many conventional lenders look at owner occupancy, reserve funding, delinquency rates, and litigation. If you plan to use FHA or VA financing, confirm the project’s status early using your lender’s resources and HUD’s guidance on condo project approval.
For insurance, clarify the gap between the master policy and your personal policy. Many owners carry HO-6 coverage for interior improvements, personal property, loss of use, and loss assessment. Review coverage basics at the Insurance Information Institute’s condo insurance page and ask your agent to tailor a policy to your building’s deductible and coverage type.
Local West End insights that matter
The West End includes older garden and mid-rise communities as well as newer infill and mixed-use buildings. Building age and construction type shape what is coming due in reserves. Older roofs and façades, parking decks, and elevator modernizations are common capital items. Local climate patterns, including freeze-thaw cycles and seasonal storms, can increase exterior maintenance and waterproofing needs over time.
Practical local watch-outs:
- Visible deferred maintenance such as peeling paint, water stains, or ponding on parking decks
- Frequent elevator outages in buildings that rely on a single car
- Aging central boilers or shared mechanicals near end of life
- Low owner occupancy that may complicate some financing options
You can also review regional market context and consumer resources from the Richmond Association of Realtors.
How to compare two West End condos
When fees differ by a few hundred dollars per month, look past the headline number. Compare what each fee includes, the strength of the reserve funding, and the timing of upcoming projects. A higher fee that includes robust reserves and more utilities can be the better long-term value than a low fee with a thin reserve and looming capital work.
A simple side-by-side approach:
- List what the fee includes for each property, including utilities
- Note reserve percent funded and next scheduled major projects
- Ask about any planned special assessments and how they will be allocated
- Confirm owner occupancy and delinquency percentages
- Review master policy deductible and your estimated HO-6 premium
Smart next steps
If you are weighing a West End condo, focus on three things: what the fee covers, the health of the reserve fund, and any pending assessments or litigation. Combine that with a clear view of financing and insurance, and you will have a full picture of both monthly cost and long-term risk.
When you are ready to move forward, schedule a private consultation. We will help you target buildings that match your lifestyle, gather the right documents, and coordinate with your lender and insurance agent so you can buy with confidence. Reach out to the Chris Small Group to get started.
FAQs
What is the difference between an HOA and a COA for Richmond condos?
- HOAs typically govern planned communities of fee-simple homes or townhomes, while COAs govern condominiums where you own your unit and share ownership of common elements; condo buyers in Virginia are subject to the Virginia Condominium Act and the community’s declaration and bylaws.
What do West End condo fees usually include?
- Most cover common-area maintenance, landscaping, trash, common utilities, master insurance, management, amenities, and reserves, with specifics depending on the building’s age, systems, and amenity level.
How are condo assessments calculated for different unit sizes?
- Many associations apportion assessments by ownership interest defined in the declaration, often tied to each unit’s square footage or an assigned unit factor.
How do special assessments work in Virginia condominiums?
- Associations can levy special assessments for capital projects when reserves are not sufficient; details on notice, voting, and allocation are set in the recorded condominium documents under the Virginia Condominium Act framework.
Which documents should you review before buying a West End condo?
- Ask for the budget, financials, reserve study and balance, minutes, master insurance summary, resale certificate, governing documents, major contracts, and information on litigation or code issues.
How do lenders evaluate Richmond condo buildings for loans?
- Lenders look at reserve funding, owner occupancy, delinquency rates, and litigation, and some programs require project approval; if using FHA or VA financing, confirm status early using lender resources and HUD’s condo approval guidance.
What insurance do Richmond condo owners need besides the master policy?
- Most owners carry an HO-6 policy for interior finishes, personal property, loss of use, and loss assessment; align your coverage with the master policy’s scope and deductible using guidance from the Insurance Information Institute.
