Day: August 13, 2024

Why Do Appraisals Matter For Condo Buyers?

A condo appraisal is a professional property valuation required by mortgage lenders that typically takes 1-2 weeks to complete. Licensed appraisers evaluate key factors including square footage, number of bedrooms and bathrooms, building amenities, location, recent comparable sales, and overall condition to determine fair market value. This independent assessment protects both buyers and lenders by […]

How Does The Roof Condition Affect Condo Appraisal?

A condo building’s roof condition directly impacts individual unit appraisal values by 5-15%, making it one of the most significant factors in property valuation. Well-maintained roofs increase condo appraisals through three primary factors: structural integrity (40% weight), energy efficiency ratings (30% weight), and building aesthetics/curb appeal (30% weight). Key appraisal impacts by roof condition: Critical […]

Does The Age Of Your Property Affect An Apartment Appraisal?

An apartment’s age directly impacts its appraisal value through five key factors: historical significance can increase value by 10-25% for well-preserved properties, while outdated building systems can decrease value by 15-30%. Newer apartments (0-10 years) typically appraise 5-15% higher due to modern amenities and code compliance, but historic apartments (50+ years) in prime locations often […]