Author: Scott B

The Impact of Renovations on Condo Appraisals

Strategic condo renovations can significantly boost your property’s appraisal value, with the right improvements yielding returns of 60-70% on your investment. Top Value-Adding Renovations: Renovations to Avoid: Key Considerations Before Renovating: The difference between smart renovations and costly mistakes lies in understanding what buyers value most. Focus on functional improvements that enhance daily living while […]

Essential Guide To Apartment Appraisals: Key Insights And Tips

An apartment appraisal is a professional assessment that determines a property’s current market value, conducted by a certified appraiser to ensure fair and accurate property valuation. Quick Facts: What Appraisers Evaluate: An apartment appraisal differs from fair market value (FMV), while an appraisal provides an objective professional valuation based on tangible factors, FMV reflects what […]

How Much Do Condo Appraisals Really Cost?

A condo appraisal is a professional evaluation of a condominium’s market value conducted by a licensed appraiser to determine fair pricing for real estate transactions. This detailed assessment examines the unit’s size, layout, condition, upgrades, building amenities, location, and recent comparable sales to establish an accurate property valuation. Required by mortgage lenders and essential for […]

What To Do If Your Apartment’s Appraisal Value Is Lower Than The Contract Price

In New York City’s real estate market, 20-30% of apartment appraisals come in below the contract price, creating a financing gap that buyers must address within 7-14 days. When an appraisal falls short, buyers have five primary options: request a new appraisal (success rate 15-25%), negotiate a price reduction (successful in 40% of cases), increase […]

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 […]

Guide To Post-Appraisal Procedures

After a home appraisal, the mortgage underwriting process begins, typically taking 30-45 days until closing. The appraisal results determine whether the transaction proceeds smoothly, requires renegotiation, or needs additional buyer funds, with three primary outcomes affecting both buyers and sellers. Possible appraisal outcomes and next steps: The post-appraisal timeline (30-45 days): Key underwriting factors reviewed: […]

How Environmental Factors Influence Home Appraisals

Environmental factors significantly impact real estate values through climate conditions, natural disaster risks, green space availability, and environmental regulations. Properties in areas with favorable climates and low disaster risk typically command 10-25% higher values, while proximity to green spaces can increase property values by 5-20%. Climate impacts on property values: Natural disaster risks that lower […]