Condo Real Estate
The whole point in obtaining a property appraisal is to have a professional appraiser such as Abbe Edelman give a valuation for a property, or state what the property is worth on the most recent real estate market. In some ways getting any property appraisal completed is the same, in the sense that the appraiser will view the property consider many different factors and then give what the property is actually worth if it was to be sold on the market. When considering a property appraisal of a condo it is slightly different than assessing traditional properties. This is because although the owner still owns the real estate, they only have title to the individual unit within the building. This means that they do not have the title to other parts of the property such as the land or other areas that are shared with the rest of the condo owners. For instance, the hallways, roofs, exterior portions of the building and lobbies are not any one person’s property but are shared in common. Even the maintenance of the property other than the particular condo that is owned is conducted corporately. Generally, the condo owners will organize a Homeowner’s Association to which each will pay dues or fees. These will be used to perform maintenance on the common areas of the property so that just one person is not responsible for maintaining the common areas. When taxes are assessed, each person only pays taxes on their individual unit.
What determines the value of a condo?
Just like most other residential property appraisals an appraiser will use a sales comparison method for valuation. The property appraiser will consider the condo and compare it with other condo units which have been sold recently on the market. The appraiser will compare one unit with other condos that are in the same building or they will look at various comparable condos in the immediate region to base their comparison on.
What types of features influence a Condo’s Value?
The interior portions of the condo are not the only features that will be taken into consideration when performing a property appraisal. But the interior features are a large portion of determining its worth. An appraiser will look at things like the square footage, bathrooms and bedrooms available, which floor the condo is located on, if there is any sort of a view and the overall general condition of the unit. They will also consider any amenities or renovations that might influence the condo’s overall worth. The property appraiser may also take into consideration if there are any amenities that are associated with the building that contains the condo. And they may also consider the types and amounts of fees required by the homeowner’s association.
Why are Condos such appealing real estate?
There may be many reasons that an individual might prefer a condo over a coop apartment. For one thing, when buying a coop apartment one usually has to get board approval but this is not the case when purchasing a condo. There are also fewer restrictive rules for owners to have to follow when they purchase a condo. One main restriction that condo owners do not generally need to worry about is subleasing. In most cases, it is allowed to sublease the condo whereas this is not allowed in coop apartments. There are a few coop apartments which will allow subletting with proper approval and various other restrictions. These are the typical reasons a condo is preferable to a coop apartment. These same reasons are what also make a condo somewhat more expensive than similar apartments which are purchased in a coop.
