Condo Considerations From Your Residential Property Appraisal Team

More millennial’s, retirees, single folk and young families are making residential condo purchases. In today’s challenging real estate market, purchasing a condo is the best financial option for many people. Property DNA Group wants to help you maximize your investment. As one of Western Canada’s leading property appraisers, we understand how pertinent it is to ensure you are getting a fair deal. Overpaying for a condo that is in poor condition simply because the market is inflated, is not exactly a wise investment. Let us help you decode n’ analyze the facts of your building and strata with a residential property appraisal to help you make an informed decision.

Establishing Fair Market Value

The formal appraisal process takes numerous factors into consideration to determine the fair market value of a property. The majority of banks and lenders require an appraisal to be completed to declare what the investment is worth. These details are essential to ensure the amount they are loaning does not surpass what they may recoup in the event that the buyer defaults on the mortgage. Residential appraisals provide everyone peace of mind.

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Residential Property Appraisal: Buying & Selling Financials

Ensuring that you are asking an appropriate, fair market value for your condominium in the event of selling is important. This can help you have solid considerations in mind when discussing a listing price with your real estate agent or selling privately on your own. Understanding the current condition of the building, what strata has on the calendar in terms of repairs and upgrades, the location and what similar units are going for in your area are all important factors. Being able to show potential buyers the financial facts on paper can help them determine if they are paying a decent price for the condition of the unit. Understanding which upgrades they may want to consider adding, such as new kitchen or bathroom components, can dramatically affect ones’ overall budget. Property DNA can deliver the comprehensive report that buyer’s, sellers, real estate agent and the bank needs in order to proceed.

Comparing Similar Properties In Your Neighborhood

Are you happy with your recent Property Tax Assessment? Depending on where you reside, values may have shot up over the last year or fallen. The sales comparison method is commonly utilized by certified appraisers to take three to five similar properties into account that have sold recently (usually within the last six months). Items such as square footage, location, number of bathrooms and bedrooms etc. are taken into account. Real estate values fluctuate over time. If you are basing your information on an outdated appraisal, your lender may require you to provide more current financials. We are happy to travel to your farm, residential, commercial or industrial property to provide accurate information.

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Don’t Delay, Call Property DNA Today!

Enjoy the security of knowing that you are not overpaying for your condo. Avoid having your listing on the market too long by ensuring it is being offered within a comparable range to similar properties in your neighborhood. Contact us for a free quote on your residential property appraisal today!

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