This is an excerpt from our "2024 Condo Outlook" webinar...
This is a MUST watch!
THE ONLY WAY TO KNOW THE VALUE OF A CONDO IN AMERICA IS TO REVIEW THE RESERVE STUDY AND COMPARE IT TO THE RECOMMENDED RESERVES!!
The appraisal does NOT appraise the entire building! An appraisal is supposed to focus on the value of your home, but how can it be accurate in the case of a condo when it is only looking at your 4 walls and not the entire building and the budgets?
The inspection does NOT inspect the entire building! An inspection is supposed to focus on the home's condition, but how can it be accurate in the case of a condo when it is only looking at your 4 walls and not the entire building and the budgets?
How can you compare to other condos across the street if their reserves are fully funded and all repairs are completed, but you aren't aware of a potential surprise $100,000 assessments on the horizon in the building you are considering purchasing in?
Wouldn't you negotiate the price of the condo you are considering purchasing by reducing your offer by $100,000 if you knew?
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