The ONLY way to know the value of your condo is if you have a current #RESERVESTUDY to review and to ensure all of the recommended work is up to date. It is equally as important to make sure the reserve accounts are FULLY FUNDED according to the recommendations of that reserve study.
An #inspection and an #appraisal does NOT give you a status report of the entire building, only your condo, so you are not getting an entire picture. If your #condo #HOA hasn't done a reserve study then you have no way of knowing what #components could need repair or replacement and YOU WILL be responsible for that bill. So you might as well take that dollar amount right off the top of your value or sales price.
Considering only 30% of all condos in America have current reserve studies and less than 20% have done the work recommended, including funding those reserves;
AND
considering, half of all of our condos in America were built 30 years ago;
AND
considering, these buildings were built knowing they would need major repairs at ages 30-40 years...
we might be in some trouble!
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