Condominiums only entered the residential real estate market in any material way, in the second half of the twentieth century. Owners of Condominium units do not own the land, or any of the common facilities which are typically owned by a Condominium association. Associations are typically responsible for all exterior maintenance and charge unit owners dues to cover their share of the cost. Unit owners are also required to abide by association rules. These rules may pertain to a variety of issues including pets, noise, parking, occupancy, etc. Dues and Condo association rules can affect the value of a property both positively or negatively. Condominium appraisals are best prepared by appraisers with experience in appraising them along with an understanding of how the association can affect property values.
ELLIOTT® appraises Condominiums anywhere in the United States. We have a network of qualified appraisers who understand Condominium ownership.