THE SHORT ANSWER
A condominium or townhome appraisal develops an opinion of value for a defined use and effective date. The analysis considers the unit’s characteristics, comparable sales and relevant information about the development, subject to the agreed scope.
How attached housing is analyzed
The appraiser considers the unit’s condition, layout, location and features, along with comparable sales and the character of the surrounding development. The relevant evidence depends on the property and assignment.
Documents that may help
When available and relevant, provide unit details, recent upgrades, association information, property documents and the purpose of the appraisal. The appraiser can identify which information is useful after learning the assignment requirements.
Define the intended use first
Purchase, refinance and private assignments can have different requirements. If the appraisal is for lending, check with the lender about its ordering process. For other purposes, share the intended use and any effective date or deadline when requesting a quote.
COMMON QUESTIONS
Frequently asked questions
Is a condo appraisal different from a house appraisal?
The valuation process has common principles, but the analysis also considers unit-specific features, comparable units and relevant development context. The exact scope depends on the assignment.
Does the homeowners association affect the appraisal?
Association information may provide useful context when it is relevant and available. The appraiser will determine what information applies to the assignment.
Can I order a condo appraisal for a refinance?
For a lending appraisal, ask your lender how it should be ordered and whether it can accept an assignment from Reddy Appraisal LLC.