News and Resources

Increase Your Market Value

By: Linda J. Schiff, Senior Vice President, COMMUNITY ADVANTAGE®, Barrington Bank & Trust

Many community associations are reaching that age. You know, that age where everything is starting to look old---the shingles are starting to buckle; the siding needs to be replaced; doors and windows are losing their seals; the parking lot or garage has pot holes the size of a small elephant. The association needs to make some significant capital repairs and this usually means a lot of money….

Unit owners may also be noticing a plateau in sales prices or at least a slowdown in annual increases. (Hopefully property values haven't started to decline!) Buyers notice the condition of the buildings and ask themselves if this is a place they would like to live. When there is a lot of work to be done at an association, many buyers shy away from the unknown and seek properties that are more attractive. The market value of individual units is obviously directly related to the condition of the property as a whole. If the place doesn't look very good, it's tough to get top dollar when selling your unit.

For a complete copy of this article, please contact Linda Schiff by phone at 847-842-7980 or by email at lschiff@communityadvantage.com.

This article appeared in the Fall 1999 issue of Condo Lifestyles Magazine

September 1, 1999