A deal now and value going forward.
Buying in a building with an assessment can save you big bucks. In fact, you’ll probably save 20% compared to other similar units in comparable buildings. (Buying a condo just as work is starting can get you the BEST deal!) And once the assessment is done, your home is not only going to gain back that value (20%!), but it’s likely going to gain another 20% additional increase once the exterior renovation is complete. The most expensive thing a building can have done is a new exterior… but it also happens to be the most valuable thing that can be done. Unfortunately, systems updates (like new electrical or plumbing) or interior updates (like new carpeting) just don’t add the same value to a building, because these are things that people assume a building has and do not have emotional appeal. Curb appeal on the other hand adds tremendous value to a condo building. If the building goes from dated, dilapidated, and depressing to fresh, current and modern you will be in for a big boost to value. The real good news here is that our seller will be paying the assessment off in full at closing. You can cash in that sweat equity without breaking a sweat.