What to Expect During a 2–4 Unit Apartment Building Appraisal in Chicago
Preparing for an appraisal in a multi‑unit residential building is much easier when you know exactly what the visit involves. Below is a clear, overview what you can expect.
How Long Will the Appraisal Appointment Take?
Most on‑site inspections for 2–4 unit apartment buildings take approximately 30–45 minutes. The exact timing depends on the size, layout, and accessibility of the property. Within that timeframe, the appraiser generally needs about 5–7 minutes inside each apartment to document layout, condition, and key features.
What Areas Must the Appraiser Access?
To complete a compliant and accurate valuation, full access to all interior and exterior areas is required, including:
- All apartments
- All rooms within each unit
- Hallways and common areas
- Porches and balconies
- Garages
- Basements
- Mechanical rooms
- Any other accessible area on the property
This ensures the appraiser can verify condition, layout, updates, deferred maintenance, and overall functionality of the building.
Will the Appraiser Take Photos?
Yes. Interior and exterior photos are required for documentation and lender or client compliance. Photos are taken of:
- Kitchens
- Bathrooms
- Living areas
- Bedrooms
- Mechanical systems
- Exterior elevations
- Common areas
These images are used strictly for the appraisal report.
How Should I Prepare the Property for Access?
To avoid delays, please ensure:
- All locked gates, doors, and access points are unlocked before the appointment.
- Any areas that are typically secured (storage rooms, mechanical rooms, garages) are accessible.
- Pets are secured to allow safe entry into all units and spaces.
Do I Need to Provide Leases?
Yes. Please send copies of all current leases prior to the appointment.
Leases help verify:
Leases help verify:
- Rental income
- Lease terms
- Occupancy
- Concessions or special arrangements
This information is essential for income‑based valuation approaches commonly used for 2–4 unit properties.
What Are My Responsibilities Under Chicago’s CRLTO?
Chicago’s Residential Landlord and Tenant Ordinance (CRLTO) requires that tenants receive at least 2 days’ notice before an appraisal inspection.
Please ensure:
Please ensure:
- Each tenant is notified in writing
- The notice includes the date and time window of the appointment
- Tenants understand that the appraiser will need brief access to all rooms
Should Tenants Prepare in Any Special Way?
To minimize disruptions, tenants should be advised to:
- Plan baths, showers, and personal routines around the inspection window
- Ensure all rooms are accessible
- Secure pets if needed
This helps the inspection move smoothly and respectfully for everyone involved.