Home Buying in Brooklyn>Question Details

Sara Myers E…, Home Buyer in Brooklyn, NY

what makes one piece of property more valuable than another and how can you see what quality a house/condo is?

Asked by Sara Myers Emanuel, Brooklyn, NY Tue Jul 19, 2011

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Definitely a big portion of value is location. Its the old saying for investors " buy the worst house on the best block as a rule of thumb" after that it depends on what your in the market for. Are you investor or first time home buyer? I always suggest for fist time buyers who will stay more than 7 years to buy on your personal preference. you have to love the home otherwise you will be calling me back soon to re-sell the property and in the long run costing you more money. As far as construction bring a licensed inspector or contracter to give you an estimate of the quality of the materials used. good luck!
0 votes Thank Flag Link Thu Jul 21, 2011
Location, size, condition, schools,etc., are some factors in making one property more valuable than another...buy the property that best suits your financials, wants, needs, lifestyle, and know you'll be happy living there...
0 votes Thank Flag Link Tue Jul 19, 2011
Quality stands out on it's own. But you can always bring a licensed home inspector with construction knowledge to check the property out.. Beyond that , Location,Location ,Location ! Of course the condition and beauty of the decor and size of rooms do matter, but all things being equal location rules!
0 votes Thank Flag Link Tue Jul 19, 2011
There are two kinds of VALUE to a home:
The value to you as a Homeowner and a Family; how it fits your needs and desires, the neighborhood, the schools, proximity to work, shopping, churches and recreation. Basically, how happy and sercure you are. Many buyers fail to take this into consideration when searching; they are just interested in getting the best deal, the best price.

The value to you as an Investor; the resale value, Location, Location, Location! and how much you paid.

In doing a CMA, to determine the approximate WORTH, the location is the most important factor followed closely by the Size, Condition, Upgrades, Age, Lot size, etc.

Understand that the Value to you may be different to someone else. Also, the Value changes on a Monthly or even daily basis, as the economy changes and new Comp's are created.

Good luck and may God bless
0 votes Thank Flag Link Tue Jul 19, 2011
Dear Saralemyers:

There are many factors that contribute to a property's value such as location, lot size, building size, condition, amenities and also current market conditions. As far as the quality of the house, most buyers hire an inspector to check out the house prior to signing a legal contract of sale to make sure the house in in good condition and that there are no problems that you will be surprised with later.

If you have further questions or want to talk, feel free to contact me any time. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Jul 19, 2011
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