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
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