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Real Estate Value: Analysis of Real Worth
from: Cy YablonskyReal estate is one of the most valuable investments you can
make. Real estate in New Jersey is especially valuable. There
are many reasons why real estate can be valuable, but the
age-old adage is usually right: Location, location location. At
ERA Othello Realty we look at all the criteria that make up real
estate value.
Real estate can have value because it's valuable to a specific
individual, but overall the value of real estate is what the
general public (in the market) will pay for it. A residential
home's value can have many pluses and minuses, but if all other
things remain the same then the location determines the price.
There are different criteria with different types of real estate
that determine what location is valuable for a specific piece of
real estate. For a commercial property it might be important to
be on a main road with a lot of traffic. For industrial real
estate it might be important to be near railway lines or away
from high traffic areas.
For residential real estate it becomes more complicated.
"Residential real estate" means someone's home. A home is the
most personal piece of real estate and, usually, the most
important real estate that s/he will ever own. There are many
reasons why one location will be more valuable than another.
Schools very often are the driving force behind a person's
determination to stay in a specific place or to move to a
specific place. In this case "real estate location" is something
that isn't a specific "vicinity" issue but rather a municipality
issue. So this piece of real estate will have a different value
for someone with children than for someone without children. So
a good school system will only drive up the price for certain
people, as such it only has a partial affect.
Transportation is a huge factor for people who need to travel to
work. In Central New Jersey, which includes Middlesex County,
Monmouth County, Mercer County and parts of Ocean County and
Burlington County, people very often need to travel to Northern
New Jersey or New York City. If the home is close to a major
thoroughfare, such as the Garden State Parkway, The New Jersey
Turnpike, Route 1 or 9, it can have a very positive affect on
desirability for long-commuting buyers.
Mass transit is also an important factor to commuters who use
it. The New Jersey mass transit system brings millions of
commuters north every day and certain people will pay more to be
close to it.
Some people like their homes very secluded, surrounded by a lot
of land and some people like their homes in a cozy development.
As a general rule, though, the more land, the more someone will
pay for that piece of real estate.
The size of the house has one of the strongest impacts on the
value. A small house on a small piece of land has a much lower
real estate value than a medium house on a small piece of land.
This is obvious. There is a time, though, that a house too large
for the land can reach a peak with it's real estate value.
A combination of land and home size is second to location in
real estate value. Let us not forget about the condition of the
total piece of real estate. The real estate condition is usually
on the home itself but it can also be on the land. A nice
manicured lawn with a lot of nice trees can be a boon to the
property's worth.
The condition of the house itself is very important. A house
that needs some "TLC" (or tender loving care) has amuch lower
value than a house that is "as new." While this might be
obvious, it should also be obvious to a home seller that they
should fix up their house as much as possible. The same idea of
"an ounce of prevention is worth a pound of cure." Making sure
the paint is perfect, the carpet nice, no cosmetic flaws can
have a much larger value -add than the cost of fixing it up.
It's not always the case, but it usually is.
New Jersey is called The Garden State for a reason. It used to
be much more rural. Parts of it, mainly in Southern New Jersey,
are still much more rural. As the New York Metro area grew,
though, it transformed Northern NJ, and now Central NJ into a
more suburban locale. This, in turn, has driven up real estate
values. The NJ Real Estate Market has surged incredibly these
past 10 years.
As NYC real estate prices have climbed people have started to
move out of NY and into, relatively, cheaper New Jersey. These
cheaper suburban real estate prices, in turn, have attracted
more people, which drives up real estate demand and real estate
prices. When the prices in Northern Jersey go up people look
further south into Central Jersey and then the cycle repeats
itself. But, in general, the prices of central and south New
Jersey are cheaper than northern. Central NJ is cheaper than
South NJ.
So, in review, here are the important criteria for real estate
value:
* Real Estate Location * Real Estate Condition * Real Estate
Size * Real Estate Vicinity * School Districts * Transportation
(Roads) * Mass Transportation
I hope this real estate tutorial is a help in your next real
estate purchase or sale. Copyright 2005 Cy Yablonsky. Cy
Yablonsky is an Associate Realtor with Othello Realty, you can
visit Othello Realty at http://www.OthelloRealty.com. Feel free
to reprint this article but you must include this paragraph and
all links must be live and working, no changes can be made.
About the author:
Copyright 2005 Cy Yablonsky. Cy Yablonsky is an Associate
Realtor with Othello Realty, you can visit Othello Realty at
http://OthelloRealty.com. Feel free to reprint this article but
you must include this paragraph and all links must be live and
working, no changes can be made.
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