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In the determination of the value of a property multiple factors should be considered. As a realtor with many years of experience in the Brooklyn Real Estate Market here is my point of view.
1. Location, Location, Location
On of the most important factors is the location of the property, i.e. whether the property is located in an up and coming or an established neighborhood will be reflected in the lower or higher value. An established neighborhood is usually defined by convenience to public transportation, shopping, schools, houses of worship and whose real estate values have been steadily on the rise or have held their value fairly well over the course of many years. Within that neighborhood, the property value is also effected by the property type and whether the property is situated on the street or an avenue. For example, the best location for a commercial property is on the busiest section of a high traffic avenue while the best location for a residential property is on the section of a block that is quiet yet conveniently located for shopping and transportation. Usually, an up and coming neighborhood is popular with young families and singles since prices are more affordable. However, once a diversity of restaurants, cafes, night clubs and concert halls are established, prices rise steadily and sometimes may rise dramatically.
2. Property Condition
The structural integrity of a property whether residential or commercial results in an increase or decrease of the properties value.
The pertinent questions are: is the foundation solid and free of cracking and leaking from cold, rain and snow? Are the floor beams solid, straight and level and termite free? Are the plumbing, heating and electrical updated and in good working condition? Is the roof in good condition and free of leaks? Have the walls, ceilings and floors been well maintained by the owner or left to fall into disrepair and deterioration?
These are the most important issues that affect the value of a property. The value of a property is highest if the location and property condition are excellent. The value of a property is lower if the location and property condition are not very good or very bad. Different combination of location and property condition give varied value to the property.
3. Market and economic conditions, mortgage rates, etc
are amongst other factors that play an important role in determining the value of a property.
These two links below, offer current business news and information on today’s real estate market conditions:
