Florida Buyers Broker
Values of Real Estate
Property
Features.
What to look for and what to lookout for!
There are many types and sizes of homes on the
market at any given point in time. As many of you know, when you
look at several properties in a day, it is best to take a notebook along
with you to jot down notes along with addresses so that at the end of
the day, you can recall the features you liked or did not like about a
particular property.
Let’s take a look at some of the features you may
be considering and how they may affect resale.
First, let’s take a look at the size of the home
itself.
We all agree that houses vary in the number of
rooms they have as well as the total square footage. It generally
doesn’t matter which neighborhood you are considering. Basically
all subdivisions have homes of various size, shape and construction.
As far as market value goes, buying the largest
house in a subdivision is not the best idea. Why? If the
majority of the properties surrounding this large home are much smaller
than the one you are considering, they can actually impede or greatly
lessen the amount of appreciation this property will achieve. It
is best to stay in conformity size wise with the properties surrounding
a home you are considering. Ironically, if you were to buy a
smaller or average size home in comparison to the others in the
subdivision, the larger homes can actually help your property to
appreciate more in value.
When shopping for property, especially with resale
value in mind, concentrate on your needs and not what you want.
Buying a property with features you need in a more impressive
development may actually result in better appreciation value than if you
were to buy what you wanted in a development of lesser quality.
Let’s take a look inside the property. How
many bedrooms and bathrooms are there? The most popular number of
bedrooms and bathrooms among buyers today are those with three or four
bedrooms and a minimum of two bathrooms. A home with two and a
half bathrooms offers even more for possible appreciation and resale
value.
What about storage space and utility area?
Walk-in closets are one of the most desirable features a home can have,
especially in the master bedroom. This is one time when size does
matter. The larger the closet space, the better.
Also, a nice size linen closet is a must in any
home.
When it comes to a garage, think attached and two
car garage. An attached two car garage will add to the resale
value of the home. A new trend among homes being built over the
last couple of years is an attached three car garage. These
properties are becoming more and more popular in many areas of the
country – especially in golfing communities.
Now let’s move on to the kitchen. The
kitchen is one of the most important rooms in a home.
It needs to have plenty of counter space, cabinet space, “elbow
room” and for better resale value, a nice size pantry. A large,
bright kitchen versus a small, dark kitchen is preferable and will add
resale to the property.
Generally, next to the kitchen will be a breakfast
nook as well as the family room or great room. This is the only
room where a fireplace will add resale value to the home. Having
fireplaces in other rooms generally means you are paying more for a
feature than the average buyer will be interested in. Again, go
with your needs and resale potential instead of wants or desires.
The family room or great room is where family and friends will gather
and having the kitchen nearby makes entertaining and dining more
enjoyable.
If you opt for a formal dining area, this too
should be off the kitchen for ease in serving and clearing dishes after
the meal which most formal dining areas are. However, unless you
do a great deal of formal dining, this area will be an added expense
which you don’t really need.
Well, we have taken a pretty good look at the
interior of the home itself, now let’s go outside.
The lot and landscape are particularly important.
It is best to stay with a regular shape lot and one which has space both
in the front as well as the back. Minimal landscape is better.
You can always add improvements such as trees and shrubs but remember to
keep it affordable in price and amount. Not everyone has that
“green” thumb and not everyone enjoys yard work. Buying a
heavily landscaped lot means you are paying a higher price which you are
less likely to recoup when it’s time to resell. The lot should
also be as level as possible. Steer clear of a property in which
the entire backyard is taken up by a swimming pool as this could make it
more difficult for resale. A nice size backyard makes the property
more appealing. Also, I don’t recommend odd shaped lots as these
are slower to move when it comes to resale.
It is paramount that you check comparable sales in
the area prior to making your offer. Your exclusive Buyers Broker
will provide you with print outs showing what similar properties have
listed for and what they have sold for in the development you are
considering. Compare the property you are considering to the list
of closed sales. Is the property in good condition? The
condition of the property greatly affects the value of the home.
Has the current owner made any improvements such as expensive flooring
or a swimming pool? Have they added an addition? These
improvements or additions may increase the value of the property and
will affect the purchase price.
Knowledge is power. By gathering information
about other properties in the development you are considering and
analyzing the data in the comparable sales report, you will be able to
establish a range of values based upon size, age, and features of other
homes that have sold in the development. The comparable sales
report as well as the condition/improvements of the property you are
considering along with the current real estate market will enable you to
determine a fair purchase price and offer.
Best of luck in all your real estate endeavors.
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________________________________________________________________________
©2006. Edward K. Blinn, P. A. is an
Exclusive Buyers Broker at RE/MAX Sundance Realty in Bonita Springs,
Florida who knows the value of SW Florida
real estate, area communities, and their amenities. http://www.FloridaBuyersBroker.com
"Specialized to your needs &
wants."
Edward K. Blinn,
PA
Office: 239-947-4907 ext.
14 Toll Free: 800-940-6086 ext. 14
Res: 239-948-2066
Edward K. Blinn, PA, Realtor®, Buyer's Broker, full
service REALTOR® offering relocation assistance and buyers broker
services for the
purchase of real estate in the Bonita Springs, Naples, Estero, Fort Myers, and the surrounding beach areas of Lee and
Collier county Florida.
RE/MAX
Sundance Realty
II
24520 Production Cir.,
Suite #3 Bonita Springs, FL
34135
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A. Wentzel - Business Services
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