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Find the Best Places - Do You Know the 7 Most Important Things to Compare in Locales?
Find the Best Places - Do You Know the 7 Most Important Things to Compare in Locales? If you haven't settled on one location and are still narrowing down your search, use the Internet or your real estate agent to get overview information on key elements of each locale you are considering:- Residential real estate - Schools & Test Scores - The people who live in the area The most important components in assessing real estate are: - Properties available in your price range - Is the type of residence you want available in a prospective area - The factors that could impact future real estate values in the area 1. Know Your Unit Cost Using Realtor.com or any site featuring real estate listings, you can easily identify whether a locale has appealing properties in your price range. But, you should go beyond that to look at Cost per Square Foot (i.e., unit cost). This is determined by dividing the square footage of living space into the price of the property. For example, 1,900 sq. ft. of space offered for $225,000 costs $118 per square foot. You can use the unit cost two ways: A. To get an idea of how much living are you can afford in a locale for your target purchase price B. To compare different properties to see which is the best deal Here are examples: If your target purchase price is $175,000 and the average cost/sq. ft. is $125, then it's likely that you will be seeing residences of about 1,400 sq. ft. in your price range. Is that enough space for you? You are considering two different properties. One is 1,800 sq. ft., offered at $209,000. The second place is 2,000 sq. ft., offered at $249,000. Assuming both are in your price range, it's always best to stretch your budget and buy the most you can afford, right? Not necessarily. The unit cost of the second place is 7% higher. So the property will have to appreciate in value that much more for you to get the same return when you sell. 2. Determine the Residential Price Distribution The Residential Price Distribution allows you to assess the potential for price appreciation--or price depreciation. For example, if your target purchase price near the top of the range of values for a locale, you have more downside risk. Maybe that's OK, maybe not. But make an informed decision about the issue. 3. Find the Age Ranges for Residential Properties This is the distribution of residential real estate by year built. It will allow you to assess whether the residences in the area will offer the characteristics you want. In many cases, residences and neighborhoods reflect the architectural and community planning styles prevalent at the time the area was developed. For example, if most of the residences were built before 1940, the locale is likely to have a central business district with shops and restaurants. If most of the residences were built after 1960, the locale is likely to have businesses in strip malls. One may a... |
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