Real Estate Investor: Become a Smart Property Investor with Advanced Investing Techniques, Methods and Rules by Blaine Robertson

Author:Blaine Robertson [Robertson, Blaine]
Language: eng
Format: azw3
Published: 2020-09-08T16:00:00+00:00

The type of building is an essential factor to consider. Is the property terraced, detached, or semi-detached? Is there a wow factor about the property – something to impress tenants or buyers? Age is also a crucial factor. If a building has some historical connections, the value can go up in the market. A newer building with the latest fittings will also be more valuable in the market. The size of the property is another thing that can impact its value. Obviously, the larger property is, the more it will cost. Size may vary greatly or be similar; regardless, it will be considered in the appraisal process. Size is usually measured in terms of square feet. When evaluating and comparing the square footage of a property, ensure you know what it is you are looking for. For residential properties, some investors prefer to add the square footage of the basement to their calculations. In contrast, others prefer to leave it out. Ideally, you should be within 20 percent of the building to get an accurate number.

Note that extra square footage doesn't equate value. A property may be more significant than other properties around and still have lesser value. Even if it does have more value, it may not be as valuable as you expect it to be. A few extra square footage may not drastically increase the price of a property. This happens especially when the extra space is basically useless, which means it doesn't take or add anything to the property. If you are not entirely sure about the exact size of a building, check the MLS listings and the tax records. Most states require property owners to pay additional taxes on extra footages. Thus, you can get an accurate or near-accurate size of the property. The takeaway is that extra footages may be necessary, but bigger doesn't always mean more value.

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