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