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