“V” is not for Valor, but Value

“V” is not for Valor, but Value Yes, the V-word is perhaps the most important word in any real estate market, but especially in a slower market, as we are experiencing today. Value, more than location is the most important aspect of a housing purchase. Value is defined in the dictionary as “relative worth, merit or importance.” Value is the sum of all the parts of a real estate decision, which involves, location, price, size and quality. A 10 million dollar home can either be a good value or a bad value, it depends on the different factors. The same can be said for a $300,000 home. A $300,000 home on the beach in the United States is most likely an incredible value, where as a 10 million dollar home in an old tired neighborhood could be one of the worst values of all time. I am sure you’ve heard the phrase, location, location, location. In reality the worth of a home is value, value, value. Location is certainly one of the key ingredients, but you can have a good location and a bad value. Appraisers have a list of criteria that enables them to place a value on the home, beyond comparable solds listed in the same neighborhood. I recently asked an appraiser what are the red flags to look out for when shopping for a new home. What adds value to a home and what decreases value. One of the keys is square footage, even if it is an empty room square footage as it relates to other homes in the neighborhood is very significant. Of course the location is important, as comparisons are made to homes within the same neighborhoods. He said if you are looking to purchase a single family home absolutely do not buy across the street or next to multi-family. Today you can check your current home’s value or a new home you are interested in on a number of websites such as Zillow, HomeValueHunt and HomeGain. So, if you are looking for an existing home, this is a great way to start your search For information on brand new existing homes ready for immediate move-in, in the Southwest Florida market, visit the Kaye Homes website at www.kayehomes.com . Kaye Homes has been building homes in the Naples/Ft. Myers market since 1985. They have won numerous awards including a 2008 Pacesetter Award for excellence. Every home built by Kaye Homes is a quality home, where value is paramount, whether you are looking for a million dollar custom home or a $300,000 home.