The value of neighbourhood in home purchase
Two houses covering absolutely same area, made totally identical, using the same set of raw materials, in exactly the same condition carry different price tags, because they are located in different neighbourhoods. The real estate market is a slave of location. If the area is desirable, the property is considered hot. If the area is not in the favorite list, the property’s value is lowered. As a buyer you need to understand the implications of this law and only a qualified New York appraiser can educate.
When you buy a property, you are buying an asset and thus are investing. Thus, you’d want to pay a price which is actually justified. To ensure that you are paying right, you need to know all about the property’s neighbourhood. This knowledge will help work out a suitable cost. However, there is no cookie cutter solution here. To judge a neighbourhood, a host of factors need to be considered and only a professional can do justification to this analysis. The New York appraiser while evaluating a property’s value, undertakes a detailed location survey. He checks the published numbers and additionally looks into subjective details. Thus, a New York appraiser refers to relevant reports like crime records, numbers of schools and hospitals in the region, etc. Additionally, the appraiser checks the status of recently concluded sales in the vicinity. The thus collated data presents a much clearer picture.
As a buyer you can attempt to collect these details personally. However, when it comes to actually studying and comparing the findings, only a New York appraiser is equipped to accomplish the job. Buying property is not an everyday affair. To save upon trivial appraisal expenses, would you like to make an investment, which is not profitable.