by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.

Every house has value, regardless of it’s condition. The question is, how much value? There are several factors that affect the value of 1-4 Family Homes here in Queens, and it’s important to note that Appraised Value is different than Market Value. Appraised Value is the value of your home as assessed by a licensed real estate professional or appraiser. This value is based on comparable sales within the last 3-6 months. Market Value, on the other hand, is defined simply as “what a buyer is willing to pay for your home”. Market value is harder to estimate because it can be more emotional driven, and the fact is that many times there is a buyer willing to pay over market value for one reason or another. For example, if a buyer is waiting for a home to come up for sale on the same block as a family member and the homes in that area are very rare, that buyer will most likely see more value in that home than most other buyers because of the personal value. So the question becomes, what is the appraised value of your home, and what is the estimated market value of your home? Below is a list of factors that are used to determine both values here in Queens. Feel free to comment if you have any additional thoughts…

LOCATION

Location, location, location.The golden rule of real estate rings true here in Queens. Every neighborhood is different, and even the same neighborhood can have sub-divisions within that neighborhood. For this reason, it is best to compare your home, to similar homes within a quarter mile radius of you. Being that Queens is so densely populated, we find that a quarter mile gives you the best comps because it is probably in the same neighborhood, and architectural styles & sizes are likely to be more similar as well. Once you go outside a quarter mile, you may cross over major arteries and spill into different neighborhoods or sub-divisions.

BUILDING SIZE & GROSS LIVING AREA (GLA)
Let’s face it, it’s very hard to make your property bigger. Most buildings in Queens were built a long time ago, and most homeowners keep the existing structure. Now, of course you can add extensions and(or) build up, but the truth is that most homeowners don’t go to those extents just to make their homes bigger. Therefore, it’s important to compare your home, to other similar size properties (i.e. similar building size & GLA). In a county as densely populated as Queens, space is a premium, so a good rule of thumb is to not compare properties that are 200 sq ft larger or smaller than yours. This will give you a better indication of your property’s value. And on a side note, if there is a way for you to legally add living space (GLA) to your property, the value will increase because it will now be comped with larger/similar size homes.

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LOT SIZE & ZONING

Queens is one of the most popular counties in New York City so it’s no surprise that developers are scrambling to find lots with the right size & zoning in order to build something that will provide them with a great return on investment. As a result, your lot size and zoning can add value depending on the area, FAR, buildable square footage, etc. It’s important to understand what your zoning is and what your FAR is because depending on what it is, your property value may be increased substantially.

UPGRADES & RENOVATIONS
Condition plays a major factor in the value of a residential home. This is common knowledge, however, many homes are not fully renovated so it’s important to understand how appraisers & real estate professionals make adjustments for different upgrades, renovations, etc. Some improvements add value, some don’t. Some aspects of the home that are in bad condition can hurt the value of your home, and some others don’t. Therefore, it is important to compare your home to other similar size homes, in the same area, and in similar condition. Otherwise, you will need to make adjustments for upgrades & renovations that your property lacks, you can use the cost approach for these adjustments just to get a rough idea.

Thinking of Buying a Home in Queens? Click here for a list of all public and private homes for sale in Queens NY.

Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark.

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