5 Things You Should Know Before Buying a House

Buying a house is the dream of many people, however, it is a goal you have to work for and save for a long time. It also involves a number of aspects to review if you want to save money to the maximum and even make that acquisition a future investment.

If you are thinking of buying a house, but the terminology confuses you, here housing specialists from Ebbets Field Apartments share some facts that you should consider.

Ebbets Field Apartments is a housing complex, located on the famous baseball field of the Brooklyn Dodgers, steps from the Brooklyn Botanical GardenThis complex is owned by Fieldbridge Associates LLC and is home to a diverse and friendly community.

So, let’s take a look at some of the most important data you should know before buying a property.

1. Price per square meter

Although when you are buying, you pay for the full price of the house or apartment, knowing the price per square meter helps you compare with other similar properties in the same area.

2. Difference between square meter of construction and land

"The land or the terrain, being the base of the building or the perimeter of the property, has a differentiated value," says Sholom Drizin, the landlord of Ebbets Field Apartments.

If a house is well located, the price per square meter of the land could be higher, especially if it is an older property.

"The price per square meter built is more variable, because it can be higher for extensions or use of better materials and finishes, than the same land," said the analyst.

3. Amenities and how to affect the value of the property

Amenities are additional attributes that a house has, such as a pool, parking lot, gym or multipurpose room.

All of them add value to housing and increase prices to the extent that they meet certain needs and have a greater demand.

For example, if the transfer times are excessive, the amenities such as home services, nursery or games room are more valued, said the landlord of Ebbets Field Apartments.

This Brooklyn-located housing complex has many onsite amenities such as our children’s playgrounds, onsite parking garages and state of the art laundry rooms.

4. What is surplus value and what is it for?

“The surplus value estimates the price variation over time. This is the quintessential measure of the residential market,” explained the landlord of Ebbets Field Apartments.

“This is a signal to decide on supply and demand strategies, how to go to the market to sell or close new acquisitions and also measure price differentials with respect to global trends. So we can position how high or low a residential valuation is,”he added.

5. How to compare the price of real estate?

The landlord of Ebbets Field Apartments (see this housing complex on Zillow) said that the first thing is to identify which variable you want to compare. Secondly, compile the most relevant indicators and execute the statistical calculation to obtain a hard data.

For example, if the surplus value in an area is 25% and the city prices are around 10%, the comparison is to measure the surplus value of the property with respect to the area and the city.

You should also consider that the price of the area is not the only thing that is measured, but the comforts with the housing account, finishes and remodeling.