On Real Estate

Jim Valentine: Factors beyond price

Jim Valentine on Real Estate

Jim Valentine on Real Estate

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Price is an important component of a real estate transaction, but it can paralyze you and stop you from making a good decision and taking a good course of action if you place too much weight on price along.

Location is important. If you have the opportunity to buy the land next to you what is it worth? Undoubtedly, more than it is to anyone else. It isn’t often that you get the change to acquire contiguous holdings to something you already own, especially to your home. You can be comfortable paying more than the next person to achieve the privacy of controlling the protective space, and the potential to control the use of the property, i.e., having a family member move there rather than a building materials storage yard and other such use not compatible with residential neighborhoods.

Location is everything in real estate. Prices are usually higher for properties located in a popular location, i.e., close to town. Properties with the same features and utility will vary in price according to location. You can save money by changing location preferences but you will find yourself driving further to take the kids to ball practice, or just to go to the grocery store. Pick your location based on your lifestyle, i.e., work location, recreational pursuits, etc., and buy accordingly. You might pay more but will enjoy the property commensurately more as well.

Views abound in Northern Nevada, but not every property has a view. A view property is an investment that keeps on returning daily. We have magnificent sunrises, sunsets, clouds of summer joy and ferocious storm skies that constantly change as Mother Nature’s moods change. You will feel great every time you look at your view, an amazing return on your investment regardless of price. Also, if you have the proverbial “million dollar view” and you only paid $750,000 you made a good buy.

If you have tight specific needs you may not have much wiggle room in your price negotiations. Things like 220V power in the shop or the indoor gun range can become emotional drivers in the transaction and override price considerations. If you have something you are compelled to have it is important here too to consider the practical and emotional rewards you will enjoy by owning that property rather than saving a nickel. Remember the old saying about someone, “Tripping over dollars to save a nickel.”

How you can use your property is very important to your quiet enjoyment of the property. If you want horses for your family you’ll want someplace with enough room to legally have them in the quantity that you need, i.e., four horses for a four-person family. CC&R’s limiting you to two horses won’t work nor an acre lot in a county that limits horses to three to the acre. If your kids want to ride their ATV after school you’ll need a certain neighborhood. Want a guest house for an ailing parent or child that needs some financial assistance? It can be worth paying more depending on your situation. How many times you travel to visit your parent needing your help will help determine how much more you can pay for a house offering such flexibility.

Price is important, but so are many other things. Make an accurate list of your wants and needs and use it to guide your purchase. Share with your agent so she can know some of the subtleties in your list. If your agent doesn’t know what you are really looking for, or what is the most important of your wants in a home you will only get the results of guesswork by your agent. With detailed knowledge of what you are looking for you have a good chance of experiencing the miracle results that good agents produce.

Miracles happen daily in real estate when you have clear objectives and intention and are working with a professional agent. Don’t get frustrated with the process, work a bit and enjoy the fruits of your labor.

When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless!  Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. dpwtigers@hotmail.com


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