A bigger property can provide an enormous value. This is particularly applicable to “tear downs” in Chicago due to the fact that the size of a new home is usually restricted by the zoning department to a specific percentage of the Real estate size that the land. A 30’x125 lot as opposed an 25′ lot that is 125′ could have an increased value in areas that have an interest in buildable land such as Lincoln Park, Old Town, Gold Coast, etc. As you move further towards the northwest, and there isn’t so much demand for construction projects, a larger lot may be able to accommodate an additional driveway.
The count of bath and beds
The general rule is that more is more Commercial real estate appraiser desirable. In many communities, there is no noticeable distinction in the value of an apartment with a four bedroom and a five bedroom house. A law of diminished returns generally will be the case. For instance the value difference of adding a complete bath to a 1-bath home will typically be higher than adding a fourth bath to a 3-bath home.
This is most evident by condos found in Chicago high-rise buildings. Two units that were sold simultaneously, with the same floor plan situated on the same floor but with different exposures. Will likely have different prices. The unit that faces west and has only an urban view. The unit which faces east and has an view towards. Lake Michigan can have as up to a 10 percent difference in value.
This is most evident by condos found in Chicago high-rise buildings. Two units that were sold simultaneously, with residential appraisers near me the same floor plan situated on the same afloor but with different exposures, will likely have different prices. The unit that faces west and has only an urban view. the unit which faces east. And has an view towards Lake Michigan can have as up to a 10 percent difference in value.
This includes things such as fireplaces, decks garages. Patios and porches landscape and arrangement (open floor plan in contrast to. boxy or closed layout) and so on. Jeff Hamric discusses floor plans including functional obsolescence in this article.
While these are among the top aspects that impact the value of a property. There are other factors that appraisers of real estate look at.