When assessing a property, I always look for value multipliers (VM’s). VM’s are property attributes provide additional current or potential value to the property when compared to similar properties that may not have any value multipliers.
Many, Value Multipliers, are obvious and usually called out in the listing. Views, waterfront, a quiet street and close proximity to parks and commerce. Some are not as obvious. Vacated streets or parks that are adjacent to the property but function as though they are part of the property. Check out this row of houses down near Seward Park. Nothing but Lake Washington Blvd, between you and the lake and you get use of a huge lawn that you don’t have to maintain or pay taxes on. Pretty cool, right!
Some Value Multipliers aren’t so obvious. Unfinished basements with high ceilings can easily be converted into gracious finished space. Houses with pitched roofs can often be upgraded by raising the interior ceilings into the attic space creating soaring dramatic ceilings.
Does the agent you are working with have intimate knowledge of the zoning rules. Is he or she on a first name basis with the folks at the City planning desks. Sometimes two lots can be carved out of a property where most people think that only one can be had.
So……when you are looking at a property, keep a careful eye open for value multipliers. If you are unsure, call me. I think about these things nearly everyday.
Finally, if you are looking to buy a home, sell a home or know someone who is and want to work with an extremely knowledgeable and dedicated Realtor, call me. 206.786.2035. I’m nearly always friendly……