Forum Replies Created
The fundamentals of looking at property are the same regardless of zoning. You essentially need to
1. work out your comfort price and the return that you want.
2. decide which location.
3. decide type of property i.e retail, commercial, industrial etc.
4. understand past and potential vacancy rates.
5. make a decision on the type of usage.
6. what are the costs to hold.
7. can improvements be made and if so at what cost.
8. what is the exposure, parking, signage etc,
and everything else that goes with generally searching for any investment.
If I was looking at entering the market I would also attain copies of the various acts (Retail, Commercial) as well as local council requirements to have a basic education of what you are planning to get into.
Tax Records and having it appraised are very good ways of coming up with a “estimated value”. The size and location of the property have a lot to do with its value, zoning, and most importantly recent sales activity in the 08005 area will have a great deal to do with the market value.
Remember that the “actual market Value” based on recent sales can be different from the accessed value the township puts on a parcel.
Ultimately, recent sales, the amount of similar or better lots available on the market now, what a buyer is willing to pay and the seller is willing to take, will determine the selling price and therefore the value. Good Luck this is a great time to be a buyer!
