How to spot a diamond in the rough

The old saying, the three most valuable components of real
estate are location, location & location is so because this is
something you cannot change. This is the case because everything
else can be improved. However, in urban areas it has become widely
accepted that two of the locations in this equation have been
replaced with square footage & amenities. Todays highly competitive
market has meant (for most of us) that buying a new home is met
with more concessions than requirements.

Spotting a diamond in the rough can be difficult if you dont
prep yourself for the challenge. In a nutshell; If you are not in a
position to afford everything on your wish list, concentrate on the
three things you cannot change. Ask yourself:

• Is the condo/home in a location I can live with? (or does it
  border an area I feel has future potential ?)
• Does it have enough space for me (and my family)?
• Does it have the minimum amenities I can live with?

Ask yourself questions like:

• Does it have future potential to be a great space for me with
  some improvements?
• Could the space work if I add or renovate a kitchen/bath?
• Would the potential for deck/roof rights be enough for now,
  then add one later?
• Could opening up or adding a wall give me the layout I am
  looking for (possibly by separating or combining two rooms)?
• Could adding (or removing) details like crown molding, wood
  floors, new appliances etc. given me the look I cannot seem to find
  elsewhere?

Doing improvements over time not only will give you an
opportunity to increase the units value, but will also allow you to
end up with the type and quality of finishes YOU want.

Not all renovations have to cost a fortune. You might be
surprised at how affordable doing your own rehab is. If you know a
contractor or have a friend who is knowledgeable & has done this
themselves before, have them come lookat the space and get their
opinion.

Creating your own unique space can be extremely rewarding. And
in todays market, it may be the only way to get the home you
desire.

Brian Back has been
with Gibson Sotheby’s International Real Estate since 1992. His
real estate experience began in 1987 and has led him to become
involved in both residential sales & development. He specializes in
both established and emerging neighborhoods in and around the city
of Boston. In addition to his real estate experience, Brian holds a
degree in interior design from the Art Institute (Ft. Lauderdale
Fl.). He knows first hand what it is like to be a customer having
both developed and sold many properties in the city of Boston and
surrounding neighborhoods.