Appraisal of Subject Property - General Topography, Key Socio-Economic Indicators, Streetscape Relative Property Marketability - Speech or Presentation Example

UNIVERSITY OF SOUTH AUSTRALIA Assignment Cover Sheet Please check your Course Information Booklet for submission details including the due date and extension allowances. . This assignment needs to be submitted through the online grade book system in learn online. Student Name Student ID                 Email: Course code and title: BUSS 1055 Discovering Opportunities in Property School: Commerce Program Code: External  Internal  Tutor Name / Workshop time Assignment number: Project Further Information: (e.g. state if extension was granted and attach evidence of approval, Revised Submission Date)   I declare that the work contained in this assignment is my own, except where acknowledgement of sources is made. I authorise the University to test any work submitted by me, using the text comparison software, for instances of plagiarism. I understand this will involve the University or its contractor copying my work and storing it in a database to be used in future to test work submitted by others. I understand that I can obtain further information on this matter at http://www.unisanet.unisa.edu.au/learningconnection/student/studying/integrity.asp Note: The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a signed statement. Signed: Date: UniSA Property Plus Property Report Student Name Property Description PROPERTY ADDRESS: 46 Caxton Street, Brisbane Legal Description Title Reference: 2741-51 Plan – Lot Reference: B519263 Proprietor/s in Fee Simple: fee simple absolute Encumbrances: The property does not have any encumbrances. Zoning Instrument: QUEENSLAND Current Zoning: Residential Heritage Status: Heritage Revitalization Agreement Location-neighbourhood description Distance to (nearest in km) City: 3 M Shops: 0.5 P School: 1 P Transport: 0.5 General Topography (describe): There are several man-made and natural feature that surrounds this place. The place has several valleys seasonal rivers. There is also some man-made features such as bridges that help in the smooth running of the community. Key Socio-economic indicators (describe): Socio-economic indicators are used as the standard measure of socio-economic development. These indicators are Gross Domestic Product (GDP), life expectancy, literacy level, and employment level. This property is located a place with a very high level of employment, and the largest population is literate. In the neighbourhood, there are a relatively few numbers of old people who are around age 80 years and above. This shows that the place’s level of life expectancy is high. Socio-economic development is therefore expected to be very high in this region. Streetscape (describe): The streets are well maintained. They have marram roads with a good drainage by their sides. They are also fitted with security lights that ensure safety at night. Adjoining/Surrounding Land-uses (describe): Most people have used their land for farming. Since the climate in the area is favourable for agriculture, most people practice small-scale mixed farming. Relative property marketability (describe): The property is very marketable due to its location, the excellent security and favourable climate. The property can be used for farming and also as residential grounds. Land description Site Area (Sqm): The land is 0.5 acres. Topography/Accessibility The property is easily accessible because it is just by the road. The distance from the house to the main road is connected with a well maintained marram road. Orientation/Aspect: This is what the eyes can see on the site. Some views are more appealing than others. The land is a little tilted and gets the sun first as it rises. It does not get much wind, which makes it more appealing. Allotment Type/Shape: The land has a Cul-de-sac lot shape. It has one side that is larger than the other sides although not by much. View/Outlook (describe): Uphill lot. This makes it easy to build. Mains Services: Water  Sewer  Electricity  Gas  HS Broadband  Main Building description # Main Rooms 1 # Bedrooms 4 # Bathrooms 3 # Undercover carparks 1 Built About # Living rooms 1 Dining room 1 Gross Building Area 1 Attach/Storeys 1 Style Tudor Main Outer Wall Stones and bricks Main Internal Lining bricks Roof Cladding Terra Cotta Tiles Window Frames: It is made of iron and glass and it measurs about 3 metres wide and 2 metres long. Internal Condition The temperatures inside are regulated ensuring that there is no extreme temperatures, and its also fitted with air conditioning to allow free circulation of air. External Condition: Well built to withstand rain, sunlight and lightning. Renovation/Repairs (describe) The house has been regularly renovated hence making it to be in the best condition ever. The kitchen has been recently renovated to include recent changes such as items that are found in a modern kitchen. Features (describe) The building is a four bedroom house. It has a big sitting room and an entertainent room on the first floor. Outside there are several seats that can be used to relax when enjoying the cool bleeze air. Site Features Features (describe) The site is well organized. With the building being on one side. The rest of the place is maintained in good condition. Garden (describe) The garden is well kept, and it is green. It seems to be rich in agricultural nutrients since the crops appears to be healthy. Photographic Images of Property (Taken by the Author) Streetscape and Outlook Site and Building Exterior Building Interior Kitchen and Bathroom Building Interior Living and Bedroom Marketing Opportunity Appraisal of Subject Property My estimated price to sell the property would be £ 300,000. I came up with this price after viewing some of the online property markets. The site that I found much helpful was Zillow.com where it gave calculated estimate of my property. After I got that price that was around £250, 000. I considered some other features that had been added. These include the furniture, electronics that were in most rooms and renovations done in the kitchen. These additions accounted for about £70,000. I had decided to sell the property by myself to eliminate the extra expenses that are charged by the agents. This meant that I had to do the comparative market analysis all by myself by taking prices that had been sold in the previous years in areas around the property and the averaged to about £ 280,000. Hence picking £ 300,000 was a reasonable amount. Below are some prices of properties in the market: 1. Four bedroom house in 3 Kingscote drive 3904 for £ 348,000. 2. Four bedroom house in 28 Colinton parade foster 2428 for £ 370, 000. 3. Four bedroom house in 658 Princes Highway for £ 330,000. (Realestate, 2015) These are some of the property that are similar to the property that I am selling. I would opt to increase the price since the property I am selling had more added feature than those items in the market. Method of sale / Agency Type One may decide to sell the property by either an exclusive listing or a general listing. An exclusive listing is when one assigns the marketing work to one specific company and pays commission to that company once the property has been bought. On the hand, general listing is when the client signs a contract with several companies to sell his or her property and pays only the company that sells the item. I would prefer the exclusive listing since it would motivate the seller to work extra hard and ensure the property was bought. I think the auction would be the best method of sale the property. It is because in auction, buyers compete amongst themselves and in most cases they give a very high price of the property being sold. Marketing and Advertising Marketing and advertising increase the potential of a property to be bought within the shortest time possible (Alexander, Max, and Alejandro, 2014). The likely group to buy the property are people who are employed and earn a high amount of salary. For example, managers and CEOs of companies. The most appropriate advertising means should be the newspaper. It is because most of those companies have subscribed to a daily newspaper, and it would be hard for them to miss the advert. In the advert, it should have some photos of the property. It should also contain the date of the auction. The advert should be in the papers a whole month before the auction date. The budget for the marketing plan should fall between $ 1, 000-$ 2,000. Investment / Development Opportunity Leasing potential The property would be good for rental. It is because the property is located in the outcasts of the town centre where the noise is minimal. The property is easily accessible by road. The area that it is located has a high potential of developing and in near future it would attract many tenants. The place has low number of rental houses hence making it to be an advantage to me. There are several things that should be considered before choosing a property for leasing. First it is the positive and negative effect it will have. The type of tenants that it might attract is also important (Adrian, 2015). The owner can also consider the lease types that he or she would like to use. The type of lease is crucial since it determines the amount of rents that will be paid for that property. For example, if I would take the lease to be full service, I must include the general expenses expected to be incurred in the rent. If I decide it to be a net lease, the tenant will have to cater for all his bills. If it is a modified gross, the tenant will cater for some services such as the electricity bill. The modified gross is the most commonly used. I would also like to use it for my property if I decide to lease it. Development Opportunity The property fits well on the land. It would be challenging to develop it since there is no much space around it that can be used for construction purposes without altering with the original property. The home main services that are; the water, the sewer and gas suppliers are located in the underground that could easily be altered with. It is hence not good for development and can best be used for rental purposes. Investment Analysis OR Feasibility Analysis Investment Analysis The property is best suited for renting. I would like to rent it for about $ 250 per week. Comparing it with some similar rental houses in the country; Four bedroom located at 19 Sita Retreat, Burdell, Qld 4818 -$ 270 per week. Four bedroom located at 65 Withnall Circuit, Muirhead, NT 0810- $ 300 per week Four bedroom located at 157 Church Street, Brighton, Vic 3186- $ 400 per week Three bedroom located at 11 Kitson Street, Morningside, Qld 4170- $ 450 per week. (Realestate, 2015) Therefore renting it for $ 250 per week would be fair since it is also an average price based on the place where the property is located. Summary If the property was sold, it would sale at only £300, 000, when converted to dollars it's $ 464,724. On the other hand, renting the property would cost around $ 250 per week. It means that if the property were rented for the next two years, it would amount to more cash than its selling price. This means that it would be more worth to rent since within the next 1 and half years it will have accumulated amount worth its selling price. Appendices (Fig 1: Certificate of Title,) (Zoning Plan) (the circled land it’s the property) (A Sketch Plan) Bibliography Adrian B, (2015). Australian real property law. Thomson Reuters. Alexander F, Max L, and Alejandro B. (2014) "A Property Description Framework for Compassable Software." Software Architecture. Springer International Publishing. 267-282. Realestate. (2015). "Australia live here". Retrieved from Realestate.com: http://www.realestate.com.au/rent/property-house/list-1 Read More