Analysis of a House and a Unit Located near Clayton Station - Essay Example

House and a Unit Analysis House and a Unit Analysis Introduction The unit that has been identified is a two bedroom unit which is located near Clayton station, along Monash area. The unit has got a garage, one bathroom, and allows tenants to keep pets if need be. The unit was built in April 2012 and has been occupied by only one tenant. The unit has a kitchen and a laundry for the occupants to use; it has tiles in the bathroom which makes the area comfortable and neat. The floors are made of hard woods and there is a backyard that is enclosed making the area to be private and no other person can be able to access it. The unit is located close to the Clayton Train Station and the Clayton shopping area. Clayton is located at the middle of Liverpool City Centre. The house consists of three bedrooms, two bathrooms, and has got a garage and is pet friendly as the unit discussed above. The furniture is not sold together with the house and the person interested should incur extra costs to buy furniture or to pay for those which he or she will get in the house. Anyone wishing to rent the house should as well pay the house deposit together with the rent for the month of entry into the house. The house is spacious and comfortable and is close to the Clayton Station as it takes less than five minutes to reach the station from the house (Jeanette, 2012). There are essentials which have to be considered when it comes to the inspection of a house or a unit that one may want to purchase or rent. Some of them are the details of how the house has been constructed or built, the coverings of the floor and the walls, and finally the convenience of the house setting. However, the process of inspection starts with inspecting the overall appearance of the house or the unit. This means that a person has to identify the location of the house, whether the location is strategic and safe. One has to look at the houses of similar or almost the same age so as to see the difference or the similarity that these houses have. This will help in determining the best kind of houses and that which is according to the standards that one wants to buy or rent from. The general inspection of the house will help the client come up with an idea of how they can be come up with ways of ensuring cleanliness and tidiness within and outside the house (Koulizos, 2012). After the inspection has been done on the nature of the hose and the unit, the client would look at the exterior front of that particular house. This is done in order to have a complete view of the house on each face of that house. This will help in determining the nature of the house, as the client will be able to have a visual inspection from the top to the bottom and from side to side of each of the houses. The exterior inspection of the house also includes the inspection of the chimneys, the roof, the outer coverings of the wall, the types of windows and door used to build that particular house. This is done in order to ensure that the materials used for building that house are of good quality and can stay for a long period of time without getting spoilt. It is also important to have an inspection of the walk ways to the house, the drive ways, the flower beds within the house compound and the coverings and bricks which are used in that particular house. Therefore, it is important to examine the house and find out whether you are attracted by the exterior conditions of that particular house. The exterior inspection of the house requires the client who is inspecting the house to make sure that he or she follows the process from each side of the house (Koulizos, 2012). Once inspection has been done on the exterior of the house, the interior inspection is then done. This means that the inspection should be done from the basement to the whole house. The walls used to build the house should be considered in order to find out the types and materials used for construction. The floor should also be looked at to find out the kind of materials used as well and all appliances and each and every item in the house should be considered to ensure that they are according to the standard of quality and can be used without any struggle. This means that all sections inside the house are checked and ensure every item is functioning accordingly. Inspection should be done to ensure all items are fixed accordingly (ASHI, 2011). While examining a house, it is important for an individual to be aware of the issues which are to be considered when it comes to the purchase of the house. One of the issues to be considered is the visit from the members of insurance company that the person belongs to. This is to ensure that the house is examined and inspected before a policy issue is given to the individual or the client who want to rent such a house. Despite the fact that the people from the insurance company cannot visit a person’s home without informing him or her, these people have a right to come and inspect such a house as anyone else has a right to visit such property. Local market data The local market where the unit is located is accessible by use of bus, trains and cars. The market has got stores which offer a variety of products for the people who live around that place. The stores are compatible and provide goods for all kinds of people from the children to the adults to the old people. Therefore, getting a unit or a house in such a particular place is an advantage because all the needs of the people will be met by the stores and the people working in that particular market place. All other services needed by the people living in that area are provided. For example, the market place has services such as Automatic Teller Machines, there are newsagents in the market place, and there are libraries, chemists and office work stations (Koulizos, 2012). A person who may need to live in the unit should decide on some of the services that the marketplace offers. If for example a market place does not have libraries, it means that the children living in this unit will not have access to good education because they will not get a chance to visit the libraries and improve in their studies. Therefore, it is important for the parents to consider some of the services that are of necessity before making a decision on which of the unit they should consider living in. The unit is located about 10 minutes walk to the Clayton Train Station where the people can be able to walk in order to get a train to their places of work. Therefore, it is a nice place to stay because a person would be able to walk for a short period of time in order to get the train. If the areas was located a long distance from the train station, it means that they would not find the place to be effective because of the long distance between the place that they live and the place to get the train to their places of work. The other issue which has to be considered in terms of the local market is the kind of shops that are located near the house unit. Therefore, the chemists for example should be of high standards to ensure that the tenants and the people who live in the neighborhoods are capable of getting the right kind of medicine that they may need at any time. If the chemists are of low standards, it means that the people living in the area will not be comfortable because accidents may occur which require urgent attention. Local markets that do not offer quality medical care have great chances of not getting people to live in those areas. This is because, the people would opt to live in an area that they are safe and secure, and that which they can be able to trust in case of any issue that may come up (Koulizos, 2012). The area has been involving itself in the corporate social responsibility and thus the members of such a c community have been able to come up with ways which they can use to cater for the needs of the society and improve the standards of the people in that particular society. Financial information The monthly rent for this unit is $1716, where the tenants who wish to get into the house will have to pay the rent as well as the bond which is also $1716. Therefore, for a tenant to start using the unit, it means that he or she has to have doublet rent amount in order to be given custody of the house. The value of houses in Melbourne is discussed in order to determine the value of the property that a tenant would want to buy. If a person has $200,000, it is not possible for him or her to get a good house n Melbourne. This means that the person has to get a house or a unit far away from the town. Most likely, the house would not be renovated and it would be built in early years of 1960s. Most of the units in Melbourne which have the value of $200,000 are located in areas that are dangerous and which can cause problems. They are located near public transport where roads pass though and accidents can happen any time due to the fact that the people live along areas where public vehicles pass by. With about $250,000, a tenant can be lucky to get a house at the suburbs, and this means that he or she has put in extra costs required for renovating such houses. Therefore, people who find it amazing to come up with their own designs and styles for their houses can buy such houses. There are markets around these houses and shops are not far away from them. This means that the people ho buy such houses can be able to carry out businesses because of their proximity to business centers and market places. In Melbourne, people who wish to invest in buying a house with $300,000 can be able to able to purchase a two bedroom house which may have been renovated during the late 1970s. One may also get a small house with that same amount, but that which is located near the central business centre. Those houses which are big apartments and units worth $300,000 are located in the outskirts of the town and thus people who work and wish to live in towns can either buy a relatively smaller house of rent the house in town. Those people with around half a million dollars can be able to invest in any kind of a house that they would wish to, in any part of the Melbourne town depending on the nature and lifestyle that these people would wish to have. This kind of money can lead to a lifetime investment which would not be regret to the owner of that particular property. One may purchase an apartment or buy a house with half a million dollars that has around two to three bedrooms and that which is located in the center of the town (Living in Melbourne, 2011). Considering the unit which is worth $1716 per month, it is therefore to get the yearly costs which a tenant would incur if he rented the house. Therefore, $1716 multiplied by the 12 months is $20,592. If the tenant would buy the house in that particular area and which is the same size, it means he or she would use a minimum of $350, 000. While paying the rent up to $350,000, it means that the person would have stayed in that particular house for $350,000/$20592=16 years and 11 months. Therefore, it would be better for a person to use the house and pay rent in each month than purchase a house for $350,000. This is because, the times are changing and before the 16 years are over, the person would have got another taste of how he or she would want his house to look like, and thus may end up renovating the same house which cost him lots of money (Living in Melbourne, 2011). Reflection This assigned has enabled me come up with the various essentials that need to be looked at when choosing a unit or a house to live in. this means that one has to consider some of the materials used in building the house. This is important because one gets is able to compare an apartment with another one which was build at the same period of time and age. The comparison enables one to decide on which unit he or she should live in, and also make sure that she gets every necessary detail of the house. Examining a house requires one to consider and view the exterior and also the interior of the house in order to ensure that all items in the house are functioning. For example, I have learnt that one should examine the doors to find whether they are all functioning, make sure the walls are straight and have no cracks, ensure that all the fixtures are working, make sure that the flower gardens are well placed and there are pathways which are strategically located and renovated. All these and many more as discussed above should be examined in order to define a unit as worth living in (Living in Melbourne, 2011). Examining the house also requires that the people consider the local market and the proximity of that house to the local market. The assigned has helped me come up with ideas which are necessary in determining what kind of an apartment or a unit is worth living in. market centers and train and bus stations are for example very important and almost each and every person may want to use such services to their places of work or to visit other places and towns. Therefore, the people who may want to rent or buy a house should consider the distance between the places where the house or the unit is located and the stations. This is important so as to estimate the time required to reach the station and the costs which would be incurred if one has to take a ride to the station. The most difficult part of the assignment was to determine the financial returns if an individual wanted to purchase the unit instead of renting it for monthly payments. This was difficult because different people have different views about the kinds of houses they would want to purchase and the returns they would get after the purchase of such houses. The reasons behind this are that times are changing and some people may want to live according to the fashion and the trends that are coming upon daily basis. Therefore, such people may want to change the structure and kinds of houses that would want to stay in. if such people would purchase a house instead of renting, it means that they would have to incur lots of costs along the way in order to go with the changing trends, and this would lead to use of lots of dollars on building and renovating such houses. Therefore, these kind of people should rent so that incase there are changes; they can just change the kind of houses and location to suit their needs (Living in Melbourne, 2011). References ASHI, 2011. Home Inspection Checklist. American Home Inspectors Home Directory. Jeanette, 2012. Brand New 2 Bedroom Unit, close to Clayton and Monash Uni. Accessed on 18th Dec 2012 from http://www.gumtree.com.au/s-ad/clayton/property-for- rent/brand-new-2-bedroom-unit-close-to-clayton-station-and-monash- uni/1010477492 Koulizos, P., 2012. The Property Professors Top Australian Suburbs: A Guide for Investors and Home Buyers. New York: John Wiley & Sons. Living in Melbourne, 2011. Buy Property in Melbourne Australia. Melbourne: Living in Melbourne. Read More