Introduction to Property - Essay Example

Introduction For this assignment, the information from the site www.reale com.au was used. On this site, the 3151 was entered, and it listed approximately 10 different homes that were sold in this zone recently. Under the basic listing, there was the sale price and the date sold. The basic listing had hyperlinks for the individual properties. Clicking on the hyperlink brought up the broader information about the properties. Moreover, Google Maps was used to view the broader area around the neighbourhood – what parks, churches, schools and other attractions were close by all the properties. Inspecting the properties consisted of going to the sites for the properties, viewing the floor plans, the amenities, and the virtual tours – the virtual tours showed pictures of the different rooms, and the exterior. The site listings also had the total meter dimensions for the lots. All of this information was compared to the information obtained for the house on 31 Worthing Ave., which was one of the homes featured in the first assignment. 47 Worthing Ave. Day sold – 22/12/12 Price Sold - $658,000 How Much It Would Rent For - $550 per week Description: 4 Bedrooms, 2 Bathrooms. Land size – 565 square meters. 2 carports. House features a formal lounge, dining room with a built-in bar. The kitchen is advertised as modern with adjoining family meals area. The house also features a paved garden. The four bedrooms have built in robes. The house also features bathrooms which have a door to the master bedroom, as well as a door into the hallway. The laundry has been renovated. The kitchen appliances have been imported from Europe. The house also has a dining room which is connected to a lounge. The master bedroom measures 3.4 m x3.3 m. The other bedrooms measure 3.3 m x2.8 m, 2.8 m x 3.4 m, and 2.8 m x 3.6. One of the bedrooms is connected to a rumpus room, which features hardwood floors and a modern bar. The kitchen is connected to a meals room, and features an island, and is features white tile and white cabinets. The kitchen and meals room measures 5 x 5.8. The home also features an attached shed, and outdoor entertaining area and a carport. The heating and air conditioner is ducted. The house is well-landscaped, being surrounded by bushes, flowers, succulents, hedges and trees. The house is also close to many attractions. Included is a nearby K-Mart Plaza, and The Glen. The house is also close to public transportation, freeways, quality schools and Deakin University. It also close to the Bally Shannassy Park, Highbury Park, the Tally Ho Business Park, the Eley Park, Jells Park, the Mahoneys Reserve, the Glenburn Tennis Club, the East Burwood Reserve, The Ascension Anglican Church is within walking distance. Deakin University is also close by. 13 Christa Ave. Sold – 8/12/12 Price Sold - $600,000 Rental Value - $500 per week Description - The house has a detached garage that measures 5.4m x 6.2. The lot size is approximately 600 square meters. The house itself has three bedrooms that measure 3.8 x 3.2, 2.8 x 3.4 and 3.8 x 2.7. The largest bedroom features a built in robe. The house has one bathroom, which is not connected to any of the bedrooms. The house is constructed of brick, and features a tile roof. The kitchen and the eating room has white tile, a white refrigerator and the cabinets are made with a dark wood. The kitchen countertops are green, as are the doorknobs. The sink has a tile backsplash. The living room features green shag carpet, and wood panels with a fireplace. The living room has large windows that shows an abundance of mature trees. One of the bedrooms features hardwood floors and large windows, so it is very sunny. The detached garage is made of wood and brick. The land leading to the detached garage is landscaped with palm trees, flowers, bushes and green grass. The house itself also features a large alfresco deck. Between the house and the detached garage is a pavement made up of red brick. The house also features a bathroom lined in cedar, and flooring made up of polish timber. There are also hardwood floors throughout. The house is also centrally located. It is close to the Burwood Heights Primary School, The Forest Hill College, the Burwood Highway trams and the Burwood One Shopping centre. It is also is close to Eastlink. The house is also close to many attractions. Included is a nearby K-Mart Plaza, and The Glen. The house is also close to public transportation, freeways, quality schools and Deakin University. It also close to the Bally Shannassy Park, Highbury Park, the Tally Ho Business Park, the Eley Park, Jells Park, the Mahoneys Reserve, the Glenburn Tennis Club, the East Burwood Reserve, The Ascension Anglican Church is within walking distance. Deakin University is also close by. 17 Edgewood Ave. Date Sold – 8/12/12 Price Sold - $675,000 Rental Value - $550 per week. Description- The lot area for this home is 525 meters. This house is constructed in brick and has a tile roof. The front of the house has two large windows and mature trees can be seen from these windows. The living room is large, with finished hardwood floors in a dark wood. The walls are green in this room, and there is a ceiling ran above. The formal dining room features a chandelier, and also features hardwood floors, like the living room. The kitchen features a U-Shaped area, with a bar on one side, the sink in the middle, and countertops on the other side of the sink. The sink, bar and countertop area are finished in dark granite countertops. The appliances are new, including a large, new refrigerator. The bedrooms are carpeted in a muted blue colour, and feature large windows. The bathroom which is attached to the master bedroom features white walls, tile, white cabinets and a white sink. It also has a tub. The floor plan shows that the house has four bedrooms. The main bedroom is connected to a bathroom, which is an ensuite bathroom, which means that the bathroom opens up to the master bedroom and the hallway. The windows of the master bedroom has windows that looks out onto the front yard. The kitchen and the meals room are separated by the bar area. They both open into the formal dining room, which, in turn, opens up into the living room. One of the bedrooms is attached to the front porch. The land around the house features a paved patio. It is surrounded with a wooden fence. The backyard has mature trees. There is also an older shed in the back yard. The walkway in the backyard is made up of mismatched stone. The description of the house indicates that it has been recently renovated. The floors are described as timber floors. The interiors are newly painted. There is a split system air-conditioner and stainless steel appliances. The master bedroom has robes and the bathroom provides service to the three double bedrooms, each of which have a built-in robe. The house is also centrally located. It is close to the Burwood Heights Primary School, The Forest Hill College, the Burwood Highway trams and the Burwood One Shopping centre. It is also is close to Eastlink. The house is also close to many attractions. Included is a nearby K-Mart Plaza, and The Glen. The house is also close to public transportation, freeways, quality schools and Deakin University. It also close to the Bally Shannassy Park, Highbury Park, the Tally Ho Business Park, the Eley Park, Jells Park, the Mahoneys Reserve, the Glenburn Tennis Club, the East Burwood Reserve, The Ascension Anglican Church is within walking distance. Deakin University is also close by. Comparison to 31 Worthing Ave. This house has four bedrooms, 2 half baths and a two-car carport. The lot is 658 Square Meters. What is striking about this house is that it is surrounded by large, mature trees. Its landscaping consists of drought-friendly plants. It also has a one-car garage. The floor plan is flexible. The main bedroom has a washroom and a bathroom. The three other bedrooms share a toilet and bathroom. The kitchen and the living area are centrally located. The master suite is located away from the childrens rooms. The three minor rooms have access to the gardens and the courtyard. All of the houses that have been inspected are similar in price. However, it seems that there is a great deal of discrepancy between the houses, with regards to amenities and square meters of the lots. The largest lot size would be this house – the house located at 31 Worthing Ave. Its lot size is some 100 meters bigger than all the other houses. Yet the price of this house is comparable to the other homes. Moreover, it seems that, in particular, the house on 13 Christa Ave. would not be as expensive as the other homes. The listing for that home indicates, several times, that the house is a fixer-upper. For instance, the listing states that there are “renovation opportunities,” that the house is a great first house, or would be suitable for investors. These all appear to be code words for a house that is in a condition that needs to be renovated. Perhaps it is because of the dated green shag pile carpet in the main room, along with the green countertops, but the listing would make the buyer believe that the house is not in prime condition. Yet, at the price of $600,000, the price at which it sold, it would appear that the house was at least priced at a house that is not a fixer-upper. On the other hand, the home on 47 Worthing Ave. would appear, by the floor plan, to have the most amenities and the best living space. Compared to the house on 31 Worthing Ave., the home on 47 Worthing Ave. has four bedrooms, which is compared to 31s three bedrooms. It also has 2 bathrooms, compared to 31s one bathroom. Moreover, the house features a luxuriously-appointed rumpus room, with hardwood floors and a modern bar area. The kitchen is also lovely, with the island and attached meals room. An outdoor entertaining area, attached shed and carport are also amenities that 31 doesnt have. 31, by contrast, doesnt appear to have a rumpus room, outdoor entertainment area, nor a kitchen with an island. Likewise, the home on 17 Edgewood Ave. also would appear to have more selling points than the one on 31 Worthing. Like the house on 47 Worthing, the Edgewood home features four bedrooms. As with the home on 47 Worthing, the Edgewood home has a master bedroom which connects to a bathroom. There is also a formal dining room, and hardwood floors throughout. These appointments are in contrast to the home on 31 Worthing. Even the outward appearance of the homes that were inspected in this report seem to be far superior to the home on 31 Worthing Ave. The problem with the so-called curb appeal of the home on 31 Worthing Ave. is that the front of the house features a garage that has a very pedestrian appearing garage. This garage, unfortunately, is the focal point of the front of the house. The garage makes the home appear rather like a fire house. The roof of this house is not pitched, but flat, which also gives the appearance of a firehouse. While it is surrounded by greenery, the greenery does not have the same manicured appearance of the other homes. Rather, the greenery appears to be overgrown. By contrast, the outward appearance of the other homes that are featured in this report are attractive. Two of the homes, the home on Christa Ave. and the Edgewood Ave. home, are made up of red brick, with a tile pitched roof. The house on Edgewood Ave., especially, has an attractive appearance. All of the greenery surrounding these homes are well-maintained. Therefore, it seems that the other homes all seem to have more, with regards to amenities, square meters, and curb appeal, then does the home located on 31 Worthing Ave. Some of the homes are larger, have more bedrooms, and also feature rumpus rooms, in addition to the dining room, living room and bedrooms. The house on Edgewood also has appointments, such as chandeliers, ceiling fans and hardwood floors throughout. Yet all the prices of the homes are comparable. The houses themselves have more to offer, in the way of more rooms, more square meters, and better appointments. The land, however, with regards to the house on 31 Worthing, has more square meters, as the lot size, overall, is larger. However, since the grounds surrounding 31 Worthing are not well-maintained as the other homes, this, too, would seem inferior to the other homes. Reflective Summary What thing that I learned from this assignment is that the listings on the Internet are missing very basic facts that should be important to know. The two facts that the listings are missing are the total square meters for the homes themselves, and the year that the homes were built. These listings came from onthehouse.com.au. The listings show the floor plans, with the dimensions of the rooms. They also show a virtual tour, with photos of the different rooms, and the outside of the house. They show the total lot size, which would include the grounds and the home. They list the number of bedrooms, bathrooms, and other rooms. They provide a short description, which includes a short description of the surrounding area. Yet they do not provide the information about how big the house is and how old the house is. Without this information, it would seem difficult for the homebuyer to estimate how much the house would be worth. This was one of the more frustrating aspects of this search. Moreover, another thing that I learned is that different homes can sell for comparable prices, despite the fact that one home should clearly have an advantage over another home. For instance, as noted above, the home on 47 Worthing Ave. had spectacular appointments, compared to the home on Christa Ave. More bedrooms, more bathrooms, a rumpus room, a modern bar, hardwood floors throughout, built in robes, a paved garden, and appliances imported from Europe. The house on Christa, however, was repeatedly referred to in terms that would denote that it is not in the greatest of shape – the description said that it was ripe for renovation, that it would be an excellent first home, or a good home for an investor. All of these terms would seem to be code for “fixer upper.” Yet this home sold for just $60,000 less than the home on Worthing, that did not feature terms that would denote a delapidated or outdated interior. It also sold for just $75,000 less than the home on Edgewood Ave., that also had four bedrooms with built-in robes, and features a gleaming kitchen with granite countertops. This was a bit confusing – it would seem that the house on Christa would sell for considerably less than the other homes that do not have the same problems, yet their sale prices were comparable. In all, the main difficulty in this assignment was the fact that the homes were not advertised with their total dimensions. Rather, the dimensions of some of the individual rooms were provided, especially the bedrooms, but it would be impossible to tell what the total square meters of the homes were, because not every room had a dimension. Also, it was somewhat difficult finding the right website that actually had sold houses. One website, realestate.com.au, stated that it featured sold homes, yet, you get to the website, and click on the “sold” tab, and homes that were currently for sale popped up. This was frustrating, and was the apparent fault of that particular website. Therefore, finding the right website was difficult, and was the process that I didnt like the most. Also, it seems like the descriptions of the homes themselves were lacking, and not every room was shown in their virtual tour. It was hard to get a feel for how the homes really looked. Bibliography www.realestate.com.au www.googlemaps.com Read More