Proposal of Property Appraisal-Free-Samples-Myassignmenthelp.com

Question: Discuss about the Proposal of Property appraisal. Answer: Introduction Producing the appraisal of the property is a critical effort that the professional appraiser undertakes. The purpose of the appraisal report is to allow the reader to have an understanding and virtualize some general areas and the property that is appraised. In the following report, a detailed research will be presented for the appraisal. In the beginning of the appraisal report, the property data is provided under which, information of the property and the owner, history of the property, location and the neighborhood have been described (Harvey 2016). Second part of the report comprises with the condition of the property followed by which a comparison of similar properties is presented. The last part of the report consists of the external factors that affect the pricing of the property and the valuation of the property (Ponce-Reyes et al. 2014; Blundell and Molloy 2014). Property Data Information of the property and its Owners The property was transfer to Marie Louise Carbone and John Peter Carbone of 8 Ashburn Way Riverdale on 30.08.1988. The current mortgage number is E58967 under Pacific Blue Bank. The property is co-owned by the owners. The total land area of the house is 700 sq meter (dlsweb.rmit.edu.au 2017). Property Sale History The property of 23 Barren Street, Kaluka was register under the name of Carolyn Craig and Jonathon Anthony Craig of 101 Oliver Ramble Avonsleigh under the registration number E718098 from 26.03.1983. The mortgage number was E662328 in Blue Sky City Bank. The property was not been sold since the last transfer to the Carbone family (dlsweb.rmit.edu.au 2017). Location and Neighborhood The subject property is located in Mannford Oklahoma, near Webco Industries Inc. The site is adjacent to the 51 E Tower Blvd. The neighborhood provides sense of community and intimate scale. The property is located in adjacent to the Webco Industries Inc. The site is nearby to the Mannford early childhood center and Mannford Middle School. Mannford is home for 3,076 individual where population density is 468/sq-mi. The median age of the population is 38.7 and the male-female ration is approximately 1:1. The neighborhood is rich in character, where each person has his own distinctive identity (suburbanstats.org 2017). Condition of the Property This part of the appraisal consists of the detailed overview of the property. Current condition of the property is inspected and reported in this part. That is an important part of any property appraisal. A detailed investigation was carried out to form the idea of the condition of the property. Meeting had been arranged with the owner for the inspection of the condition of the property. Based on the inspection, it can be conclude that the site is of 700 sq-mi. The property has a well-maintained lawn covered with natural green. The house four bedrooms ranging through 4.25x 2.89, 3.59x3.99 and two 4.13x3.59 that are in good condition. It consists a dinning of 4.05x2.25 and a lounge of 4.05x2.93. The kitchen is of 4.10x2.72 and the family hall is of 4.10x2.61. The property also has a double carport. The overall condition of the house is good and well furnished. Apart form these property has no legal issue (dlsweb.rmit.edu.au 2017). Comparison of the property This segment of the appraisal comprises of the details of other similar properties available in the area and a comparative analysis is done between the subject site and other similar sites. The direct comparison method is used in this scenario where comparison between similar properties is done. This comparison process is carried out in three steps, that are identification of the highest and the best use of the property, identification of comparable sales in the area and identify the value of the compared property. Currently there is another property in sale nearby to the target property. The address of the property under comparison is 25 Barran Street. Both the properties have almost similar spatial distribution. It has four bedrooms with an extra bathroom. The construction of this property is brick and tile, which is similar to the target property. The condition of this the target property is better in maintenance aspect. The lawn is better maintained than the other properties in t he area. The elegant formal lounge, separate dinning, and large family room of the target separate it from the properties nearby. The double carport is another characteristic that catches the attention in the locality. The price list for the compared property is $ 280,000 and the property in on the market for 174 days at present (ticatraining.com.au 2017). External Factors affecting the price Apart from the standard factors of the property like age and features, other variables affect the pricing of a property (Mani 2015). They are new developments in the area, such as, new roads being built, widened or cut offs, new amenities being build and many more and the development potential of the property. The subject property has tiled roof, which restrict it from growing upwards. Only some minor amendments are possible in the interior decoration of the house. On the other hand, Mannford is already a populated city, which is 755% more dense than Oklahoma (suburbanstats.org 2017). The area is well developed and adjacent to the 51 E Tower Blvd, which connects it with Tulsa. This can cause a hike in pricing. There are no recent development plans for the government in the location, which will keep the price a little downwards and make it affordable for the buyer (ticatraining.com.au 2017). Update Virtual Realty Database Updating the virtual realty database is an integral part in property appraisal where the appraiser has to record the collected data in the database. It will provide access to all the real estate agents at Virtual Realty and other agents with valuable data (Booth, Clayton and Kim 2013). Property value analysis Pricing of the property or the valuation of the property is done in the final part of the property analyzing the variables. Conclusion can be drawn from the above data where it can be stated that the market price for the subject price can range from $250,000 to $280,000 comparing with the other factors in action. The average price for 700 sq-mi property in that location is $250,000 (ticatraining.com.au 2017). The condition of the house can elevate the price of the house but as the age is greater, it restricts the price within the price range. Hence, the first and the last price list can be set at $250,000- $280,000 (Rambaldi, McAllister and Fletcher 2015; Zhang et al. 2016). Conclusion From the above discussion, it can be concluded that the property under study has some pros and some cons, which directly affects the pricing of the property. The age of the house can be considered as a con as the price delineates with the age of the property. It is mainly due to the durability that decreases with time. The elegant and well-maintained interior condition of the house, the decent neighborhood, and the availability of the resources nearby, plays as the pros for the property under study. References Blundell, L. and Molloy, F., 2014. Property pathways: Education and career guide to the property industry.Property Australia,28(4), p.35. Booth, G., Clayton, M. and Kim, J.B., 2013. A framework for designing sustainable real estate developments using Quadruple Net Value Analysis and Building Information Modelling. InCIB World Congress, Brisbane, Australia. dlsweb.rmit.edu.au. (2017).Certificate of title. [online] Available at: https://www.dlsweb.rmit.edu.au/toolbox/realty/bscc/pdf/23barran.pdf [Accessed 14 Aug. 2017]. Harvey, K., 2016. A CRITICAL APPRAISAL OF EVIDENCE AND ARGUMENTS USED BY AUSTRALIAN CHIROPRACTORS TO PROMOTE THERAPEUTIC INTERVENTIONS.Chiropractic Journal of Australia,44(3). Mani, D., 2015.Understanding Information Security Risk in Australian Real Estate Sectors(Doctoral dissertation, University of South Australia). Ponce-Reyes, R., Martin, T., Whitten, S., Maron, M. and Carwardine, J., 2014. Priority threat identification, management and appraisal: Literature review. May 2014. Rambaldi, A.N., McAllister, R.R. and Fletcher, C.S., 2015.Decoupling land values in residential property prices: smoothing methods for hedonic imputed price indices(No. 549). suburbanstats.org. (2017).Demography. [online] Available at: https://suburbanstats.org/population/oklahoma/how-many-people-live-in-mannford [Accessed 14 Aug. 2017]. ticatraining.com.au. (2017).REIBS Database. [online] Available at: https://ticatraining.com.au/reibs/database/index.htm [Accessed 14 Aug. 2017]. Zhang, F., Polyakov, M., Fogarty, J. and Pannell, D.J., 2016.The Capitalized Value of Rainwater Tanks in the Property Market of Perth. Australia.