Market Appraisal Flashcards
What must a market appraisal state and why
That it is not an opinion of value - if not then it can be tried at court as a valuation surveyor which I am not
Appraisal for a lease extension - assumed condition
As per the lease terms
What about location impacts value
Proximity to amenities - transport, schools, shops, employment, green space
Socio-economic - crime rates, schools
Risk of environment
Local construction or development
In marketing advice/value how would account for defects?
Comparable evidence to see condition relative to transactions
Specialist surveys to assess extent of defects
Estimate costs to rectify and deduct from value
For leasehold sales - what would you consider for lease terms and the impact on value
Years unexpired
Ground rent
Service charge
Restrictive covenants or permitted uses - no pets, restrictions on alterations, subletting, etc.
Potential for lease extension or purchase
Impact of property design on value?
Architecture - might command higher values
Layout/functionality - e.g. open plan popular now
Sustainability
