Skip to 0 minutes and 6 secondsIn this course, you learned how construction costs, stamp duty, and financing costs may influence residential property prices. If estate agents brokers sell properties, then these costs need to be taken into consideration by the vendors, the seller as well. We also focused on some of the characteristics of land that influence construction costs and the quality of the building improvements that impact property value. In the next course, we will work on how we can report property values through two standard valuation techniques, the direct sales comparison approach and the cost approach.
Where have we got to now and what is next?
Over the past two weeks, we looked at some other major expenses influencing property prices apart from the specific cost of land.
In the first week of this course, we looked at the three major expenses that may influence residential property prices. Then, we considered alternate Lending institutions, other than the Big 4 Banks to provide loans at competitive rates. We also learnt to use historical sales rates to estimate “normal” demand for a particular property type.
In this past week, you have extended your knowledge of the impact that physical land characteristics have on the value and price of property. We spent some time reading plan documents and investigating the possible impositions on blocks of land.
In the next two weeks, we will begin studying some common valuation techniques—the comparative sales approach and the cost approach.
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