FINANCE PROJECT Case Solution
Other matters such as electrical issues, fuel gas, mechanical, plumbing, property maintenance, fire prevention shall be dealt with in accordance with local regulations code on construction and development authorities.
Commercial building Sketch and Elevation
Residential building Sketch and Elevation
-Market Analysis, Market COMPS
Market Comps are needed to appraise the value of house, different appraisers and agents have excess to multiple service listing in which the details about the sales history of same houses are given which are used to compare the value of the house under consideration for potential sale, now if the family will develop multifamily Rental building obviously every home is different and different areas and land area so firstly the land and area that will be compared with the house of the same area and piece of land, secondly the houses with same features will be compared to each other the interiors of both the houses will be compared in order to ascertain the value house. Lastly the houses with pools and garage area will be compared such as different houses have different design with the different sizes of garages and pools, the houses with the same size of pools and garage will be compared because the house in the same area with more bedrooms and pool will have a greater value then the house under consideration, similarly if the house will have extra area in square foots that area will be deducted from the under consideration for sale to arrive at the true value of the house.
Rental of $19140/month for residential property of area covering 7500 Sq.ft and rent of $30000/month for commercial property of covering the above mentioned area is assumed based on prevailing current rates in real estate market of New York city. These rents are taken from the New York’s one of the best rental property website (www.sublet.com). The rentals in the city are expected to rise in the future as growth rate of rents in New York City expected to raise in the current year with the rate of 3.2% and the NYC market rental report states
The rentals for commercial property are normally higher than the residential property but considering the facts from the report that the growth rates are increasing and the property prices will increase in the current year then this would not be wrong to say that property owners will enjoy huge rentals and if they are going to sell their property they will make significant amount of money on the house sale transaction. On the other hand if we see the rent to income ratio of property owners of New York it is 65.4% in the New York City and 65.7% in the Brooklyn area which is quite high……………..
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