Scenario:

You are working at Sparkling Waters Realty. You are contacted by Megan and Michael Jenkins, who own 7 Polyester Place in Sparkling Waters.

The property is afive year old, two-level brick and iron family home in the established section of Sparkling Waters and is located near to public transport, local shoppingcentreand schools. The property has three large bedrooms all with walk in orbuilt inrobes, a study which could be used as a fourth bedroom, two modern bathrooms, two large living areas, quality finishes, stainless steel kitchen with Euro appliances, stylish courtyard, established garden, solar hot water system, double carport and ducted air conditioning. Central location in Sparkling waters and overlooks a picturesque oval.

House:180 sqm Land:400 sqm

Current cost of building $1,250/squaremetre

Improvements at 10% of building costs

The owners have requested an appraisal on their property. As their future plans are unclear, they have asked for an appraisal of the sale price together with an appraisal for rent on the property.

This could be an opportunity to secure a listing for either sale or rent for the agency. You are eager to get started on the appraisal process.

Question:

1) What information would you gather on the Sparkling Waters area at this time? How would this impact on your appraisal?

2) If you were to visit the property as part of the appraisal process, what would you be looking for to help you with the appraisal?

3) You may decide to complete REIWA Form 119 (Property information for use by agents) /page 11 of the Management Authority to help you capture property details during your inspection. Assume that this step was completed, a copy of this document is in appendix 1.

4) Refer to the form and list five useful pieces of information about 7 Polyester Place which will support the appraisal process.

5) What other sources of information could you access to support your appraisal?