UBD140 Lecture Summary Notes

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Queensland University of Technology
Urban Development

Non-Market Value Types:  Value in use – specific property has for a specific purpose  Limited market – attracts relatively few potential buyers (abottiors, wharves)  Special purpose – rarely sold on the open market  Going concern – value of continuing business (childcare centre, hotel)  Investment value – uses special capitalisation rate or discount rate  Insurance value – value of property as set out by the specific definition in insurance policy  Statutory value – used for rating and taxation purposes  Special purpose to owner  Salvage value  Forced sale – liquidation  Marriage value – merging two properties  Mortgage lending value – capacity of the property to earn income (investment properties) Valuation can be used for:  Sale/purchasing  Mortgage  Leasing  Insurance  Reporting  Redevelopment Value is often confused with cost, price, worth. What's important to me may affect my 'value'. Valuation influenced by:  Macro o Demographics o Consumer preferences o Social o Economic o Legal, physical and political  Micro o Location o Position o Access o Services o Site characteristics Direct Comparison: Summation (cost approach): The basis of determining the value of all improvements as well as the value of the land. Land value is determined by using direct comparison to similar vacant properties. Depreciation is an objective a
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