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Part 1 architectural assistant, London.Other Designer
How do we keep investors interested in Uk property?
In response to the question above i want to place my suggestion in the context of minor residential development.
'Residential development appraisal' report (RDA report)
Investors should have the opportunity to undertake an RDA report by a registered industry professional. The purpose of the report will be to address key factors which will help investors to make better informed decisions.
The report should be structured to cover the key influencers affecting property prices. Topic areas which should be covered:
- Geographic price mapping to highlight which areas are experiencing rising or falling property prices. Not only should a general trend be shown but the metrics influencing the trend.
- Conservation areas and listed buildings shown, this is important as it may greatly affect the potential to develop a property.
- A properties proximity to key services and amenities.
- Any future strategic developments in the local area should be highlighted.
- Crime reports for the area.
- Flood risk report.
The list above is non exhaustive and offers some initial suggestions. Once the more obvious points have been established the report can move into more detail.
- Look at the sale value per sq ft of an area.
- Look at the construction costs per sq ft of an area with emphasis variation, eg: subterranean development.
- Provide information regarding permitted development which is relevant to the property.
- Financial information highlighting the tax benefits of new build ect.
- Look into precedent developments in the immediate locality.
- The report could include a full measured survey of the property with a series of proposals drawn up highlighting possible development opportunities. This could include anything from internal reconfiguration to structural work and opportunities to maximise sq footage, all with regard to the local plan.
The key purpose of the report would be to provide property investors with an extremely valuable resource, designed to give added confidence when making key decisions. Only registered industry professionals would be able to issue the report (architects/engineers/surveyors etc) this would ensure credibility.
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