24-06-2014, 09:59 AM
Building Description
Building Description.ppt (Size: 96.5 KB / Downloads: 68)
Purpose of Building Description
Basis for:
describing the Improvements
determination of the Highest and Best Use of the property
the Cost Approach
cost new and depreciation
the Sales Comparison Approach
the Income Approach
Types of Information Needed
Materials of construction and quality
Size of the Improvements
Age, Condition
Style, design, layout - functional utility
all relates to market standards
Positive and Negative features
materials and/or design
Building Measurement
Gross Building Area (GBA)
The total floor area of a building, including below-grade space but excluding unenclosed areas, measured from the exterior of the walls.
Gross Living Area (GLA)
The total area of finished, above-grade residential space, excluding unheated areas such as porches and balconies.
The standard measure for determining the amount of space in residential properties
Gross Leasable Area (GLA)
The total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines, and measured from the center of interior partitioning to outside wall surfaces.
Net Leasable (Useable) Area (NLA)
The total area actually occupied by the tenant, excluding common areas.
Architecture
Style: The character of a building’s form and ornamentation.
Construction materials
Type of structure (frame)
Equipment (heating, plumbing, HVAC, etc)
Siting (solar, underground houses)
Design (colonial, ranch, contemporary)
Functional Utility
The ability of a property or building to be useful and to perform the function for which it is intended according to current market tastes and standards.
General Standards:
Comfort
Efficiency
Safety
Security
Accessibility
Ease and Cost of Maintenance
Building Types and Features
Residential:
Housing Standards
vary for different income levels and in different regions
Layout
traffic patterns, baths near/in bedrooms, etc.
Accommodation for specific activities
separate rooms for living, eating and sleeping
Physical Inspection
Exterior description
Footings and Foundation
Floor structure
Framing
Exterior walls
Windows
Doors
Roof cover and drain systems
Chimneys, stacks and/or vents
Special features
Physical Inspection
Interior description
Interior walls, ceiling and doors
Division of space (floor plan layout)
Painting, decorating and finishing
fireplaces
heating and air condition system
plumbing systems
kitchen equipment
special features
Quality and Condition
Comparability of the property to sales found in the market area
Basis for estimates of cost new and depreciation
Basis of the property to produce rental income in the income capitalization approach
Deferred Maintenance Items
Must point out deferred maintenance items or items that need immediate attention and repair.
Examples: painting, broken windows or torn screens, loose gutters, cracked sidewalks.
Short-lived items
Have an expected remaining life that is shorter than the remaining physical life of the entire structure.
Example: a roof cover with a physical age of 10 years and an expected life of 20 years.
Improvement Analysis
Considers the ideal improvement or the building that would maximize the value in terms of:
Physical
Functional
External
Provides information for consideration of alternative uses for renovation, conversion or demolition