QUSU06024 2019 Property Valuations
This module will introduce students to the importance of property management in the context of maintaining and increasing property values.
There will be a brief introduction to property valuations and the nature of property as an asset.
Whether commercial or residential, owner occupied or rented, the continuous maintenance and reinvestment into a property asset will maintain and increase capital and rental values and maximise the potential of property regardless of its tenure or ownership.
The module provides an introduction to the structure and nature of the property market and fundamental concepts that underlie investment valuation techniques.
The aims of this module are to:
- Introduce the student to the concept of property asset management and property valuations
- Set out the principles and practises of the property manager in the context of active and proactive management and implementation of strategic objectives to sustain and add value to individual properties and property portfolios
- Introduce the concept of active asset management to multi-owned and owner-occupied properties to sustain and add value
- Provide the student with an informative overview of the theory and practice of valuation techniques in the property market, and concepts of risks and yields in the property market.
On completion of this module the learner will/should be able to;
Define the concept of property as an asset and demonstrate an ability to apply common methods of valuation.
Comprehend the impact of property and facilities management on the rental and capital value of a property
Appreciate the importance of occupational lease terms to the capital value of a property Asset.
Introduce practical management strategies to an asset and Elaborate on the importance of asset management in the context of residential and commercial property investment
Elaborate on the importance of active asset management in the context of multi owned properties (OMC) and commercial owner occupiers
Outline the main elements involved in property valuation and Analyse property market transactions in both residential and commercial markets.
Analyze the basic dynamics of property markets and the relationship between income and capital value.
Apply comparable investment valuation techniques for all commercial property markets, and manipulate comparable yields using a basic property and income risk investment.
Teaching and Learning Strategies
This module will be delivered using blended learning techniques. This will include online lectures (via adobe connect or similar), workshops and work based learning where relevant and guest lectures augmented by independent learning and directed learning. This approach is expected to address student learning needs. Moodle will be used to upload educational material (i.e. presentations and recordings of online lectures plus supplementary reading material) and as a means of assessment (e.g. quizzes, uploading assignments and journals). This blended approach (lectures and workshops) brings students together to facilitate group learning.
Module Assessment Strategies
This module is 40% Continuous Assessment and 60% Final exam
Repeat Continuous Assessment and/or Final Exam.
- The use of property as an asset and the methods of valuation and how values are Determined. The concept of active property asset management in the context of all Properties. One of the things that separates 1st world economies from those of the developing world in the context of the built environment, is the commitment to maintain, reinvest or redevelop property assets in order to maximise their value.
- Occupational costs to a property investor and the impact of high/low service charges/occupation costs to a market rent. Occupational costs can impede the ability to charge higher rents having a direct impact on the capital value and return on capital to the property investor.
- The differences in commercial and residential leases in determining net yields from property investment, comparing the nature of the asset from an investment perspective and understanding leases in the environment of property asset management.
- The need for active management in the context of owner occupied commercial property or from the perspective of the long term occupational leaseholder.
- The need for active management in the context of multi-owned properties. In the context of owner management companies or commercial properties in a co-owned environment the sustained management, maintenance and reinvestment is paramount for the enjoyment of the property asset and in maintaining or increasing its value.
- The structure and nature of the commercial and residential property markets and the role of the valuer.
- Concepts of value and price
- Five methods of valuation; comparative, income, residual, contractors and investment.
- Yields and yield calculation
- Inducements and transaction analysis
Coursework & Assessment Breakdown
|Title||Type||Form||Percent||Week||Learning Outcomes Assessed|
|1||Assignment(s)||Continuous Assessment||Assignment||40 %||OnGoing||1,2,3,4,5,6,7,8|
End of Semester / Year Assessment
|Title||Type||Form||Percent||Week||Learning Outcomes Assessed|
|1||Final Exam||Final Exam||Closed Book Exam||60 %||End of Semester||1,2,3,4,5,6,7,8|
Online Learning Mode Workload
|Online Lecture||Not Specified||Lecture||2||Weekly||2.00|
|Directed Learning||Not Specified||Course work||1||Weekly||1.00|
|Workshop||Not Specified||Workshop||4||Once Per Semester||0.27|
|Independent Learning||Not Specified||Independant Learning||10.84||Weekly||10.84|
Required & Recommended Book List
2018-05-03 Property Asset Management Routledge
ISBN 1138644234 ISBN-13 9781138644236
2014-06-20 Property Valuation: The Five Methods Routledge
ISBN 0415717671 ISBN-13 9780415717670
2000-03-01 Excel for Surveyors Routledge
ISBN 0728203324 ISBN-13 9780728203327
Provides an introduction to Microsoft Excel concentrating on the program's unique application to the work of Surveyors. Operations such as the creation of valuation tables and automation of conventional valuations are explained. The setting up of discounted cash flow problems and development appraisals are also explained.
2017-12-14 The Income Approach to Property Valuation Routledge
ISBN 113863963X ISBN-13 9781138639638
2009-05-07 Real Estate Development and Investment: A Comprehensive Approach (Wiley Finance) John Wiley & Sons
ISBN 0470223081 ISBN-13 9780470223086