The professionals are often asked to prepare valuation reports of property and these professionals are called appraisers. But the appraiser is no good without words and these words are best shared with the help of a narrative report. Students are given the assignments to prepare a narrative valuation report and an accounting assignment help provider is here to help.
The Structure of Narrative Valuation Report
Narrative reports are effective because, through this, the appraiser (you) can lead the reader through developing the appraisal. And in the end, you can defend the value that you have presented. Also, in a narrative valuation report, the document is comprehensive because there are no space restrictions.
1. Title page
The title page is where you are going to let the reader know the key details of what the report is, what is the property you are evaluating, the type of property and the name of the client for which the valuation is presented.
For your narrative valuation report, the details will be –
2. Table of Contents
The table of contents is used to let the readers navigate through the report easily. I don’t think I need to tell you how to prepare a table of contents, do I?
3. Assumptions and conditions
When you are writing a narrative valuation report, you might not get all the information you are looking for. Therefore, you assume some factors, prepare your report according to a condition and work your way around some limitations.
Mention them here.
It would not be wise if you are not mentioning the limiting conditions for the reader. When you mention the limiting conditions, a large proportion of flaws and shortcomings of the report are automatically answered.
4. The appraisal process
Here, you need to discuss the process that you will undertake to estimate the value of the property. You may not necessarily go into the depths of the valuation process but at least provide an overview to the client that what steps you have undertaken are correct to reach the conclusion you have presented.
The points to include here are as follows –
Property Description: The subject is a two storey residential dwelling cottage that was built approximately 10 years ago. The subject is built on a slab foundation.
Address: Example Residential Cottage, New South Wales
Legal Description: House Number
5. Location Analysis
For the analysis of the location, you need to conduct a PESTEL model. You have to analyse the entire location for the social factors, the demographic profile, the government regulations and the economic information for the location.
Where will you find information for this analysis? At the Local Chamber of Commerce, the Australian Bureau of Statistics, the regional planning bodies and the city public relations department. You can look for the information there.
Prepare the city analysis using the following factors –
- Quality of living compared with some other place
- Employment rate
- The age groups, population growth rate
- Facilities like transportation, road, medical, etc.
- Government services
The neighbourhood can be analysed with –
The boundaries of the dwellings
The location of the school, shopping, etc.
The age and style of the buildings
Percentage of the area developed
The culture of the people
This concludes the second part of the narrative valuation report. There are a lot of sections in the report that still remain from a discussion like –
Highest and Best Use Analysis
The Cost Approach
The Sales Comparison Approach
The GRM (Income) Approach
Statement of Limiting Conditions
A solved narrative valuation report of residential dwelling
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