GRIN Verlag Effects of Locational Characteristics on the Value of Residential Properties

Bachelor Thesis from the year 2018 in the subject Economics - Micro-economics, University for Development studies, language: English, abstract: The research aims are to observe or critically look at the effect of positioning as a major component in finding residential property value. The following are the questions of this project: 1. What are the factors that influence the value of residential properties? 2. What are the socioeconomic characteristics that influence the choice of residential property type? This study will help valuers or future realtors and land managers to identify or access the housing rental values or prices of residential properties in the area of study. Also, it would help to add some new knowledge to existing written valuers report of the area. It is expected that this research would fill the gap by providing concrete evidence on the housing rental prices or values of the area of study. Based on these values foreign investors, real estate investors and landlords will be able to determine how much to sell or buy a residential property in the study area hence maximizing profit. Moreover, the study will help land valuers or managers to understand the accessibility in relation to property values of which profitability and utility are determined by accessibility. The greater the accessibility of a location, the greater the comparative advantage and the greater or higher the demand for the property at the location, the land value would increase. Urban areas naturally develop at nodal points in the transported network and those locations with good transport access to different areas have relative advantage over location with poor transportation access or facilities. Hence, increasing property values at locations with good transportation access. Also, the study will help land use planers and policy makers to know how location affects residential properties and serves as a guide in policymaking process. Thus, guiding land use planners and policy makers to consider some neighbourhood characteristics before making decisions.