Residential area
The residential area is in the real estate business , the location of a residential property . The counterpart is the business situation .
General
The location as a determinative compound is the place where a property is geographically located. The location is of decisive importance as a location factor in general in the valuation and especially in the property appraisal. It is the most essential, non-material factor influencing price and value.
Location and location are not synonyms. While every location has a location, a location first becomes a location "due to the usage-specific, differently assessed environmental conditions and the market conditions that change over time ...". The requirements for the location are essentially determined by the intended use.
In real estate project development, the three factors capital , idea and location are combined with each other for the construction of a property . While the idea and capital can still be described as largely variable and influenceable even after the construction of a property, once a location decision has been made, it can practically no longer be influenced due to the high transaction costs . The location is therefore one of the few factors that cannot be changed in real estate. The situation, however, can change in the medium term due to the environment.
Factors
The quality of living and the urban integration of a residential building or apartment in relation to its surroundings are the essential factors. The following are also important when assessing the residential area:
- Form of development, for example urban and popular perimeter block development in the urban environment (less popular: more peripheral , loosened up settlement ).
- Building age and condition: The older a building is, the more likely it is that maintenance and modernization work will have an impact on the rent or the purchase price .
- Infrastructure (shopping, services, educational, social, sporting, cultural facilities, transport links, green spaces, trees)
- Orientation to the compass direction, topographical features.
- Composition of the population of the residential area (social structure, unemployment rate , crime rate ).
- Image of the residential area (well-kept / neglected environment, presence of many listed buildings, vacancy , demand for living space, location in the redevelopment , new building or old building area ).
- Environmental pollution ( noise , air pollution from dust , odors , etc., contaminated sites ).
All factors determine value, so that high rents or high purchase prices predominate in residential areas where there is a favorable combination of these factors.
Classification
A good location is an essential evaluation criterion. The summary of all location factors can be condensed into four main groups, each of which is graded:
- Prime location,
- good location,
- average location,
- easy location.
Luxury apartments with above-standard comfort always belong to the segment of the best location ( villa colonies ), social housing , on the other hand, is often in socially disadvantaged areas with a simple location, "in which factors that negatively determine the living conditions of their residents and especially the development opportunities or socialization conditions of children and young people , occur frequently ". In terms of social benefits , Section 22a of Book II of the Social Code is based on the “simple standard”. In order to realistically map the conditions of the simple standard on the local housing market, the districts and urban districts can subdivide their area into several comparison areas, for each of which they determine their own appropriateness values ( Section 22b (1) SGB II).
These residential area classes enable the creation of a residential area directory for a place of residence . This directory can be of assistance in drawing up the rent index .
In the case of residential areas, a distinction is made between pure residential areas ( Section 3 BauNVO ), general residential areas ( Section 4 BauNVO), special residential areas ( Section 4a BauNVO), village areas ( Section 5 BauNVO), mixed areas ( Section 6 BauNVO) and urban areas ( Section 6a BauNVO). Commercial real estate is already partially permitted in mixed areas, urban areas and also core areas ( § 7 BauNVO).
Because of the prevailing westerly winds, major European cities typically have, in addition to good inner-city residential areas, especially good residential areas in south-western urban areas that have historically been least affected by odor nuisance and exhaust fumes, e.g. B. Villa districts in the southwest of Berlin such as Grunewald and Lichterfelde , the "SW postcodes " in London or Versailles near Paris .
Individual evidence
- ↑ Monika Walther / Günter Muncke / Maike Schwarte, location and market analyzes , 2001, p. 5
- ↑ Jürgen Platz, Real Estate Management: Test Criteria for Location, Substance, Yield , 1993, p. 49
- ↑ Michael Mütze (ed.), Immobilieninvestitions , 2009, p. 1 f.
- ↑ Martin-Dieter Herke, Bank talks lead like the professional , 2003, p. 116
- ↑ Michael Brückner, Practical Guide to Real Estate Acquisition , 2016, p. 147
- ↑ German Association of Cities (Ed.), Notes on Working in Socially Deprived Areas , DST Contributions to Social Policy, Series D, 1979, p. 10
