The Total Gross External Area of the Building Research Paper

The Total Gross External Area of the Building - Research Paper Example Viewing the property from all directions the building is not been altered since construction, the walls are made of bricks and covered by a tile roofing which is still in good condition. The ground floor contains a kitchen, dining and living, and a garage attached to the side of the building. The first floor contains 4 bedrooms of which one is the master bedroom and bathroom. All the rooms in the house are fully furnished. The house is located within an already established residential estate. It is located at the junction of Worthing road and north road in the west of Sussex. The exterior walls, on the other hand, are made of brick and the inside is finished with solid concrete, the floor is made of thick concrete which is in good condition and no sign of dampness was evident. The reinstatement cost is the cost that may be incurred in the rebuilding of a house, Household insurance is calculated in two parts, this includes building an insurance and content insurance, building insuranc es cover the building and other building fittings, content insurance on the hand covers. There are various methods used in the valuation of buildings, in our case we have used the Gross external area method in estimating the value of the residential property, the residential property market price is 299,995 while the estimated value is 263,000 and given the condition of the house the market price is much higher than the estimated price, therefore the house is far overvalued in the market and purchasing the house may lead to resale problems in the future.