Topic:Perform a highest and best use analysis on two properties: (1) a residential property you are familiar with (for example, a home you own or an apartment complex where you live), and (2) a commercial property you are familiar with, such as the supermarket where you shop. In your essay, discuss the four tests used to determine highest and best use. Is each property currently at its highest and best use?
High and best use is an analysis of utilization of land and property ,this analysis aims at finding out whether land is used in a productive way , land can be used for residential or commercial purposes , however allocation of use mainly depends on productivity and the availability of supportive infrastructure and population .
I take the example of our home to analyze best use , the property is located near a road whereby all the other neighboring land is used for residential purposes , and there are also other supportive infrastructures that support the piece of property to be used as a residential area .The land is best utilized because the area is not densely populated , it has access to the road network and that it is more secure because other people already live in the area . The other factor is that it is located some miles away from the town making it less noisy .If this property was turned into a commercial property whereby it is converted into a supermarket then it would not be best used , for one reason is because the area is not densely populated and therefore less consumers would shop , the area is far from other supportive industries and services and therefore it would be hard to get supplied and finally the consumers would find it inconvenient to move long distances to come and shop .
... just or legal possession of a parcel of land. Property: May be considered some right that describes ... . C. Title to land does not constitute real property. Title in real property law is the right ... (ex: house, shed, garage) B. Personal property: Property that is consumable, can be destroyed, or moved ... at will. C. There are fuzzy areas as shown: 1. Real property. a) Standing timber. b) Perennial shrubs ...
Commercial properties In the commercial property. I take the supermarket near my area , this supermarket is located in town where more consumers shop , this is the best usage of the property in that it is a large building enabling the user to display as many products as possible , the other advantage is that it is located in town where there is available support infrastructure such as road , electricity and water .The property is best used in that there is other business located in the same area and therefore the consumers will shop at the town , the area experiences high traffic both day and night and therefore makes it possible for consumers to shop both day and night . Therefore the commercial properties are properly utilized and should be improved so as to meet and fulfill the requirements by the investors and customers Conclusion :Infrastructure should be improved to promote more productivity and development of both areas , this will make it easy to transport raw materials and the final products to the required places in time , some area develop due to available infrastructure and the use of best use of property and land will change from time to time as an area develops ,residential areas are best situated in areas with security , proper transport network and an enabling environment that is less polluted . A commercial property is best situated in areas with high population ,central location for easy access by consumers and an area with other support businesses and suppliers .