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*CONFIDENTIAL*
Budget report regarding two possible residentialproperty investments in Antwerp
!"t#o$ De%ember "&!'
Report
by
Jeroen
Boeckx &
Stef Van
de Water
JONESLANGLASALLE
INC.
B!GE"RE#OR"AN"WER#
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$
Content% paeIntrodu%tion '
(roperty A) Dambruggestraat ' "&+& Antwerp ,
S'((ar)*ed tab+e o, -'re%
In/e%t(ent e/a+'at)on -'re%
!)%c'%%)on b'det report property A
(roperty B) -orte .ast#uisstraat '+/ "&&& Antwerp
S'((ar)*ed tab+e o, -'re% 0
In/e%t(ent e/a+'at)on -'re% 0
!)%c'%%)on b'det report property B 0
Comparison property A and (roperty B +
Break1e/en ana+y%e% 2
!)%c'%%)on o, t3e co(par)%on 2
Appendi0 A 1
Append)x A45 !eta)+% #roperty A 6 p)ct're% 7
Append)x A$5 ,'++ tab+e o, -'re% property A 8
Append)x A95 S3are o, ann'a+ co%t% property A :
Appendi0 B !&
Append)x B45 !eta)+% #roperty B 6 p)ct're% 4;
Append)x B$5 ,'++ tab+e o, -'re% property B 4$
Append)x B95 S3are o, ann'a+ co%t% property # 49
Appendi0 C !,
Append)x C45 Append)x C45 ca+c'+at)on %o+)c)tor% ,ee% 4
Append)x C$5 Append)x C$5 Intere%t rate%5
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nt de(and %tore%> p'b+)c tran%port> 'n)/er%)ty=co++ee% o, 3)3
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ed'cat)on> a++ o, t3e%e are at t3ere )nd)/)d'a+ pr)ce
ta> t3e)r potent)a+ ,'t're /a+'e> etc. It )% )(portant to kno< t3at e/ery
added a(o'nt )% ba%ed on re+)ab+e re%o'rce%. So(e n'(ber% 3o
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Break1e/en po)nt 47 year%> (ont3%
Ro'ndtr)p co%t :.82@
Added Va+'e on property )n $;98 :8>;=H84>8;
Ann'a+ Ret'rn on )n/e%t(ent ROI :.@
"3e tab+e abo/e )/e% a %'((ar)*ed o/er/)e< o, t3e ca%3 o28.$; :0>4$9.44
Cost o$ %redit $a%ility 4>8;4.;;1
4>8;:.;;M
4>:2.29140;9.$8M
9 Exc3ane rate a% at 0=4$=$;49>ER 4 F G!# ;.894
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Annual %as# ;ows
Annual %ost
>77;.71
>79.4M
9>:2.819:4.00M
Annual in%ome
:>8;.;; 7877.88
Cas# ;ow a$ter " years
Cost o$ sale
0>7;7.;; >7$.0$
Estimated 8elling pri%e
478>088.$8 48>;2.82
Investment evaluation :gures
Break1e/en po)nt 4: year%> 8 (ont3%Ro'ndtr)p co%t :.0@
Added Va+'e on property )n $;98 444>;;$.7;
Ann'a+ Ret'rn on )n/e%t(ent ROI :.9$@
"3e tab+e o, -'re% abo/e %'((ar)*e% t3e (o%t )(portant co%t% accord)nto b'y)n t3e %t'd)o )n t3e orte a%t3')%%traat. A deta)+ed o/er/)e< o, t3eproperty can be ,o'nd )n append)x B4. A (ore e+aborate /er%)on o, t3etab+e o, -'re% can be ,o'nd )n )n t3e append)x B$. "3e co%t o, p'rc3a%enot on+y )nc+'de% t3e pr)ce o, t3e apart(ent )t%e+,. "3e +ea+ ,ee% and t3e
%o+)c)tor% ,ee% are taken )nto acco'nt a% t3e a++ocated a(o'nt o, t3eper%ona+ e')ty )% (ax)()%ed. A (ortae o, $;>;;;FH42>2$;> to co/ert3e ot3er co%t% and create a %(a++ b'fer ,or ,'t're expen%e%> )% %ett+ed.See Append)x C$ ,or a ,'++ (ortae o/er/)e
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Comparison property A and (roperty B)
(roperty A (roperty B
Cost o$ pur%#ase 4;7>0:.; 44>28.$;
Annual pro:t
p to year 4;
A,ter year 4;
0>;$9.;:1
0>;$9.2:M
8:90>78
7;:>$21
792>82M
747:>:
Brea?even point 47 year%>
(ont3%4: year%> 8
(ont3%
oundtrip %ost :.82@ :.88@Added alue on property in "&'= :8>; 444>;;$.7;Annual eturn on investment
2OI7
:.@
:.9$@
In;ation adusted OI+ 7.@ 7.9$@
"3e tab+e and rap3 abo/e )/e a co(par)%on o, t3e t
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Bot3 propert)e% re')re t3e %a(e a(o'nt ,or t3e cred)t ,ac)+)ty.Reard)n t3)% cred)t ,ac)+)ty )t %ee(% a ood )dea to '%e a -xed)ntere%t rate. "3e rea%on ,or t3)% )% t3at rate% are 3)%tor)ca++y +o< att3e (o(ent and are /ery +)ke+y to o 'p o/er t3e next 4; year%. A%)('+at)on o, a
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Appendi0 A") (roperty A) Full table o$ :gures
!e%cr)pt)on A(o'nt ER A(o'nt G!#7
Initial %as# ;ows
Cost O$ (ur%#ase
#roperty pr)ce :;>;;;.;; 7>7:;.;;
Re)%trat)on ,ee% 4;@ :>;;;.;; 7>7:.;;
So+)c)tor% ,ee% VA" $4@ )nc+'ded 4>80:.92 4>00.49
Co%t o, deed o, %a+e VA" $4@ )nc+'ded 4>40;.;; :00.20
!ecorat)on & ,'rn)%3)n 0>;;;.;; >400.;;
Jone% Lan LaSa++e Inc. ,ee% ;.2@ 0;.;; 8.7
TOTAL !&1/,4
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4;
Annual %as# ;ows
Annual %ost
t)+)t)e% e+ectr)c)ty> a%> etc. 4>;.;; 4>4:9.2
B')+d)n (a)ntenance $0;.;; $;7.70
B')+d)n )n%'rance 4$7.0; 4;0.:0
Add)t)ona+ property tax: 08.29 00.:4
Co'nc)+ tax :8.;: 84.04
Repay(ent cred)t ,ac)+)ty -r%t 4; year%
1 )xed )ntere%t rate
$;0.8:=(ont3
1 Var)ab+e )ntere%t rate
$;9.0:=(ont3
$>7;.28
$>9.;8 $>;09.4
$>;9;.$;
TOTAL >,/4&4 (a)ntenance> )n%'rance
4;=(ont3
4>28;.;; 4>9:2.;8
TOTAL 4/4+&
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Cert)-cate% E+ectr)c%> E#C 97;.;; 9;7.7
arious %osts 28elling agents $ees/
publi%ity/ et%209.$; >2:7.84
TOTAL +/&"'
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4$
Appendi0 B
Appendi0 B!) (roperty B details
(roperty details
"ype Apart(ent %t'd)o
Addre%% orte Ga%t3')%%traat 92
$;;; Ant
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Appendi0 B") (roperty B) Full table o$ :gures
Des%ription Amount
EG
Amount
.D(
!&
Initial %as# ;ows
Cost O$ (ur%#ase
#roperty pr)ce :2>;;;.;; 7:>772.;;
Re)%trat)on ,ee% 4;@ :>2;;.;; 7>:77.2;
So+)c)tor% ,ee% VA" $4@ )nc+'ded 4>:;;.7 4>07:.0$
Co%t o, deed o, %a+e VA" $4@ )nc+'ded 4>9:4.0; 4>402.9
't're decorat)on & ,'rn)%3)n 0>;;;.;; >400.;;
Jone% Lan LaSa++e Inc. ,ee% ;.2@ 072.;; 78.22
TOTAL
44>28.$; :0>4$9.44
Cost o$ %redit $a%ility2 3"&/&&&ER 4 F G!# ;.894
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Annual %as# ;ows
Annual %ost
t)+)t)e% e+ectr)c)ty> a%> etc. 4>;.;; 4>4:2.2
B')+d)n (a)ntenance $;;.;; 422.$;
B')+d)n )n%'rance 4;0.;8 87.9$
Add)t)ona+ property tax4$ 0;;.$2 40.7$
Co'nc)+ tax 0.7$ 0.7
Repay(ent cred)t ,ac)+)ty -r%t 4; year%
1 )xed )ntere%t rate
$;0.8:=(ont3
1 Var)ab+e )ntere%t rate
$;9.0:=(ont3
$>7;.28
$>9.;8 $>;09.4
$>;9;.$;
TOTAL >,/11&
'4,!8;;.;; 2>84.8;
#ro/)%)on 't)+)t)e%> (a)ntenance> )n%'rance
4;=(ont3
4>28;.;; 4>9:2.;8
TOTAL 4/,=&
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Cert)-cate% E+ectr)c%> E#C 97;.;; 9;7.7
arious %osts 28elling agents $ees/
publi%ity/ et%;9;.;8 0>;44.;;
TOTAL +/,&&
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Appendi0 C
Appendi0 C!) %al%ulation soli%itors $ees
ange per%ent
age
propert
y A
(roperty
B
Gp to 3 1/&& >02@ 9$ 9$From 3 1/&& to 3 !1/&& $>80@ $80 $80
From 3 !1/&& to 3 '&/&&& $>$8@ $80 $80
From 3 '&/&&& to 3 ,/,4 4>74@ $2>:2
0
$2>:20
From 3 ,/,4 to 3 +,/&4 4>4@ $4$>; $4$>;From 3 +,/&4 tom 3
"&/&4
;>07@ 47>208
0
484>8080
Above 3 "&/&4 ;>;2@ ; ;
Total %ost2AT not in%luded7 4092>229 407;>829
Total %ost in .D(2AT not in%luded7 4$72>:22
:0
49;0>987
409
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Appendi0 C") Interest rates) worst %ase5best %ase
Hortgage Option ! Option "
.eneral in$ormationType o$ %redit )xed )ntere%t rate Var)ab+e )ntere%t
rate
4=4=69=19
Borrowed amount $;>;;;.;; ER $;>;;;.;; ER
Interest rate
modi:%ations
First :0ed
period
4; year 4 year
Ne0t
modi:%ation
none ann'a+
InitialDuration 4; year 4; year
Interest rate o$ your
%#oi%e
.0 @ .$; @
Hont#ly interest
rate
;.929 @ ;.99 @
Hont#ly repayment $;0.8: ER $;9.0: ER
Total interest >7;2.8; ER >9;.8; ER
Optimisti%
Duration 4; year 4; year
Annual interest rate .0 @ 4.$; @Hont#ly interest
rate
;.929 @ ;.;:2 @
Hont#ly repayment $;0.8: ER 478.: ER
(essimisti%
Duration 4; year 4; year
Annual interest rate .0 @ 7.$; @
Hont#ly interest
rate
;.929 @ ;.0:; @
Hont#ly repayment $;0.8: ER $$7.9 ER
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4:
ro(5 propertyre%earc3QJone%LanLaSa++e.co(
"o5Jack.WardQ(a)+.co(
S'bect5 re5 #roperty )n/e%t(ent Ant Jone% Lan LaSa++e Inc> !a(br'e%traat>
orte Ga%t3')%%traat
!ear Pr. and Pr%. Ward>
A ,e< (ont3% ao yo' 3a/e contacted '% con%)der)n yo'r de%)re to )n/e%t )n
Ant