Property valuation is the process of determining the market value of an object or individual rights with respect to the property being valued. Valuation of real estate includes: determining the value of property rights or other rights, such as lease rights, rights to use, etc., in relation to various real estate objects.
In valuation practice, there are various types of value. p.5 FSO №2 Property value is divided into the following types:
When determining the market value of the appraisable object , the most probable price is determined at which the appraisable object may be alienated on the valuation date in the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and no extraordinary circumstances, that is, when:
[one]
Investment value is the value of the property being valued for a specific person or group of persons when investment purposes of using the property being valued are established by this person (s).
In determining the investment value, as opposed to determining the market value, accounting for the possibility of alienation at the investment value in the open market is not necessary. Investment value can be used to measure investment performance.
When determining the investment value of the appraisable object , the cost for a particular person or group of persons is determined when the investment purposes of using the appraisable object — investment property — are established by the given person (s) to generate income in the form of rent and value increase. In determining the investment value, as opposed to determining the market value, taking into account the possibility of alienation at the investment value in the open market is not necessary.
When determining the liquidation value of the appraised object , the estimated value is determined, reflecting the most likely price at which the appraisable object can be alienated during the exposure period of the appraisable object, which is less than the typical exposure period for market conditions, in conditions when the seller is forced to make a transaction for the alienation of property. In determining the liquidation value, as opposed to determining the market value, the effect of extraordinary circumstances is taken into account, forcing the seller to sell the object of valuation under conditions that do not correspond to market values.
In determining the cadastral value of the subject property, the market value is determined by the mass valuation methods established and approved in accordance with the legislation governing the cadastral valuation. The cadastral value is determined by the appraiser, in particular, for tax purposes.
There are several approaches to the assessment of any type of real estate used by professional appraisers:
- comparative approach;
- cost approach;
- income approach.
Within each of the 3 approaches there are specific methods.
The income approach to real estate valuation is based on determining the value of the property based on the calculation of the expected income from owning (using) this property. This indicator is very important because it allows you to predict the value of the object for the future.
The income approach is one of the most used methods for real estate valuation in valuation practice today.
According to the statement of the modern economist Vishnevetsky AV, this approach is also called “marginal” (from the English term “margin”, often used in Russia as an analogue of the term “profit”). The applicability of the marginal approach is clearly expressed in the period of economic growth in the state. The income approach is an integral part of the Due Diligence procedure (due diligence).
The income method is mainly based on determining the value of real estate by calculating the discounted income stream (from owning or using this object). This method is based on the principle of expectation - establishing the present value of income and other benefits that can be obtained in the future from owning this property. It is logical that the property owner does not cede his property below the amount that he could receive, continuing to exploit it, and the buyer will not pay more than the amount that the subsequent use of this object will bring him for commercial purposes. Thus, the price of real estate is determined on the basis of the value of future income by agreement between the parties.
When calculating the income approach, the following methods are used: income capitalization and cash flow discounting. These techniques are fundamental to this method.
1) In accordance with the technology of the direct capitalization method, the cost is determined by the ratio of net operating income before tax to the capitalization rate. The capitalization rate is determined by the appraiser based on the value of the base rate by adjusting for risks.
2) The method of discounting cash flows is used when cash flows are uneven (unstable income), or when using different capitalization ratios. According to the method, the value of the object is determined as the sum of the discounted income for the project. To do this, it is necessary to determine the cash flow model with a forecast of expenses and investments for the selected period. The discount rate is determined taking into account the same parameters as in the capitalization method.
The essence of the method - the income approach estimates the value of real estate as the present value of future cash flows. At the same time, this approach reflects the level of risk for the property being valued, as well as the quality and quantity of income that the valuation object can bring during its service life. The main advantage of the income approach is that it allows you to take into account future investment risks now.
The disadvantage of the method is that future revenues - the predicted value of rental income and the amount of future resale of the object, are determined by the evaluator by analyzing a number of factors, and therefore can carry a certain error, since it is impossible to accurately determine the state of the real estate market for the long term.
Cost approach (asset based approach) - a set of valuation methods in which the value of the object is equal to the sum of the land value and the cost of reproduction (replacement) of all improvements, less accumulated depreciation, and the cost of liabilities, that is, the value of the valuation object depends on the cost of creating a similar object. This approach is used to assess detached buildings, households, businesses.
Comparative approach - a set of valuation methods for the valuation of the valuation object, based on a comparison of the valuation object with the objects - analogues of the valuation object, for which price information is available. The object - an analogue of the object of evaluation for the purposes of evaluation is recognized as an object that is similar to the object of evaluation on the basic economic, material, technical and other characteristics that determine its value. 
The main, most frequently used and most accurately reflecting the market value of real estate is the method of Comparison of sales
is based on statistical monitoring and factor analysis of the market segment to which the property being valued belongs.
The main stages of the application of the method:
- positioning of the object, the choice of the market segment to which the object belongs, taking into account the Analysis of the most efficient use;
- market analysis;
- factor analysis;
- selection of analogues;
- cost calculation.
The essence of the method of capitalization of income - determining the value of the property is done by converting the annual net operating income (CHOD) to the current value
Where
- the value of the property (den.ed)
- Net operating income or CHOD (English Net operation income (NOI) )
- capitalization ratio
The capitalization ratio is an indicator reflecting the ratio of the expected annual income (CHD) of property value:
Where
- capitalization ratio
- investor’s rate of return on invested capital - the investor’s expected rate of return on investment, taking into account risk in the market.
- the rate of return of capital - the interest rate which ensures the return of the initial investment. The rate divides the income into two parts: the reimbursement of capital investments in real estate and the receipt of income from the ownership of the object.
In valuation practice, 3 methods are used to calculate the rate of return on capital, the Ring method, the Inwood method and the Hoskold method.
Ring Method This method is used when it is expected that the refund of the principal amount will be made in equal parts. The repayment rate is the annual share of the initial capital to be allocated to the interest-free reimbursement fund. This share with a 100 percent return on capital.
Inwood Method This method is used if the amount of the return on capital is reinvested at the rate of return on investment. In this case, the rate of return as an integral part of the capitalization ratio is equal to the factor of the compensation fund at the same interest rate.
Hoskold Method Used in cases where the rate of return of the initial investment is somewhat high, and reinvestment at the same rate is unlikely. For reinvested funds it is assumed to receive income at a risk-free rate.
This method is used if income streams are stable over a long period and are significant, as well as if the income stream rises at a steady pace.
The method is not applicable in a situation where the object of assessment is an object of construction in progress or requires significant reconstruction, that is, it cannot bring a stable income in the near term.
The “information opacity” of the Russian market makes it difficult to calculate Net Operating Income and capitalization rates due to the lack of information on actual sales transactions, operational payments, etc.
The method of discounted cash flows (DDP) is more complex, detailed and allows you to evaluate the object in the case of obtaining from it unstable cash flows, simulating the characteristic features of their receipt.
The DDP method is used when:
The discounted cash flow method is the most universal method for determining the present value of future cash flows. Cash flows can be arbitrarily changed, arrive unevenly and have a high level of risk. This is due to the specifics of such a thing as real estate. Real estate is acquired by the investor mainly because of certain benefits in the future. The investor views the property as a set of future benefits and assesses its attractiveness from the standpoint of how the monetary expression of these future benefits relates to the price at which the object can be acquired.
The DCF method allows to estimate the value of a property based on the present value of income, which consists of projected cash flows and the residual value.
We continue to publish a series of articles on valuation activities in Ukraine. Earlier, we outlined the objective prerequisites for the formation and possible scope of expert evaluation in Ukraine, examined the concept of “appraiser” and organizational and regulatory aspects related to the activities of an appraiser, showed the possibility of determining fair value as an accounting concept with the help of expert appraisal. This publication discusses the methodological organizational issues of real estate expert assessment, which is useful to know a civilized customer.
Before outlining the issues of the methodology and organization of the expert assessment of real estate, I would like to give a few definitions related to real estate and which it is useful for every civilized customer owning real estate or intending to become the owner to know.
Real estate (real estate) is land and everything that is placed on them and is closely related to them, that is, objects whose movement is impossible without causing disproportionate damage to them.
Such a definition is given in the draft Regulation (National Standard) Expert Assessment of real estate. A clearer definition of real estate is given in International Valuation Standards. In this document, real estate is defined as a physical piece of land and related improvements made by man. This is a tangible “thing” that can be seen, touched, including the ground and all the structures on it, as well as above or below it.
In order to distinguish the concepts of real estate as a physical object and property as a legal concept, there is such a thing as the ownership of real estate , which includes all the rights, interests and privileges associated with owning real estate, and expressed in any evidence of ownership, There are separate from the property itself as a physical object.
Thus, "real estate" refers to material concepts, and "property right" - to intangible . This is important to know because the approaches, methods and procedures for expert evaluation of tangible and intangible assets are different, and the customer should know what he wants to evaluate: either real estate as a tangible object, or ownership of this object, as an intangible asset.
Consider the composition of the elements of real estate, as a tangible asset. It was said above that real estate is a land plot and improvements on it, under it and above it.
A land plot is a part of the earth's surface with established boundaries, which is characterized by a certain location, economic use, legal regime, and other essential features defined by rights in relation to it.
Land improvements - any physical objects located within the boundaries of the land plot and physically related to it, as well as the physical consequences of any measures that led to a change in topography, the condition for the development of the land plot or the potential profit of its use. Improvements usually include buildings, structures, perennial plantings, construction in progress and other objects.
Buildings are building and architectural objects, the main purpose of which is to create conditions for labor, social and cultural services, storage of material values.
Structures - engineering and construction facilities designed to create and perform technical functions (mines, oil wells, roads, dams, racks, etc.) or to serve the population (urban improvement facilities, etc.).
Perennial plantations - all types of artificial perennial plantations, regardless of age: fruit and berry, technical, protective, ornamental and landscaping plantings of all kinds; искусственные насаждения ботанических садов, парков, скверов, улиц, бульваров, дворов, территорий предприятий и т. п.
Незавершённое строительство — объекты, по которым в установленном порядке не оформлены документы о приёмке объекта в эксплуатацию.
К сожалению, в условиях законодательной базы Украины в большинстве случаев основная составляющая недвижимости, земельный участок, не может считаться формально материальным активом, так как он не является собственностью владельца улучшений (зданий, сооружений и т. д.) расположенных на этом участке, поэтому можно оценивать только право пользования этим участком. В настоящее время экспертная оценка недвижимости в составе земельного участка и улучшений может осуществляться только в том случае, если имеется документальное оформление права собственности на земельный участок. Во всех остальных случаях в качестве объекта недвижимости выступают только улучшения на земельном участке: здания, сооружения, многолетние насаждения и т. д. заказчику оценки необходимо знать всё вышеизложенное для того, чтобы правильно составить задание на оценку конкретного объекта недвижимости. Однако составление задания на оценку объекта недвижимости является лишь одним из этапов оценки.
In order for the customer to have an idea about the entire assessment process, we consider it necessary at least briefly to acquaint him with the technology of real estate property valuation.
Property valuation is a complex, time-consuming creative process consisting of several stages and stages:
Если по стадиям 4-8 заказчика, в основном, будут интересовать результаты, то в реализации стадий 1-3 он должен принимать непосредственное участие. Поскольку данная публикация подготовлена, в основном, для заказчиков, далее мы подробно остановимся на раскрытии содержания первых стадий (1-3) и лишь конспективно — на следующих (4-8).
Постановка задачи (определение проблемы) — весьма ответственная стадия, так как от качественного выполнения работ на этой стадии зависит выбор адекватной методологии оценки, что и предопределит в будущем её результаты. Постановка задачи включает следующие этапы:
Consider the content of individual stages.
Identification of real estate is the establishment and written fixation of the name of the object, its legal status, location, physical composition and actual characteristics.
The establishment of the subject matter is the identification of what is to be assessed: the whole complex of property rights or only some property rights (the right to rent, the share in joint rights, etc.).
Определение даты оценки — является весьма существенным моментом для всего процесса оценки, так как с течением времени стоимость объектов недвижимости под влиянием многочисленных внешних и внутренних факторов может изменяться. Дата оценки — это дата, на которую определяется стоимость объекта оценки. Как правило, дату оценки устанавливают совместно эксперт-оценщик и заказчик, и она совпадает с датой осмотра объекта. В некоторых случаях дату оценки могут устанавливать третьи лица, например, налоговые органы или суды в связи с неплатёжеспособностью предприятия, ликвидационные комиссии при банкротстве предприятия и т.д.
Установление цели и функции оценки — один из важнейших этапов, определяющий последующий выбор методологии оценки, от которой, в свою очередь, в основном и зависят результаты оценки.
Формулируя цель оценки, необходимо ответить на вопрос: что оценивается? Цель оценки определяет вид оценочной стоимости (базу оценки), которая должна быть определена после установления цели, характер используемых данных, а также принципы и подходы, которыми будет руководствоваться оценщик, производя оценку объекта. Поэтому однозначное определение и фиксация цели оценки проводится именно на стадии постановки задачи совместно заказчиком и оценщиком. Примерами целей могут быть:
заказчику следует знать, что использование полученных результатов оценки недвижимости для других целей, кроме указанных в постановке задачи и Отчёте об оценке, является некорректным и недопустимым. Это связано с тем, что, например, методы оценки объекта недвижимости для последующей продажи отличаются от методов, используемых для оценки при его ликвидации и т. д.
Формируя функцию оценки, требуется ответить на вопрос: для чего необходима оценка? То есть, функция оценки определяет сферу её последующего использования. Оценка может производиться для последующей купли, продажи, кредитования, аренды, ликвидации, страхования объекта недвижимости и т. д. При постановке задачи и в Отчёте об оценке обязательно указывается, для какой функции или функций будут использованы результаты оценки.
При одной цели оценки может быть несколько функций оценки и наоборот. Приведём примеры некоторых сочетаний целей и функций оценки:
В заключение описания этого этапа хотелось бы дать заказчику следующий совет — если оценщик не может помочь Вам в установлении цели и функции оценки или путается в этих понятиях, лучше сразу откажитесь от его услуг, так как правильность будущих результатов оценки такого оценщика сомнительна.
The definition of the type of value depends on the purpose and function of the assessment, as well as on the type of the property. The types of estimated values and their selection, depending on these factors, are described in detail in the previous article. Therefore, we only recall that there are market and non-market valuation bases.
Market valuation bases include market value and market value with current usage. Non-market valuation bases include such types of value as investment value, liquidation value, liquidation value (not to be confused with the previous one), insurance value, tax value, replacement cost, use value, special value. Determining the type of cost is a direct and sufficiently responsible task of the appraiser, since it determines the subsequent selection of the evaluation methodology, including the choice of approaches, methods and evaluation procedures.
The compilation of restrictive conditions and familiarization with them by the customer is the last stage of the task setting stage. The expert appraiser should make a list of restrictive conditions and assumptions that accompany the process of assessing the value of any property. Restrictive conditions and assumptions are formulated by the appraiser and agreed with the customer with the aim of mutual protection of their interests. This is done in order to avoid in the future, when evaluating and compiling the Report, possible conflict situations in the relationship between the customer and the Expert. This publication does not consider in detail the content of the restrictive conditions and assumptions, however, each customer should require the Expert to give explanations on each of them. If the Expert is unable to do this, he should refuse his services.
The preliminary inspection of the object and the conclusion of the valuation contract is the second stage of the valuation process, consisting of the inspection of the object, acquaintance with the initial information about it and determining the sources of its occurrence, drawing up and signing the Agreement for expert assessment with an attachment to it - the assessment task.
The technology of inspecting and collecting information on the object is known to every qualified appraiser and there is no need to state it. I would like to remind the customer that the more complete and detailed information about the object he provides to the Expert, the more the estimated value of the object will correspond to the truth. Sometimes the customer asks the Expert to immediately carry out a real estate appraisal and the latter agrees to do this work without leaving the site. This is one of the most serious violations of the professional standards of the appraiser, and we would ask the customer not to push the evaluators to commit such a violation.
After an object is inspected and negotiated, a contract is usually concluded between the customer and the Expert, which specifies the rights and obligations of the parties, the cost of the assessment services, the deadlines for the performance of work, the confidentiality terms of the mutually submitted data and documents, and other special conditions that both parties deem necessary to include in the Contract. Attached to the Contract is an assignment containing the name of the customer and the Expert, the definition of the subject and date of the assessment, the purpose and functions of the assessment, the type (s) of the assessed value, restrictive conditions and assumptions.
The choice of assessment methodology is the third stage of the assessment process, which is carried out by the Expert. When implementing this stage, the possibility of applying certain approaches and methods applicable to the assessment of this particular property is justified.
International Evaluation Standards and Professional Appraisal Standards in Ukraine provide for the use of three generally recognized approaches in professional appraisal practice: income , cost and comparative . Each of the approaches can be implemented by several methods. The choice of approaches and methods used in assessing a particular property is determined by the purpose of the assessment, the chosen base of assessment and the nature of the object.
The income approach is based on determining the value of the subject property based on the present value of the expected income from owning this property. The main methods of the income approach are: the method of direct capitalization of income and the method of discounting cash flow. The method of direct capitalization will be applied in cases where the Expert believes that the projected annual net operating income is constant and does not have a clearly expressed tendency to change, and the period of its receipt is not limited in time. The method of discounting cash flow (indirect capitalization) will be applied in cases where the Expert believes that the projected cash flows from the use of the appraisal object are not the same in magnitude and variable over the selected forecast period. Methods of income approach, it is advisable to use when the market bases for assessing the value of the object.
The cost approach is based on determining the amount of the cost of reproduction or replacement of the object of valuation at the valuation date with its further adjustment to the amount of its depreciation and impairment. The main methods of the cost approach are: the method of reproduction and the method of substitution with a functional analogue. Practically both methods of this approach are identical and differ only in the procedure for determining either the gross cost of reproduction or the gross replacement cost of an object as an analogue. The cost approach is recommended when replacing an object of valuation by recreating it is physically possible and economically feasible, as well as for evaluating specialized objects for which there is no market for buying and selling.
The comparative approach is based on a comparative analysis of the selling prices of objects similar to the object of valuation, and making appropriate adjustments to account for differences between the objects of analogues and the object of valuation, as a result of which the value of the object being evaluated is determined. A comparative approach is recommended to determine the cost when there is an active market for this type of property.
The choice of approaches and methods is the prerogative of appraisers. International and Ukrainian regulatory assessment documents recommend the use of as many approaches and methods as possible in each approach, and if it is impossible to apply one or another approach and method, give clear explanations of such limitations. The customer must know these provisions and require the appraiser to strictly comply with them.
The assessment of the rights to use or own the land plot and the evaluation of improvements (buildings, structures, etc.), which constitute the fifth and sixth stages, are the direct work of the appraiser, which is performed by him using certain evaluation procedures and techniques. It is hardly necessary for the customer to know in detail the technology for performing these operations, although he has the right to demand an explanation from the appraiser on any of them.
Coordination of valuation results is the seventh stage of the valuation process, resolution of contradictions in the results obtained in assessing the value of real estate by various methods and determining the most likely estimated value of the property. It is useful for the customer to know that regulatory assessment documents do not allow for reconciliation of results by calculating the arithmetic average of the values obtained from using several methods, as well as the fact that the argumentation of the approval procedure must be set forth in the Report.
The preparation of the Report and Expert Opinion on the expert assessment is the final stage of the assessment process. In accordance with the norms of the professional activities of the appraiser, the report should contain: the amount of rights assessed, the purpose of the assessment, the type of the determined value, the date of assessment and the date of the report, a brief description of the assessment methodology, a description of the object of assessment and its immediate environment, calculations of the value of the object of assessment by one or several methods, coordination of the results of the Report and justification of the final selected estimated value. At the end of the Report, a certificate should be presented indicating that the assessment was carried out objectively and carried out personally by this appraiser in accordance with the Professional Standards. As attachments to the Report, some source data, copies of the documents used in the work, separate calculations, photographs of the object or its individual elements, etc., as well as copies of documents confirming the professional qualification of the appraiser may be given.
Even a verbal report on real estate appraisal is allowed, however, as practice shows, in the overwhelming majority of cases, the written form of the Report is used in abbreviated (tabular) or extended (descriptive) forms. The abbreviated form of the Report is used for small ordinary objects. Each Report must be signed by an appraiser and sealed by the expert organization in which the appraiser works.
Any evaluation report is reliable only in full and only for the purposes specified in it. Neither the customer nor the expert may use the Report or any part of it otherwise than as provided for the purpose of the assessment.
Of course, the recommendations set forth are more concerned with customers of fairly large evaluation works, however, even a customer estimating 10 m2 of leased space can fully exercise their rights set forth in this recommendation.
| Property appraisal report for a two-room apartment, located at: Kiev, ul ......., d ...... |
Content
CONCLUSIONS ON THE VALUE OF THE ASSESSMENT OBJECT
INTRODUCTION
1. General Provisions
1.1 Determination of principles of agreement
1.2 Certification
1.3 Responsibility
1.4 Indemnity
1.5 Additional work
1.6 Invisible defects and damage
1.7 Other conditions
2 EVALUATION METHODOLOGY
2.1 Definition of terms
2.2 Choosing a base assessment
2.3 A brief overview of the methodological approaches to market value
2.4 Justification of the methodological approach
2.5 Features of determining the market value in the framework of the comparative approach
3 GENERAL CHARACTERISTICS OF THE OBJECT OF ASSESSMENT
4 Calculation of the market value of the object
FINDINGS
APPLICATIONS
PHOTOVISUAL CHARACTERISTIC OF THE OBJECT ASSESSMENT
| Object of evaluation: | two-roomed flat |
| The address of the object of evaluation: | Kiev, st. ...., d ... |
| Customer: | ....... |
| The purpose of the assessment: | For sale |
| Executor: | ...... |
| Approaches to evaluation: | comparative approach |
| Type of Determined Value: | market |
| Evaluation Date: | January 31, 2022 |
| NBU rate: | 48.00 UAH for $ 100 US |
The market value presented to the assessment of the apartment, located at the address: Kiev, st. ......, d., on the valuation date is ... hryvnia.
This report is based on an independent appraisal of the apartment, located at the address: Kiev, ul ....., d ...
The estimated apartment belongs to the right of private property ..................... The right of ownership is confirmed:
An independent assessment was made in accordance with the contract number 1 of "31" of January 2022. between ............. (hereinafter referred to as the Customer ) and ................ (hereinafter referred to as the Expert ).
Purpose Independent Evaluation - For Sale
Type of property value - market.
Date of report: "January 31", 2022
Evaluation date - January 31, 2022
In the course of this work, the Expert was guided by the following regulatory documents:
- The Law of Ukraine "On Property Valuation, Property Rights and Professional Valuation Activities in Ukraine" No. 2658-III dated July 12, 2001;
- National Standard No. 1 “General Provisions for Assessing Property and Property Rights”, approved by CMU Resolution No. 1440 of September 10, 2003;
- National Standard No. 2 “Real Property Valuation”, approved by the Resolution of the Cabinet of Ministers of Ukraine of October 28, 2004 under No. 1442;
- “Methodology of property valuation”, approved by the Resolution of the Cabinet of Ministers of Ukraine of 10.12.2003, No. 1891.
The assessment process took into account the provisions of the methods and standards adopted in the world practice of valuation (International Evaluation Standards (IES)), taking into account the experience of the Property Assessment Expert in Ukraine.
The initial data for the evaluation were the following documents:
Copies of the above documents, as well as photographs of the object being appraised are attached to this Report .
The Customer and the Expert , referred to together as the Parties , consider it due to the fact that the following Provisions embody the full understanding of the Parties . These Provisions will be valid for successors, or representatives of the Parties that are relevant to this property valuation report: apartment, located at the address: Kiev, ul. , d.
The parties undertake to ensure the confidentiality of information received from each other and of all conclusions contained in this Report .
This Report may be used only for the purpose specified in the Introduction , if it is given in full. Terms, guidelines, background data and calculations are an integral part of this Report .
The expert has the following documents confirming his authority:
The expert claims that the assessment services are provided in accordance with the professional standard. To fulfill the order, specialists with appropriate qualifications were involved, which is confirmed by certificates of appraisers.
The customer is responsible for the accuracy and adequacy of all information provided to the Expert.
The customer is solely responsible for all legally significant actions taken by him in connection with this report. The report is only an independent judgment of the Expert and does not in itself generate any legal actions regarding the object of assessment.
The customer is obliged to indemnify, not to harm the expert and, at the request of the expert, to protect the latter from expenses or obligations that may be put forward by a third party. If the claims arise from the unauthorized use of the results of the work of Expert a and it will not be established in court, they were the result of deception, negligence or intentionally wrong execution of the expert .
The expert is not responsible for the authenticity of the title and the rights of the Customer to the object being evaluated, due to the fact that he did not hold a legal Expert from documents confirming the ownership of the estimated property.
In accordance with the Agreement and this Report, the Expert is not obliged to perform additional work, give official testimony or be present in court on issues related to the object being assessed, unless there is a preliminary, and there is no subsequent agreement to this.
The expert assumes no responsibility for the resumption of this work in case of any changes that occurred after the date on which this report was prepared.
The expert does not take responsibility for the state of the structures, which cannot be seen during a routine survey, or by studying the plans and specifications, since the expert did not make technical expertise of the evaluated objects.
The expert conclusion is based on the fact that the information provided by the Customer and obtained from other independent sources was true and was not subjected to independent verification. The expert does not guarantee and does not assume responsibility in any form for the accuracy of this information.
The expert does not have and will not have in the future any property or other interests in relation to the object being assessed.
In the process of determining the value of the assessed property, it is assumed to be free from any right of retention or debt obligations secured by the property, unless otherwise specified.
If there is a redevelopment in the apartment, the cost determined in the framework of this report is considered fair, provided that all the documents necessary for legalizing this redevelopment are available.
Below are interpretations of the most important terms used in this Report , which for one reason or another may be understood ambiguously.
В соответствии с характером использования результатов оценки, а также учитывая особенности объекта оценки, выбирается база оценки (комплекс методических подходов, методов и оценочных процедур, которые отвечают определенному виду стоимости).
В качестве базы оценки выбирается рыночная стоимость.
В отечественной практике оценки рыночной стоимости объектов недвижимости используются три подхода к оценке:
– затратный подход;
– доходный подход;
– сравнительный подход.
Применение того или иного подхода определяется фактическими обстоятельствами конкретной оценочной ситуации.
Затратный подход при оценке объекта недвижимости, состоящего из земельного участка и созданных на нем улучшений (зданий, сооружений и передаточных устройств), предполагает оценку на основе расчета затрат, на приобретение земельного участка и затрат на воспроизводство улучшений в существующем виде в ценах на дату оценки. В соответствии с этим методом проводится суммирование затрат на возведение (создание) объекта недвижимости (определение стоимости воспроизводства или стоимости замещения объекта недвижимости) с последующей корректировкой стоимости на различные виды износа. Традиционной сферой применения затратного подхода есть оценка с целью страхования земельных улучшений (зданий), определения целесообразности нового строительства, обоснования варианта наилучшего и наиболее эффективного использования земли. Учитывая назначение оценки и то, что объект оценки является частью жилого дома, а не отдельно стоящим зданием, Эксперт посчитал нецелесообразным производить расчеты в рамках затратного подхода.
Доходный подход базируется на принципах наиболее эффективного использования и ожидания, согласно с которыми стоимость объекта оценки определяется как текущая стоимость ожидаемых доходов от наиболее эффективного использования объекта оценки, включая доход от его возможной перепродажи.
Сравнительный подход
Этот подход к оценке рыночной стоимости основан на сравнении цены недавних сделок с аналогичными объектами и сопоставлении их характеристик с объектом оценки. Все сопоставимые объекты корректируются на различия с объектом оценки. В результате определяется продажная цена каждого из сопоставимых объектов, как если бы при продаже он имел те же основные характеристики, что и объект оценки.
Объект оценки не относится к классу доходной недвижимости, следовательно, значение стоимости, полученное в рамках применения доходного подхода, будет отражать рыночную стоимость объекта оценки со значительным количеством допущений. При наличии достаточного количества достоверной информации о недавних продажах подобных объектов, сравнительный подход позволяет получить результат, максимально близко отражающий отношение рынка к объекту оценки. Учитывая, что вторичный рынок жилой недвижимости в достаточной мере развит, оценка объекта проведена при помощи сравнительного подхода.
Процедура применения сравнительного подхода в данной работе предусматривает следующие этапы:
– поиск информации для получения данных о сделках (предложении к продаже) объектов-аналогов;
– выявление подходящих объектов сравнения по техническим параметрам и месторасположению;
– сравнение рассматриваемого объекта с аналогами, оценка различий между ними;
– расчет стоимости единичного показателя для объектов-аналогов;
– расчет стоимости объекта оценки.
Рыночная стоимость (Ср), определяемая в рамках сравнительного подхода, рассчитывается по формуле:
Ср = Спр.ед.п. × S | (one) | ||
| Where | Спр.ед.п. | – стоимость приведенного единичного показателя объекта-аналога, грн., $; | |
| S | – общая площадь объекта оценки, м2. | ||
Определение значения стоимости приведенного единичного показателя объекта-аналога ( Спр.ед.п. ), производится по формуле:
Спр.ед.п. = Сед.п. × Кок | (2) | ||
| Where | Сед.п. | – стоимость единичного показателя выбранного объекта-аналога, грн., $; | |
| Кок | – обобщающий корректирующий коэффициент, который учитывает отличия объекта оценки от выбранного аналога. | ||
Расчет обобщающего корректирующего коэффициента (Кок) производится по формуле:
Кок = Кмр × Капр × Кэт × Котд × Кторг | (3) | ||
| Where | Кмр | - коэффициент, учитывающий отличия месторасположения объекта-аналога; | |
| Капр | - коэффициент, учитывающий отличия в архитектурно-планировочном решении, выбранного объекта – аналога; | ||
| Кэт | - коэффициент, учитывающий отличия в расположении внутри дома, выбранного объекта – аналога (этажность); | ||
| Котд | - коэффициент, учитывающий различия в уровне отделки объекта – аналога; | ||
| Кторг | - коэффициент, который учитывает разницу между ценой предложения и ожидаемой ценой продажи с учетом ликвидности объекта (определяется экспертным путем на основании консультаций у специалистов – риэлтеров). | ||
Эти коэффициенты определяются экспертным путем на основании сопоставления характеристик оцениваемого объекта недвижимости и подобранных в качестве сравнения объектов-аналогов. При этом производится анализ продаж объектов недвижимости, сравниваются их характеристиками по основным ценообразующим показателям, и производится сопоставление цен между этими объектами (метод попарных продаж).
Объект оценки –двухкомнатнаяквартира в доме № , по улице , г. Киев. Общая площадь квартиры – 70,0 кв.м., жилая – 50,0 кв.м.
Квартира расположена в центральной части Голосеевского района Киев. Вокруг жилого дома, в котором находится объект оценки, расположены многоквартирные жилые дома. Ближайшая станция метрополитена « » находится на расстоянии около 2 минут пешего хода, на таком же расстоянии находится ул. – магистраль общегородского значения, по которой проходит большое количество маршрутов общественного транспорта.
Жилой дом, в котором находится оцениваемая квартира, девятиэтажный, панельный, с лифтом и относится к периоду застройки 60-70-х годов прошлого столетия.
Конструктивные основные элементы жилого дома:
– фундаменты – железобетонные;
– стены – панельные;
– межэтажные перекрытия – железобетонные;
Жилой дом подключен к инженерным системам: канализации, водоснабжения (в т.ч. горячего), электроснабжения, центрального отопления и газоснабжения.
Стены комнат оцениваемой квартиры оклеены обоями, на стенах санитарного узла и кухни – керамическая плитка. На полу комнат, коридора и кухни – линолеум, в сан. узле – плитка. Внутренние двери – деревянные, заполнение оконных проемов – деревянные рамы двухстворчатой конструкции.
Общее состояние объекта оценки можно охарактеризовать как удовлетворительное. Наглядным дополнением к характеристике объекта оценки может служить фото фиксация, приведенная в Приложении к настоящему Отчету .
Экспертом был проведен анализ информации о предложениях к продаже квартир в Киеве, в многоэтажных домах центральной части Голосеевского района Киева. При проведении анализа были использованы данные, полученные в Киевских агентствах недвижимости, а также информация из частных объявлений в киевских газетах и журналах («Авизо», «Мир квартир», «Столичная недвижимость» и др.). Изучив предложения квартир на вторичном рынке недвижимости, были выбраны объекты, аналогичные объекту оценки по типу и месторасположению.
Учитывая то обстоятельство, что данные о проведенных сделках (продажах), как правило, являются конфиденциальной информацией, в расчете используются цены предложений. При этом к полученной стоимости оцениваемого объекта применяется корректирующий коэффициент торга ( Кторг ).
В качестве объектов-аналогов Экспертом выбраны предлагающиеся к продаже квартиры, представленные в табл. 1, где сведены основные сравнительные характеристики.
Таблица №1. Сравнение характеристик объектов-аналогов
Characteristic
Объекты сравнения
Объект оценки
Аналог №1
Аналог №2
Аналог №3
Address
Number of rooms
Этажность, материал стен
Общее описание физического состояния и уровня отделки квартиры
Площадь: общая, м2
жилая, м2
Цена, $
Источник информации
Так как, стоимость объектов-аналогов в периодических изданиях о продаже недвижимости приведена в долларах США, расчет оценочной стоимости объекта оценки (Ср) произведен в долларах США. Расчет стоимости объекта оценки сравнительным подходом сведен в табл. 2
Таблица №2. Расчет стоимости объекта оценки сравнительным подходом
Indicator
Аналог №1
Аналог №2
Аналог №3
Месторасположение
Стоимость единичного показателя выбранного объекта-аналога, Сед. п., $/кв.м.
Коэффициент, учитывающий отличие в местоположении объекта-аналога, Кмр
Коэффициент, учитывающий различия в архитектурно – планировочном решении (тип, проект дома, планировка квартиры), Капр
Коэффициент, учитывающий отличия в этажности, Кэт
Коэффициент, учитывающий различия в физическом состоянии объектов, уровень внутренней отделки, Котд
Корректировка на торг, Кторг
Обобщающий корректирующий коэффициент, Кок
Приведенная стоимость единичного показателя с учетом корректировок (С пр. ед. п.), $/кв.м
В результате проведенных расчетов выполнена корректировка стоимости единичных показателей объектов-аналогов к оцениваемому объекту. Так как полученные выше результаты расчетов различаются по своим значениям более чем на 5%, оценочная стоимость единичного показателя объекта оценки принята Экспертом как среднее медианное значение:
Поскольку при применении сравнительного подхода были использованы текущие рыночные цены, которые сложились на рынке недвижимости Киева, полученное значение оценочной стоимости объекта оценки, по мнению Эксперта, объективно отображает его рыночную стоимость.
Таким образом, на дату оценки, рыночная стоимость представленной к оценке квартиры, расположенной по адресу: г. Киев, ул. , д , на дату оценки составляет … гривен.
As a result of the evaluation procedures carried out, the market value of the property being valued was calculated.
The market value presented to the assessment of the apartment, located at the address: Kiev, st. , on the valuation date is ... hryvnia.
Evaluation Date: January 31, 2022
Что бы оставить комментарий войдите
Комментарии (0)