Property valuation
"Real estate is an essential part of life, providing the buildings for living, working, learning and leisure activities. Non-domestic real estate is comprised of a huge range of buildings, including office, retail, industrial, leisure, medical and hotel properties. In the UK, the commercial rea...
| Otros Autores: | |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
Wiley
[2023]
|
| Edición: | Third edtion |
| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009703317006719 |
Tabla de Contenidos:
- Cover
- Title Page
- Copyright Page
- Contents
- Preface
- About the Companion Website
- Section A Valuation Principles
- Chapter 1 Property Rights and Property Value
- 1.1 Property rights
- 1.1.1 Tenure
- 1.1.2 Property rights in England
- 1.2 Property value
- 1.2.1 Extent of property rights
- 1.2.2 Security of property rights
- 1.2.3 Physical and geographical characteristics
- 1.3 Property valuation
- 1.3.1 Market transactions
- 1.3.2 Investment decisions
- 1.3.3 Compensation
- 1.3.4 Land and property taxation
- 1.3.5 Accounting, lending and insurance
- Note
- References
- Chapter 2 The Economics of Property Value
- 2.1 Introduction
- 2.2 Land as a resource
- 2.3 Supply and demand, markets and equilibrium price determination
- 2.4 The property market and price determination
- 2.4.1 The property market
- 2.4.2 Price determination in the land market
- 2.4.3 Price determination in the property (land and buildings) market
- 2.5 Location and land use
- 2.6 Economics of property development
- 2.6.1 Type and density of development
- 2.6.2 Timing of development
- 2.7 Non-market concepts of value
- Notes
- References
- Chapter 3 Property Markets
- 3.1 Introduction
- 3.2 Property markets
- 3.2.1 Occupier market
- 3.2.2 Investment market
- 3.2.3 Development market
- 3.3 Property markets interaction
- Note
- References
- Chapter 4 Valuation Mathematics
- 4.1 Introduction
- 4.2 The time value of money
- 4.3 Single-sum investments
- 4.4 Multi-period investments
- 4.4.1 Level annuities
- 4.4.2 From a level annuity to a growth annuity
- 4.5 Timing of receipts
- 4.6 Yields
- 4.7 Rates of return
- Notes
- References
- Chapter 5 Valuation Process and Governance
- 5.1 Valuation process
- 5.1.1 Confirm instruction and agree terms of engagement
- 5.1.2 Inspect the property.
- 5.1.3 Gather and analyse comparable evidence
- 5.1.4 Establish basis of value
- 5.1.5 Make assumptions and special assumptions as appropriate
- 5.1.6 Select valuation approach(es) and method(s) and undertake the valuation
- 5.1.7 Produce a valuation report
- 5.2 Valuation governance
- 5.2.1 Standards of conduct
- 5.2.2 Valuation process standards
- 5.2.3 International valuation standards (IVS)
- 5.2.4 National valuation standards
- 5.3 Valuation systems
- 5.3.1 Information systems
- 5.3.2 Valuation capacity
- 5.3.3 Professional valuers associations
- 5.4 Conclusion
- Notes
- References
- Section B Valuation Approaches and Methods
- Chapter 6 Market Approach
- 6.1 Introduction
- 6.2 The comparison method
- 6.2.1 Collect comparable evidence of market transactions
- 6.2.2 Identification of value-significant characteristics
- 6.2.3 Adjustment of value-significant characteristics
- 6.3 Hedonic regression method
- 6.3.1 Simple linear regression
- 6.3.2 Multiple linear regression
- Notes
- References
- Chapter 7 Income Approach
- 7.1 Introduction
- 7.2 Income capitalisation method
- 7.2.1 Perpetual annuities (freeholds)
- 7.2.2 Annuities with a term certain (leaseholds)
- 7.3 Discounted cash-flow method
- 7.3.1 A discounted Cash-Flow valuation model
- 7.3.2 Perpetual annuities
- 7.3.3 Annuities with a term certain
- 7.4 Profits method
- 7.4.1 Method
- Notes
- References
- Chapter 8 Cost Approach
- 8.1 Introduction
- 8.2 Replacement cost method
- 8.2.1 Replacement cost
- 8.2.2 Depreciation
- 8.2.3 Land value
- 8.2.4 Application of the replacement cost method
- 8.2.5 Issues arising from the application of the replacement cost method
- 8.3 Residual method
- 8.3.1 Basic residual technique
- 8.3.2 Basic residual profit appraisal
- 8.3.3 Discounted cash-flow technique
- Notes
- References.
- Section C Valuation Application
- Chapter 9 Valuation of Investment Property
- 9.1 Introduction
- 9.2 Analysis of rents
- 9.2.1 Rental lease incentives
- 9.2.2 Capital lease incentives
- 9.2.3 'Surrendered' leases
- 9.2.4 Repairs, insurance, and ground rents
- 9.2.5 Rent-review pattern
- 9.3 Analysis of yields
- 9.3.1 Equivalent yield
- 9.3.2 Weighted average unexpired lease term
- 9.4 Market valuation of investment property
- 9.4.1 Voids and break options
- 9.4.2 Statutory considerations
- 9.4.3 Over-rented properties
- 9.4.4 Turnover leases
- 9.4.5 Long lease investments
- 9.4.6 Synergistic value
- 9.5 Investment valuation of investment property
- 9.5.1 Inputs and assumptions
- 9.5.2 Investment valuation using a discounted cash flow
- References
- Notes
- Chapter 10 Valuation of Development Property
- 10.1 Introduction
- 10.2 Market valuation of development property
- 10.2.1 Comparison method
- 10.2.2 Residual method
- 10.3 Investment valuation of development property
- 10.3.1 Estimating the investment value of development property
- 10.3.2 Financial appraisals of development property
- References
- Chapter 11 Valuations for Financial Statements and for Secured Lending
- 11.1 Valuing property for financial statements
- 11.1.1 Basis of reporting measurement
- 11.1.2 Property categorisation
- 11.1.3 Basis of value
- 11.1.4 Valuation
- 11.1.5 Other issues
- 11.1.6 Example valuations
- 11.2 Valuing property for secured lending purposes
- 11.2.1 Professional standards and guidance
- 11.2.2 Valuation methods for loan security valuations
- 11.2.3 Example valuation
- 11.2.4 Reinstatement cost assessment
- Note
- References
- Chapter 12 Valuations for Land and Property Taxation
- 12.1 Introduction
- 12.2 A land tax or a land and property tax?
- 12.3 Types of land and property taxes.
- 12.3.1 Occupation taxes
- 12.3.2 Transfer and wealth taxes
- 12.3.3 Betterment taxation
- 12.4 Land and property taxation in England and Wales
- 12.4.1 Occupation taxes
- 12.4.2 Transfer and wealth taxes
- 12.4.3 Betterment taxation in England
- Notes
- References
- Chapter 13 Valuations for Expropriation
- 13.1 Introduction
- 13.2 Valuation for expropriation
- 13.2.1 Valuing property rights that are to be taken or extinguished
- 13.2.2 Valuing retained property rights
- 13.2.3 Valuing compensation for disturbance
- 13.2.4 Valuing customary and informal land for expropriation purposes
- 13.2.5 Expropriation and non-market value
- 13.3 Valuations for compulsory purchase and planning compensation in England
- 13.3.1 Legal background
- 13.3.2 Compensation for land2 taken (compulsorily acquired)
- 13.3.3 Identifying the planning position
- 13.3.4 Compensation for severance and injurious affection
- 13.3.5 Compensation for disturbance and other losses
- 13.4 Planning compensation in England
- 13.4.1 Revocation, modification and discontinuance orders
- 13.4.2 Purchase notices
- 13.4.3 Blight compensation
- Notes
- References
- Chapter 14 Valuation Variance, Risk and Optionality
- 14.1 Introduction
- 14.2 Valuation accuracy and valuation variance
- 14.3 Analysing risk
- 14.3.1 Sensitivity analysis
- 14.3.2 Scenario modelling
- 14.3.3 Simulation
- 14.4 Flexibility and options
- 14.5 Uncertainty
- References
- Appendix: Land Uses and Valuation Methods
- A.1 Agriculture and fisheries
- A.2 Forests and woodland
- A.3 Natural resource extraction - water, minerals and other materials
- A.4 Recreation and leisure
- A.5 Utilities and infrastructure
- A.6 Residential
- A.7 Community services
- A.8 Land and buildings with (Re)development potential
- Notes
- References
- Glossary
- Index
- EULA.
