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Property Valuation, 2Nd Edition
Peter Wyatt (Autor)
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Wiley - Blackwell
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Property Valuation, 2Nd Edition - Peter Wyatt
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Reseña del libro "Property Valuation, 2Nd Edition"
Preface Xiii Acknowledgements Xv Part A Property Value And Property Valuation 1 1 Microeconomic Concepts 3 1. 1 Supply And Demand, Markets And Equilibrium Price Determination 3 1. 2 The Property Market And Price Determination 6 1. 2. 1 Rent For Land 6 1. 2. 2 Land Use Rents 8 1. 2. 3 Land Use Intensity 12 1. 3 Location And Land Use 14 1. 4 The Economics Of Property Development 22 1. 4. 1 Type And Density Of Property Development 22 1. 4. 2 The Timing Of Redevelopment 25 Notes 28 References 29 2 Macroeconomic Considerations 31 2. 1 The Commercial Property Market 31 2. 2 Property Occupation 33 2. 3 Property Investment 34 2. 4 Property Development 43 2. 5 Property And The Wider Economy 44 References 48 3 What Is Property Valuation 49 3. 1 Introduction 49 3. 2 The Need For Valuations 50 3. 2. 1 Types Of Property To Be Valued 52 3. 2. 2 Bases Of Value 57 3. 3 Determinants Of Value 60 3. 3. 1 Property - Specific Factors 60 3. 3. 2 Market - Related Factors 66 3. 4 Valuation Procedures 69 3. 4. 1 Terms Of Engagement 71 3. 4. 2 Inspections And Investigations 71 3. 4. 3 Valuation Report 73 3. 5 Measurement 73 Appendix - Inspection Checklist 76 Notes 81 References 81 4 Valuation Mathematics 83 4. 1 Introduction 83 4. 2 The Time Value Of Money 84 4. 2. 1 Single Period Investments 85 4. 2. 2 Multi - Period Investments 86 4. 2. 3 Tax 93 4. 3 Yields And Rates Of Return 94 4. 3. 1 Yields 95 4. 3. 2 Rates Of Return 96 4. 3. 3 Yields And Rates Of Return 98 References 99 Part B Valuation Methods 101 5 Comparison Method 103 5. 1 Introduction 103 5. 2 Sources Of Data 104 5. 3 Comparison Metrics 106 5. 3. 1 Relative Value Of Retail Ground Floor Zones 107 5. 4 Comparison Adjustment 110 References 114 6 Investment Method 115 6. 1 Introduction 115 6. 2 All - Risks Yield (Ary) Methods 117 6. 2. 1 Valuation Of Rack - Rented Freehold Property Investments 117 6. 2. 2 Valuation Of Reversionary Freehold Property Investments 119 6. 2. 3 Valuation Of Leasehold Property Investments 127 6. 2. 4 Example: Ary Investment Method 134 6. 3 Discounted Cash - Flow (Dcf) Methods 135 6. 3. 1 A Discounted Cash - Flow Valuation Model 136 6. 3. 2 Applying The Dcf Valuation Model 142 Notes 157 References 157 Further Reading 158 7 Profits Method 161 7. 1 Introduction 161 7. 2 Method 162 7. 3 Example Of A Profits Method Valuation 166 7. 4 Summary 169 Notes 170 References 170 8 Replacement Cost Method 171 8. 1 Introduction 171 8. 2 Method 172 8. 3 Application 178 8. 3. 1 Valuation Of An Owner - Occupied Property For Accounts Purposes 178 8. 3. 2 Valuation For Insurance Purposes 178 8. 4 Issues 178 8. 4. 1 Definitional Problems 179 8. 4. 2 Methodological Problems 181 8. 5 Summary 184 Notes 185 References 186 9 Residual Method 187 9. 1 Introduction 187 9. 2 Conventional Residual Land Valuation 188 9. 3 Problems With The Residual Method 199 9. 4 Cash - Flow Residual Model 202 References 206 10 Automated Valuation Models And Computer - Assisted Mass Appraisal 207 10. 1 Introduction 207 10. 2 Method 207 10. 2. 1 Simple Linear Regression (Dependence Of One Metric Variable On Another) 208 10. 2. 2 Multiple Linear Regression (Dependence Of One Variable On Two Or More Variables) 211 10. 3 Example 215 10. 3. 1 Data 215 10. 3. 2 Descriptive Statistics 216 10. 3. 3 Simple Linear Regression 216 10. 3. 4 Multiple Linear Regression 220 10. 4 Multiple Regression Analysis: Research And Applications 226 10. 4. 1 Computer - Assisted Mass Appraisal 228 10. 4. 2 Automated Valuation Models 229 10. 5 Advantages And Disadvantages Of Regression - Based Valuation 230 Notes 231 References 231 Part C Valuation Applications 233 11 Lease Pricing 235 11. 1 Introduction 235 11. 2 Lease Incentives 236 11. 2. 1 Rent - Free Periods 237 11. 2. 2 Capital Contributions 241 11. 2. 3 Premiums And Reverse Premiums 242 11. 3 Alternative Lease Arrangements 246 11. 3. 1 Stepped Rents 246 11. 3. 2 Turnover Rents 247 11. 3. 3 Short Leases And Leases With Break Options 249 11. 4 Valuations At Rent Review, Lease Renewal And Lease End 252 11. 4. 1 Rent Reviews 252 11. 4. 2 Surrender And Renewal Of Leases 253 11. 4. 3 Compensation For Disturbance And Improvements 255 11. 4. 4 Example 1 256 11. 4. 5 Example 2 259 Notes 262 References 263 12 Valuations For Financial Statements And For Secured Lending Purposes 264 12. 1 Valuing Property For Financial Statements 264 12. 1. 1 Financial Reporting Standards And Valuation Bases 265 12. 2 Methods Of Valuing Property Assets For Financial Reporting Purposes 272 12. 2. 1 Example Valuations 274 12. 3 Valuations For Lending Purposes Where The Loan Is Secured Against Commercial Property 279 12. 3. 1 Example 281 Notes 285 References 286 13 Valuations For Taxation Purposes 287 13. 1 Capital Gains Tax And Corporation Tax 287 13. 1. 1 Grant Of A Long Lease Out Of A Freehold Or Long Leasehold Interest 294 13. 1. 2 Grant Of A Short Lease Out Of A Freehold Or Long Leasehold Interest 295 13. 1. 3 Grant Of A Short Lease Out Of A Short Leasehold Interest 296 13. 2 Inheritance Tax 297 13. 3 Business Rates 299 13. 3. 1 Rental Comparison 302 13. 3. 2 Profits Method 303 13. 3. 3 Contractors Method 304 Note 306 References 306 14 Valuations For Compulsory Purchase And Compensation 307 14. 1 Compensation For Land Taken (Compulsorily Acquired) 308 14. 2 Compensation For Severance And Injurious Affection 311 14. 2. 1 Compensation Where Part Of An Owners Land Is Acquired 311 14. 2. 2 Compensation Where No Land Is Taken 314 14. 3 Disturbance Compensation 315 14. 3. 1 Case Study 316 14. 4 Planning Compensation 317 14. 4. 1 Revocation, Modification And Discontinuance Orders 318 14. 4. 2 Purchase Notices And Blight Notices 318 14. 5 A Note On Cgt And Compensation For Compulsory Acquisition 319 Notes 320 References 321 15 Specialist Valuations 322 15. 1 Operational Entities Or Trade - Related Properties 322 15. 1. 1 Hotels, Guest Houses, Bed & Breakfast And Self - Catering Accommodation 322 15. 1. 2 Restaurants, Public Houses And Nightclubs 324 15. 1. 3 Care Homes 328 15. 1. 4 Petrol Filling Stations 330 15. 1. 5 Student Accommodation 331 15. 1. 6 Serviced Offices 332 15. 1. 7 Data Centres 335 15. 2 Valuation Of Contaminated Land 335 15. 3 Synergistic Value 339 15. 3. 1 Physical Merger 339 15. 3. 2 Legal Merger 339 15. 4 Special Purpose Valuations 340 15. 4. 1 Charitable Valuations 340 15. 4. 2 Local Authority Disposals Of Land For Less Than Best Consideration 341 Notes 341 References 342 16 Investment Valuations - Further Considerations 343 16. 1 Short Leases And Leases With Break Clauses 343 16. 2 Over - Rented Property Investments 346 16. 3 Valuation Accuracy, Variance And Uncertainty 349 16. 3. 1 Valuation Accuracy 349 16. 3. 2 Valuation Variance 350 16. 3. 3 Valuation Uncertainty 352 16. 3. 4 Sensitivity Analysis 353 16. 3. 5 Scenario Testing And Discrete Probability Modelling 356 16. 3. 6 Continuous Probability Modelling And Simulation 359 16. 3. 7 Arbitrage (Tenant Yield Approach) 363 Notes 368 References 369 Part D Appraisal 371 17 Investment Appraisal 373 17. 1 Introduction 373 17. 2 Appraisal Information And Assumptions 375 17. 2. 1 Rent And Rental Growth 375 17. 2. 2 Target Rate Of Return 377 17. 2. 3 Holding Period 380 17. 2. 4 Exit Value 381 17. 3 Appraisal Methodology 381 17. 3. 1 Payback Method 381 17. 3. 2 Yield 382 17. 3. 3 Dcf Methods Of Investment Appraisal 383 17. 3. 4 Example 393 17. 4 Risk Analysis In Property Investment Appraisal 395 17. 5 Financing Property Investment 398 Notes 401 References 401 18 Development Appraisal 403 18. 1 Introduction 403 18. 2 Conventional Residual Profit Appraisal 403 18. 2. 1 Profit As A Percentage Of Cost 405 18. 2. 2 Development Yield 406 18. 2. 3 Criticisms 406 18. 3 Cash - Flow Profit Appraisal 408 18. 3. 1 Criticisms 412 18. 4 Development Risk 413 18. 4. 1 Risk Analysis 414 18. 4. 2 Risk Management 427 18. 5 Development Finance 429 18. 5. 1 Borrowers Of Development Finance 429 18. 5. 2 Type Of Finance 430 18. 5. 3 Sources Of Development Finance 431 18. 5. 4 Duration Of Funding 432 18. 5. 5 Typical Development Finance Structures 433 18. 5. 6 Gearing 439 18. 5. 7 Risk Management In Property Financing 439 18. 5. 8 Finance Accounting 441 18. 5. 9 Sales Revenue 444 Notes 452 References 453 Glossary 454 Index 460
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