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Property Valuation 2nd edition [Mīkstie vāki]

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(Reader, Faculty of the Built Environment, University of the West of England)
  • Formāts: Paperback / softback, 496 pages, height x width x depth: 243x172x23 mm, weight: 953 g
  • Izdošanas datums: 28-Jun-2013
  • Izdevniecība: Wiley-Blackwell
  • ISBN-10: 1119968658
  • ISBN-13: 9781119968658
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Property Valuation 2nd editionPalielināt
  • Formāts: Paperback / softback, 496 pages, height x width x depth: 243x172x23 mm, weight: 953 g
  • Izdošanas datums: 28-Jun-2013
  • Izdevniecība: Wiley-Blackwell
  • ISBN-10: 1119968658
  • ISBN-13: 9781119968658
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9781119968658.html
Keywords:
This new edition of the all in one' textbook for the postgraduate study of valuation on real estate courses retains its focus on the valuation and appraisal of commercial and industrial property across investment, development and occupier markets. It is structured from the client perspective  and covers single-asset pricing, risk and return issues.

The structure of the book has been substantially revised. Part A introduces the key microeconomic principles, focussing on land as a resource, production functions, supply and demand and price determination.  The locational aspect of real estate is also introduced.  Macroeconomic considerations are categorised by the main market sectors (and their function); the market for land (development), for space (occupation) and for money (investment).  The economic context is set and the author then explains why property valuations are required and discusses the main determinants of value and how they might be identified. The mathematics required to financially quantify value determinants are also introduced. Part B of the book describes the methods of valuation; Part C applies these methods to the valuation of a range of property types for a wide variety of purposes; and Part D covers investment and development appraisal.

The author introduces valuation activities from a broad economic perspective, setting valuation in its business finance context and combining its academic and practical roots.  Changes in this second edition include:





less daunting economics expanded companion website with PowerPoint slides for lecturers, self-test Questions & Answers for students: see www.wiley.com/go/wyattpropertyvaluation up-to-date case studies and sample valuations reference to the newly-published Red Book (the valuers bible)

Property Valuation with its user-friendly format, using tried-and-tested teaching and learning devices and a clear writing style, remains the core text for students on real estate, estate management and land economy degree courses, as well as for fast-track conversion courses for non-cognate graduates.
Preface xiii
Acknowledgements xv
Part A Property Value And Property Valuation
1(100)
1 Microeconomic Concepts
3(28)
1.1 Supply and demand, markets and equilibrium price determination
3(3)
1.2 The property market and price determination
6(8)
1.2.1 Rent for land
6(2)
1.2.2 Land use rents
8(4)
1.2.3 Land use intensity
12(2)
1.3 Location and land use
14(8)
1.4 The economics of property development
22(9)
1.4.1 Type and density of property development
22(3)
1.4.2 The timing of redevelopment
25(3)
Notes
28(1)
References
29(2)
2 Macroeconomic Considerations
31(18)
2.1 The commercial property market
31(2)
2.2 Property occupation
33(1)
2.3 Property investment
34(9)
2.4 Property development
43(1)
2.5 Property and the wider economy
44(5)
References
48(1)
3 What is Property Valuation
49(34)
3.1 Introduction
49(1)
3.2 The need for valuations
50(10)
3.2.1 Types of property to be valued
52(5)
3.2.2 Bases of value
57(3)
3.3 Determinants of value
60(9)
3.3.1 Property-specific factors
60(6)
3.3.2 Market-related factors
66(3)
3.4 Valuation procedures
69(4)
3.4.1 Terms of engagement
71(1)
3.4.2 Inspections and investigations
71(2)
3.4.3 Valuation report
73(1)
3.5 Measurement
73(10)
Appendix - Inspection checklist
76(5)
Notes
81(1)
References
81(2)
4 Valuation Mathematics
83(18)
4.1 Introduction
83(1)
4.2 The time value of money
84(10)
4.2.1 Single period investments
85(1)
4.2.2 Multi-period investments
86(7)
4.2.3 Tax
93(1)
4.3 Yields and rates of return
94(7)
4.3.1 Yields
95(1)
4.3.2 Rates of return
96(2)
4.3.3 Yields and rates of return
98(1)
References
99(2)
Part B Valuation Methods
101(132)
5 Comparison Method
103(12)
5.1 Introduction
103(1)
5.2 Sources of data
104(2)
5.3 Comparison metrics
106(4)
5.3.1 Relative value of retail ground floor `zones'
107(3)
5.4 Comparison adjustment
110(5)
References
114(1)
6 Investment Method
115(46)
6.1 Introduction
115(2)
6.2 All-risks yield (ARY) methods
117(18)
6.2.1 Valuation of rack-rented freehold property investments
117(2)
6.2.2 Valuation of reversionary freehold property investments
119(8)
6.2.3 Valuation of leasehold property investments
127(7)
6.2.4 Example: ARY Investment method
134(1)
6.3 Discounted cash-flow (DCF) methods
135(26)
6.3.1 A discounted cash-flow valuation model
136(6)
6.3.2 Applying the DCF valuation model
142(15)
Notes
157(1)
References
157(1)
Further reading
158(3)
7 Profits Method
161(10)
7.1 Introduction
161(1)
7.2 Method
162(4)
7.3 Example of a profits method valuation
166(3)
7.4 Summary
169(2)
Notes
170(1)
References
170(1)
8 Replacement Cost Method
171(16)
8.1 Introduction
171(1)
8.2 Method
172(6)
8.3 Application
178(1)
8.3.1 Valuation of an owner-occupied property for accounts purposes
178(1)
8.3.2 Valuation for insurance purposes
178(1)
8.4 Issues
178(6)
8.4.1 Definitional problems
179(2)
8.4.2 Methodological problems
181(3)
8.5 Summary
184(3)
Notes
185(1)
References
186(1)
9 Residual Method
187(20)
9.1 Introduction
187(1)
9.2 Conventional residual land valuation
188(11)
9.3 Problems with the residual method
199(3)
9.4 Cash-flow residual model
202(5)
References
206(1)
10 Automated Valuation Models and Computer-Assisted Mass Appraisal
207(26)
10.1 Introduction
207(1)
10.2 Method
207(8)
10.2.1 Simple linear regression (dependence of one metric variable on another)
208(3)
10.2.2 Multiple linear regression (dependence of one variable on two or more variables)
211(4)
10.3 Example
215(11)
10.3.1 Data
215(1)
10.3.2 Descriptive statistics
216(1)
10.3.3 Simple linear regression
216(4)
10.3.4 Multiple linear regression
220(6)
10.4 Multiple regression analysis: Research and applications
226(4)
10.4.1 Computer-assisted mass appraisal
228(1)
10.4.2 Automated valuation models
229(1)
10.5 Advantages and disadvantages of regression-based valuation
230(3)
Notes
231(1)
References
231(2)
Part C Valuation Applications
233(138)
11 Lease Pricing
235(29)
11.1 Introduction
235(1)
11.2 Lease incentives
236(10)
11.2.1 Rent-free periods
237(4)
11.2.2 Capital contributions
241(1)
11.2.3 Premiums and reverse premiums
242(4)
11.3 Alternative lease arrangements
246(6)
11.3.1 Stepped rents
246(1)
11.3.2 Turnover rents
247(2)
11.3.3 Short leases and leases with break options
249(3)
11.4 Valuations at rent review, lease renewal and lease end
252(12)
11.4.1 Rent reviews
252(1)
11.4.2 Surrender and renewal of leases
253(2)
11.4.3 Compensation for disturbance and improvements
255(1)
11.4.4 Example 1
256(3)
11.4.5 Example 2
259(3)
Notes
262(1)
References
263(1)
12 Valuations for Financial Statements and for Secured Lending Purposes
264(23)
12.1 Valuing property for financial statements
264(8)
12.1.1 Financial reporting standards and valuation bases
265(7)
12.2 Methods of valuing property assets for financial reporting purposes
272(7)
12.2.1 Example valuations
274(5)
12.3 Valuations for lending purposes where the loan is secured against commercial property
279(8)
12.3.1 Example
281(4)
Notes
285(1)
References
286(1)
13 Valuations for Taxation Purposes
287(20)
13.1 Capital gains tax and corporation tax
287(10)
13.1.1 Grant of a long lease out of a freehold or long leasehold interest
294(1)
13.1.2 Grant of a short lease out of a freehold or long leasehold interest
295(1)
13.1.3 Grant of a short lease out of a short leasehold interest
296(1)
13.2 Inheritance tax
297(2)
13.3 Business rates
299(8)
13.3.1 Rental comparison
302(1)
13.3.2 Profits method
303(1)
13.3.3 Contractor's method
304(2)
Note
306(1)
References
306(1)
14 Valuations for Compulsory Purchase and Compensation
307(15)
14.1 Compensation for land taken (compulsorily acquired)
308(3)
14.2 Compensation for severance and injurious affection
311(4)
14.2.1 Compensation where part of an owner's land is acquired
311(3)
14.2.2 Compensation where no land is taken
314(1)
14.3 Disturbance compensation
315(2)
14.3.1 Case study
316(1)
14.4 Planning compensation
317(2)
14.4.1 Revocation, modification and discontinuance orders
318(1)
14.4.2 Purchase notices and blight notices
318(1)
14.5 A note on CGT and compensation for compulsory acquisition
319(3)
Notes
320(1)
References
321(1)
15 Specialist Valuations
322(21)
15.1 Operational entities or `trade-related' properties
322(13)
15.1.1 Hotels, guest houses, bed & breakfast and self-catering accommodation
322(2)
15.1.2 Restaurants, public houses and nightclubs
324(4)
15.1.3 Care homes
328(2)
15.1.4 Petrol filling stations
330(1)
15.1.5 Student accommodation
331(1)
15.1.6 Serviced offices
332(3)
15.1.7 Data centres
335(1)
15.2 Valuation of contaminated land
335(4)
15.3 Synergistic value
339(1)
15.3.1 Physical merger
339(1)
15.3.2 Legal merger
339(1)
15.4 Special Purpose Valuations
340(3)
15.4.1 Charitable Valuations
340(1)
15.4.2 Local authority disposals of land for less than best consideration
341(1)
Notes
341(1)
References
342(1)
16 Investment Valuations - Further Considerations
343(28)
16.1 Short leases and leases with break clauses
343(3)
16.2 Over-rented property investments
346(3)
16.3 Valuation accuracy, variance and uncertainty
349(22)
16.3.1 Valuation accuracy
349(1)
16.3.2 Valuation variance
350(2)
16.3.3 Valuation uncertainty
352(1)
16.3.4 Sensitivity analysis
353(3)
16.3.5 Scenario testing and discrete probability modelling
356(3)
16.3.6 Continuous probability modelling and simulation
359(4)
16.3.7 Arbitrage (tenant yield approach)
363(5)
Notes
368(1)
References
369(2)
Part D Appraisal
371(81)
17 Investment Appraisal
373(30)
17.1 Introduction
373(2)
17.2 Appraisal information and assumptions
375(6)
17.2.1 Rent and rental growth
375(2)
17.2.2 Target rate of return
377(3)
17.2.3 Holding period
380(1)
17.2.4 Exit value
381(1)
17.3 Appraisal methodology
381(14)
17.3.1 Payback method
381(1)
17.3.2 Yield
382(1)
17.3.3 DCF methods of investment appraisal
383(10)
17.3.4 Example
393(2)
17.4 Risk analysis in property investment appraisal
395(3)
17.5 Financing property investment
398(5)
Notes
401(1)
References
401(2)
18 Development Appraisal
403(49)
18.1 Introduction
403(1)
18.2 Conventional residual profit appraisal
403(5)
18.2.1 Profit as a percentage of cost
405(1)
18.2.2 Development yield
406(1)
18.2.3 Criticisms
406(2)
18.3 Cash-flow profit appraisal
408(5)
18.3.1 Criticisms
412(1)
18.4 Development risk
413(16)
18.4.1 Risk analysis
414(13)
18.4.2 Risk management
427(2)
18.5 Development finance
429(23)
18.5.1 Borrowers of development finance
429(1)
18.5.2 Type of finance
430(1)
18.5.3 Sources of development finance
431(1)
18.5.4 Duration of funding
432(1)
18.5.5 Typical development finance structures
433(6)
18.5.6 Gearing
439(1)
18.5.7 Risk management in property financing
439(2)
18.5.8 Finance accounting
441(3)
18.5.9 Sales revenue
444(8)
Notes 452(1)
References 453(1)
Glossary 454(6)
Index 460
Peter Wyatt is a Chartered Valuation Surveyor who has conducted extensive teaching, consultancy and research in land management and valuation.  Currently Director of Undergraduate Programmes for Real Estate & Planning at the University of Reading, he has developed and delivered national and international university programmes at all levels, has published widely in leading real estate journals and has published two text books.  Dr Wyatt has been involved with and lead national, European and international real estate research projects.  Recent projects have investigated the way in which key attributes of the domestic and non-domestic building stock affect value; in particular energy consumption, environmental labelling and public transport accessibility.  Ongoing work with UK Government is investigating the theory and practice of development viability appraisal in planning policy, focusing on the issue of development value and planning gain.