By Michael Blackledge
Offering a finished advent to the elemental suggestions and techniques of valuing actual property this ebook will supply info for college students to effectively development from absolute simple rules to a extra subtle figuring out of the topic. financial context -- the valuables valuation career -- funding -- Compounding and discounting -- Sinking money and mortgages -- Capitalisation -- replacement valuation tables and formulae -- tools of dimension -- RICS valuation criteria (the "red book") -- comparability process -- funding method-traditional -- funding method-discounted money circulate -- Residual technique -- earnings approach -- fee equipment -- Landlord and tenant valuations
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Extra info for Introducing property valuation
Sample text
This management and advisory function can extend to negotiating lease renewals and rent reviews and appraising development and improvement proposals, as well as the management of the physical structure of the buildings. Valuation research specialists can also advise on trends in the market generally and on particular property types in specific locations where required by clients. There are three main reasons why valuers are employed because of their specialist knowledge: • the property market is an imperfect one – supply and demand are always changing and are different in each location and for each type of property and information on transactions is often restricted; • each individual property and the interests therein tend to be unique, or at least never exactly the same as other properties; • legislation – the complex and inter-related laws relating to property are forever changing, and only a specialist with full knowledge of them, which needs to be constantly updated, can successfully interpret them correctly.
The case of Lloyd v. Butler and another [1990] 47 EG 56 concerned a mortgage valuation where the valuer failed to reach the duty of care expected in such cases. It was concluded that the typical residential valuation inspection should last 20–30 minutes and requires ‘someone with a knowledgeable eye, experienced in practice who knows where to look ... to detect trouble or the potential form of trouble’. Although not necessarily obliged to follow up every trail of evidence, the case inferred that the valuer must alert the lender and borrower to the risk where serious defects are suspected and that further investigations should be made before there is a legal commitment made to purchase.
Seldom is cost used as a measure of value. Interaction of the market forces of supply and demand will determine prices and market values. By observing and analysing the prices in the market, the valuer can obtain information that will inform future valuations. The inherent nature of land and buildings makes it difficult to change the level of supply in the short term and there may be absolute limits on the quantity of space that can be made available within a city area for any particular use. Accordingly, any change in demand can have a disproportionate effect on price.