The process of evaluating a feature depending on the object. Find out how real estate is assessed: what criteria play a role in practice? The legal procedure and its stages. Clarification of other restrictions

The assessment process can be divided into 7 stages:

1. Statement of the problem and conclusion of an agreement for the assessment of the object; development of an assessment plan.

2. Collection of data (general, special, comparative) and verification of information for completeness and reliability.

3. General and special market analysis.

4. Analysis of the most effective use specific property.

5. Selecting approaches and methods of assessment and directly carrying out assessment calculations using assessment methods: cost, comparison of sales, capitalization of income.

6. Harmonization of results obtained using different approaches...
and establishing the final cost.

7. Drawing up a report on the results of real estate assessment.

When using several calculation methods within one approach, one resulting value of value must be justified and obtained within the framework of this approach.

When summarizing the results of various valuation approaches into the final value of the object, the Appraiser must analyze the following characteristics of the approaches used:

Reliability and sufficiency of information used in calculations;

Compliance of the calculation methods used with the amount of available market information;

Compliance with the type of object and the nature of its use;

Compliance with the purpose and purpose of the assessment, as well as the type of value being determined;

Ability to take into account the actual intentions of the buyer and/or seller;

Ability to take into account market conditions;

Compliance of the result obtained by the approach with market analysis data.

Significant discrepancies in the results obtained from each assessment approach should be accompanied by an analysis of the possible reasons for this discrepancy. In general, if the result of one of the approaches differs significantly from the others (for example, more than twice) and there are no reasons that caused such a discrepancy, it is more correct to refuse to use the result of this approach rather than to include it in further calculations.

The Appraiser’s choice of the reconciliation (generalization) method, as well as all judgments and assumptions made must be justified.

In addition, during the assessment, the Appraiser must maintain relevant documentation to be stored in the Appraiser’s archives for the duration of the general limitation period, established by law Russian Federation.

The above list, and some other requirements and recommendations, are presented as an ordered sequence of assessment procedures. However, real estate valuation is a continuous process of collecting, analyzing and adjusting information.

INTRODUCTION

Among the elements of a market economy, a special place is occupied by real estate, which acts as a means of production and an item or object of consumption. Real estate is the basis of personal existence for citizens and serves as the basis for economic activity and the development of enterprises and organizations of all forms of ownership. In Russia, there is an active formation and development of the real estate market and an increasing number of citizens, enterprises and organizations are participating in real estate transactions.

Real estate is the main subject of discussion during the privatization of state and municipal property, when renting non-residential premises, when buying and selling residential premises. Therefore, the process of appraising a property requires high qualifications and professional training of the appraiser and is a complex, labor-intensive and creative work, consisting of certain stages.

REAL ESTATE ASSESSMENT PROCESS

Real estate appraisal is one of the most common types of appraisal. Often, the value of real estate is obvious to its owners or prospective buyers, however, as a result of a professional assessment by the appraiser of all factors relating to the property, its value can be significantly adjusted relative to the original presentation.

Typically, the following real estate properties are subject to assessment:

Land;

Residential real estate (apartments, individual houses);

Commercial real estate (office premises, hotels, retail and warehouse space);

Property valuation

industrial real estate objects;

structures;

engineering Communication;

objects, unfinished construction;

air, sea and river vessels.

Real estate valuation is the most common type of valuation activity and includes determining the value of an object or individual rights in relation to the object being valued, for example, lease rights, use rights, etc. To obtain the most accurate results when assessing real estate, experts must use all three assessment approaches - cost, profit and comparative. These approaches complement each other, each of them is based on the use of certain properties of the object and evaluative principles.

The real estate valuation process requires the appraiser to analyze a large number of factors, which ultimately determine the estimated value.

A qualified and reasonable conclusion about the cost characteristics of the valuation object is possible only on the basis of systematized and confirmed in one way or another initial data, which can also be verified by any interested party, including government authorities.

The process of assessing real estate begins with its examination and negotiations with managers and owners. When visiting the property being assessed, the appraiser will inspect it. Before the inspection begins, the appraiser will familiarize himself with the available technical documentation for the facility, and will also talk with representatives of the technical services responsible for its operation. When reviewing the technical documentation, the appraiser will determine what major changes were made to the project, whether reconstruction was carried out, and the dates of current and major repairs.

2. MAIN STAGES OF THE PROCESS OF REAL ESTATE ASSESSMENT

The real estate valuation process includes the following steps:

1st stage. Setting the task for assessment.

1.1. Purpose of the assessment.

12 . Type of value determined.

1.3. Establishment of assessed property rights.

1.4. Date of assessment.

2nd stage. Drawing up a plan and contract for the assessment.

2.1. Assessment work schedule.

2.2. Information sources.

2.3. Selection of assessment methods.

2.4. Costs of conducting the assessment.

2.5. Monetary reward for conducting the assessment.

2.6. Drawing up an assessment agreement.

3rd stage. Collection and analysis of information.

3.1. Inspection of the facility and surrounding area.

3.2. Legal description of the property.

3.3. physical characteristics and location.

3.4. Economic information.

3.5. Checking the accuracy of the collected information.

3.6. Analysis and processing of information.

4th stage. Analysis of the best and most effective use.

4.1. Analysis of the land plot as conditionally free.

4.2. Analysis of land with improvements.

5th stage. Calculation of the estimated value of a property based on three approaches.

5.1. Valuation based on the income approach.

5.2. Cost estimation based on a comparative approach.

5.3. Cost estimation based on the cost approach.

6th stage. Coordination of the results obtained and derivation of the final value of the value of the property.

6.1. Checking the received data on the value of the cost.

6.2. Assumptions and limiting conditions conditioned by the completeness and reliability of the information used.

6.3. Deriving the final value of the cost.

7th stage. Preparation of an assessment report.

Setting the task for assessment.

Setting up an assessment task is the initial stage at which the basic parameters of the assessment task are determined and formulated. A clear statement of the problem is necessary for a full and unambiguous interpretation of the nature of the assessment task, the choice of assessment methods and the interpretation of the results reflected in the report. The most important components of an assessment task include:

Identification of the property;

Identification of those to be assessed property rights;

Purpose (scope of application) of the assessment results;

Selection and determination of the type of cost;

Clarification of the date of the assessment;

Description of the scope of the assessment;

Clarification of other restrictions.

Property Identification includes a description of such characteristics as address, full legal description, exact location and boundaries of the property.

Identification of a property represents its precise legal description, which should be compiled on the basis of information provided by the customer. The necessary information can be obtained from state register land survey data in accordance with local and state legislation.

A correct legal description must take into account the specific regional system of surveying and describing land plots, which consists of a description of their boundaries, state system surveys, as well as procedures for describing and mapping sites and neighborhoods.

Identification of property rights to be assessed.

A feature of real estate valuation is an integrated approach that simultaneously considers real estate both as a really existing physical object and as a set of private or legal entities, which they may have or claim on the property, as well as the use of land and buildings.

The object of assessment may be real estate with full or partial property rights due to the separation or division of property rights. In the process of determining market value The real estate appraiser considers property rights restrictions such as leases, easements, liens, title claims, and air or land rights.

Scope or purpose of assessment results– this is an economic procedure subsequently carried out by the customer on the basis of the value result obtained by the appraiser.

Real estate valuation is carried out in order to determine:

Purchase and sale prices;

Amounts of collateral for lending;

Tax bases;

Terms of the lease agreement;

Costs of buildings and structures in financial statements;

Bases of fair compensation for alienation of property rights;

Bases of the insurance contract.

Finding out how to subsequently use the resulting valuation result is necessary to select the optimal valuation procedure - from collecting and analyzing the necessary information to applying the most effective valuation methods and principles for harmonizing the results. If the client does not provide information about the scope of use of the results of the appraisal report, the appraiser, on his own initiative, should discuss this issue with him and ensure that the client adequately understands the problem. This procedure will save the appraiser from possible misunderstandings and the need to redo the work.

Selection and determination of the type of cost.

The purpose of the assessment is to determine the value of real estate, which, in accordance with current international and Russian valuation standards, is manifested in various forms. The type of value of the appraisal object is dictated by a number of factors, which include the property rights being assessed associated with it, the scope of application or purpose of the appraisal results, and the volume of the appraisal task.

In accordance with current Russian valuation standards, the following types of value can be used:

Market price;

The value of the subject of assessment with a limited market;

Replacement cost;

Cost of reproduction;

Cost for existing use;

Value for tax purposes;

Investment cost;

Liquidation value;

Disposal cost.

Special value, including insurance, collateral and other types of value not included in these standards, but stipulated by regulatory legal acts.

The type of value selected by the appraiser in agreement with the customer and third parties, users of the report, must be indicated in the appraisal assignment. In addition, it is necessary to provide a definition (wording) of the specified value in writing in the assessment report, which should not contradict the standards accepted in the assessment.

The type of value used in the process of assessing a specific valuation object influences the content of individual stages within the framework of the universal assessment model. The type of cost determines the composition, collection, preparation and analysis of information for valuation purposes. The choice of approaches and methods for real estate valuation is dependent on the type of value being determined; for example, when determining the insurance value, it is inappropriate to use income approach methods. The type of cost determines the logic and validity of agreeing on the final assessment results.

The real estate valuation process includes the following steps:

• 1st stage. Setting the task for assessment.
• 1.1. Purpose of the assessment.
• 1.2. Type of value determined.
• 1.3. Establishment of assessed property rights.
• 1.4. Date of assessment.
• 2nd stage. Drawing up a plan and contract for the assessment.
• 2.1. Assessment work schedule.
• 2.2. Information sources.
• 2.3. Selection of assessment methods.
• 2.4. Costs of conducting the assessment.
• 2.5. Monetary reward for conducting the assessment.
• 2.6. Drawing up an assessment agreement.
• 3rd stage. Collection and analysis of information.
• 3.1. Inspection of the facility and surrounding area.
• 3.2. Legal description of the property.
• 3.3. Physical characteristics and location.
• 3.4. Economic information.
• 3.5. Checking the accuracy of the collected information.
• 3.6. Analysis and processing of information.
• 4th stage. Analysis of the best and most effective use.
• 4.1. Analysis of the land plot as conditionally free.
• 4.2. Analysis of land with improvements.
• 5th stage. Calculation of the estimated value of a property based on three approaches.
• 5.1. Valuation based on the income approach.
• 5.2. Cost estimation based on a comparative approach.
• 5.3. Cost estimation based on the cost approach.
• 6th stage. Coordination of the results obtained and derivation of the final value of the property.
• 6.1. Checking the received data on the value of the cost.
• 6.2. Assumptions and limiting conditions conditioned by the completeness and reliability of the information used.
• 6.3. Deriving the final value of the cost.
• 7th stage. Preparation of an assessment report.

Setting the task for assessment.

Setting a task for assessment is initial stage, on which the basic parameters of the assessment task are determined and formulated. A clear statement of the problem is necessary for a full and unambiguous interpretation of the nature of the assessment task, the choice of assessment methods and the interpretation of the results reflected in the report. The most important components of an assessment task include:

• - identification of the property;
• - identification of property rights to be assessed;
• - purpose (scope of application) of the assessment results;
• - selection and determination of the type of cost;
• - clarification of the date of the assessment;
• - description of the scope of the assessment;
• - clarification of other restrictions.

Identification of a property includes a description of characteristics such as address, full legal description, exact location, and property boundaries.

Identification of a property represents its precise legal description, which should be compiled on the basis of information provided by the customer. The necessary information can be obtained from the state register of land survey data in accordance with local and state legislation.

A proper legal description must take into account the specific regional system of surveying and describing land parcels, which consists of a description of their boundaries, the state survey system, and the procedure for describing and mapping parcels and blocks. Identification of property rights to be assessed.

A feature of real estate valuation is A complex approach, which simultaneously considers real estate both as a really existing physical object and as a set of rights of individuals or legal entities that they may have or claim over the property, as well as the use of land and buildings.

The object of assessment may be real estate with full or partial property rights due to the separation or division of property rights. In determining the market value of a property, the appraiser considers property rights restrictions such as leases, easements, liens, title claims, and air or land rights. The scope or purpose of the appraisal results is an economic procedure subsequently carried out by the customer based on the value result obtained by the appraiser.

Real estate valuation is carried out in order to determine:

• - purchase and sale prices;
• - the amount of collateral for lending;
• - tax bases;
• - terms of the lease agreement;
• - the cost of buildings and structures in financial statements;
• - bases of fair compensation for alienation of property rights;
• - bases of the insurance contract.

Finding out how to subsequently use the resulting valuation result is necessary to select the optimal valuation procedure - from collecting and analyzing the necessary information to applying the most effective valuation methods and principles for harmonizing the results.

In accordance with Federal Assessment Standard No. 1, paragraph 16, the assessment includes the following stages:

a) concluding an agreement for conducting an assessment, including an assessment task;

b) collection and analysis of information necessary for the assessment. The appraiser collects and analyzes the information necessary to evaluate the object being assessed. The appraiser studies the quantitative and qualitative characteristics of the appraised object, collects information essential for determining the value of the appraised object using the approaches and methods that, based on the appraiser’s judgment, should be applied when conducting the appraisal, including:

Information about political, economic, social and environmental and other factors influencing the value of the property being assessed;

Information about supply and demand in the market to which the valuation object belongs, including information about factors influencing supply and demand, quantitative and qualitative characteristics of these factors;

Information about the valuation object, including title documents, information about encumbrances associated with the valuation object, information about physical properties object of assessment, its technical and operational characteristics, wear and tear and obsolescence, past and expected income and costs, data accounting and reporting related to the valuation object, as well as other information essential for determining the value of the valuation object.

c) application of approaches to assessment, including the selection of assessment methods and the implementation of the necessary calculations;

d) coordination (summarization) of the results of applying valuation approaches and determining the final value of the value of the valuation object;

e) preparation of an assessment report.

In the process of the appraiser’s activities and the reports of Capital LLC, the description of the process can be traced as follows:

1) Inspection of the object.

2) Studying the documentation provided by the Customer.

3) Collection of necessary information to perform calculations.

4) Application of generally accepted approaches to property valuation: costly, comparative and profitable.

5) Coordination of results and determination of the final market value of the object.

6) Writing an assessment report.

Composition and content of initial information.

LLC "Capital" evaluates the value of real estate, equipment, Vehicle, intangible assets, intellectual property and enterprise (business) value.

During the internship, work was carried out to determine the market value of the industrial warehouse premises.

The initial information when assessing real estate is:

1. Technical passport;

2. Certificate of ownership;

3. Book value;

4. Information obtained during the process visual inspection.

The initial information when assessing machinery and equipment is:

1. Technical passport;

2. Inventory sheet;

3. Certificates of technical condition;

4. Results of visual inspection;

5. Information about the repairs carried out (major and preventative).

Object assessment.

During my internship, I took part in the assessment of retail and office premises with a total usable area of ​​171.6 sq.m., located on the ground floor of a building located on the street. Moskovskaya, 289, in Kaluga - (hereinafter referred to as the Object) and writing an assessment report.

The purpose of the assessment is to determine the market value of the appraisal object in order to advise the Customer regarding the market value of the object. The appraisal determines the market value of full ownership of the property.

Land market:

Today, the land market in Russia is characterized by a special legal environment. If buildings and structures could be owned, then land until recently, taking into account the introduction of the Land Code of the Russian Federation on October 30, 2001, was provided only for rent or use. There is practically no practice of selling land plots on the market as property; information about transactions of this kind is extremely limited. Until now, we mainly have to operate with land lease relationships.

State of the land market as of the valuation date: the market for the purchase and sale of similar land plots and property rights to them is passive and is in the process of formation.

State of the land rental market: the main lessor of land plots is the authorities local government; the rental rate is set administratively based on the base rate and adjustment factors to it, differentiated by location and purpose of improvements.

The right to conclude a lease agreement is paid. Plots of land can be leased on a competitive basis. The tenant can be any legal entity or individual.

The market for land under commercial real estate, in the context of the privatization of enterprises and the lack of complete cadastral registration, valuation and purchase and sale mechanisms, is practically absent.

However, the federal law dated October 25, 2001 No. 137-FZ “On the entry into force of the Land Code of the Russian Federation” determined that “when sold in accordance with the rules established Article 36 Land Code of the Russian Federation, state or municipally owned land plots to the owners of buildings, structures, structures located on them, the value of such land plots is determined in the manner established by this Law.

Until a subject of the Russian Federation establishes the price of land, the corresponding minimum land tax rate is applied.

When selling a land plot, an adjustment factor is applied to its value, taking into account the main type of use of the building, structure, or structure located on the land plot. Correction factors taking into account the main types of use are approved by the legislative bodies of the constituent entities of the Russian Federation in the amount of 0.7 to 1.3.”

In market economic conditions, three generally accepted approaches to assessing the value of real estate are used: cost, income and market, on the basis of which the different kinds cost of objects. Real estate valuation methods depend on the approach taken.

Estimation of the market value of a land plot using the sales comparison method. When applying this method, the value of commercial real estate is determined in comparison with the sales price of similar properties.

Determining market value within the cost approach:

The method is used to estimate how built up land plots and unbuilt land plots). Condition for using the method:

ð availability of information on the prices of transactions with land plots that are analogues of the property being valued. In the absence of information on the prices of transactions with land plots, it is allowed to use supply (demand) prices.

The method involves the following sequence of actions:

1. Determination of the elements by which the evaluation object is compared with analogous objects (comparison elements);

2. Determination for each of the comparison elements of the nature and degree of differences between each analogue and the assessed land plot;

3. Determination of price adjustments for analogues for each of the comparison elements, corresponding to the nature and degree of differences of each analogue from the land plot being valued;

4. Adjustment for each element of price comparison of each analogue, smoothing out their differences from the assessed land plot;

5. Calculation of the market value of a land plot through a reasonable generalization of adjusted prices of analogues.

Calculation of the market value of a land plot

The market for sales of land plots in the Kaluga region is quite developed, so the appraiser considered it possible and sufficient to determine the value of the land plot built up with the buildings being valued by comparing sales.

The main stages of assessing land plots using the sales comparison method.

1st stage. Studying the state and development trends of the land market and especially the segment to which this object belongs. Identification of properties that are most comparable to the one being valued, sold or offered relatively recently.

2nd stage. Collection and verification of information on analogue objects; analysis of the collected information and comparison of each analogue object with the object being evaluated.

3rd stage. Making adjustments to the sales prices of comparable analogues for identified differences in the pricing characteristics of the compared objects.

4th stage. Coordination of adjusted prices of analogue properties and determination of the final market value of the property based on a comparative approach.

To obtain information about purchase and sale transactions of land plots in Kaluga, the appraiser carried out an analysis of the land plot market using weekly advertising and information publications, as well as various information databases data from Internet portals.

As a result of the information search, analogues of built-up land plots that were put up for sale were identified. The list of analogue objects and a description of their main characteristics is given in the table.

Explanation of adjustments

1. Amendment of ownership. The presence of land ownership rights greatly increases the value of a property. This adjustment compensates for the difference between freehold ownership and long-term leasehold rights. Since the property rights of the analogue objects and the subject property are identical, no amendment was made.

2. Adjustment for financing terms. Since the financing conditions for the sale of analogous objects and the subject property are typical market ones, no amendment was made.

3. Amendment to terms of sale. The conditions for the sale of analogue objects are typical, i.e. sellers were not limited in terms of sales, and there were no special relations between buyers and sellers. In this regard, no adjustment was made for this factor.

4. Adjustment for price translation proposals in the most probable value of the transaction price is determined on the basis of the average market concession from the asking price of the seller to the buyer. According to the Real Estate Appraiser's Handbook, the recommended values ​​for bargaining discounts for real estate are:

5. Location is one of the key pricing characteristics of real estate. Adjustment of the price of a similar object by location is carried out in order to smooth out the differences between a similar object and the object being valued due to its more or less advantageous location in comparison with the object being evaluated (distance from the regional center, transport accessibility, ease of access). If a similar object is inferior in location to the object being evaluated, an upward correction is made; if it is superior to the object being evaluated, a downward correction is made. The magnitude of the correction depends on the degree of difference between a similar object and the object being assessed according to a given criterion: the greater the difference, the greater the magnitude of the correction and vice versa. When calculating the value of the Valuation Object, when it is necessary to adjust the cost of an analogue object that differs from the Valuation Object in some parameter, the following formula is used:

S ots = S an × [P ots / R an ] n,

Where:
C ots – cost of the Valuation Object;
C an – cost of an analogue object;
R ots is the main parameter of the object being evaluated;
R an - the main parameter of the analogue;
n – price deceleration coefficient.

The formula assumes that there is an exponential relationship between cost and the main pricing factor. Most often in practice, a fairly narrow range of coefficient values ​​0.6 – 0.8 is encountered.

The calculation of the value of the adjustment for location was carried out by comparing the value of residential real estate in the locations of the Valuation Property and analogue objects, taking into account the minimum value of the price deceleration coefficient of 0.6.

Adjustment for the location of communications. The presence of communications directly on the territory of the land plot is a price-forming characteristic. The adjustment for the location of communications was calculated using the paired sales method.

The cost approach to valuation is based on the assumption that the cost of constructing a building plus the cost of acquiring the land and preparing it for construction is an acceptable guide to determining the value of real estate. The costs of creating a property are not always equivalent to its market value. Therefore, the scope of application of the cost approach is quite specific.

When valuing real estate using the cost approach, the following sequence of actions is followed:

1. Calculation of the market value of the right to the land plot on which the building is located.

2. Calculation of the market value of buildings:

Calculation of the cost of constructing a new building (restoration or replacement).

Determination of the decrease in the usefulness of an object as a result of wear and tear:

§ physical, which is a consequence of the age of the object, natural and climatic factors, the nature of the operation of the object;

§ functional, resulting from a discrepancy between the architectural, constructive, design solution modern market standards;

§ economic (external), which is a consequence of the negative impact external environment(environment) of the object.

Calculation of the residual value of a building by subtracting all types of wear and tear from the cost of its restoration (replacement). If replacement cost is used in the calculations, then functional wear and tear is not taken into account, since replacement cost includes modern requirements and market standards.

3. Determining the market value of real estate by summing the residual value of the building and the market value of the land.

Calculation of the cost of constructing a new building (restoration or replacement)

Replacement cost of a property is the cost of building an exact copy of the property being valued, and replacement cost is the cost of constructing a facility that has the same functional utility but is built according to modern technologies and in accordance with current market standards. For the purposes of estimating market value, replacement cost is the most preferable estimate due to its greater adequacy to current market conditions and standards.

There are three traditional methods for determining construction costs:

– comparative unit method (or unit cost method);

– element-by-element method;

– estimate method (or method quantitative analysis).

Comparative unit method (unit cost method)

According to this method, the current value of the unit of measurement of the object selected for calculation is multiplied by the number of units of the object being valued. Typically, the units of measurement can be 1 sq.m or 1 cubic meter. In Russian conditions, the following are used as specific indicators:

– collections of aggregated indicators of replacement cost (RUVS) of buildings and structures for the revaluation of fixed assets;

– collections of aggregated construction cost indicators (UCCI).

The aggregated indicators given in the collections are compiled in prices and norms of a certain base period (1969).

Element-by-element method

The real estate value assessment is calculated in the same way as in the previous method, but not for the entire building at once, but for its parts (elements, components) that have any significant differences. The sum of the cost estimates for the various parts of the building gives an estimate of the value of the property as a whole.

Estimate method (quantitative analysis method)

This method uses inventory data of all components (materials, products, equipment) of the object being assessed and data on all types of labor costs (in terms of volume and cost) required for the installation of individual elements and the creation of the object as a whole. Overheads and other costs necessary for the reproduction of the object are added to the cost of materials and equipment, and a full estimate for the reproduction of the assessed object is drawn up.

When determining the full replacement cost, aggregated indicators of replacement cost at the base price level of 1969 were used. per unit of building volume. To move from 1969 prices. the following prices were used for the prices on the valuation date: regulations and reference materials:

Resolution of the USSR State Construction Committee No. 94 dated May 11, 1983 “On approval of cost indices for construction and installation works and territorial coefficients for them for recalculating consolidated estimates (consolidated estimates) of construction projects”;

appendix to the letter of the USSR State Construction Committee dated September 6, 1990 No. 14-D “Indices of changes in the cost of construction and installation work, other costs and territorial coefficients”;

Appendix to the letter of the Ministry of Regional Development of the Russian Federation dated January 20, 2010 N 1289-SK/08 “Indices of changes in the estimated cost of construction and installation work, including the cost of materials, wages and operation of machinery and mechanisms for the first quarter of 2010;

Appendix 1 to the letter of the Ministry of Regional Development of Russia dated November 7, 2011 N 30394-IP/08 “Indices of changes in the estimated cost of construction and installation work by type of construction, determined using federal and territorial unit prices for the fourth quarter of 2011.

The unit cost of construction of the facility in prices as of the valuation date was determined using the following formula:

From 2012 = From 1969 ´ K cor ´ K 1969 - 1984 ´ K 1984 – 1991 ´ K 1991 – 2001 ´ K 2001 – 2012,

where Since 1969 – the cost of building construction in 1969 prices (UPVS collections);

K cor – correlating coefficient to the unit cost of the building;

The cost of reproduction as of the valuation date was determined by the formula:

C = C 12 ´ V + PZ + VAT,

where: From 2012 – unit cost of construction in prices as of the valuation date;

V – construction volume of the building, cubic meters;

PZ – the developer’s profit is assumed to be 24% for retail office facilities and 19% for industrial and warehouse facilities of the construction cost according to the Real Estate Appraiser’s Handbook;

VAT – value added tax (18%).

Calculation of physical wear and tear

Physical wear and tear was calculated by the appraiser based on a visual examination using tables VSN 53-86(r). Calculation of the amount of physical wear and tear is given in the tables.

Calculation of functional and external (economic) obsolescence was not carried out due to the absence of signs of this wear.

Evaluation procedure

Main stages of the assessment procedure

Cost assessment is a set of logical procedures and calculations aimed at forming a reasonable conclusion about the value of the Object of assessment. The cost assessment procedure is a set of actions to identify and analyze physical, economic, social and other factors that influence the value of the Object. It consists of the following main stages.

1. Collection of data about the Object of assessment and their analysis: appraisers study documents provided by the Customer, reflecting the economic and financial position issuer. These documents include information about the company’s property, documents financial statements, internal financial accounting documents of the company, information about the plans of the issuer’s management regarding its further development, management’s forecasts about expected results commercial activities etc.

2. Selection of basic approaches and methods of assessment.

3. Application of selected methods within traditional approaches to assessment.

4. Analysis of the results obtained using different approaches, their coordination and application of the necessary discounts or bonuses.

5. Preparation of an assessment report. The report is a summary narrative summary of the analysis, calculation results, cost negotiations and conclusion.

Analysis of the main approaches to assessment

When valuing a business, three valuation approaches are used:

· cost approach;

· comparative approach;

· income approach.

Theoretical foundations of the cost approach

The cost approach is based on a study of the investor's ability to acquire property and assumes that the buyer, exercising due prudence, will not pay more for the property than what it would cost to acquire the assets of a company of similar purpose and quality in the foreseeable period without significant delays. This assessment approach can lead to objective results if it is possible to accurately estimate the costs, subject to the indispensable condition of relative equilibrium of supply and demand in the market.

The book value of an enterprise's assets due to inflation, changes in market conditions, and accounting methods used may not correspond to market value. As a result, the appraiser is faced with the task of adjusting the balance sheet of the enterprise. To make such an adjustment, the reasonable market value of each balance sheet asset is first determined separately, then the current value of the liabilities is determined, and finally, the current value of all its liabilities is subtracted from the reasonable market value of the total assets of the enterprise. The result shows the market value of the company's equity.

The basic formula in the cost approach is:

Equity = assets - liabilities. There are two methods for determining the value of a company within the cost approach:

cost method net assets;

· liquidation value method.

The net asset value method (or, in other words, the adjusted net asset value method NAV-Net Asset Value) is used when the operating enterprise is considered and when the assets of the company are such that reliable data on market value can be easily obtained from it. This method is effective in assessing those firms that have managed to accumulate these assets as a result of capitalizing their income for previous periods, i.e. it is most appropriate for evaluating companies with a fairly solid history. In cases where the data available to appraisers is insufficient to calculate reasonable values ​​of the market value of the components of equity capital, the method of book value of net assets is used.

Another method, the Liquidation Value method, is used when a company is in bankruptcy or liquidation, or when there are serious doubts about the company's ability to remain a going concern. This is reflected in information about low or even negative returns on assets, which serves as an indicator of the economic obsolescence of the business. Liquidation value is the amount of money that a company owner can receive when the company is liquidated and its assets are sold separately after all creditors have been settled and liquidation costs have been paid.

The use of the cost approach is necessary in two cases

· firstly, the cost approach is indispensable when assessing unquoted companies, most often registered in the form of LLC, CJSC, which, as a rule, have opaque financial flows;

· secondly, the use of the cost approach together with other approaches, and, above all, the income approach, allows you to make effective investment decisions.

Theoretical foundations of the comparative approach

The comparative approach is based on the fact that market entities carry out purchase and sale transactions by analogy, that is, based on information about similar transactions. It follows that this approach is based on the principle of substitution. In other words, the market approach is based on the assumption that a prudent buyer will pay no more for a property offered for sale than it would pay for a property of similar quality and suitability. Therefore, it is assumed that the prices at which purchase and sale transactions took place on the market for a property similar or similar to the property being valued reflect its market value.

Traditionally, when assessing the market value of any asset and business, three methods are used within the comparative approach:

· peer company method (capital market method);

· method of transactions (sales);

· method of industry coefficients.

The capital market method involves using the real purchase and sale prices of shares (non-controlling stakes) in the stock market as a basis for comparison.

The transaction method involves using real purchase and sale prices on the over-the-counter market for consolidated blocks of shares or companies as a whole as a basis for comparison.

The industry coefficients method is based on the use of industry multipliers calculated in the course of studies of sales statistics of industry enterprises conducted by specialized agencies. It is necessary that the study be conducted for at least half of all enterprises in the industry comparable in size to the one being assessed. The method of industry coefficients has not yet received sufficient distribution in domestic practice due to the lack of necessary information, which requires a long period of observation.

The application of peer company and transaction methods consists of sequentially performing the following actions:

· collection of necessary information;

· compiling a list of analogue enterprises;

· the financial analysis and comparison;

· calculation of estimated multipliers;

· choice of multiplier value;

· determination of the preliminary value of the cost;

· making final adjustments.

Theoretical foundations of the income approach

The income approach allows you to determine the value of the Valuation Object by bringing the value of expected future income and expenses (including long-term liabilities) of the enterprise to the assessment of their value at the present time.

In this case, the assumption is made that the potential owner will not pay for this business an amount greater than the present value of the actual income from this business that he will be able to receive in the future. Likewise, the owner will not sell his business for less than the current value of the income he can receive in the future.

This valuation method is considered the most acceptable from the point of view of the buyer’s investment motivations, since when purchasing a business, he invests money not in a set of assets, but in a stream of future income, which allows him to recoup his investments and make a profit greater than he would receive by investing his funds otherwise .

The use of the income approach to assessing the value of a business is most justified when the enterprise is in a stage of growth or stable economic development. Also, the use of the income approach is possible when analyzing the prospects for further development of the enterprise (evaluation of an investment project). In any case, serious management decisions must be made based on the data from this assessment approach.

Estimating the value of a business using the income approach can be carried out using the method of direct capitalization of income, which is actually applicable in the case when we're talking about about the stage of stable business development, or, using the discounted cash flow method (DCF), when the projected cash flows are not constant.

The methodology for calculating the value of a business using the discounted cash flow method is carried out in the following sequence:

· choosing the type of cash flow;

· determination of the duration of the forecast period;

· analysis of retrospective income streams and their forecasting for future periods;

· cost flow analysis and forecast;

· forecasting the increase (decrease) in financing needs working capital;

· forecasting investments (capital investments);

· calculation of the discount rate;

· calculation of the extended value of the enterprise (by the method of calculating the liquidation value of net assets or according to the Gordon model);

· calculation of the current value of the enterprise by summing the reduced cash flows at the selected rate of the forecast period and the extended value of the enterprise;

· making final amendments.

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