Operating costs for maintenance of the cost of the building. Current operating expenses for the operation of the building, income tax and property tax. Federal Agency for Education

Federal Agency for Education.

Department of Economics and Management.

Test#1 in discipline

Real estate economics

1. Determining the costs of operating real estate.

1.1 Classification and composition of expenses for the operation of real estate.

1.2 Calculation of expenses for the operation of real estate objects.

1.3 Trends in the amount of operating costs with increasing life of the building.

1.4 The impact of depreciation on the value of real estate.

Practical part.

List of used sources and literature.

1. Determining the costs of operating real estate

1.1 Classification and composition of expenses for the operation of real estate

Operation of objects - an activity that includes the following processes: checking and evaluating data about the object and informing users about the technical condition of the object, processes for regulating the functioning of the object and maintaining its working condition, processes for maintaining the object and current repairs of the object, and other processes for operating the object.

Interest in commercial real estate is consistently high, the number and quality of new properties is constantly growing, and property owners are aware of the need for professional maintenance, which helps to increase the life of the building, as well as increase its market value. According to experts of the real estate market, more than 85% of all costs are accounted for by operating costs.

1. Operating expenses - recurring expenses to ensure the normal functioning of the property and the reproduction of income.

Operating (or maintenance) costs include the costs of operating the facility, providing services to the user, and maintaining the revenue stream. The operating costs of the property include: wage and bonuses for service personnel, social insurance for employees, public Utilities(electricity, gas, telephone, water, etc.), expenses for the maintenance of the facility (payment for security and fire services, maintenance of the elevator, utilities, telephone, etc.), entertainment expenses, advertising expenses, banking services, as well as fare.

Operating expenses can be of two types:

a) fixed costs (fixed, semi-fixed) - these costs do not change with a change in the load factor of the property (for example, property taxes, insurance payments, management costs);

b) variable costs (conditionally variable) - depend on the load factor of the property: the greater the load on the property, the higher these costs (for example, utilities, garbage disposal, payment for electricity, etc.).

Some expenses are not included in operating expenses, either because they are taken into account by the capitalization ratio (depreciation charges - return of fixed capital), or because they are not considered as costs associated with the operation of the property (for example, payments of principal and interest on mortgage loan, mortgage insurance, business and personal liability insurance, etc.).

In each case, the list of operating expenses may be more or less. It should be borne in mind that the analysis should take into account the non-actual expenses of the owner for the past period, and the projected typical expenses for next year after the valuation date.

When operating real estate, there are such expenses that are made quite rarely. If they are not taken into account, then the appraiser gives the wrong result. To account for them, the concept of reserves has been introduced, which is understood as the annual saving (reservation) of money for long-term expenses.

2. Reserve (costs) for replacement - these costs either have 1-2 times in several years or vary greatly from year to year. These are, as a rule, the costs of replacing items with a short lifespan (blinds, air conditioners, kitchen equipment, etc.). Typically these items include:

Roofing, flooring, other building elements with a short service life;

Sanitary, kitchen equipment, electrical appliances;

Mechanical equipment (blinds, air conditioners);

Pool equipment;

Sidewalks, driveways, etc.

These costs amount to significant lump sums that must be accumulated in a special account. If these costs are not taken into account, then the income will be overestimated. If items subject to wear and tear are not expected to be replaced during the estimated period of ownership, the cost of their replacement will not be taken into account and their wear and tear will be offset when the property is sold.

1.2 Calculation of expenses for the operation of real estate

Property owners today are puzzled by how to reduce the cost of operating their facilities and at the same time keep them safe and sound. But in order to spend less, the owner needs to understand how operating costs are formed in general.

Income method of cost calculation.

In order to justify the cost of operation, it is necessary to understand what approaches professional operating companies are guided by in planning costs.

To ensure the planned profitability of the object, it is necessary, first of all, to clarify how much the owner is willing to spend on the operation of the property. In this case, when calculating the operating costs (based on the volume of gross income), the income method is used. The amount of gross income is taken as 100%, and a strictly defined percentage is spent on each item of expenditure. On average, the cost of operating a property is 10-12% of the gross income of the owner. In winter, this amount increases due to an increase in the cost of electricity and heat. Not all owners of real estate are willing to pay that much, so everyone solves the problem of reducing operating costs in their own way, while trying to maintain a decent quality of service. After all, the service life of the building depends on the operating conditions.

Income method with a fixed income provides the maximum range of operating services. At the same time, operating costs are a certain share of the gross income, which the owner himself is ready to spend.

As part of the income approach to the valuation of a property, the direct capitalization method or the discounted cash flow method is used. When using the direct capitalization method, the amount of net income for the year of operation is divided by the corresponding rate of return. When applying the discounted income method, the future net income cash flows of each period are recalculated to present value by discounting using the appropriate discount rate.

Depending on which method is used to calculate the value of an income-producing property - capitalization or discounting - to determine net income, it is necessary to make a forecast of gross income and a reasonable amount of operating costs, respectively, for a typical ("normal") year of operation of the building or for the entire period of its expected commercial use.

Forecasting the costs of technical operation of a real estate object can also be made on the basis of the calculation of resources for operation using SNIPs that provide building design, standards and reference books.

Cost method.

According to experts, it is not always advisable to use the income method to calculate the cost of operation. In addition to it, there is also a costly method for calculating operating costs. This method is based on the use of aggregate indicators of resource consumption - per unit of volume or area for various commercial real estate objects. Regardless of the gross income of the property, one or another item of expenditure will always be the same amount.

As a rule, the cost method is convenient for owners of commercial real estate who plan to use their property until the end of its useful life. For such owners, not only the fixed income from the object is important, but also the very condition of the building and its engineering. The main thing in this case is that the object is operated as long as possible. At the same time, the owner also does not intend to pay more for the operation of his object than other property owners. The desire not to overpay is quite natural. Therefore, in order to reasonably use your resources and allocate the necessary part of the gross income for operation, you can apply another method for calculating the cost of operation - a comparative one.

Comparative method.

Comparative analysis of analogous objects consists in the use of open and accessible aggregated indicators of resource costs for similar real estate. If the first two methods of assessing the cost of operating real estate require a certain amount of specific information and time for calculations, then the comparative method is useful as an express assessment. On the other hand, it is most often difficult to obtain information on the cost of operating similar facilities. Such information is rarely freely available, but it is all the more important because it allows the owner to instantly assess his financial potential for operating costs in comparison with the operating costs that "colleagues" allow themselves.

Which method to choose?

It is worth considering that operating costs are a value that varies from month to month. Operation is seasonal, so the cost of it, depending on the season, varies. In preparation for heating season- in August-September - operating costs are higher than in April-May. It is impossible to say exactly which method is effective and which one the owners adhere to due to many factors that affect the calculation of costs (seasonality, list of equipment maintenance, object class, etc.). As a rule, all indicators are combined according to different methods estimates, and a common denominator is derived that satisfies the owner.

The choice of the method for calculating the cost of operation is solely the prerogative of the owner of the property based on data, forecasts and documents compiled by a professional operating company. The choice of method depends on many parameters. For example, developers are ready to allocate a strictly defined amount from their gross income for the operation of their facility and therefore most often choose the income method of determining costs. At the same time, developers are not ready to pay more than their “colleagues” ( comparative method). The owners of commercial facilities, who assume that they will use the facility themselves, and are interested in keeping the office or shopping center in operation for as long as possible, most often choose the cost method. However, there are also some nuances here.

The fact is that today it often happens that at the construction stage, changes constantly occur in the project, other materials and equipment are used instead of those planned by the owner. A problem arises: for example, one amount is reserved for operation, but in reality it turns out that you will have to pay much more.

And here, each property owner independently determines what is more important for him - to save on operation and maintain the planned profitability of the object, or, having reduced profitability, spend as much on operation as necessary. In addition, the owner also does not want to overpay and is ready to pay no more than the "neighbors".

Thus, there is no panacea for the owner - it is necessary to determine the operating costs in each specific case separately.

1.3 Trends in operating costs over the life of a building

Interest in real estate is consistently high, the number and quality of new properties is constantly growing, and property owners are aware of the need for professional maintenance, which helps to increase the life of the building, as well as increase its market value. According to experts of the real estate market, more than 85% of all costs are accounted for by operating costs.

Operation of facilities - activities that include the processes of operation of the facility: the processes of checking and evaluating data about the facility and informing users about the technical condition of the facility, the processes of regulating the functioning of the facility and maintaining its working condition, the processes of maintaining the facility and current repairs of the facility, and other processes of operating the facility .

The scope of operations includes the following works and services:

ü maintenance of engineering networks (electrical, water supply, sewerage, heating, ventilation, telephony, etc.);

ü maintenance of air conditioners;

ü maintenance of elevator equipment;

ü current and planned repairs (internal premises, roofing, facades), as well as landscaping;

ü carrying out preventive measures;

ü liquidation of possible accidents and their consequences by the joint repair team of the engineering and maintenance service;

ü development of instructions for maintenance, repairs, labor protection and safety, electrical and fire safety;

ü implementation of regulations, prescriptions and operating instructions adopted on the territory of Russia;

ü introduction of technical documentation for the facility, preparation terms of reference, coordination of project documentation, adoption of current engineering decisions;

ü conclusion of subcontracts with specialized service organizations;

ü Interaction with contractors and suppliers. Implementation of all necessary purchases of consumables and equipment. Selection on a tender basis of contractors providing specialized works and services, and quality control of the work performed;

ü Interaction with law enforcement agencies and administration.

In addition, the safety of the people in it depends on the quality of operation and trouble-free operation of the engineering systems of the building. Technological "stuffing" on modern real estate objects is complex and requires serious practical training from specialists servicing the engineering infrastructure of the building.

Experts also argue that today the Russian market still does not have a clear understanding of quality standards in the field of operation and management of facilities. The need to develop common "rules of the game" at this stage of market development is quite high.

The exchange of experience in the field of building maintenance and operation management between professional market participants is essential.

Over time, each building gradually wears out and loses the ability to perform its functions. A difficult task is to determine the term of the physical life of the building.

Operating building - an engineering and construction facility constructed and put into operation, rising above the surface of the earth, having engineering systems for constantly maintaining the climatic parameters of the indoor environment. The buildings in operation are divided into residential, industrial and public buildings according to their purpose.

Many buildings that are designed to last, say, 100 years, stand and function much longer. There are tables that define these terms for individual buildings and structures. However, they can only serve as a guideline in determining the life of the building.

The economic life is the period during which the building makes a profit. The building reaches the end of its economic life when it ceases to contribute to the value of the site.

The term of physical life is the period during which the building actually exists, that is, it is possible to live and work in it.

The effective age is based on an assessment of the appearance of the building, taking into account its condition, design, and economic factors that affect its value.

Depending on how the building has been maintained, whether it has been repaired, modernized, refurbished or not, the effective age of the building may be more or less than its physical age.

When accounting depreciation is based on the assumption of a uniform aging of the building. This approach is unacceptable. The appraiser must first proceed from the effective age and determine the remaining economic life. The economic life span is influenced by many factors, such as: economic conditions, consumer tastes, etc., which can drastically change the remaining economic life. However, the calculations proceed from the fact that no significant changes will occur in the remaining period of economic life.

The depreciation method assumes that the effective age, expressed as a percentage, reflects the typical economic life in the same way that the percentage of accumulated depreciation reflects the total cost of reproduction, that is:

where From ─ wear, PVA ─ full replacement cost, EV effective age, SER ─ economic life.

1.4 Impact of depreciation on property value

Any piece of real estate (other than land under normal use) is subject to wear and tear. As a result, its technical and economic characteristics deteriorate, and the cost is transferred in parts to the manufactured products or services. The transferred value leaves the real estate sphere and accumulates in the form of depreciation deductions to restore the capital invested in the object or for other purposes.

Depreciation is closely related to the depreciation of real estate, i.e. with the gradual transfer of its value during the entire service life to the benefit obtained in the process of use (products, services, etc.). Depreciation is accounted for using depreciation charges - the monetary expression of the transferred value.

The new depreciation policy in Russia treats depreciation charges as an element of current costs taken into account in determining financial results, and as a right to tax deductions, rather than an obligation to carry out capital investments in the renovation of the same property (Scheme 1.41.)

Scheme 1.41. Real estate value turnover.

where Na is the depreciation rate, %; Spb ─ the initial book value of the object, rub.

2). Decreasing balance method─ depreciation based on the residual (rather than initial) cost of the object, i.e. the amount of depreciation consistently from year to year decreases in accordance with the decrease in the residual value (original minus carried forward).

3). The method of writing off the cost by the sum of the numbers of years deadline beneficial use provides for calculations based on the initial cost of the object and the annual ratio, where the numerator is the number of years remaining until the end of the life of the object, and the denominator is the sum of the numbers of years of the life of the object.

4). The method of writing off the cost in proportion to the volume of products (works) ─ allows you to accelerate or reduce the actual depreciation in accordance with the actual use of the object.

In world practice, it is used cumulative method(sum of numbers method), which uses a variable depreciation rate. It is determined by dividing the number of years remaining until the end of the physical life of the property by the cumulative number, equal to the sum members of an arithmetic progression. For example, if the service life of an object is 100 years, the cumulative number will be:

b) in the 10th year (90 years of the life of the object are left)

In accordance with paragraph 3 of Art. 259 of the second part of the Tax Code of the Russian Federation from 01.01.2002, depreciation for tax purposes on real estate objects can be carried out in a linear way according to the formula: K \u003d (1 / n) * 100%, for objects included in 8-10 depreciation groups, and for other means production ─ by the non-linear method according to the formula: K=(2/n)*100%, where K ─ the monthly depreciation rate as a percentage of the original (replacement) cost of the object; n ─ useful life of this object, months.

Practical part

Option 5

Task 1. Evaluation of a piece of land based on an analysis of the best and most effective use

Define the best way development of a land plot from three possible strategies based on the analysis of the best and most efficient use: A - a residential apartment building, B - a shopping center, C - an office complex. The initial data are given in table 1.

Table 1.

Development option	Indicators by building option
	Annual gross income, c.u.	Correction for underrun and losses during collection of payments, %	Other income, m.u.	Current operating expenses, % of annual gross income	Replacement reserve, c.u.	The cost of construction of buildings and structures, c.u.	Capitalization ratio, %
							For buildings	For earth

Solution

We calculate net operating income in accordance with scheme 1.

Annual gross income

Other income

Actual (effective) gross income

Operating expenses

Replacement reserve

Net operating income

To determine the appraised value of a property, it is necessary to apply the capitalization ratio. It expresses the inverse relationship between the amount of annual net income from the operation of the property and its market value. That is, the capitalization ratio is a parameter that converts net income into the value of a property:

We will present the calculations for choosing the most efficient option for using a plot of land in the form of table 2.

Indicators	Residential complex	Shopping center	Office building
Annual gross income, c.u.
Adjustment for underutilization and collection losses, m.u.		1290*0,051=65,79
Other income, m.u.
Total: actual gross income, m.u.	515−19,57+5,5=	1290−65,79+11,5=
Operating expenses, c.u.
Replacement reserve, c.u.
Total: net operating income, m.u.	500,93−169,95−14=	1235,71−490,2−41=	655,90−238−20=
Income attributable to buildings and structures, c.u.
Net residual income, c.u.	316,98−288=28,98	704,51−674,5=30,01	437,90−391,5=46,4
Estimated value of land, m.u.		30,01/0,09=333,45	46,4/0,09=515,56

Since the net residual income from land (estimated land value) is the largest for an office building, CU 46.4 (515.56), it is the most efficient use of the site.

Task 2. Estimation of the cost of a plot of land based on a market approach.

Estimate the market value of a land plot based on sales of three comparable plots. The initial data are given in table 3. Every month the cost of land increases by 1.5% (by simple interest).

Table 3

Main characteristics of the assessed (OTs) and comparable (1,2,3) land plots.

	Chena, d.e.	Area, ha		Location		Topography	Resource quality	Sale time back...
			2% better		for CU 5 better
				6% worse			10% better
				2% better	1% better	for CU 3 worse

Note. Abbreviations: n - normal; x is good.

Solution

Selling prices reflect the opinions of typical sellers and buyers. If there is sufficient data on similar sales in determining market value it is expedient to base on the results of its evaluation using a comparative approach.

The comparative (market) approach is a method of determining the market value of a property based on data on recent real estate transactions, that is, it is based on a direct comparison of a property with other properties that have been sold or included in the register for sale.

The basis for applying this approach is the principle of substitution, according to which, in the presence of properties similar in their characteristics in a free and competitive market, a rational buyer will not pay more for a particular property than it would cost him to acquire another similar property with the same utility, quality and appointment.

1. Since land have a different area, then the selling price per unit of comparison is determined first. In our example, the unit of comparison is 1 ha.

2. We will make all subsequent adjustments relative to the price per 1 ha. If the parameters of the comparable section are better than the estimated one, then the correction is made with the “-” sign, if worse, with the “+” sign.

The amendments made are shown in Table 4.

Table 4

Correction table for site valuation based on the market approach, f.u.

Indicators	Plot for evaluation	Comparable plots
Area, ha
Price for 1 ha
		─51,11*0,02=─1,02
Location			51,11*0,06=+3,07	─49*0,02=─0,98
				─49*0,01=─0,49
Topography
Resource quality			─51,11*0,1=─5,1
Sale time
Estimated cost		48,57─1,02+0,97	51,11+3,07─5,1+,051	49─0,98─0,49+

The 1-plot has the lowest estimated cost, although it is smaller than the estimated one in terms of area, but it is better in shape and has more favorable soil characteristics.

Three amendments were also made to the price of the 2nd plot, however, one of them ─ location, is clearly subjective.

The 3rd site is much larger than the area estimated. Most of the adjustments have been made to its price.

Therefore, the first section is more credible. Its estimated cost can be taken as a basis for assigning the cost of the site in question.

Since the execution of documents can take up to 1 month, then with a monthly price increase of 1.5%, the cost of 1 ha of the assessed site is equal to:

CU 44.54*1.015=CU 45.21

Cost of the entire plot: 45.21*1.6=72.34 cu

List of used sources and literature

1. Asaul, A.N. Real estate economics: textbook / A.N. Asaul. - St. Petersburg: Piter, 2004. - 512 p.

2. Goremykin, V.A. Real estate: economics, management, taxation, accounting: textbook / V.A. Goremykin. - M.: KNORUS, 2006. - 672 p.

3. Ignatov, L.L. Economics of real estate: educational method. allowance / L.L. Ignatov. − M.: MGTU, 2003. −168 p.

4. Novikov, B.D. Market and real estate valuation in Russia / B.D. Novikov. - M.: Exam, 2000. - 512 p.

5. Real estate valuation: textbook / Pod. ed. A.G. Gryaznova, M.A. Fedotova. - M.: Finance and statistics, 2002. - 496 p.

6. Staroverova, G.S. Real estate economics: tutorial/ G.S. Staroverova, A.Yu. Medvedev, I.V. Sorokin. - Vologda: VoGTU, 2006. - 238 p.

7. Shcherbakova N.A. Real Estate Economics: Textbook. Rostov n / D: Phoenix, 2002, - 320 p.

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The author (Evgeny Yakushin, General Director of Management Company "Sistema"), taking part in the development of business plans for the implementation of commercial real estate projects and giving recommendations on the choice of engineering infrastructure and finishing materials, as well as recommendations for forecasting the costs associated with their operation, in practice assessed the effectiveness of the adopted standards and the correctness of the selected cost indicators. Analysis of the results revealed some patterns and trends, on the basis of which methods were developed for calculating current and forecasting future operating costs (in this case, the author used the general methodology and terminology of professional appraisers). 1. Profitable way. The cost of operation, taking into account the profitability of the object. Profitable method: the cost of operation is regulated by profitability indicators.

The income method for calculating and forecasting operating costs is based on the use of aggregated indicators of the ratio of operating costs, planned (expected) profitability and gross income of commercial real estate objects of various classes. That is, the value of operating costs is determined in strict dependence on the profitability laid down in the business plan - in order to earn X, you need to spend Y.

The share of operating costs for the maintenance of the property from gross income

1. The cost of operating a real estate object is 10 - 16% of gross income, and by the operation of real estate, we mean the presence of all its seven components. Here we consider control technical condition, Maintenance, preventive maintenance, regulatory actions, sanitary and hygienic service (cleaning), technical consulting, provision of resources, planning and budgeting, as well as employee salaries. Moreover, the distribution of ratios depending on the class of business centers is as follows: BC class "A" 10 - 12%; BC class "B" 12 - 14%; BC class "C" 14 - 16%.

2. Management costs are 5 - 10% of gross income.

Governed by commercial real estate It is recommended to understand the following set of measures:

Current brokerage (search and attraction of tenants in a functioning facility);

Management (interaction with tenants, settlement of current issues);

Representing the interests of the owner of the object;

Legal support (signing, prolongation, termination of contracts and their subsequent registration with government agencies);

Accounting support (invoicing; collection of rental payments, collection of debts; transfer of funds to the owner);

Preparation of financial statements.

3. The cost of utilities (water, heat, gas, electricity) is 6 - 8% of gross income. 4. Costs for ensuring security 4 - 7% of gross income (salary to employees of the security service, purchase of overalls, installation and operation of video surveillance cameras, maintenance of fire alarms).

Let's take as an example a class "B" business center located in the Vyborgsky district of St. Petersburg.

Total area - 5411 sq.m.

Leasable area - 4058 sq.m.

Filling - 100%.

Rental rate - 30 c.u. sq. m / month.

Gross monthly income - $22.5 sq. m / month.

The cost of operation is determined by the income method of calculating the cost of operation (12 - 14% of gross income) and amounts to 2.7 - 3.15 c.u. for a particular business center. per sq.m. per month.

2. Costly way. Cost of operation including costs.

Expensive method: the cost of operation is regulated by the terms of service of building structures, finishing materials and engineering infrastructure of the property. The cost method for calculating the cost of operation and forecasting operating costs is based on the use of aggregated indicators for expense items - per unit area for various types and functional purposes of real estate. At the same time, the values ​​of aggregated indicators are determined on the basis of specifications engineering infrastructure and building structures of the real estate object, corresponding to the accepted class of the real estate object and their total physical wear and tear. That is, the value of operating costs is determined by creating an estimate - they must spend Y to ensure a certain list of operational indicators. At the same time, operational indicators are a combination of technical, space-planning, sanitary-hygienic, economic and aesthetic characteristics that determine its operational qualities.

Let's look at the same example:

Business center (class "B"):

Heating, cold and hot water supply, sewerage systems (elevator unit, water metering unit, plumbing equipment, sewer risers, wells); - electrical systems (wiring, electrical switchboards, main switchboard, lighting, electrical equipment); - ventilation and air conditioning systems; - fire fighting, security, monitoring systems; - SCS systems. Physical deterioration engineering infrastructure 10% - 20%. Table 8. The cost of operating a business center, calculated using the cost method

Total area sq.m.	21 300
Area of ​​common areas sq.m.	5 400
Surrounding area	15 580
Expenditures	per month (rub.)
Payroll for the operation management service, including taxes
Site Manager (1)	34 020
Energy Engineer (1)	31 500
HVAC Operations Engineer (0.5)	15 120
Total payroll for the operation management service:	80 640
Payroll for the operation service, including taxes
Electrician (2)	45 360
Plumber (2)	45 360
Duty worker (2)	30 240
Total payroll for the operation service:	120 960
Total payroll:	201 600
The cost of UTS and PPR of engineering systems and networks (cost limits)
System of internal, external and emergency lighting (with replacement of lamps)	15 400
Fire alarm system, fire alarm system, automatic fire extinguishing system, burglar alarm system	30 400
Ventilation and air conditioning systems, supply and exhaust units, chiller, air conditioners and fan coil units, smoke exhaust system	35 200
Elevators and escalators	31 600
Heating system, water supply system and fire-fighting water supply; drainage system; air curtain system	28 800
Emergency brigade services	12 000
Monthly expenses for inventory and tools	4 800
Monthly expendable materials	8 500
Workwear depreciation	5 586
Total:	172 286
Total operation	373 886
Payroll of the cleaning service including taxes
Brigadier (1)	22 680
Interior cleaner (10)	100 800
Outdoor Cleaner (3)	37 800
Total payroll for the cleaning service:	161 280
cleaning costs
Equipment (depreciation)	8 600
Inventory (depreciation)	5 250
Overalls (depreciation)	7 655
Monthly consumables (detergents and cleaners)	37 500
Total:	59 005
Total cleaning costs:	220 285
Total direct costs:	594 171
overhead costs (10% of direct costs)	59 417
profitability (12% of direct costs)	78 431
Total cost of services without VAT	732 019
VAT 18%	131 763
TOTAL with VAT per month	863 782
total with VAT per 1 sq.m per month	40,55
The cost of operating and cleaning services of the business center "_______" per 1 sq.m. total area monthly USD (Course 27 rubles)	1,50

It is also worth considering that the cost of operation is a variable value. It changes from month to month, because the cost of it, depending on the season, varies. In preparation for the heating season in August-September, operating costs are higher than in April-May. Therefore, it is not entirely correct to use the average value (this error is inherent in many business consultants). You can specify the average amount that is spent on operation, for example, $ 2.5 per sq. m per month. But you should always remember that in summer it can drop to $1.5, and in autumn it can rise to $3.5 per square meter. m per month.

Operating expenses include actual and current costs of maintaining the facility in working condition. Operating expenses differ significantly from such a well-known concept as "cost". The main difference is the absence of such an item as “depreciation deductions” in operating expenses.

Operating expenses, as well as in other industries, can be divided into fixed and variable.

TO fixed costs include those that do not depend on the degree of loading of the property:

– taxes on real estate;

– property insurance costs;

- expenses for ensuring fire safety, security of the building as a whole;

- part of the management costs;

- part of the operating costs, when, for example, with the central heating of the building, the owner does not have the opportunity to turn off the heating from unused premises, etc.

TO variable costs include directly dependent on the degree of loading of the object:

- public Utilities;

- expenses for salaries of service personnel;

- the bulk of management costs;

– expenses for attracting tenants and concluding lease agreements (advertising, legal services);

- expenses for the maintenance and cosmetic repairs of premises;

- expenses for the maintenance of the territory;

– security costs;

- a replacement reserve is a reserve for future expenses associated with the replacement of those elements of the property that are less durable and which must be updated periodically (though not annually) to ensure the normal functioning of the object (roof, floor, trim elements, elevator, plumbing , electrical equipment, furniture, etc.).

Bibliographic list

1. Civil Code Russian Federation. Parts one, two and three. Official text. M.: IKF Omega, 2011.

2. Federal Law "On appraisal activity in the Russian Federation". From 08/06/98 No. 135 - FZ with additions as amended in 2013.

5. Federal valuation standard (FSO No. 1) " General concepts assessments, approaches and requirements for assessment”. Approved by the order of the Ministry of Economic Development of Russia dated July 20, 2007 No. No. 256.

6. Federal valuation standard (FSO No. 2) "The purpose of the valuation and types of value." Approved by the order of the Ministry of Economic Development of Russia dated July 20, 2007 No. No. 255.

7. Federal Valuation Standard (FSO No. 3) "Requirements for the Valuation Report". Approved by the order of the Ministry of Economic Development of Russia dated July 20, 2007 No. No. 254.

8. Federal standard of assessment (FSO No. 4 "Definition cadastral value"(FSO No. 4). Approved by the order of the Ministry of Economic Development on 22.10.2010. No. 508.

9. the federal law"On the State Cadastre of Real Estate" dated July 24, 2007. No. 221-FZ. Accepted State Duma and approved by the Federation Council on 11.07.2007.

10. International Valuation Standards 2003 / Ed. Advice: I.L. Artemenkov, G.I. Mikerin: Per. from eng. – 7th ed. M.: OO "Ros. Society of Appraisers, 2009.

11. Land Code of the Russian Federation No. 136-FZ dated October 25, 2001. Adopted by the State Duma of the Russian Federation, approved by the Federation Council on October 10, 2001, signed by the President of the Russian Federation on October 25, 2001. M., 2002.

12. Asaul A.N. Economics of real estate: Textbook for universities. SPb: SPbGASU 2013.

13. Goremykin V.A. Real Estate Economics: Textbook. Moscow: Yurayt, 2012.

14. Gribovsky S.V. Mathematical methods for assessing the value of real estate: a study guide / S.V. Gribovsky, S.A. Sivets; ed. S.V. Gribovsky, M.A. Fedotova. M: Finance and statistics, 2008.

15. Gryaznova A.G., Fedotova M.A. Property valuation. M.: Finance and statistics, 2013.

16. Ivanova E. N. Estimation of the value of real estate. Collection of problems: study guide / E. N. Ivanova. M., 2009.

17. Nagaev R.T. Real estate: an encyclopedic dictionary. Moscow: Ideal Press, 2013.

18. Valuation of real estate: from value to value; per. from English. G.I. Mikerina, A.I. Artemenkov. M.: "ROO", 2009.

19. Popova L. V. Valuation and taxation of real estate and other

property of enterprises: teaching aid / L. V. Popova, I. A. Drozhzhina, B. G. Maslov. M., 2009.

20. Tarasevich E.I. Property valuation. SPb.: SPb GTU, 2010.

21. Shcherbakova N.A. Real estate valuation: theory and practice: Uch.posob. M.: Omega-L, 2012.

22. www.cbr.ru– Central Bank of Russia

23. www.minfin.ru–Ministry of Finance of Russia

23. www.nalog.ru-The Federal Tax Service

24. www.gks.ru– Federal State Statistics Service

25. www.economy.gov.ru– Ministry of Economic Development of the Russian Federation

26. www.uisrussia.msu.ru– University Information System of Russia

27. www.libertarium.ru/library- library of materials on economic topics.

28. hwww.finansy.ru - materials on the socio-economic situation and development in Russia.

29. www.budgetrf.ru– Monitoring of economic indicators.

Introduction………………………………………………………………………3

SECTION 1. BASICS OF REAL ESTATE ECONOMY…………….4

classification………………………………………..………………4

1.2. The specifics of the real estate market…………………………………...15

1.2.1. The concept and subjects of the real estate market……………………….15

1.2.2. Features of the real estate market……………………………….19

1.2.3. Classification of real estate markets…………………………...22

1.2.4.Functions of the real estate market…………………………………….24

1.2.5. The main factors affecting the real estate market………..26

1.2.6. Analysis of real estate market information………………………30

1.3. Real estate financing…………………………………….35

1.3.1. Ways to finance real estate………………………..35

1.3.2. Essence and features of mortgage lending…………….36

SECTION 2. BASIS OF REAL ESTATE ASSESSMENT…………………47

2.1.1. Stages of the real estate appraisal process…………………………..47

2.1.2. The main methodological approaches to real estate valuation…….49

2.2. Cost approach to the valuation of real estate……………..50

2.2.1. The sequence of calculations with the cost approach………….51

2.2.2. Methods for determining replacement cost…………52

2.2.3. Methods for determining accumulated wear.……………………..55

2.2.4. Examples of calculating the market value of real estate

by cost approach……………………………………………..….…67

2.3. Property valuation based on income approach………….…69

2.3.1. The structure of the income approach………………………………….…69

2.3.2. Methods for determining the capitalization ratio…………....72

2.3.3. Examples of property valuation by income approach………76

2.4. Real estate valuation by direct sales comparison method …….78

2.4.1. Methods for determining corrections………………………………………79

2.4.2. Units of comparison. ……………………………………………….83

2.4.3. Evaluation examples…………………………………………………………………84

2.4.4. Comparison indicators. …………………………………………….88

2.5. Evaluation of land plots.………………………………………...91

2.5.1. Types of land value……………………………………………..91

2.5.2 Direct sales comparison method in land valuation.92

2.5.3. Method of withdrawal……………………………………………………...94

2.5.4. Land rent capitalization method………………………….95

Appendix 1. Segmentation of the housing market……….………………..97

Appendix 2. Stages of mortgage lending……………………..105

Appendix 3. Calculation of the cost of building reproduction…………..108

Annex 4. Composition of operating expenses for operation

buildings…………………………………………………………………….110

Bibliographic list……………………………………………… 111

Educational edition

Rozhkova Olga Nikolaevna

Fundamentals of economics and real estate valuation

Teaching aid

Computer layout -

Cover -

Signed for printing Format 60х84 1/16

Conv. oven l. 7.2. Uch.-ed. l. Ed. Order No.

Current operating expenses (COE) for the operation of the building are determined by summing up:

personnel wage fund;

deductions for social needs of personnel (single social tax);

utility bills;

other expenses;

depreciation deductions for the complete restoration of the building.

The basic and additional wages of personnel (wage fund - payroll) - 60,000 rubles. per month; deductions for social needs of personnel (single social tax) - 30% of the payroll; utility bills - 70 rubles. per month for 1 sq. m. usable area of ​​the building; other expenses - 45 rubles. per month for 1 sq. m. usable area of ​​the building; the annual rate of depreciation for the complete restoration of the building is 1.0% of its full restoration cost.

Market analysis shows that, starting from the second year after the renovation of the building, revenues and expenses will increase annually, including:

staff salaries - by 5.0%;

utilities and other expenses - by 7.5%

When calculating the total amount of payments for utilities and other expenses, the useful area of ​​​​the basement is not taken into account.

Current operating expenses for the operation of the building during its repair are not accrued.

1 year: SOE \u003d 540 + 162 + 2229.6 + 1433.3 + 2331.5 \u003d 6696.4, thousand rubles.

payroll fund for personnel: 60 * 9 = 540.0, thousand rubles;

deductions for social needs of personnel: 540.0 * 0.3 = 162, thousand rubles;

utility bills: 0.07 * 3539 * 9 = 2229.6 thousand rubles;

other expenses: 0.45 * 3539 * 9 = 1433.3, thousand rubles;

2 year SOE = 756 + 227 + 3195.71 + 2054.38+ 2331.5 = 8564.59, thousand rubles

payroll fund for personnel: ((60 * 12) * 0.05) = 756, thousand rubles;

deductions for social needs of personnel: 756 * 0.3 = 227, thousand rubles;

payments for utilities: (0.07 * 3539 * 12) * 0.075 = 3195.71, thousand rubles;

other expenses: (0.45 * 3539 * 12) * 0.075 = 2054.38, thousand rubles;

depreciation deductions for the complete restoration of the building: 233146.86 * 0.01 \u003d 2331.5, thousand rubles.

Year 3: COE = 793.80 + 238.14 + 3435.71 + 2208.4 + 2331.5 = 9007.55, thousand rubles

payroll fund for personnel: (756 * 0.05) + 756 = 793.80, thousand rubles;

deductions for social needs of personnel: 793.8 * 0.3 = 238.14, thousand rubles;

payments for utilities: (319.71 * 0.075) + 3195.71 = 3435.71, thousand rubles;

other expenses: (2054.38 * 0.075) + 2054.38 = 2208.4 thousand rubles;

depreciation deductions for the complete restoration of the building: 233146.86 * 0.01 \u003d 2331.5, thousand rubles.

year: SOE \u003d 833.49 + 250.05 + 3693.71 + 2374.4 + 2331.5 \u003d 9483.15, thousand rubles.

payroll fund for personnel: (793.80 * 0.05) + 793.8 \u003d 833.49, thousand rubles;

deductions for social needs of personnel: 833.49 * 0.3 = 250.05, thousand rubles;

payments for utilities: (3435.71 * 0.075) + 3435.71 = 3693.71, thousand rubles;

other expenses: (2208.4 * 0.075) + 2208.4 = 2374.4, thousand rubles;

depreciation deductions for the complete restoration of the building: 233146.86 * 0.01 \u003d 2331.5, thousand rubles.

year: SOE \u003d 875.16 + 262.54 + 3970.71 + 2552.4 + 2331.5 \u003d 9992.31, thousand rubles.

payroll fund for personnel: (833.49 * 0.05) + 833.49 = 875.16, thousand rubles;

deductions for social needs of personnel: 875.16 * 0.3 = 262.54, thousand rubles;

payments for utilities: (3693.71 * 0.075) + 3693.71 = 3970.71, thousand rubles;

other expenses: (2374.4 * 0.075) + 2374.4 = 2552.4, thousand rubles;

depreciation deductions for the complete restoration of the building: 233146.86 * 0.01 \u003d 2331.5, thousand rubles.

Property tax (NI) is determined at 1.0% of the book value of the building in each forecast year:

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