Independent appraisal of the apartment. Justification of the adjustments made Correction for the presence of furniture in a residential building

Bargaining adjustment... When examining the current situation on the market, the value of the adjustment for bargaining is currently 3-7%. In rare enough cases, the transaction price and the offer price coincide. The initial price in most cases is significantly higher than the real value of the object. This mark-up, according to our calculations, is the above 3 - 7%.

Based on these sites:

http://shkolazhizni.ru/archive/0/n-3099/

http://www.vikup-kvartir.ru/news.php?id\u003d609

Thus, in this report, the adjustment for bargaining was 5%.

Adjustment for the transferred rights. Since the property rights are transferred to the appraisal object and analog objects, no adjustment was made to the transferred rights.

Adjustment for financing terms. Since the object of appraisal and objects of analogues have market financing conditions, no adjustment for financing conditions was made.

Adjustment for the terms of the deal. Since the object of appraisal and the objects of analogues have market terms of the transaction, no adjustment was made to the terms of the transaction.

Adjustment for market conditions (date of sale). According to the market conditions, the object of assessment and objects of analogs are comparable. Thus, no adjustment was made for market conditions.

Adjustment for distance from metroSince the object of appraisal and analogous objects are located in the same quarter, no adjustment was made for the distance from the metro.

House type adjustment. Since the type of house for the object of assessment and the objects of analogs is the same, panel, adjustment for the type of house was not made.

Correction by floor / number of storeys.The factor that affects the cost is on which floor the apartment is located. If the floor is first, then this entails humidity and low air temperature in the apartment, and, as a rule, there is not enough natural daylight in apartments on the ground floor due to trees or bushes planted around the house. As for the last floor, there is a high probability of a roof leak and strong heating of the windows in the summer. The problem with the water pressure due to the upper floor is not excluded. Therefore, apartments on the higher floors will cost more than apartments on the lower floors.

According to sites:

http://www.ocenchik.ru/docs/1293-correktirovka-realty-moscow.html

http://www.ocenka-i.ru/korr-all/2010-10-22-05-42-28.html

adjustment for the first and last floor is 5-15%. But since the analogous apartments are located approximately all on the middle floors, the adjustment for the floor / number of storeys is not included.

Correction for the number of rooms. According to the number of rooms, the object of assessment and the objects of analogs are the same - 3 rooms. Therefore, no adjustment was made for the number of rooms.

Adjustment for total area.This amendment is introduced in the event that the area of \u200b\u200bthe object of assessment deviates from the area of \u200b\u200bthe analogue by more than 10 sq. M. Since the analogue objects slightly differ from the total area of \u200b\u200bthe assessment object, no adjustment for the total area was made.

Adjustment for kitchen area.This amendment is introduced in the event that the kitchen area of \u200b\u200bthe assessed object deviates from the analogue kitchen area by more than 1 sq. M.

According to sites:

http://www.ocenka-i.ru/korr-all/korr-kuhni.html

http://www.ocenchik.ru/docs/1293-correktirovka-realty-moscow.html

The amount of the correction is taken at the rate of 0.5% for each 1 sq. M.

Adjustment for living space.As a result of market analysis, it was revealed that the average cost of 1 sq. m of a two-room apartment in the Yasenevo area is 157 834 rubles. Therefore, the adjustment was calculated as the difference between the living space of the subject of assessment and the object of an analogue, multiplied by the cost of 1 sq. The adjustments were made to all analogue facilities except for No. 4, since the total area of \u200b\u200banalogue facilities No. 1, No. 2, No. 3 and No. 5 differs on average by 2 sq.m. from the living space of the object of assessment.

Correction for ceiling heights. Since the series of the house, namely P-3, all have the same ceiling height too, so no adjustment was made to the ceiling height .

According to the site:

http://tipdoma.ru/series_p-3.html

Correction for windows. Since the windows for the object of assessment and the objects of analogs are the same, no correction was made.

Window View Adjustment. Since the view from the window of the object of assessment and objects of analogs on the courtyard and on the street, no adjustment was made.

Correction for the bathroom. The bathroom at the subject of assessment is combined, while the facilities of the analogues are separate, therefore the adjustment was made in the amount of 2%.

According to the site:

http://www.directeconomic.ru/dhoms-669-6.html

Correction for the presence of a balcony / loggia.This amendment implies an increase in the cost of an apartment in the presence of this type of improvement, is 1-5%, since the object of the assessment has a loggia, which has advantages over a balcony, we make an amendment of 2% to the object analogue No. 3.

According to sites:

http://forum.ners.ru/viewtopic.php?f\u003d39&t\u003d35314

http://www.ocenchik.ru/docs/1293-correktirovka-realty-moscow

http://www.ocenka-i.ru/korr-all/2010-10-22-05-42-02

Correction for the state of the finish.Renovation and quality of finishing affect the cost of an apartment in the most direct way. A flawless and high-quality finish increases the price by 10%. Since the quality of finishing of the object of assessment does not differ much from the quality of finishing of analogous objects, therefore, no adjustment was made.

Adjustment for additional characteristics. Since the additional characteristics of the object of assessment and the objects of analogs do not differ much, no adjustment was made.

Almost everyone has to deal with the services of appraisers sooner or later. The vast majority of customers for this type of work are people who want to get a mortgage; also, an assessment is a necessary procedure when registering an inheritance, carrying out refinancing, division of property in court and in some other cases. This article describes the nuances of appraising an apartment that often cause confusion on the part of customers. First of all, you need to understand that in his work the appraiser is guided by the current legislation. The main normative acts in the work of an appraiser are FZ 135 "On appraisal activities in the Russian Federation" and Federal appraisal standards. It is these documents that regulate a number of aspects that often cause questions from customers. In particular, this applies to:

• the obligation to inspect the property being valued (inspection is always mandatory, with the exception of determining the value as of a retrospective date, for example, an inheritance assessment is carried out on the date of death);
• the need to report the intended use of the results of the assessment (for example, “For use in legal proceedings”); for this reason, it is impossible to order one report for heterogeneous purposes, for example, for registration of inheritance and division of property;
• the presence in the report of photographs of the property being evaluated, giving an idea of \u200b\u200bits condition, in relation to the apartment - about the condition of all premises of the apartment (including those in which the redevelopment or reconstruction was carried out). Often a situation arises when, when ordering a report for registration of a mortgage, one of the conditions of the bank is the compliance of the planning solution of the apartment with the specified in the technical documentation, which causes requests from the clients of the appraisal organization not to photograph this or that room. For an appraiser, going to a meeting with a client in this case means violating legal requirements.

In most cases, when determining the cost of apartments, the appraiser uses one approach - the comparative one, however, there are companies that use, in addition to the comparative approach, also costly or profitable. In accordance with the law, the appraiser is obliged to apply all three approaches to the assessment or to justify the impossibility of applying one or another approach, therefore it is incorrect to assert that one report is better than another due to the fact that it uses two approaches instead of one.

Within the framework of the comparative approach, when evaluating apartments, the method of direct comparison of sales is usually applied, but the appraiser has the right to independently decide on the methods used. The method of direct comparison of sales consists in the selection of apartments on the market that are most similar to the one being assessed. Such parameters as location, planning solution, number of rooms, floor of location and others are taken into account. The number of apartments to be selected cannot be less than three, however, many report users, for example banks, require a larger number of analogues - usually four to six. This requirement is aimed at minimizing the possibility of distortion of value: in a developed market, it is easy to find two or three apartments, exhibited at a higher price, which creates an opportunity for overstating the value of the appraised apartment. When six analogs are required, it is much more difficult to vary the price.

As a rule, it is possible to find objects on the market that are not quite similar to the apartment being evaluated. For example, the appraised apartment is located on the third floor, and the analogue is on the first. Since the floor of the location affects the cost of the apartment, this difference must be taken into account in the calculation. For this, an adjustment is made: the cost of an analogue apartment is multiplied by a coefficient that takes into account the difference in the cost of apartments located on the first and middle floors. The value of this coefficient can be determined by calculation or taken on the basis of the results of a survey of a large number of experts, which in this case can be realtors. In the report, the appraiser must state on what basis he accepted this or that value of the correction factor. An important adjustment is the bargaining adjustment, taking into account that the transaction price is usually lower than the price at which the property is listed on the open market. For apartments, the bargaining discount usually ranges from 2.5% to 5%. Accordingly, for an apartment worth about two million, the bargaining discount will be 50 - 100 thousand rubles. Very often, the customer of the appraisal does not take into account this discount or considers its size to be controversial, however, taking into account the bargaining discount is a mandatory requirement when appraising an apartment for a mortgage. There are cases when sellers leave built-in furniture when selling an apartment, including it in the price of the apartment. The bank, issuing a mortgage loan, accepts only the apartment itself as collateral, therefore, the presence of furniture will not be taken into account when assessing. In such situations, as a rule, the value determined by the appraiser is lower than the transaction price. The last important point to pay attention to is the correct calculation of the area of \u200b\u200bthe appraised apartment. In accordance with clause 5 of article 15 of the Housing Code, the total area does not include the area of \u200b\u200bbalconies, loggias, verandas and terraces. Therefore, during the assessment, the area of \u200b\u200bthe apartment will be determined without taking into account these premises. Failure to understand this issue often leads to overestimated expectations on the part of service customers.

Methods for calculating the cost of an apartment quite widely covered and theoretically developed, as evidenced by a huge amount of literature and methodological recommendations for assessment.
The developed real estate market also contributes to this. Moreover, the number of offers is equally diverse both in the primary and secondary housing market.

The current legislation and federal valuation standards establish a requirement for the use of three main approaches to valuation: comparative, cost and income approaches. However, in the case of appraisal of real estate, which is an apartment, the cost and income approach is of little use. The appraisal of the market value of an apartment is carried out using a comparative approach. The algorithm is as follows: 7-10 analogs of real estate are selected that correspond to the object of assessment according to the main characteristics. In case of inconsistency or differences from the object of assessment, correction factors are introduced. As practice shows, the main adjustments are:

• To the location of the object
• Correction for physical characteristics (apartment area, the ratio of the usable area to the total, the presence of furniture, the type of finish, the size of the kitchen, the type of bathroom, the floor of the apartment in the building, the presence of a balcony / loggia)
• For the presence and type of car park

Further, after applying the appropriate adjustments, the average market value of 1 sq.m. apartments. Moreover, it should be noted that there is a difference between the concepts of "market value" and "sale price". The appraiser determines the market value of the object, which means "the most probable price at which the appraisal object can be alienated on the date of appraisal in the open market in a competitive environment" (Federal Appraisal Standard No. 2 Appraisal Purpose and Types of Cost). This means that all participants in transactions are aware of the terms and conditions and are free in their decisions. The market value is the subject of the Appraiser's research and calculations. The selling price, however, can be dictated by factors that do not fall under these restrictions, which fundamentally distinguishes the economic meaning of these definitions.

This difference is evident in the assessment of the share of an apartment. Meanwhile, a large number of citizens are convinced of the need for such an assessment: this is the inheritance, which is sometimes part of the apartment, and judicial procedures for the division of property, for example, in a divorce and, ultimately, transactions for the sale and purchase of the corresponding shares of the apartment ...

In appraisal practice, there is no single point of view among specialists. The main discussion arises around the need to apply adjustments, discounts for 1 sq.m. share of the apartment compared to 1 sq.m. apartments as a single real estate object. This confusion is also facilitated by the lack of a full-fledged market for transactions in the sale and purchase of shares in an apartment.

First of all, you need to have a clear understanding of the context and legal nuances in which the need for assessment arises. The first thing to determine - what is the estimated share of the apartment - whether it can be allocated in kind, in the form of a room. If the answer is yes, then the classical methods of assessing the share as a separate room, room work here.
Acquisition of a share in an apartment is fraught with a number of difficulties, which obliges to reduce the cost per square meter when assessing the share of an apartment, but it should be noted that these problems and inconveniences are difficult to translate into monetary terms.

Each co-owner has equal rights to the share in the apartment that is assigned to him. When the appraisal of a share in an apartment increases the cost per square meter compared to the cost per square meter in the entire apartment, the Appraiser puts the co-owners in a somewhat unequal position, since the buying party must pay more for the ownership of the entire apartment than in the case of purchasing a similar apartment on the open market ... If the assessment of the share in the apartment reduces the cost per square meter compared to the cost per square meter in the entire apartment, the selling party is not able to purchase an equivalent property for the proceeds.

In this case, one should proceed from the essence of the transaction with the corresponding share. For example, in the case of buying out the remaining share of an apartment from other owners, the value of the share may increase, because in this situation, a part of the apartment is bought, which ensures the unity of ownership, i.e. there is a synergistic effect - i.e. more than a part of the apartment is being bought. When it comes to buying a stake from third parties, then it is possible to apply downward adjustments.

But neither the increase in the cost of a unit of area of \u200b\u200bthe share of an apartment, nor a decrease in relation to the cost of a unit of area of \u200b\u200bthe entire apartment can be accurately calculated, but one can only assume. It should be noted that the transaction price may differ significantly from the market value of the share of the apartment.
Thus, the Appraisers should use the cost of 1 sq. share of an apartment of the corresponding value of 1 sq.m. apartments as a whole, subject to Art. 250 "Preemptive right to purchase" of the Civil Code of the Russian Federation, which states the following: "when selling a share in common ownership to an outsider, the other participants in shared ownership have the preemptive right to buy the sold share at the price for which it is sold and on other equal terms, except in the case of sale with public auction ", which means the mandatory observance of the legal procedure for granting the right of apartment co-owners to acquire this share in preferential treatment.

1) Adjustment for "bargaining" allows you to bring the offer price to the selling price. As a result of a survey of participants in the residential real estate market in Simferopol (Real estate agencies "Russian Crimea", "Orion", "Rielkom", "Veta", "Crimean Terem", "Real Estate Parade", "VIP Chance"), it was revealed that a discount on bargaining for the sale of such residential real estate averages 10%.

2. Adjustment for "real estate services" allows you to adjust the offer prices from real estate agencies to the cost without taking into account the cost of their services. As a result of the analysis of the average prices for real estate services (Real estate agencies "Infoservice", "Business Crimea", "Crimea Plus", "RIO", "World of Real Estate", "Dom-Plus"), the appraiser found that the average cost of services of real estate agencies is 5%.

3. Adjustment for "location" for all analogous properties was 0%, since the object of assessment and these analogs are comparable for this factor.

4. The correction for "wall material" for all analogous objects was 0%, since the object of assessment and analogs are located in panel houses.

5. Adjustment for "year of construction". All other things being equal, the price of an apartment in inverse proportion depends on the year of construction of the house due to the increasing physical wear and tear of the building. This adjustment was not applied because the subject of assessment and analogous objects are comparable by this criterion.

6. Correction to "floor". Apartments located on the outer floors of residential buildings, all other things being equal, have a lower one in terms of 1 sq.m. cost in comparison with apartments located on middle floors. This adjustment was not applied, since the subject of assessment and analogous properties are located on the top floor of five-storey buildings.

7. The correction for the "number of rooms" of all analogous objects is identical, therefore the correction was not applied.

8. Correction for the condition (availability of equipment and furniture). Based on the market analysis carried out in section 3, it was revealed that the cost of 1 sq.m. apartments with furniture and built-in appliances are on average 12% higher than in apartments without such equipment. Therefore, the appraiser applied a downward adjustment by this amount

Table 13

Thus, the sample is homogeneous and can be used to determine the value of the subject of assessment. In addition, the value of the offer of the selected analogs is in the mid-market range.