DEGREES OF COMPARISON OF ADJECTIVES In English, as in Russian, ...
1. Information for real estate objects, enterprise valuation and sources of its receipt
2. Factors affecting the value of the enterprise
List of used literature
Information for real estate objects, enterprise valuation and sources of its receipt
The main sources of information used by the appraiser:
Statistical and forecast information about the market, industry, country, region of operation of the enterprise;
Enterprise balance sheet;
Report about incomes and material losses;
Cash flow statement;
Information about the property complex of the enterprise.
The information used in the business valuation process must meet the requirements of:
Completeness and reliability of financial, economic, technical, economic and management information characterizing the activities of the enterprise for the period of prehistory, as well as in the future period;
Exact compliance with the objectives of the assessment;
Comprehensive accounting of external conditions for the functioning of the assessed enterprise.
Depending on the sources of obtaining information and its documentary or other confirmation, the information used in assessing the value of an enterprise (business) is divided into:
Initial information obtained directly by the appraiser from the data of accounting, primary and statistical accounting, as a rule, certified by the signature of the management of the enterprise being valued and the seal;
Information received from third parties involved in the performance of work, certified by their signature and seal;
Information received from specialized organizations (for example, industry, analytical reviews, surveys stock market), as well as published in the media mass media and the Internet;
Information not confirmed on any media.
The requirements for the information necessary for the valuation of enterprises are formulated at the initial stage of the valuation process. The restrictive conditions and the composition of the information support are indicated, which must be submitted by the customer to the expert appraiser by a certain deadline agreed by both parties.
The appraiser should visit the company's facilities and each property included in the appraisal and verify all relevant data, including title documents and, whenever possible, verify all information received from its client. The valuer should identify the documents that are the sources of information and retain all information and working materials on which he relied in the development of assumptions and calculations. various methods estimates.
From the customer, the appraiser must receive all possible documents and other information necessary for the assessment:
1) information about the enterprise of a general nature:
Data on the rights and terms of ownership of property - documents from the registration of land and real estate owned by the enterprise being valued, cadastral extracts, etc.;
Charter legal entity, charter of a joint-stock company, register of shareholders, books of minutes, etc.;
Balance sheet and income statements for previous years (audited, where available);
Management accounts, budgets, balance sheets, forecasts, enterprise business plan, feasibility studies of investment projects;
Deciphering fixed and variable costs;
Composition and elemental characteristics of fixed assets;
Breakdown of long-term financial assets;
Contracts with buyers and suppliers;
Composition of obligations and procedure accounting percent.
2) information about the business and the specifics of the enterprise:
The characteristics of the business, ownership interest in the business or security being valued, including rights, privileges and obligations, factors affecting control and any agreements restricting a sale or transfer;
The nature, history and prospects of the business;
Historical financial information;
Previous transactions relating to business, beneficial interests in business, preference, convertible or other securities;
Information about senior managers and personnel (staff contracts, in particular, variable remuneration packages and share options);
Production systems;
Commercial protocols;
Patents, inventions, know-how, trademarks, names or trade names, copyrights, databases, etc.;
Information about competitors.
3) Definition of efficiency at the industry level:
Characteristics and dynamics of industries that have or may have an impact on business.
Economic factors affecting business.
Information from the capital markets, such as achievable rates of return on alternative investments, stock market transactions, mergers and acquisitions.
Payroll projections.
Market demand for products.
The main ratios (proportions, coefficients) of the industry leaders.
Future competitor (future competitors).
Power of customers and suppliers.
Impact of potential changes in national legislation or international conventions.
Other information.
The information necessary for the analysis of the enterprise in order to evaluate it is divided into external and internal. External Information characterizes the conditions for the functioning of the enterprise in the region, industry and the economy as a whole. Internal gives an idea of the activities of the company being valued.
The need for analysis external information determined by the fact that the normal functioning of the business (sales volume, profit) is largely determined by the external conditions of the enterprise. We can include macroeconomic and sectoral indicators as information of this kind.
Macroeconomic Data- information on how changes in the macroeconomic situation affect or will affect the activities of the enterprise; it characterizes the investment climate in the country. Macroeconomic information includes the following information: the stage of the economic cycle; economic and political stability; social factors: employment and standard of living of the population; interest rates and their dynamics; tax legislation and tendencies of its change; risks.
The appraiser must take into account the general macroeconomic patterns of economic development when analyzing a particular enterprise and making forecasts. For example, during periods of downturn in business activity, the amount of profit received decreases, the probability of bankruptcy increases, and the value of the business decreases. Main sources of macroeconomic information: government programs and forecasts; periodical economic press; analytical reviews of news agencies; data from the Federal State Statistics Service; legislation Russian Federation.
To industry data includes information about the industry in which the assessed enterprise operates: sales markets, the presence and characteristics of competitors.
Sales markets are analyzed from the point of view of the ratio of supply and demand, relationships with suppliers, sales strategies for goods. The main directions of the sales strategy for goods: penetration into an already established market with the same product as competitors; market development by creating new market segments; development of fundamentally new products or modernization of existing ones; diversification of manufactured products for the development of new markets.
Depending on the sales strategy of goods, a forecast is made of the volume of products sold. The purpose of collecting this information is to determine the potential of the product sales market: sales volume in current prices, a retrospective for the last two to five years for the assessed enterprise, sales volume at current prices from competitors, forecasts for expanding sales markets.
When analyzing the conditions of competition, the type of market is taken into account, the presence of restrictions for the entry into the industry of competitors producing substitute goods. The analysis should be supplemented by information on the volume of production of a competing product in physical and value terms, characteristics of competitors' products, data on the share of products sold in the total volume of domestic production, as well as a list of the main Russian importers of this product.
The main sources of industry information: data from the marketing department of the evaluated enterprise; data from the Federal State Statistics Service; industry information publications; periodical economic press; business plan; personal contacts; firms-dealers (distributors); customs administration. These sources provide information with varying degrees of reliability. Therefore, if we received different answers to the same question, a weighted average assessment is carried out, taking into account the reliability of the information.
Inside information includes:
1) retrospective data on the history of the company;
2) description and analysis of the marketing strategy of the enterprise, including: the life cycle of goods, sales volumes for the past and current periods, the cost of goods sold, the prices of goods and services, their dynamics, the predicted change in demand volumes, production capacities, taking into account future investments (forecast volumes of products sold are adjusted for production capacities);
a common part
349539.00 sq. m, with cadastral number 47:26:0815001:2 348539.00 sq. m available for withdrawal and 1000 sq. m
PURPOSE OF THE ASSESSMENT :
SOURCES OF INFORMATION:
ASSESSMENT RESULTS:
47:26:0815001:2
- real damage - 49 373 ruble;
- lost profit - 106 583 rubles.
2. Terms and definitions
Land plot -
Losses -lost profit).
real damage,
Definition of damages, including lost profits
Decree of the Government of the Russian Federation of February 19, 2008 No. 98 canceled the Regulations on the procedure for compensating for losses to land owners, landowners, land users, tenants and losses in agricultural production (Resolution of the Council of Ministers - Government of the Russian Federation of January 28, 1993 No. 77).
In accordance with the Rules for Reimbursement to Owners land plots, land users”, approved by Decree of the Government of the Russian Federation of May 7, 2003 No. 262, losses caused to the owner by the withdrawal of a land plot for state or municipal needs include payment for the withdrawn land plot (redemption price), as well as lost profits and costs.
Paragraph 5 of Government Decree No. 262 establishes that “... the amount of damage caused to land owners, land users, land owners and tenants of land plots by withdrawal for state and municipal needs or temporary occupation of land plots, restriction of the rights of land owners, land users, land owners and tenants of land plots or deterioration in the quality of land as a result of the activities of other persons, is determined by agreement of the parties and is calculated in accordance with the methodological recommendations approved by the Federal Land Cadastre Service of Russia in agreement with the Ministry of Economic Development and Trade of the Russian Federation and the Ministry of Property Relations of the Russian Federation.
The Methodological Recommendations mentioned above determined that the amount of losses caused to the holders of the rights to land withdrawal for state or municipal needs or temporary occupation of land plots, restriction of the rights of land owners, land users, land owners and tenants of land plots, or deterioration of land quality as a result of the activities of other persons, is calculated by adding:
1. the amount of real damage calculated without taking into account the amount of real damage suffered by the owners of rights to land plots in connection with the early termination of obligations to third parties;
2. the amount of lost profit, calculated without taking into account the amount of lost profit, which the holders of rights to land plots bear in connection with the early termination of obligations to third parties;
3. the amount of losses incurred by the owners of rights to land plots in connection with the early termination of obligations to third parties.
Table 1. Calculation of the amount of lost annual income of agricultural production in connection with the withdrawal of land for non-agricultural purposes.
| Name of farmland | Name of agricultural crop | Area ha | Productivity, c/ha | Cost price, rub/c | Selling price, rub/c | Profit from crop production, rub/c | Profit on belly-novodch. industries, rub/c | The amount of lost income, thousand rubles. |
| hayfields | Herbs (dry weight) | 34.9 | 38,6 | - | - | - | 1 812 | |
| Total loss of profits due to temporary occupation of land (lease for 1 year) | 1 812 | |||||||
| hayfields | Herbs (dry weight) | 0,9329 | 38,6 | - | - | - | 16 901 | |
| Total loss of profits due to land acquisition (lease for 49 years) | 16 901 | |||||||
| Total loss of profit due to withdrawal (lease 49 years) and temporary occupation of land (lease for 1 year) | 18 713 |
Yield and selling price are taken according to the data of the Statistical Office municipal district. The profit of the livestock industry is taken according to the data of the economy (970 rubles / centner).
Profit for the livestock industry is defined as the difference between the Selling Price and the Cost of Production, minus Sales Tax (24%) and Property Tax (10%).
The determination of the amount of lost income for forage crops and forage lands was carried out according to the formula:
HC \u003d Area * Yield * 0.45 * Profit / 0.93 (0.45 is the coefficient of conversion of the physical weight of hay into feed units. 0.93 is the consumption rate of feed units per 1 centner of young animals.
Table 2. Calculation of the cost of lost profits.
| №№ | Indicators | Periods | |||
| Cash flow I(t), rub | 18 713 | 18 994 | 19 278 | 19 568 | |
| Discount rate, R | 14,12 | 14,12 | 14,12 | 14,12 | |
| 1+R | 1,1412 | 1,1412 | 1,1412 | 1,1412 | |
| (1+R)^t | 1,1412 | 1,3023 | 1,4862 | 1,6961 | |
| I(t)/(1+R)^t | 16 398 | 14 585 | 12 971 | 11 537 | |
| Cost of lost profit, rub | 55 491 |
Determining the recovery period for disturbed production, the amount of cash flow not received by the owners of rights to land plots is determined as the difference between the amount of cash flow for a certain period of time that the owners of rights to land plots would have received under normal conditions of civil circulation, if their rights had not been violated, and the most probable amount of cash flow for the relevant period of time, which the owners of rights to land plots can receive in the event of violation of their rights.
At the same time, the period of restoration of disturbed agricultural production for the purposes of this assessment is understood as the period during which the holders of the right to land plots will be able to achieve such land use conditions that would be identical (equal) to the conditions of land use that existed for the holders of the right to land plots before the violation of their right. .
The determination of the recovery period for disturbed production can be carried out taking into account building codes and regulations (SNiPs), construction organization projects (POS), providing for the construction of buildings, structures, structures, feasibility studies for restoring disturbed production, business plans and other sufficient and reliable information about the period of restoration of the disturbed production.
In our case, the recovery period for disrupted production is four years. The duration of the period is justified by the technology for restoring the fertility of reclaimed lands (Table 2), which were provided for temporary use for the construction of a highway.
Table 3. Technology for restoring the fertility of reclaimed lands
When determining the amount of cash flow in accordance with the usual conditions of civil circulation, the following features of the usual conditions of civil circulation are taken into account:
· most likely conditions for the use of a land plot by holders of rights to land plots;
confirmation by market analysis of the proposals made;
typical conditions for the functioning of the market;
· no impact of unforeseen circumstances or circumstances treated as force majeure.
Table 4. Calculation of the cost of biological reclamation during the reconstruction of the road.
| №№ | Indicators | Grass arable land (dry mass) | Total | Total, rub | |
| Square | ha | 1,0329 | 51 092 | ||
| Application of organic fertilizers | Norm, t | 18 075,75 | |||
| Number of tons | 36,1515 | ||||
| Cost, rub. | 18 075,75 | ||||
| Application of mineral fertilizers | Norm, t | 0,3 | 309,87 | ||
| Number of tons | 0,3099 | ||||
| Cost, rub. | 309,87 | ||||
| Peat application | Norm, t | 16 526,4 | |||
| Number of tons | 41,316 | ||||
| Cost, rub. | 16 526,4 | ||||
| Lime application | Norm, t | 4 710 | |||
| Number of tons | 6,1974 | ||||
| Cost, rub. | 4 710 | ||||
| Other types of work | Norm, t | 11 470,3545 | |||
| Number of tons | 1,0329 | ||||
| Cost, rub. | 11 470,3545 |
The price of organic fertilizers is 500 rubles/t.4
The price of mineral fertilizers (price list on the website http://www.agro.ru) is 1000 rubles/t.
The price of peat is 400 rubles/t.
The price of lime is 760 rubles/t.
The norms for applying organic and mineral fertilizers, peat and lime are adopted according to the recommendations of the books "Use of organic fertilizers", M. 1971, on the websites: http://www.sofora.ru and http://www.kartofel.org.
Other types of work (ENIR, Collection E18, including indexing):
1. Leveling of areas with bulldozers (§ E18-1, table 2) - 2468 rubles / ha.
2. Plowing the soil (§ E18-2, table 2) - 2199 rubles / ha.
3. Soil harrowing (§ E18-3, table 2) - 2071 rubles / ha.
4. Sowing grass (§ E18-24, table 1) - 638 rubles / ha.
5. Cost of seeds (Price list at http://www.vitusltd.ru) - 1800 rubles/ha.
6. Transportation and application of organic fertilizers - 783 rubles/ha.
7. Transportation and application of mineral fertilizers - 118 rubles/ha.
8. Transportation and application of peat - 783 rubles/ha.
9. Transportation and application of lime - 245 rubles / ha.
The cost of transportation and introduction of ameliorants is determined according to standard technological maps.
Estimated cost of biological reclamation 1.0329 ha land disturbed by temporary occupation for the period of construction or reconstruction will be 51 092 rubles.
General the size of the lost profit of the owner of the land plot, in connection with the provision of this site for temporary use for the construction of a road on the site, will be rounded RUB 106,583 for the entire period of restoration of agricultural production.
Literature and reference documentation
2. Decree of the Government of the Russian Federation of February 19, 2008 No. 98. On the invalidation of certain decisions of the Government of the Russian Federation on compensation for losses in agricultural production.
3. Rules for compensation to owners of land plots, land users, land owners and tenants of land plots for losses caused by the withdrawal or temporary occupation of land plots, restriction of the rights of land plot owners, land users, land owners and tenants of land plots or deterioration of land quality as a result of the activities of other persons. Approved by Decree of the Government of the Russian Federation of May 7, 2003 No. 262;
4. Temporary Guidelines for calculating the amount of losses caused to land owners, land users, land owners and tenants of land plots by withdrawal for state or municipal needs or temporary occupation of land plots, restriction of the rights of land owners, land users, land owners and tenants of land plots or deterioration in quality land as a result of the activities of others. Approved by the head of Roszemkadastr on March 11, 2004;
5. On payment for land in the Leningrad region. Law of the Leningrad Region dated June 7, 2005 No. 40-OZ;
6. Esipov V. E., Makhovikova G. A., Terekhova V. V. Business valuation. St. Petersburg, "Peter", 2002, 416 p.
8. Real estate appraisal: Textbook / Ed. A.G. Gryaznova, M.A. Fedotova. M., "Finance and statistics", 2003. 496 p.
9. Ozerov E.S. Economics and management of real estate. St. Petersburg, publishing house "MKS", 2003, p.422.
10. Valuation standards that are mandatory for use by subjects of valuation activities. Approved by the Decree of the Government of the Russian Federation of July 6, 2001 No. 519.
11. Federal standard of assessment. General concepts assessments, approaches and requirements for assessment (FSO No. 1), approved by the Order of the Ministry of Economic Development of Russia dated 20.07.2007. No. 256.
12. Federal standard of assessment. Requirements for the assessment report (FSO No. 3), approved by the Order of the Ministry of Economic Development of Russia dated 20.07.2007. No. 254.
13. Federal standard of assessment. The purpose of the assessment and types of value. (FSO No. 2), approved by the Order of the Ministry of Economic Development of Russia dated July 20, 2007 No. 255.
a common part
OBJECT OF ASSESSMENT: a land plot related to agricultural land, with an area 349539.00 sq. m, with cadastral number 47:26:0815001:2 , located in the Leningrad region, Tosnensky district, the Ryabovo-Khutor massif, SNT "Iva" , from total area whom 348539.00 sq. m available for withdrawal and 1000 sq. m is provided for temporary use for the construction and operation of the highway in the Tosnensky district of the Leningrad region.
PURPOSE OF THE ASSESSMENT : determination of losses, lost profits and losses of agricultural production of the appraised object for the transfer of land from the category of agricultural land to the category of industrial land, energy, transport, communications, radio broadcasting, television, computer science, land for space activities, land for defense, security and land for other special purposes ;
PURPOSE OF THE ASSESSMENT: the results of this work can be used in the future by the Customer when making decisions on compensation for losses, lost profits and losses in agricultural production caused by the construction of the highway, as well as when concluding lease agreements for land plots.
ALLOWED USE: for the organization of a peasant economy.
APPLICABLE REGULATORY DOCUMENTS:
Decree of the Government of the Russian Federation of February 19, 2008 No. 98. On the invalidation of certain decisions of the Government of the Russian Federation on compensation for losses in agricultural production.
Rules for compensation to owners of land plots, land users, land owners and tenants of land plots for losses caused by the withdrawal or temporary occupation of land plots, restriction of the rights of land plot owners, land users, land owners and tenants of land plots or deterioration of land quality as a result of the activities of other persons. Approved by Decree of the Government of the Russian Federation of May 7, 2003 No. 262;
Temporary Guidelines for calculating the amount of losses caused to owners of land plots, land users, land owners and tenants of land plots by withdrawal for state or municipal needs or temporary occupation of land plots, restriction of the rights of land owners, land users, land owners and tenants of land plots, or deterioration of land quality in the result of the activities of others. Approved by the head of Roszemkadastr on March 11, 2004;
On payment for land in the Leningrad region. Law of the Leningrad Region dated June 7, 2005 No. 40-OZ;
SEQUENCE OF WORK CARRIED OUT:
Familiarization with technical documentation on design objects (assessments);
Collection and analysis of initial information;
Calculation of losses, lost profits and losses of agricultural production and reporting.
SOURCES OF INFORMATION:
Public cadastral map (http://maps.rosreestr.ru/PortalOnline/)
ASSESSMENT RESULTS:
Losses of the owner of a land plot with a cadastral number 47:26:0815001:2 in connection with its withdrawal for the construction of a highway on the territory of the Tosnensky district of the Leningrad region as of March 19, 2015, are:
- real damage - 49 373 ruble;
- lost profit - 106 583 rubles.
2. Terms and definitions
Land plot - part of the earth's surface (including the soil layer), the boundaries of which are described and certified in the prescribed manner.
Land may be divisible or indivisible. Divisible is a land plot that can be divided into parts, each of which, after division, forms an independent land plot, the permitted use of which can be carried out without transferring it to another category of land, except for cases established by federal laws.
Losses - expenses that the person whose right has been violated has made or will have to make to restore the violated right, loss or damage to his property (actual damage), as well as lost income that this person would have received under normal conditions of civil circulation if his right had not been was violated ( lost profit).
real damage, caused to the owners of land plots, is determined by the size market value land plots.
General information about the object of assessment
Object of assessment - land plot with cadastral number 47:26:0815001:2 , located in the Leningrad Region, Tosnensky District, "Ryabovo-Khutor" massif, SNT "Iva", related to agricultural land, with a total area 349539.00 sq. m provided for withdrawal 348539.00 sq. m(lease for 49 years or property) and for temporary use during the construction period 1000 sq. m(1 year) for the construction and operation of the road on the territory of the Tosnensky district of the Leningrad region (Fig. 1, 2)
This site is the property of SNT "Iva" .
The entire withdrawn area of agricultural land is occupied by hayfields. 
Rice. 1 Location of the property to be assessed
Rice. 2. Scheme of the boundaries of the object of assessment
Inside information is a description of the characteristics of the property being valued, its environment and typicality for a particular market segment. As a rule, the internal information collected by the evaluator has the maximum degree of reliability.
Systematic collection and analysis of internal information make it possible to group the entire data array into four basic blocks:
1. Legal status of the object of assessment.
2. Information about the physical characteristics of the object of assessment and its environment.
3. Economic information about the property being valued.
4. Competitive supply and demand.
This array of information is used when choosing the most effective option for using real estate, making appropriate calculations in the methods of income, cost and comparative approaches to determine the market value. Specific economic1 information about the property being valued and technical description buildings and land plots will allow the appraiser to select an adequate segment of the real estate market and obtain information on the sale and purchase prices of analogues, rental rates, construction costs, depreciation and the level of investment risk in the local market.
The nature and scope of the information collected for the performance of a particular appraisal task depends on the type of real estate and the scope of the appraisal results - the purpose of the appraisal. The collection of the necessary information relevant to the task, their systematization and preliminary analysis should precede the selection and use of any methods for assessing the market or other type of value.
Legal status of the object of assessment. The appraiser uses data on the legal status of the object, the legal description of the real estate object and the land plot (land lease agreement).
Information about the physical characteristics of the object of assessment and its environment. Information about the physical characteristics of the object should give an idea of the state of the land plot, buildings and structures that are part of real estate, property that is not immovable by nature, but fixed on the object in a certain way and subject to evaluation in its composition (fixtures). You should also include a description of the location of the property being valued and its immediate environment, which affects the value of the value.
This information can be obtained in the course of negotiations with the customer or the owner of the object of assessment and representatives of the technical services responsible for the operation of the object, based on the study of internal documentation, visual inspection and technical expertise of the object.
Economic information about the property being valued. This information includes the official accounting and financial statements on the property being valued and additional information. Practice shows the need to reconcile real estate accounting data with their actual availability based on the latest inventory of fixed assets.
To obtain income and expense information, the appraiser examines sales of similar properties and competing commercial properties leased in the same market. For investment properties, we analyze current and historical income data, losses from vacancy and non-payment of rent, as well as typical types of operating expenses.
Income and expense data for the properties being compared should be arranged in chronological order according to property type so that they can be easily retrieved from the database. These data also need to be converted to comparable units for analysis.
For example, income can be represented as rent for one apartment, room, hospital bed, and unit area.
Capitalization rates. Based on the data on net operating income and sales prices, the total capitalization rate is calculated. In the course of comparing the object being valued with analogue objects, the capitalization rates are analyzed from the point of view of similarity. The overall and equity capitalization rates based on an analysis of recent sales of comparable properties may also serve as the basis for calculating other capitalization rates.
Competitive supply and demand. The focus of the selection of market data should be on sales transactions relevant to the specific market of the property being valued. Different objects have a different degree of similarity, since each piece of land is unique and absolute similarity is impossible, so the appraiser must rank the objects of comparison in the analysis process
Information on competing properties is required to calculate adjustments to prices of analogues when using methods comparative approach, risk assessment and determination of rates of return and capitalization, loss ratio, dynamics and structure of operating costs for income approach methods. Analyzing competitive supply and demand, the appraiser identifies trends in construction costs, business income, market requirements for real estate functional parameters, economic obsolescence, etc.
Appraisers may also use data on bid and ask prices for competing properties, which do not contain actual information on concluded transactions and are considered as indicators of prices expected by sellers and buyers, and indicators of the possible turnover of competing properties.
Introduction 3
Analysis of the best and most effective use real estate 12
Calculation of the assessed value of a property based on three approaches 13
Valuation based on the income approach 13
2.5.2 Valuation based on a comparative approach 15
2.5.3 Valuation based on the cost approach 19
Coordination of the obtained results and derivation of the final value of the value of the property 21
Compilation of the evaluation report 24
Conclusion 25
References 27
INTRODUCTION
Real estate is understood as a material object created by nature (land) or by human hands (buildings, structures), that is, they take into account the physical essence of the property.
Real estate appraisal is the science of applied economic analysis, the purpose of which is to identify the most efficient use of an object from an economic point of view, to study supply and demand in the relevant market, and to develop an object valuation model that would predict the most probable price of its sale.
Market value appraisal – the final value of the market value of property rights to the asset under appraisal as the most probable price value.
One of the main advantages of selling real estate is the right price for it. The task of the owner is to get into the market conditions, to offer real estate at a cost that is adequate to that which is asked for a similar one. To do this, you need to evaluate the existing property, using the services of an appraiser. Real estate valuation requires special education, training and experience and is therefore performed by a licensed professional.
The meaning of the appraisal is to show the real value of the object. After all, the price of real estate can rise or fall depending on various conditions and market conditions.
The legislation of the Russian Federation regulates all types of business activities related to real estate. Therefore, the correct valuation of real estate, as well as the valuation of land, is an important issue.
The study of foreign experience in assessing the value of real estate objects shows that the closest to the real one is the value determined on the basis of their market value. At the same time, appraisers use three methods: 1) the method of comparative analysis of sales (market method); 2) income method, or income capitalization method; 3) the cost method, or the method of calculation.
An appraiser can estimate several types of value. Each assessment is based on a certain methodology, has certain requirements for calculations. Valuation of real estate and determination of market value plays an important role at present. Real estate has taken one of the important places in a person's life, both as a place of residence and as an investment. People who do not have their own housing tend to buy it, and those who already have it and who have enough money to purchase it, want to live in more comfortable conditions and buy more expensive and modern housing. Since the housing market is now very developed, it is impossible to carry out almost any operation without an appraisal and value of real estate.
Calculation of the assessed value of a property based on three approaches
CONCLUSION
Summarizing all of the above, several conclusions can be drawn. Real estate includes objects, the movement of which is impossible without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures. The real estate market is a set of relations around operations with real estate objects (sales, purchases, leases, pledges, etc.). The processes of transition to a market economy model taking place in the Russian Federation have revived the rights of private property and freedom of entrepreneurship, allowing market entities to own, dispose and use real estate objects: buildings, structures, as well as land plots of a certain purpose.
Of course, both market segmentation and product positioning are all just tools that are used to achieve the main task - making the best economic decision that brings the maximum income to the entrepreneur. Their significance lies primarily in the fact that the physical characteristics (quality) of the created (sold) objects correspond to their economic characteristics (price, income) and the perceptions of consumers of the objects proposed for sale.
Required element market economy advocated by the institute independent evaluation property, without which the formation of property rights and the democratization of economic life is impossible.
First of all, this concerns the real estate market, the development of which can determine the nature of changes in the entire economy in the future.
Objective assessment various kinds value (market, investment, collateral, insurance, taxable and others) of real estate is necessary:
When buying, selling or renting;
When corporatizing enterprises and redistributing property shares;
To attract new shareholders and additional issue of shares;
When cadastral valuation for the purposes of taxation of real estate objects: buildings and land plots;
For real estate insurance;
When lending secured by real estate;
When making real estate objects as a contribution to the authorized capital of enterprises and organizations;
When developing investment projects and attracting investors, including foreign ones;
Upon liquidation of real estate objects;
When executing inheritance rights, a court sentence;
In other transactions related to the sale of property rights to real estate.
REFERENCES
1. Asaul A.N. Real Estate Economics: Textbook. St. Petersburg: Humanist, 2003.-406s.
2. the federal law"On valuation activities in the Russian Federation" dated July 29, 1998 No. 135-FZ.
3. Valdaytsev S.V. Business and innovation assessment. - M.: Information and publishing house "Filin", 1997.
4. Valuation standards approved by Decree of the Government of the Russian Federation No. 519 dated 06.07.2001.
6. Henry S. Harrison. Property valuation: Uch. allowance / Per. from English. - M.: RIO Mosobluppoligrafizdat. 1994.
7. Gribovsky S.V. Income capitalization methods. - St. Petersburg: ROSTROPRESS, 1997.
8. Gribovsky S.V. Valuation of profitable real estate. - St. Petersburg: Peter, 2001.
9. Grigoriev V.V., Fedotova M.A. Enterprise assessment: theory and practice. - M.: Infra - M, 1997.
11. Tarasevich E.I. Real estate appraisal / St. Petersburg State Technical University, St. Petersburg, 1997.
12. Friedman. N. Ordway. Analysis and valuation of income-generating real estate. - M: Case LTD, 1995.
13. Real estate appraisal, tutorial ed. A.G. Gryaznova, M.A. Fedotova. - M.: Finance and statistics, 2002.
14. Evaluation of real estate objects: theoretical and practical aspects / ed. Grigoryeva V.V. – M.: INFRA-M, 1997.
15. http://www.apex-group.ru/ocenka/omain/nedvi/
Task number 1 (11). You need to determine the value of the store using a general capitalization ratio, which is expected to generate an annual profit of $ 65,000. In the real estate market, an expert appraiser found the following reliable data:
where R 0 is the capitalization ratio.
R i - capitalization coefficient of the i-th object
where I i – profit, USD
V i - sale price, USD
Doll.
Answer: The cost of the store is $590,909.
Problem number 2 (46). Determine the amount of wear of the injection molding machine in the 3rd and 4th quarters of 2008. Initial data: there is data on the operation of the injection molding machine in 2008-2009. Calculations are carried out taking into account the invariability of prices in the period under review. Profit by quarters for 2008 (million rubles): 1 sq. - 150; 2 sq. - 150; 3 sq. - 144; 4 sq. – 142. Profit in 1 sq.m. 2009 - 135.
Find the amount of wear by the formula:
,
where PR 0 is the profit of new equipment, million rubles;
PR m - current profit, million rubles.
Then the amount of depreciation for the 3rd quarter:
or 4%.
For the 4th quarter:
or 5.3%
Answer: The wear rate of the injection molding machine in the 3rd and 4th quarters is 4% and 5.3%, respectively.
Problem #3 (85). Assess financial leverage. The rate of return on real estate is 15%, the mortgage debt ratio is 70%, the loan is received for 20 years at 10%, only accrued interest is paid during the loan period, the principal debt will be repaid at the end in one payment.
Let's find the mortgage constant or the rate of return (IP) in shares according to the formula:
where D is the annual amount of debt service payments;
And - the principal amount of the mortgage loan.
Annual payment amount for loan repayment and interest payment:
, then 
,
where i is the monthly interest rate;
SFF is the monthly reimbursement fund factor.
.
Find the rate of return on equity:
or 13%.
We compare the rate of return on real estate and equity capital 15%>13%, which means that the financial leverage is negative.
Answer: financial leverage is negative.
Introduction 3
1 Theoretical aspects of real estate valuation 5
2 Real estate valuation methodology 9
2.1 Defining the task of real estate valuation 9
2.2 Drawing up a plan and contract for real estate valuation 11
Collection and analysis of information about the property 12
The concept of movable and immovable property.
to immovable things include: land plots; subsoil plots; isolated water bodies; everything that is firmly connected with the earth, i.e. objects, moving
which without disproportionate damage to their purpose is impossible, including
including forests, perennial plantations, buildings, structures. To real estate things also include those subject to state
registration of aircraft and sea vessels, domestic
navigation, space objects. Real estate is recognized
also an enterprise as a property complex.
MOVABLE PROPERTY, MOVABLE PROPERTY
Property not classified as real estate by law, i.e. unconnected with the earth, not attached to it. D. includes things, animals, money, rights of obligation, securities, debt certificates (mortgages), and writ of execution.
The appraiser collects and analyzes the information necessary to evaluate the appraisal object. The appraiser studies the quantitative and qualitative characteristics of the appraisal object, collects information essential for determining the value of the appraisal object using the approaches and methods that, based on the appraiser's judgment, should be applied during the appraisal, including: a) information on political, economic, social and environmental and other factors influencing the value of the appraisal object; b) information on supply and demand in the market to which the object of assessment belongs, including information on factors affecting supply and demand, quantitative and qualitative characteristics of these factors; in) information about the appraised object, including title documents, information about encumbrances associated with the appraised object, information about physical properties valuation object, its technical and operational characteristics, depreciation and obsolescence, past and expected income and costs, accounting and reporting data related to the valuation object, as well as other information essential for determining the value of the valuation object. The information used in the assessment must meet the requirements of sufficiency and reliability. Information is considered sufficient if the use of additional information does not lead to a significant change in the characteristics used in the assessment of the appraised object, and also does not lead to a significant change in the final value of the appraised object.
Information is considered reliable if this information is true and allows the user of the appraisal report to draw correct conclusions about the characteristics studied by the appraiser during the appraisal and determine the final value of the appraisal object, and make informed decisions based on these conclusions.
