The income approach to property valuation:
The second edition of this comprehensive textbook is intended for both students and practitioners. It covers the changes in rating law, valuation and how the principles apply in practice. Throughout the book there are many examples illustrating valuation methods for the different types of property a...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
EG Books
2007
|
| Ausgabe: | 5. ed., reprinted |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | The second edition of this comprehensive textbook is intended for both students and practitioners. It covers the changes in rating law, valuation and how the principles apply in practice. Throughout the book there are many examples illustrating valuation methods for the different types of property a practitioner is likely to deal with. Updates will include: chapter on exemptions and reliefs to reflect the recent/forthcoming changes in legislation; chapter on council tax to reflect recent/forthcoming changes in legislation and the proposals for a revaluation of CT in England and Wales in 2006/2007; chapter on pand procedure (appeals regulations, transition etc); and, new section on the rating of utilities; new examples on rental analysis and valuation. A complete updating of the book ensures that it is current and has regards to changes in approach, values etc. for 2005. It includes even more summaries and key features at the end of each chapter. Completely updated, this book covers current and forthcoming rating law and valuation in a practical handbook. It includes many examples illustrating valuation methods for different property types. It comprises all you need to know about rating valuation in a clear, concise format. |
| Beschreibung: | XIII, 334 S. graph. Darst. |
| ISBN: | 0728204649 |
Internformat
MARC
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| 245 | 1 | 0 | |a The income approach to property valuation |c Andrew Baum, David Mackmin, and Nick Nunnington |
| 250 | |a 5. ed., reprinted | ||
| 264 | 1 | |a London |b EG Books |c 2007 | |
| 300 | |a XIII, 334 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 520 | |a The second edition of this comprehensive textbook is intended for both students and practitioners. It covers the changes in rating law, valuation and how the principles apply in practice. Throughout the book there are many examples illustrating valuation methods for the different types of property a practitioner is likely to deal with. Updates will include: chapter on exemptions and reliefs to reflect the recent/forthcoming changes in legislation; chapter on council tax to reflect recent/forthcoming changes in legislation and the proposals for a revaluation of CT in England and Wales in 2006/2007; chapter on pand procedure (appeals regulations, transition etc); and, new section on the rating of utilities; new examples on rental analysis and valuation. A complete updating of the book ensures that it is current and has regards to changes in approach, values etc. for 2005. It includes even more summaries and key features at the end of each chapter. Completely updated, this book covers current and forthcoming rating law and valuation in a practical handbook. It includes many examples illustrating valuation methods for different property types. It comprises all you need to know about rating valuation in a clear, concise format. | ||
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Datensatz im Suchindex
| _version_ | 1804138475977441280 |
|---|---|
| adam_text | Contents
Preface
to the Fifth Edition
...............................................................
vii
Acknowledgements
......................................................................ix
Introduction
............................................................................xi
Part
1
Valuation Mathematics
1
Single Rate Tables
...................................................................3
The six functions of
£1................................................................3
The amount of
£1....................................................................4
The amount of
£1
pa
.................................................................5
Annual sinking fund
.................................................................7
The present value of
£1...............................................................9
The present value of
£1
pa (or years purchase)
.........................................10
Years purchase of a reversion to a perpetuity (perpetual income)
.........................12
Annuity
£1
will purchase
............................................................15
Annuity terminology
................................................................16
The use of single rate tables and mortgages
............................................21
Summary
..........................................................................23
Spreadsheet User
1..................................................................24
2
Dual Rate Tables
...................................................................27
The dual rate
.......................................................................28
Dual rate YP and tax
................................................................29
Summary
..........................................................................33
Spreadsheet User
2..................................................................34
3
More Advanced Concepts
...........................................................37
The interrelationship of tables
........................................................37
Nominal and effective rates of interest
.................................................40
Continuous compounding
...........................................................41
Incomes in advance and non-annual incomes
..........................................42
Incomes receivable quarterly in advance
...............................................44
Summary
..........................................................................45
Spreadsheet User
3..................................................................46
4
Discounted Cash Flow
..............................................................49
Net present value (NPV)
.............................................................49
Internal rate of return
(IRR)..........................................................52
Comparative use of NPV and
IRR....................................................55
Incremental analysis
................................................................57
Summary
..........................................................................58
Spreadsheet User
4..................................................................58
Part One Questions
.....................................................................63
Part
2
The Income Approach
5
Basic Concepts
.....................................................................67
Introduction
.......................................................................67
Definitions
.........................................................................67
The investment method
.............................................................69
Valuation process
...................................................................73
Income or rent
.....................................................................78
The measurement of retail premises: zoning
............................................80
Landlord s expenses
................................................................84
Voids
..............................................................................87
Purchase expenses
..................................................................87
Income capitalisation or DCF
.........................................................88
Discounted cash flow (DCF)
.........................................................90
Summary
..........................................................................90
6
Freeholds
..........................................................................91
Capitalisation and DCF methods
.....................................................92
Short-cut DCF method
..............................................................95
Real value method
..................................................................98
Income patterns
...................................................................100
A variable anuity
..................................................................114
Advance or arrears
.................................................................114
A final adjustment
.................................................................115
Sub-markets
......................................................................116
Summary
.........................................................................116
Spreadsheet User
6.................................................................117
17
Leaseholds
.......................................................................121
Categories of leasehold investment
..................................................122
Single rate valuation of leaseholds
...................................................123
Contents
Dual rate adjusted for tax
...........................................................126
Variable profit rents
................................................................130
Method
1:
The sinking fund method
.................................................133
Method
2:
The annual equivalent method
.............................................135
Method
3:
The double sinking fund method
...........................................137
Tax adjustment rate
................................................................140
Summary
.........................................................................142
8
Taxation and Valuation
............................................................143
Incomes in perpetuity
..............................................................144
Finite or terminable incomes
........................................................144
Deferred incomes
..................................................................147
Rising freehold incomes
............................................................148
Gross funds
.......................................................................148
Net or gross?
......................................................................149
Capital Gains Tax
(CGT)
............................................................149
Value Added Tax (VAT)
.............................................................150
Summary
.........................................................................150
9
Landlord and Tenant Valuations
....................................................151
Premiums
........................................................................151
Why pay a premium?
..............................................................152
Future costs and receipts
...........................................................156
Extensions and renewals of leases
....................................................158
Marriage value
....................................................................165
Market rental value, non-standard reviews and constant rent theory
.....................170
Upward/downward issues
.........................................................171
Summary
.........................................................................172
10
The Effects of Legislation
..........................................................173
Business premises
.................................................................173
Residential property
...............................................................184
11
Development Opportunities
........................................................209
The highest and best use methodology
...............................................210
The residual method
...............................................................212
The need for adoption of the cash flow approach
......................................217
The cash flow approach explained
...................................................218
Viability studies
...................................................................221
Summary
.........................................................................223
Spreadsheet User
11................................................................223
12
The profits method
................................................................231
Introduction
......................................................................231
Summary
.........................................................................234
Income Approach to Property Valuation
Part
3
Investment Property
13
Investment Analysis
...............................................................239
Risk and valuation
.................................................................239
Risk and uncertainty in analysis
.....................................................246
Yields
............................................................................248
Acquisition costs
..................................................................252
Initial yield
.......................................................................252
Yield on reversion
.................................................................252
Equivalent yield
...................................................................253
Expected return
...................................................................253
Investment worth
..................................................................254
Regression analysis
................................................................259
Spreadsheet User
13................................................................262
Appendix A Definition of Market Value
..................................................265
Appendix
В
Illustrative Investment Property Purchase Report
..............................269
Appendix
С
Illustrative Development Site Appraisal Report
................................285
Appendix
D
Solutions to Questions Set in the Text
.........................................293
Further reading
........................................................................309
Index
.................................................................................311
|
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| author | Baum, Andrew 1953- Mackmin, David Nunnington, Nick |
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| dewey-ones | 333 - Economics of land and energy |
| dewey-raw | 333.33/20941 |
| dewey-search | 333.33/20941 |
| dewey-sort | 3333.33 520941 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 5. ed., reprinted |
| format | Book |
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| geographic | Großbritannien |
| geographic_facet | Großbritannien |
| id | DE-604.BV035215425 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T21:28:47Z |
| institution | BVB |
| isbn | 0728204649 |
| language | English |
| lccn | 2006491916 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-017021593 |
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| physical | XIII, 334 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | EG Books |
| record_format | marc |
| spelling | Baum, Andrew 1953- Verfasser (DE-588)17092338X aut The income approach to property valuation Andrew Baum, David Mackmin, and Nick Nunnington 5. ed., reprinted London EG Books 2007 XIII, 334 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The second edition of this comprehensive textbook is intended for both students and practitioners. It covers the changes in rating law, valuation and how the principles apply in practice. Throughout the book there are many examples illustrating valuation methods for the different types of property a practitioner is likely to deal with. Updates will include: chapter on exemptions and reliefs to reflect the recent/forthcoming changes in legislation; chapter on council tax to reflect recent/forthcoming changes in legislation and the proposals for a revaluation of CT in England and Wales in 2006/2007; chapter on pand procedure (appeals regulations, transition etc); and, new section on the rating of utilities; new examples on rental analysis and valuation. A complete updating of the book ensures that it is current and has regards to changes in approach, values etc. for 2005. It includes even more summaries and key features at the end of each chapter. Completely updated, this book covers current and forthcoming rating law and valuation in a practical handbook. It includes many examples illustrating valuation methods for different property types. It comprises all you need to know about rating valuation in a clear, concise format. Ejendomshandel Investering i fast ejendom Real estate investment - Great Britain Real property - Valuation - Great Britain Værdiansættelse Real property Valuation Great Britain Real estate investment Great Britain Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Großbritannien Unternehmensbewertung (DE-588)4078594-4 s 1\p DE-604 Mackmin, David Verfasser aut Nunnington, Nick Verfasser aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017021593&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Baum, Andrew 1953- Mackmin, David Nunnington, Nick The income approach to property valuation Ejendomshandel Investering i fast ejendom Real estate investment - Great Britain Real property - Valuation - Great Britain Værdiansættelse Real property Valuation Great Britain Real estate investment Great Britain Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | The income approach to property valuation |
| title_auth | The income approach to property valuation |
| title_exact_search | The income approach to property valuation |
| title_full | The income approach to property valuation Andrew Baum, David Mackmin, and Nick Nunnington |
| title_fullStr | The income approach to property valuation Andrew Baum, David Mackmin, and Nick Nunnington |
| title_full_unstemmed | The income approach to property valuation Andrew Baum, David Mackmin, and Nick Nunnington |
| title_short | The income approach to property valuation |
| title_sort | the income approach to property valuation |
| topic | Ejendomshandel Investering i fast ejendom Real estate investment - Great Britain Real property - Valuation - Great Britain Værdiansættelse Real property Valuation Great Britain Real estate investment Great Britain Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Ejendomshandel Investering i fast ejendom Real estate investment - Great Britain Real property - Valuation - Great Britain Værdiansættelse Real property Valuation Great Britain Real estate investment Great Britain Unternehmensbewertung Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017021593&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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