Appraisal of the apartment income approach. Correction of values ​​of units of comparison for analogous objects for each element of comparison

Methods for calculating the cost of an apartment are widely covered and theoretically developed, as evidenced by a huge amount of literature and methodological recommendations for assessment.
This is facilitated by the developed real estate market. Moreover, the number of proposals is equally diverse both in the primary and secondary housing markets.

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

• To the location of the object
• Correction for physical characteristics (flat area, usable to total area ratio, availability of furniture, type of finish, kitchen size, type of bathroom, floor of the apartment in the house, balcony / loggia)
• Availability and type of parking

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 "selling price". The appraiser determines the market value of the object, which is understood as “the most probable price at which the object of appraisal can be alienated on the date of appraisal on the open market in a competitive environment” (Federal appraisal standard No. 2 Purpose of appraisal and types of value). This means that all participants in transactions are aware of the conditions and are free in their decisions. The market value is the subject of research and calculations of the Appraiser. The selling price, on the other hand, 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 example of the appraisal of the share of an apartment. Meanwhile, a large number of citizens are convinced of the need for such an assessment: this is the entry into an inheritance, which is sometimes part of an apartment, and judicial procedures in the division of property, for example, in a divorce, and, in the end, transactions for the sale of the corresponding shares of an apartment .

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

First of all, it is necessary to have a clear understanding of the context and legal nuances in which the need for an assessment arises. The first thing to determine is what the estimated share of the apartment is - 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.
The acquisition of a share in an apartment is associated with a number of difficulties, which obliges to reduce the cost per square meter when assessing the share of an apartment, however, 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 price per square meter compared to the price 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 valuation of the share in the apartment reduces the cost of a square meter compared to the cost of a square meter in the entire apartment, the selling party does not have the opportunity 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 that ensures the unity of ownership, i.e. there is a synergistic effect - i.e. buy something more than part of the apartment. When it comes to buying a share of third parties, then, perhaps, the application of downward adjustments.

But neither the increase in the cost of a unit area of ​​a share of an apartment, nor the decrease in relation to the cost of a unit area of ​​the entire apartment can be accurately calculated, but can only be assumed. It should be noted that the transaction price may differ significantly from the market value of the share of the apartment.
Thus, Appraisers should use the cost of 1 sq.m. share of the apartment of the corresponding cost 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 reads as follows: “when selling a share in the right of common ownership to an outsider, the remaining participants in shared ownership have the pre-emptive right to purchase the sold share at the price for which it is sold, and on other equal terms, except for the case of sale with public auction”, which means obligatory observance of the legal procedure for granting the right of the co-owners of the apartment to purchase this share in a priority mode.

Is it possible to increase the price of an apartment in Tyumen if you are going to leave furniture and household appliances in it? Evaluators response O NGO AGA T-Ots en ka" - Yes and no. Read more in our analytical material.

Of course, each buyer is free to do as he wants, but market statistics tell us that raising the price of an apartment if you are going to leave interior items in it is not always justified.

Let's start with what has already become market practice. In almost all apartments of the new fund, built-in furniture and kitchen sets remain during the sale, sometimes with built-in household appliances.

Price statistics show that this is no longer considered a reason to add extra tens of thousands to the price of an apartment. But the advantage when choosing built-in furniture will be (if it is in good condition, of course).

But how to regard the situation when the seller is going to leave the apartment all furniture, and even household appliances ? Alas, the times of total shortages have already passed, and second-hand may be of interest only to those who buy an apartment for rent. And there are few such buyers during the crisis.

To understand whether furniture influences, we analyzed the secondary real estate segment of 1,2,3 Microdistricts in Tyumen, considering offers of comparable apartments with and without furniture.

The analysis made it possible to divide comparable groups into several segments. The first category included apartments from the category of low prices (from 44.5 to 50 thousand rubles/sq.m.), – apartments with high prices (from 70.0 to 80.5 thousand rubles per sq.m.).

Recall that the average cost of supply in the district at the time of the study was 54,824 rubles/sq.m.

As the study showed, the adjustment for the presence of furniture in the apartment depends on which price segment the offer falls into. The results are summarized in the table:

Thus, the following conclusions can be drawn:

• In the lower price segment, for most cases, the situation is valid when the seller does not raise the price of the apartment. Rather, the furniture remains as a “load”, and its condition is such that no one will pay extra for it.
• In the middle price segment, there are both situations in which they do not pay extra for furniture, and situations where the furniture is a reason for the seller to raise the price (moreover, quite significantly). It all depends on the condition of the furniture and / or equipment. Modern models in good condition can just raise the price by the same + 15%, and old furniture and appliances will no longer be a factor in increasing.
• The high price segment shows small but stable adjustments for the availability of furniture and household appliances when selling an apartment. Of course, here it is a priori understood that things are in good condition, these are imported and modern models.

O NGO AGA T-Ots en ka" offers consulting services for calculating the possible cost of selling your property, taking into account all factors in the formation of the market price. Consulting fees are listed in our

Head of the Valuation Department, Eurasia Service LLC,
full member of SRO ROO (registration number 0003083)

When preparing apartment appraisal reports, our company's specialists use various methods and approaches. The use of comparative approach methods is not complete without the use of adjustments in determining the value of the object being valued.

The application of adjustments (amendments) depends on many characteristics of the property being assessed (date of sale, bargaining and terms of the future transaction, legal registration of ownership of the object and the presence or absence of restrictions on ownership, location and distance from public transport stops, floor, type of house, interior decoration premises, the ratio of the total area to the living area and to the kitchen area in the apartment, the presence of a separate or shared bathroom, the presence of balconies or loggias, the view from the windows of the apartment - to the outer part of the street or to the courtyard).

Of course, all adjustments require proper justification and explanation. Therefore, below we will try to bring together and justify the amount of one or another adjustment (amendment) when assessing and determining the market value of an object.

1. Adjustment for bargaining

In the study of the current situation on the market at the present time, as well as based on the experience of evaluating many objects, the value of the adjustment for bargaining is 7%. In rare cases, the transaction price and the offer price are the same. Please note that when making adjustments for bidding, the difference between the price of the transaction being concluded and the price of the existing offer is taken into account. How is this difference revealed? In the course of mutual price negotiations, i.e. in the process of trading. The initial price in most cases is much higher than the real value of the object. This premium, according to our calculations, is the above 7%.

2. Adjustment for the date of sale (offers)

In many cases, some time has passed from the date of sale of the appraisal object (for example, more than a month), respectively, there have been changes in the market that have affected, first of all, the price level. The adjustment at the date of sale takes into account these changes, namely, the time period that took place before the publication of information on the sale price.

Making an adjustment at the date of sale means that changes in price increases in the market have been taken into account and taken into account. This point is very important to take into account when assessing and making adjustments.

3. Adjustment for the terms of the deal

When evaluating the object in relation to which the subjects intend to make a deal, the conditions of the deal itself are also taken into account. In the event that the object of assessment is free from the rights of third parties (for example, no one is registered in the apartment), i.e. free both legally and physically, then an adjustment for the terms of the transaction is applied - 10% more expensive. This is the average correction. In order to clarify, let's give an example - if you need to evaluate an apartment for sale with a simultaneous purchase (exchange), then the cost of the apartment will be less by the amount of the specified adjustment. The rationale for this is the waste of time looking for an exchange option that would satisfy the wishes of the two parties to the transaction.

4. Adjustment for ownership

Many factors affect the value of an object. At the same time, it is necessary to take into account the parameters that reduce its cost. The adjustment for ownership refers to the difference between the price of an object in the presence of ownership, issued in accordance with legal norms and requirements.

If the state registration of the property right to the appraisal object was not carried out, then the adjustment is 5-10% for a decrease in value. A similar amendment applies if there are various restrictions on ownership or other encumbrances. In such cases, the value of the object decreases and, accordingly, the transaction price decreases.

5. Adjustment for location

Location is the most common and one of the most significant characteristics of the property being valued when determining the value of an apartment in the conditions of existing market relations. The need to correct for location arises when the location of an object differs from similar objects. If the apartment is far from the metro station or other public transport stops, then this directly affects its value downwards. And vice versa, the proximity of the apartment to the stops of trams, trolleybuses, buses and metro stations increases the price of the apartment.

The adjustment is up to 15% if the apartment (assessment object) is far from the bus (trolleybus, tram) stop or, in order to get to the apartment from the metro station, you need to use surface transport, this reduces its price. Moreover, every 200 meters from the public transport station to the apartment, namely every two minutes that you need to walk to get to the house, also affect its price downward by 1% (for every 200 meters).

6. Adjustment per floor

When evaluating an apartment, the floor on which it is located is taken into account. The factor that affects the cost is on which floor the apartment is located - on the first floor, on the top or between them. If the floor is first, then this entails humidity and low air temperature in the apartment, and, as a rule, in apartments on the ground floor there is not enough natural daylight due to trees or bushes planted around the house. As for the last floor, there is a high probability of roof leakage and strong heating of windows in the summer. There is also a problem with water pressure due to the upper floor. Therefore, apartments on higher floors will cost more than apartments on lower floors.

The adjustment per floor is 15% for the first floor and 10% for the last.

7. Adjustment for finishing quality class

Repair and quality finishes affect the cost of the apartment in the most direct way. Impeccable and high-quality finishes increase the price by 10%.

The adjustment for the finishing quality class is calculated by analogy with a similar apartment.

There are four types of finishes:

1. without finishing - there are no interior doorways, windows, walls, floor and ceiling were not subjected to finishing work. This is a new build that needs some refurbishment.
2. simple decoration - the walls and ceilings of the apartment are whitewashed or wallpapered, the floor is tiled, linoleum or parquet, the bathroom and kitchen are equipped with plumbing.
3. improved finishing - the walls and ceiling are covered with acrylic paint or wallpaper, the floor is tiled, linoleum or parquet, the bathroom and kitchen are equipped with high-quality sanitary ware.
4. high-quality finishing - the apartment has been renovated to a high standard, using modern building technologies and high-quality materials. The existing surfaces are perfectly aligned, the apartment is equipped with the latest electrical wiring and plumbing. It is allowed to carry out redevelopment according to an individual project using structures of a complex composite configuration.

8. Adjustment for the type of house

When determining the market value of an apartment, the evaluation process takes into account such characteristics of the object as the type of building in which this apartment is located. Based on the general appraisal practice and our experience, in particular, an appraisal object located in a block or panel-type house is 10-15% cheaper.

But such an amendment does not apply if the apartment is located in a brick or brick-monolithic building. At the same time, similar apartments are compared, which in all other respects, except for the type of house, have similar characteristics. As can be seen from the essence of the applied adjustment, more modern and environmentally friendly materials increase the value of the appraised object.

9. Adjustment for total area, living area and kitchen area.

When evaluating an apartment, the fact that a large area of ​​the object reduces the cost per square meter is taken into account. As well as living space and kitchen area also plays an important role when applying adjustments. Thus, apartments with a larger living area and kitchen area have a higher cost than their counterparts with a smaller living area and kitchen area.

When evaluating an apartment, the following adjustment for the area is applied - every 5 sq.m. reduce the cost of one square meter by 1%. When comparing with a similar apartment, which differs only in area, appraisers apply this adjustment.

In addition, an amendment is often made depending on the area of ​​\u200b\u200bthe kitchen, because. its size affects the total cost of an apartment in the housing market. The adjustment is applied at the rate of 0.5% for the difference in 1 sq.m. kitchens.

10. Adjustment for the view from the windows

The view from the window in most cases greatly affects the value of the apartment. This is explained simply - when making a deal and acquiring an apartment, new owners receive not just a view from the window, but an ecological characteristic. Apartments that are located with windows on the outer part of the street, on roads or highways - are significantly cheaper than those apartments, whose windows overlook the courtyard. But, the most expensive will be apartments that have windows on both sides - both on the street and on the courtyard. In general, the adjustment for the view from the windows is 10-15% of the value of the object of appraisal.

11. Adjustment for the presence of a balcony / loggia

An essential factor in determining the market value of an apartment is the presence of a balcony and (or) loggia in it. In addition, there may be several balconies (and / or loggias), and this increases the price of the object. If the apartment has a balcony (and / or) a loggia, then this is taken as a positive characteristic and is considered an improvement. This parameter is taken into account when assessing almost any apartment. The amount of correction (adjustment) is from 0 to 5%. As you can see, the gap between the lower and upper thresholds of the correction is very significant, and is applied in each case individually, but in comparison with an analogue apartment.

12. Adjustment for the bathroom

When assessing and determining the market value of an apartment, special attention is paid to the layout of the sanitary unit in the apartment. In addition to the above, in some cases the number of bathrooms is also taken into account (not always there is only one bathroom in an apartment). An apartment in which the toilet is separated from the bathroom claims a higher value than a similar apartment with similar descriptive characteristics, but with a shared bathroom. In this case, the adjustment is on average 5% of the value of the appraised object.

13. Adjustment for the liquidity of the share in the apartment

There are often cases when an assessment is required in relation not to an apartment, but to its part, i.e. shares. At the same time, adjustments are inevitable, because The market value of a share in an apartment is influenced by a lot of factors.

At the same time, all those parameters that would be taken into account when assessing the apartment as a whole, and not just its share, are taken into account. And also, you need to take into account the fact that a share in an apartment is much more difficult to sell or buy than an apartment as an independent solid object. This point also affects the determination of the value of the share.

When applying the adjustment for the liquidity of the share in the apartment, it ranges from 10 to 40%. This is a fairly large gap between the lower and upper threshold, so you need to take into account the characteristics of the allocated share, as well as the characteristics of the entire apartment.

When applying this approach, the ability of real estate to generate a certain income is analyzed, which is usually expressed in the form of income from the operation (renting) and income from the sale.

Capitalization and discounting methods are used to assess the value of profitable real estate.

Discount method is used to bring the flow of income and costs distributed over time to one point in order to obtain the current value of the cash flow as the value of the income-generating Object of Assessment. The discounted cash flow method assumes that a potential investor will not pay more for real estate than the present value of future income from this property, and the owner will not sell the property at a price less than the present value of future income from this property. As a result, the seller and the buyer agree on a market price corresponding to the present value of the amount of future income.

Direct capitalization method allows, based on data on income and capitalization rate at the time of valuation or the prospect, to draw a conclusion about the value of the Property. The method of capitalization of profit proceeds from the fact that the value of the property (Object of Assessment) is equal to the current value of future cash income that this property will bring, and is expressed by formula 4:

The capitalization method is most used in the valuation of real estate, which over a long period brings approximately the same amount of profit or the rate of profit growth is constant. The method is more often used in real estate valuation than in business valuation and does not require long-term forecasts.

To assess the value of an apartment using the direct capitalization method, it is necessary to determine the capitalization coefficient based on market data, which reflects the relationship between annual income and the value of the apartment. Using the method of comparative analysis of sales of similar objects, with a known declared sale price and estimated potential gross income, the estimated capitalization rate (capitalization ratio) is determined.

Used information on analogs is formed in table. 10. For comparison, 3-room apartments of a similar area in panel houses were selected.

Table 10

Potential gross income is calculated at the market rental rate that is most representative of a typical peer. The capitalization ratio is determined for each analogue by dividing the potential gross income by the proposed (declared) sale price.

With a small range of deviation of the capitalization ratio, the arithmetic mean of the capitalization ratio is calculated, which is then used in the formula

With a significant difference in the calculated capitalization ratios for individual analogues, an analysis is carried out in order to identify the causes of these deviations (incorrect selection of analogues, lack of additional information on similar objects, etc.).

Potential gross income is calculated based on adjusted rent. To calculate it, an adjustment of the market rent of a typical analogue is necessary.

This adjustment is carried out in the same way as in the comparative approach, and the following are used as elements of comparison:

Distance to the center of the municipality;

Physical characteristics;

The presence of furniture, kitchen, telephone, metal door;

The condition of the apartment (the need for repairs).

The calculation of the adjusted market fee is given in Table. eleven.

The applied adjustments are shown in Table. 12

Table 11

Table 12 - Rationale for adjustments

Analog No. 3 has the smallest gross correction. Analog No. 2 has a gross correction slightly larger than analog No. 3. Analog No. 1 has the highest gross correction. We choose the weighting factors based on the conclusions made:

For analogue No. 1 - 0.1, for No. 2 - 0.3, No. 3 - 0.4; No. 4 - 0.2, therefore:

Thus, the cost of 1 m 2 of the object of assessment will be:

672.17 * 0.1 + 770.49 * 0.3 + 685.09 * 0.4 + 665.33 * 0.2 \u003d 705.466 rubles / m 2

In table. 13 shows the calculation of the capitalization ratio. Since the sales prices of the objects of comparison were not indicated, they were determined using the site www.irn.ru.

Table 13 -

Then the value of the object of appraisal by the income approach will be:

C O.O. = 705.466*59.3*12/0.041= RUB 12,244,136