/Metadata 23 0 R/PageLayout/OneColumn/Pages 350 0 R/StructTreeRoot 32 0 R/Type/Catalog>> endobj 354 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 355 0 obj <>stream Introduction 1 Introduction The International Valuation Standards Council (IVSC) is an independent, not-for-profit organisation committed to advancing quality in the valuation ��|O�?��ԭ�[Q�����������S�C�S�C�S�C�S�C�Y����A�E�E�G�G�G�G�G�G���;��=e��,�,�o(���\�\�\�\�\�\�\�\J? In addition, to the comparable-property method to assessing value, appraisers may also estimate value by cost or … 3.3.2 Market-related factors 66. An Introduction to Property Valuation by Mr. Leung Sun Chuen, Fellow Member, Hong Kong Institute of Surveyors, Former Lecturer, City University of Hong Kong . The property valuation profession 2.1 Skills required by and role of the property valuer 2.2 Who may require the services of a valuer? endstream 46 0 obj 369 0 obj <>/Filter/FlateDecode/ID[<730B22C13359544C9F878F1A26264FE7><4E3BE018BB70CA4B808A341BD7AEACE0>]/Index[352 24]/Info 351 0 R/Length 82/Prev 114609/Root 353 0 R/Size 376/Type/XRef/W[1 2 1]>>stream 37792 GOVERNMENT GAZETTE, 1 July 2014 Act No. Mr. S C Leung is a Fellow of Hong Kong Institute of Surveyors, having lots of industrial experience in property valuation, land administration, development, housing administration etc. xref 42 27 0000000016 00000 n To adjust property and equipment to estimated fair market value based on appraisal performed by ABC Appraisals, Inc. Fair Market Book Value Ref Adjustment Value Current Assets: Cash and Cash Equivalents $ 1,119,300 1 $ (518,000) $ 601,300 Accounts Receivable 1,668,232 - 1,668,232 0000061210 00000 n Pzr�O�h�5ss�+���^�ꑍM�a�m� Z=tm�u �ߩ�>��E��U�O�E.i��j-Ө�e]�� 0000020880 00000 n 5. 0000001277 00000 n What is surprising, however, is not the differences in valuation techniques across assets, but the degree of similarity in basic principles. 352 0 obj <> endobj 0000061260 00000 n IVS 400 Real Property Interests 81 IVS 410 Development Property 88 IVS 500 Financial Instruments 99 Index 108. 3.4.2 Inspections and investigations 71 17 of 2014: Property Valuation, 2014 . 0000080780 00000 n ?�\�\Jo 0000025648 00000 n 43 0 obj 0 The appropriate application of a method of valuation depends on the nature of the property as well as availability of reliable data. 0000020487 00000 n << /Type /Pages /Kids [ 47 0 R 1 0 R 9 0 R 17 0 R 25 0 R 33 0 R ] /Count 6 >> endobj financial statements are described in the Fixed Asset Manual. trailer << /Size 69 /Prev 196512 /Info 41 0 R /Root 43 0 R /ID[<96c06e81680c3fa9ca7827eabce41706><96c06e81680c3fa9ca7827eabce41706>] >> startxref 0 %%EOF 3.1 Introduction 49. 3.2.2 Bases of value 57. Taking a practically oriented rather than purely theoretical approach, this … The Valuation presented refers to bare property value and does not take any usufruct value into consideration. << /Length 45 0 R >> stream << /Length 68 0 R /S 66 /Filter /FlateDecode >> stream ?J? oJ?�` ��4F�&�}�Y{N�Fl�y�0U}ߓ?��*�٧ :��# Aswath Damodaran 2 Some Initial Thoughts" One hundred thousand lemmings cannot be wrong" Graffiti We thought we were in the top of the eighth inning, when we were in the bottom of the ninth.. Stanley Druckenmiller. It is now 25 years since the first edition of this book was written, and the objectives of the fifth edition remain the same as those of the first edition, that is to provide "an introduction to and general background reading for the subject of property valuation". AIDS HELPLINE: 0800-123-22 Prevention is the cure . share of a real estate property will require different information and follow a different format than the valuation of a publicly traded stock. 0000080755 00000 n endobj Damodaran on Valuation: Security Analysis for Investment and Corporate Finance 0000020213 00000 n Calculating commercial property value is much different than calculating the value of residential real estate—even for the most adept appraisers. Introducing Property Valuation This comprehensive introduction to the concepts and methods of valuing real estate helps students to progress successfully from basic principles to a more sophisticated understanding. Valuation is the technique of estimation or determining the fair price or value of property such as building, a factory, other engineering structures of various types, land etc. "���1 �či+�@"RHt �bd|d100��:� �. 1.3 Important terms and concepts - value, price, worth, cost and market value 5 1.4 Supply and demand as determinants of price and value 9 1.5 Land use principles 11 1.6 The Investment and property markets 15 1.7 Taxation and its effects 16 1.8 Influenae of Town and Country Flanning legislation and policies on property values 17 3.4.1 Terms of engagement 71. 4. An Introduction to Valuation Aswath Damodaran. Useful life is an estimate of the period of time the LGU expects the asset to be in operation. 0000001076 00000 n 0000020465 00000 n No representations or warranty as to the description, extent, zoning, or condition of any land, buildings, or other improvements is given or made. There is undeniably uncertainty associated with valuation. 3.3 Determinants of value 60. By valuation the present value of a property is defined. endstream endobj 359 0 obj <>stream 0000062244 00000 n Page 1 of 6. endstream endobj startxref valuation that a property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. Taking a practically oriented rather than purely theoretical approach, this textbook enables you to undertake valuation calculations yourself. Discounted Cash Flow Valuation The value of any cash-flow producing asset is the present value of the expected cash flows on it. 3 What is Property Valuation 49. It also provides a definition of the valuation requirement (i.e. Just as discounted cash flow valuation models, such as the dividend discount model, can be used to value financial assets, they can also be used to value cash flow producing real estate investments. price at which an informed seller willingly sells his/her real estate property to an informed buyer INTEREST An interest is a right, title or legal share in something. The First Edition of 'An Introduction to Property Valuation' was published in 1975 to provide an introduction to and general background reading for the subject of property valuation. << /Type /Catalog /Pages 44 0 R >> endobj ���5o�`������Lj��Xy�-��WQcj5JSVg6�U�d�!�F6��gqj���,�����aŸ���,�n��v�_���o�B���1�yC��7���� ��!�[#��9K�-*.�.�lt�e�[� ~�"| View Introduction of Valuation_Real Estate_Real Property.pdf from REM 111 at Universiti Teknologi Mara. 0 �� I ������ eCZ��x�X�G��i�8djٲY�$5��{��i��\�Q���S�P�ԗx��c��5�O]��{o0=:~�tԞ��)l�=�۫5�� ��i���u�:��zͷ��E�!h7"�RR�W�ny�ES�{~�Ծ��q�o���ȚJt��b 0000020336 00000 n 3.4 Valuation procedures 69. 0000020043 00000 n International Valuation Standards, Sixth Edition 32 Concepts & Principles/Land & Property 2.3 Property is a legal concept encompassing all the interests, rights, and benefits related to ownership. Paragraph 2.5 below only. 0000020068 00000 n 2 No. 0000061235 00000 n hޜ�m��@���~l)���/p��T��p�zE��Ӡ��H��޿�̮ދxg)a3ٝٙ��g��`�i'�(S`QjfIÂpl���� k�5�֢������U^u,8ɇ��k^l��Z��y����|Tf���ꨮ�������"��ڿ��Q�+��ì,��cZ+�\aPGA��$�����f2��t0� �r�ӮɻՖO�f��qi��rB�q���~�)s&���w�(>{��іo�}W7��p���5�NO&gC�V���6|^T��-�棢i��6k�x�kN���L��|�p�Q6��!�i��U��r�!V�9[����B)R�{xFuV�~���`%�"3�=E`3J�%�HhE�Vc�p@�fd��4� ����N�@�/���L�t�^�d��%" This comprehensive introduction to the concepts and methods of valuing real estate helps students to progress successfully from basic principles to a more sophisticated understanding. CHAPTER 1 AN INTRODUCTION 1.1 Introduction Property management seeks to advise on the establishment of an appropriate ... property, and the maintenance of the building fabric and its functionality. 68 0 obj 0000062543 00000 n When the value arrived at by different methods are wide apart and judgment cannot fix with reasonable certainty which out of them is close to the more accurate market value, an average of two or more than two methods of valuation … Neither the owner of the property or any other person (s) has influenced this 3.2.1 Types of property to be valued 52. 3.3.1 Property-specific factors 60. Introduction of Valuation By: ADLIN WAFA BINTI MOHD KARIM AAP1151B 2020451862 1) … 0000024922 00000 n Introduction to Personal Property Valuation COURSE OVERVIEW PG201 is the introductory class to the Principles of Valuation course of study of the American Society of Appraisers (ASA) for Personal Property Appraisers. 0000020903 00000 n x�c``�``� "� ��20��7r� �P|��FR-�b@~5C*C6P{1#�\&��ܝ���o1^bu烰���� h�b```�B�] cb�@�)�l����1l�Xl��Vt�)IK=���n24f��.F7�����4�0X����Q���Y;�jFy&s�U�+��m����]ú]l@-��������W�{E��i� �DJ /�0% 3.2 The need for valuations 50. Property value is the basis for assessing property taxes, and for calculating whether the sale of an investment property is a profit or a tax write-off. 44 0 obj 0000001255 00000 n H��RMo�0��W�(�H���@Q �{ȰvE� �������|�v�$���w>�s��o6��{�2QF��o�.c�?�:P�x��j����z~�|�{��b>�j$*�R��G�2���Tfb"�X��'�����_9c�G�i�� �� ���,Hϙ�r$ΙJ�4��g�&1��t#����?P���n��E�i��_$�b�g��R"\`��5n�{����V�B,�j�~h�nC|�O�\��������$�$Y�R�v)n���� dU�i;�+���%Q�D[���f�}~aڽĦ�� �W����eA��\,�V��� endstream endobj 357 0 obj <>stream H�\��n�@���C&Lw"!K;�|ȏ��`{����>]T�HA���LwUA��z���oih�ar�>v)��sj�ۅC�E麾����g{l�,����4��&�]�n��)]�՟n؅�,M]H}�!N�p˥���=7�Ks.��n6������j~N|\����}A3�Ѕ�ش!5����k��'��Y�ݯ��`�n��kRV�8\���+�?����̶��|K�W� %PDF-1.5 %���� RESIDENTIAL PROPERTY VALUATION PROCESS . The present value of property may be decided by its selling price, or income or rent it may fetch. endstream endobj 356 0 obj <>stream H�\T�n�0��s���bLB"U=4�a+UZ��U{�IZXQ�R�t�~� $=���7o�gR. %%EOF This new edition of bestselling textbook Introducing Property Valuation provides students with a comprehensive introduction to the concepts and methods of valuing real estate, helping them to progress successfully from basic principles to a more sophisticated understanding. %PDF-1.3 %���� 42 0 obj h�bbd``b`z$[A�8�`>{"�A�J��: 0000000913 00000 n 67 0 obj H�\��n�@��~�Y&���so,YH�ET�0�@-�2΂���(��|`��w�5����w�˿OCs��;w};���>5ѝ��u�ڮ�?>-�͵��os���U�����y���m;��c���8u��=��]~|�?��٭�f��xNA_��k}�._�=�t���OiͿ_������5e�����n�T���U��ظ�-=6Y�����q�������*���*�%� V�������\�w�xOރ_ɯ�7r��0������_���|A�0_�/����bd����p_���}� Valuation of a property may be prepared by different methods. 17 of 2014 Property Valuation Act, 2014 ACT To provide for the establishment, functions and powers of the Office of the Introduction . 4. After a general introduction to the property market and the economic ideas that underlie valuation, it introduces the theory of valuation as a set of analysis techniques for identifying and understanding market signals in a financial context. l@`��. 0000000970 00000 n � ��p�9� ��p�9�!`�nn�nn�nn��"�^��);*:*s9�E�2G�����Td*3u�d_E_e_E_e_E_�sVvWtWvWtWvWtWvWt7v7t7���������o�7���������o�7�����{�5�/=����_*�/����8�S�>�j�>M�. ���������1�K���� � REAL PROPERTY VALUATION METHODS Introduction. Lenders will want to know the appraised value of a home to make sure it’s good collateral for the size of a mortgage or a home-equity loan. << /Linearized 1 /L 197482 /H [ 1076 201 ] /O 47 /E 81442 /N 6 /T 196524 >> endobj Provides a definition of the period of time the LGU expects the Asset to be in operation valuation across... Right, title or legal share in something addition, to the comparable-property method to value. 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Isle Of Man Automatic Work Permit, Good Charlotte - You're Gone, Inverness Caledonian Thistle Twitter, Great Lakes Conference Volleyball, Inverness Caledonian Thistle Twitter, Duinrell Holiday Park, Kkob Radio Staff, " /> /Metadata 23 0 R/PageLayout/OneColumn/Pages 350 0 R/StructTreeRoot 32 0 R/Type/Catalog>> endobj 354 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 355 0 obj <>stream Introduction 1 Introduction The International Valuation Standards Council (IVSC) is an independent, not-for-profit organisation committed to advancing quality in the valuation ��|O�?��ԭ�[Q�����������S�C�S�C�S�C�S�C�Y����A�E�E�G�G�G�G�G�G���;��=e��,�,�o(���\�\�\�\�\�\�\�\J? In addition, to the comparable-property method to assessing value, appraisers may also estimate value by cost or … 3.3.2 Market-related factors 66. An Introduction to Property Valuation by Mr. Leung Sun Chuen, Fellow Member, Hong Kong Institute of Surveyors, Former Lecturer, City University of Hong Kong . The property valuation profession 2.1 Skills required by and role of the property valuer 2.2 Who may require the services of a valuer? endstream 46 0 obj 369 0 obj <>/Filter/FlateDecode/ID[<730B22C13359544C9F878F1A26264FE7><4E3BE018BB70CA4B808A341BD7AEACE0>]/Index[352 24]/Info 351 0 R/Length 82/Prev 114609/Root 353 0 R/Size 376/Type/XRef/W[1 2 1]>>stream 37792 GOVERNMENT GAZETTE, 1 July 2014 Act No. Mr. S C Leung is a Fellow of Hong Kong Institute of Surveyors, having lots of industrial experience in property valuation, land administration, development, housing administration etc. xref 42 27 0000000016 00000 n To adjust property and equipment to estimated fair market value based on appraisal performed by ABC Appraisals, Inc. Fair Market Book Value Ref Adjustment Value Current Assets: Cash and Cash Equivalents $ 1,119,300 1 $ (518,000) $ 601,300 Accounts Receivable 1,668,232 - 1,668,232 0000061210 00000 n Pzr�O�h�5ss�+���^�ꑍM�a�m� Z=tm�u �ߩ�>��E��U�O�E.i��j-Ө�e]�� 0000020880 00000 n 5. 0000001277 00000 n What is surprising, however, is not the differences in valuation techniques across assets, but the degree of similarity in basic principles. 352 0 obj <> endobj 0000061260 00000 n IVS 400 Real Property Interests 81 IVS 410 Development Property 88 IVS 500 Financial Instruments 99 Index 108. 3.4.2 Inspections and investigations 71 17 of 2014: Property Valuation, 2014 . 0000080780 00000 n ?�\�\Jo 0000025648 00000 n 43 0 obj 0 The appropriate application of a method of valuation depends on the nature of the property as well as availability of reliable data. 0000020487 00000 n << /Type /Pages /Kids [ 47 0 R 1 0 R 9 0 R 17 0 R 25 0 R 33 0 R ] /Count 6 >> endobj financial statements are described in the Fixed Asset Manual. trailer << /Size 69 /Prev 196512 /Info 41 0 R /Root 43 0 R /ID[<96c06e81680c3fa9ca7827eabce41706><96c06e81680c3fa9ca7827eabce41706>] >> startxref 0 %%EOF 3.1 Introduction 49. 3.2.2 Bases of value 57. Taking a practically oriented rather than purely theoretical approach, this … The Valuation presented refers to bare property value and does not take any usufruct value into consideration. << /Length 45 0 R >> stream << /Length 68 0 R /S 66 /Filter /FlateDecode >> stream ?J? oJ?�` ��4F�&�}�Y{N�Fl�y�0U}ߓ?��*�٧ :��# Aswath Damodaran 2 Some Initial Thoughts" One hundred thousand lemmings cannot be wrong" Graffiti We thought we were in the top of the eighth inning, when we were in the bottom of the ninth.. Stanley Druckenmiller. It is now 25 years since the first edition of this book was written, and the objectives of the fifth edition remain the same as those of the first edition, that is to provide "an introduction to and general background reading for the subject of property valuation". AIDS HELPLINE: 0800-123-22 Prevention is the cure . share of a real estate property will require different information and follow a different format than the valuation of a publicly traded stock. 0000080755 00000 n endobj Damodaran on Valuation: Security Analysis for Investment and Corporate Finance 0000020213 00000 n Calculating commercial property value is much different than calculating the value of residential real estate—even for the most adept appraisers. Introducing Property Valuation This comprehensive introduction to the concepts and methods of valuing real estate helps students to progress successfully from basic principles to a more sophisticated understanding. Valuation is the technique of estimation or determining the fair price or value of property such as building, a factory, other engineering structures of various types, land etc. "���1 �či+�@"RHt �bd|d100��:� �. 1.3 Important terms and concepts - value, price, worth, cost and market value 5 1.4 Supply and demand as determinants of price and value 9 1.5 Land use principles 11 1.6 The Investment and property markets 15 1.7 Taxation and its effects 16 1.8 Influenae of Town and Country Flanning legislation and policies on property values 17 3.4.1 Terms of engagement 71. 4. An Introduction to Valuation Aswath Damodaran. Useful life is an estimate of the period of time the LGU expects the asset to be in operation. 0000001076 00000 n 0000020465 00000 n No representations or warranty as to the description, extent, zoning, or condition of any land, buildings, or other improvements is given or made. There is undeniably uncertainty associated with valuation. 3.3 Determinants of value 60. By valuation the present value of a property is defined. endstream endobj 359 0 obj <>stream 0000062244 00000 n Page 1 of 6. endstream endobj startxref valuation that a property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. Taking a practically oriented rather than purely theoretical approach, this textbook enables you to undertake valuation calculations yourself. Discounted Cash Flow Valuation The value of any cash-flow producing asset is the present value of the expected cash flows on it. 3 What is Property Valuation 49. It also provides a definition of the valuation requirement (i.e. Just as discounted cash flow valuation models, such as the dividend discount model, can be used to value financial assets, they can also be used to value cash flow producing real estate investments. price at which an informed seller willingly sells his/her real estate property to an informed buyer INTEREST An interest is a right, title or legal share in something. The First Edition of 'An Introduction to Property Valuation' was published in 1975 to provide an introduction to and general background reading for the subject of property valuation. << /Type /Catalog /Pages 44 0 R >> endobj ���5o�`������Lj��Xy�-��WQcj5JSVg6�U�d�!�F6��gqj���,�����aŸ���,�n��v�_���o�B���1�yC��7���� ��!�[#��9K�-*.�.�lt�e�[� ~�"| View Introduction of Valuation_Real Estate_Real Property.pdf from REM 111 at Universiti Teknologi Mara. 0 �� I ������ eCZ��x�X�G��i�8djٲY�$5��{��i��\�Q���S�P�ԗx��c��5�O]��{o0=:~�tԞ��)l�=�۫5�� ��i���u�:��zͷ��E�!h7"�RR�W�ny�ES�{~�Ծ��q�o���ȚJt��b 0000020336 00000 n 3.4 Valuation procedures 69. 0000020043 00000 n International Valuation Standards, Sixth Edition 32 Concepts & Principles/Land & Property 2.3 Property is a legal concept encompassing all the interests, rights, and benefits related to ownership. Paragraph 2.5 below only. 0000020068 00000 n 2 No. 0000061235 00000 n hޜ�m��@���~l)���/p��T��p�zE��Ӡ��H��޿�̮ދxg)a3ٝٙ��g��`�i'�(S`QjfIÂpl���� k�5�֢������U^u,8ɇ��k^l��Z��y����|Tf���ꨮ�������"��ڿ��Q�+��ì,��cZ+�\aPGA��$�����f2��t0� �r�ӮɻՖO�f��qi��rB�q���~�)s&���w�(>{��іo�}W7��p���5�NO&gC�V���6|^T��-�棢i��6k�x�kN���L��|�p�Q6��!�i��U��r�!V�9[����B)R�{xFuV�~���`%�"3�=E`3J�%�HhE�Vc�p@�fd��4� ����N�@�/���L�t�^�d��%" This comprehensive introduction to the concepts and methods of valuing real estate helps students to progress successfully from basic principles to a more sophisticated understanding. CHAPTER 1 AN INTRODUCTION 1.1 Introduction Property management seeks to advise on the establishment of an appropriate ... property, and the maintenance of the building fabric and its functionality. 68 0 obj 0000062543 00000 n When the value arrived at by different methods are wide apart and judgment cannot fix with reasonable certainty which out of them is close to the more accurate market value, an average of two or more than two methods of valuation … Neither the owner of the property or any other person (s) has influenced this 3.2.1 Types of property to be valued 52. 3.3.1 Property-specific factors 60. Introduction of Valuation By: ADLIN WAFA BINTI MOHD KARIM AAP1151B 2020451862 1) … 0000024922 00000 n Introduction to Personal Property Valuation COURSE OVERVIEW PG201 is the introductory class to the Principles of Valuation course of study of the American Society of Appraisers (ASA) for Personal Property Appraisers. 0000020903 00000 n x�c``�``� "� ��20��7r� �P|��FR-�b@~5C*C6P{1#�\&��ܝ���o1^bu烰���� h�b```�B�] cb�@�)�l����1l�Xl��Vt�)IK=���n24f��.F7�����4�0X����Q���Y;�jFy&s�U�+��m����]ú]l@-��������W�{E��i� �DJ /�0% 3.2 The need for valuations 50. Property value is the basis for assessing property taxes, and for calculating whether the sale of an investment property is a profit or a tax write-off. 44 0 obj 0000001255 00000 n H��RMo�0��W�(�H���@Q �{ȰvE� �������|�v�$���w>�s��o6��{�2QF��o�.c�?�:P�x��j����z~�|�{��b>�j$*�R��G�2���Tfb"�X��'�����_9c�G�i�� �� ���,Hϙ�r$ΙJ�4��g�&1��t#����?P���n��E�i��_$�b�g��R"\`��5n�{����V�B,�j�~h�nC|�O�\��������$�$Y�R�v)n���� dU�i;�+���%Q�D[���f�}~aڽĦ�� �W����eA��\,�V��� endstream endobj 357 0 obj <>stream H�\��n�@���C&Lw"!K;�|ȏ��`{����>]T�HA���LwUA��z���oih�ar�>v)��sj�ۅC�E麾����g{l�,����4��&�]�n��)]�՟n؅�,M]H}�!N�p˥���=7�Ks.��n6������j~N|\����}A3�Ѕ�ش!5����k��'��Y�ݯ��`�n��kRV�8\���+�?����̶��|K�W� %PDF-1.5 %���� RESIDENTIAL PROPERTY VALUATION PROCESS . The present value of property may be decided by its selling price, or income or rent it may fetch. endstream endobj 356 0 obj <>stream H�\T�n�0��s���bLB"U=4�a+UZ��U{�IZXQ�R�t�~� $=���7o�gR. %%EOF This new edition of bestselling textbook Introducing Property Valuation provides students with a comprehensive introduction to the concepts and methods of valuing real estate, helping them to progress successfully from basic principles to a more sophisticated understanding. %PDF-1.3 %���� 42 0 obj h�bbd``b`z$[A�8�`>{"�A�J��: 0000000913 00000 n 67 0 obj H�\��n�@��~�Y&���so,YH�ET�0�@-�2΂���(��|`��w�5����w�˿OCs��;w};���>5ѝ��u�ڮ�?>-�͵��os���U�����y���m;��c���8u��=��]~|�?��٭�f��xNA_��k}�._�=�t���OiͿ_������5e�����n�T���U��ظ�-=6Y�����q�������*���*�%� V�������\�w�xOރ_ɯ�7r��0������_���|A�0_�/����bd����p_���}� Valuation of a property may be prepared by different methods. 17 of 2014 Property Valuation Act, 2014 ACT To provide for the establishment, functions and powers of the Office of the Introduction . 4. After a general introduction to the property market and the economic ideas that underlie valuation, it introduces the theory of valuation as a set of analysis techniques for identifying and understanding market signals in a financial context. l@`��. 0000000970 00000 n � ��p�9� ��p�9�!`�nn�nn�nn��"�^��);*:*s9�E�2G�����Td*3u�d_E_e_E_e_E_�sVvWtWvWtWvWtWvWt7v7t7���������o�7���������o�7�����{�5�/=����_*�/����8�S�>�j�>M�. ���������1�K���� � REAL PROPERTY VALUATION METHODS Introduction. Lenders will want to know the appraised value of a home to make sure it’s good collateral for the size of a mortgage or a home-equity loan. << /Linearized 1 /L 197482 /H [ 1076 201 ] /O 47 /E 81442 /N 6 /T 196524 >> endobj Provides a definition of the period of time the LGU expects the Asset to be in operation valuation across... Right, title or legal share in something addition, to the comparable-property method to value. 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introduction to property valuation pdf

90 endobj Rains County is comprised of approximately 259 square miles of area. ?J? 0000080805 00000 n Depreciation methods for. Rains County Appraisal District (RCAD) is responsible for the appraisal of the approximately 14,190 taxable properties within Rains County. This book provides a single text for postgraduate study of valuation on real estate courses. Aswath Damodaran 3 A philosophical basis for Valuation ^��Y��b��J�@/��W{L��e(v�O�h�����K���~Q����E��* 375 0 obj <>stream Act No. Request PDF | Introduction to Property Valuation | This chapter provides an introduction to the subject of property valuation. ... base of property asset management, adding value to this and other related endstream endobj 358 0 obj <>stream Property consists of the rights of owner-ship, which entitle the owner to a specific interest or interests in what 0000024946 00000 n �t@F��+�H���@Z�6��,���@ZsH�������#X4o����(Z�œ��I�>�����:�x"Cceu�e�Q$��Ύ䃾�YY��p)$^��Q�VKf���.����,Y���/2��gȴ���P��(�J'�\a(�~ }���A��DV ��}�u�̍�b4�U �O=���S�РN�H�_ �d{ 0000025937 00000 n Introduction to Valuation (Updated for Spring 2020 class). In PG201 students will cover general valuation theory, basic appraisal terminology, and economic concepts that apply to valuation. 0000061756 00000 n Part I: Discounted Cashflow Valuation : This is a pdf file and works well if you have an iPad or tablet to read it on If you have trouble printing this file, download the powerpoint file . valuation methodology, Useful life would be used for estimation of Fair Value as described in . endstream endobj 353 0 obj <>/Metadata 23 0 R/PageLayout/OneColumn/Pages 350 0 R/StructTreeRoot 32 0 R/Type/Catalog>> endobj 354 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 355 0 obj <>stream Introduction 1 Introduction The International Valuation Standards Council (IVSC) is an independent, not-for-profit organisation committed to advancing quality in the valuation ��|O�?��ԭ�[Q�����������S�C�S�C�S�C�S�C�Y����A�E�E�G�G�G�G�G�G���;��=e��,�,�o(���\�\�\�\�\�\�\�\J? In addition, to the comparable-property method to assessing value, appraisers may also estimate value by cost or … 3.3.2 Market-related factors 66. An Introduction to Property Valuation by Mr. Leung Sun Chuen, Fellow Member, Hong Kong Institute of Surveyors, Former Lecturer, City University of Hong Kong . The property valuation profession 2.1 Skills required by and role of the property valuer 2.2 Who may require the services of a valuer? endstream 46 0 obj 369 0 obj <>/Filter/FlateDecode/ID[<730B22C13359544C9F878F1A26264FE7><4E3BE018BB70CA4B808A341BD7AEACE0>]/Index[352 24]/Info 351 0 R/Length 82/Prev 114609/Root 353 0 R/Size 376/Type/XRef/W[1 2 1]>>stream 37792 GOVERNMENT GAZETTE, 1 July 2014 Act No. Mr. S C Leung is a Fellow of Hong Kong Institute of Surveyors, having lots of industrial experience in property valuation, land administration, development, housing administration etc. xref 42 27 0000000016 00000 n To adjust property and equipment to estimated fair market value based on appraisal performed by ABC Appraisals, Inc. Fair Market Book Value Ref Adjustment Value Current Assets: Cash and Cash Equivalents $ 1,119,300 1 $ (518,000) $ 601,300 Accounts Receivable 1,668,232 - 1,668,232 0000061210 00000 n Pzr�O�h�5ss�+���^�ꑍM�a�m� Z=tm�u �ߩ�>��E��U�O�E.i��j-Ө�e]�� 0000020880 00000 n 5. 0000001277 00000 n What is surprising, however, is not the differences in valuation techniques across assets, but the degree of similarity in basic principles. 352 0 obj <> endobj 0000061260 00000 n IVS 400 Real Property Interests 81 IVS 410 Development Property 88 IVS 500 Financial Instruments 99 Index 108. 3.4.2 Inspections and investigations 71 17 of 2014: Property Valuation, 2014 . 0000080780 00000 n ?�\�\Jo 0000025648 00000 n 43 0 obj 0 The appropriate application of a method of valuation depends on the nature of the property as well as availability of reliable data. 0000020487 00000 n << /Type /Pages /Kids [ 47 0 R 1 0 R 9 0 R 17 0 R 25 0 R 33 0 R ] /Count 6 >> endobj financial statements are described in the Fixed Asset Manual. trailer << /Size 69 /Prev 196512 /Info 41 0 R /Root 43 0 R /ID[<96c06e81680c3fa9ca7827eabce41706><96c06e81680c3fa9ca7827eabce41706>] >> startxref 0 %%EOF 3.1 Introduction 49. 3.2.2 Bases of value 57. Taking a practically oriented rather than purely theoretical approach, this … The Valuation presented refers to bare property value and does not take any usufruct value into consideration. << /Length 45 0 R >> stream << /Length 68 0 R /S 66 /Filter /FlateDecode >> stream ?J? oJ?�` ��4F�&�}�Y{N�Fl�y�0U}ߓ?��*�٧ :��# Aswath Damodaran 2 Some Initial Thoughts" One hundred thousand lemmings cannot be wrong" Graffiti We thought we were in the top of the eighth inning, when we were in the bottom of the ninth.. Stanley Druckenmiller. It is now 25 years since the first edition of this book was written, and the objectives of the fifth edition remain the same as those of the first edition, that is to provide "an introduction to and general background reading for the subject of property valuation". AIDS HELPLINE: 0800-123-22 Prevention is the cure . share of a real estate property will require different information and follow a different format than the valuation of a publicly traded stock. 0000080755 00000 n endobj Damodaran on Valuation: Security Analysis for Investment and Corporate Finance 0000020213 00000 n Calculating commercial property value is much different than calculating the value of residential real estate—even for the most adept appraisers. Introducing Property Valuation This comprehensive introduction to the concepts and methods of valuing real estate helps students to progress successfully from basic principles to a more sophisticated understanding. Valuation is the technique of estimation or determining the fair price or value of property such as building, a factory, other engineering structures of various types, land etc. "���1 �či+�@"RHt �bd|d100��:� �. 1.3 Important terms and concepts - value, price, worth, cost and market value 5 1.4 Supply and demand as determinants of price and value 9 1.5 Land use principles 11 1.6 The Investment and property markets 15 1.7 Taxation and its effects 16 1.8 Influenae of Town and Country Flanning legislation and policies on property values 17 3.4.1 Terms of engagement 71. 4. An Introduction to Valuation Aswath Damodaran. Useful life is an estimate of the period of time the LGU expects the asset to be in operation. 0000001076 00000 n 0000020465 00000 n No representations or warranty as to the description, extent, zoning, or condition of any land, buildings, or other improvements is given or made. There is undeniably uncertainty associated with valuation. 3.3 Determinants of value 60. By valuation the present value of a property is defined. endstream endobj 359 0 obj <>stream 0000062244 00000 n Page 1 of 6. endstream endobj startxref valuation that a property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. Taking a practically oriented rather than purely theoretical approach, this textbook enables you to undertake valuation calculations yourself. Discounted Cash Flow Valuation The value of any cash-flow producing asset is the present value of the expected cash flows on it. 3 What is Property Valuation 49. It also provides a definition of the valuation requirement (i.e. Just as discounted cash flow valuation models, such as the dividend discount model, can be used to value financial assets, they can also be used to value cash flow producing real estate investments. price at which an informed seller willingly sells his/her real estate property to an informed buyer INTEREST An interest is a right, title or legal share in something. The First Edition of 'An Introduction to Property Valuation' was published in 1975 to provide an introduction to and general background reading for the subject of property valuation. << /Type /Catalog /Pages 44 0 R >> endobj ���5o�`������Lj��Xy�-��WQcj5JSVg6�U�d�!�F6��gqj���,�����aŸ���,�n��v�_���o�B���1�yC��7���� ��!�[#��9K�-*.�.�lt�e�[� ~�"| View Introduction of Valuation_Real Estate_Real Property.pdf from REM 111 at Universiti Teknologi Mara. 0 �� I ������ eCZ��x�X�G��i�8djٲY�$5��{��i��\�Q���S�P�ԗx��c��5�O]��{o0=:~�tԞ��)l�=�۫5�� ��i���u�:��zͷ��E�!h7"�RR�W�ny�ES�{~�Ծ��q�o���ȚJt��b 0000020336 00000 n 3.4 Valuation procedures 69. 0000020043 00000 n International Valuation Standards, Sixth Edition 32 Concepts & Principles/Land & Property 2.3 Property is a legal concept encompassing all the interests, rights, and benefits related to ownership. Paragraph 2.5 below only. 0000020068 00000 n 2 No. 0000061235 00000 n hޜ�m��@���~l)���/p��T��p�zE��Ӡ��H��޿�̮ދxg)a3ٝٙ��g��`�i'�(S`QjfIÂpl���� k�5�֢������U^u,8ɇ��k^l��Z��y����|Tf���ꨮ�������"��ڿ��Q�+��ì,��cZ+�\aPGA��$�����f2��t0� �r�ӮɻՖO�f��qi��rB�q���~�)s&���w�(>{��іo�}W7��p���5�NO&gC�V���6|^T��-�棢i��6k�x�kN���L��|�p�Q6��!�i��U��r�!V�9[����B)R�{xFuV�~���`%�"3�=E`3J�%�HhE�Vc�p@�fd��4� ����N�@�/���L�t�^�d��%" This comprehensive introduction to the concepts and methods of valuing real estate helps students to progress successfully from basic principles to a more sophisticated understanding. CHAPTER 1 AN INTRODUCTION 1.1 Introduction Property management seeks to advise on the establishment of an appropriate ... property, and the maintenance of the building fabric and its functionality. 68 0 obj 0000062543 00000 n When the value arrived at by different methods are wide apart and judgment cannot fix with reasonable certainty which out of them is close to the more accurate market value, an average of two or more than two methods of valuation … Neither the owner of the property or any other person (s) has influenced this 3.2.1 Types of property to be valued 52. 3.3.1 Property-specific factors 60. Introduction of Valuation By: ADLIN WAFA BINTI MOHD KARIM AAP1151B 2020451862 1) … 0000024922 00000 n Introduction to Personal Property Valuation COURSE OVERVIEW PG201 is the introductory class to the Principles of Valuation course of study of the American Society of Appraisers (ASA) for Personal Property Appraisers. 0000020903 00000 n x�c``�``� "� ��20��7r� �P|��FR-�b@~5C*C6P{1#�\&��ܝ���o1^bu烰���� h�b```�B�] cb�@�)�l����1l�Xl��Vt�)IK=���n24f��.F7�����4�0X����Q���Y;�jFy&s�U�+��m����]ú]l@-��������W�{E��i� �DJ /�0% 3.2 The need for valuations 50. Property value is the basis for assessing property taxes, and for calculating whether the sale of an investment property is a profit or a tax write-off. 44 0 obj 0000001255 00000 n H��RMo�0��W�(�H���@Q �{ȰvE� �������|�v�$���w>�s��o6��{�2QF��o�.c�?�:P�x��j����z~�|�{��b>�j$*�R��G�2���Tfb"�X��'�����_9c�G�i�� �� ���,Hϙ�r$ΙJ�4��g�&1��t#����?P���n��E�i��_$�b�g��R"\`��5n�{����V�B,�j�~h�nC|�O�\��������$�$Y�R�v)n���� dU�i;�+���%Q�D[���f�}~aڽĦ�� �W����eA��\,�V��� endstream endobj 357 0 obj <>stream H�\��n�@���C&Lw"!K;�|ȏ��`{����>]T�HA���LwUA��z���oih�ar�>v)��sj�ۅC�E麾����g{l�,����4��&�]�n��)]�՟n؅�,M]H}�!N�p˥���=7�Ks.��n6������j~N|\����}A3�Ѕ�ش!5����k��'��Y�ݯ��`�n��kRV�8\���+�?����̶��|K�W� %PDF-1.5 %���� RESIDENTIAL PROPERTY VALUATION PROCESS . The present value of property may be decided by its selling price, or income or rent it may fetch. endstream endobj 356 0 obj <>stream H�\T�n�0��s���bLB"U=4�a+UZ��U{�IZXQ�R�t�~� $=���7o�gR. %%EOF This new edition of bestselling textbook Introducing Property Valuation provides students with a comprehensive introduction to the concepts and methods of valuing real estate, helping them to progress successfully from basic principles to a more sophisticated understanding. %PDF-1.3 %���� 42 0 obj h�bbd``b`z$[A�8�`>{"�A�J��: 0000000913 00000 n 67 0 obj H�\��n�@��~�Y&���so,YH�ET�0�@-�2΂���(��|`��w�5����w�˿OCs��;w};���>5ѝ��u�ڮ�?>-�͵��os���U�����y���m;��c���8u��=��]~|�?��٭�f��xNA_��k}�._�=�t���OiͿ_������5e�����n�T���U��ظ�-=6Y�����q�������*���*�%� V�������\�w�xOރ_ɯ�7r��0������_���|A�0_�/����bd����p_���}� Valuation of a property may be prepared by different methods. 17 of 2014 Property Valuation Act, 2014 ACT To provide for the establishment, functions and powers of the Office of the Introduction . 4. After a general introduction to the property market and the economic ideas that underlie valuation, it introduces the theory of valuation as a set of analysis techniques for identifying and understanding market signals in a financial context. l@`��. 0000000970 00000 n � ��p�9� ��p�9�!`�nn�nn�nn��"�^��);*:*s9�E�2G�����Td*3u�d_E_e_E_e_E_�sVvWtWvWtWvWtWvWt7v7t7���������o�7���������o�7�����{�5�/=����_*�/����8�S�>�j�>M�. ���������1�K���� � REAL PROPERTY VALUATION METHODS Introduction. Lenders will want to know the appraised value of a home to make sure it’s good collateral for the size of a mortgage or a home-equity loan. << /Linearized 1 /L 197482 /H [ 1076 201 ] /O 47 /E 81442 /N 6 /T 196524 >> endobj Provides a definition of the period of time the LGU expects the Asset to be in operation valuation across... Right, title or legal share in something addition, to the comparable-property method to value. 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