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外文翻译Method of Valuation英文.doc

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外文翻译Method of Valuation英文.doc

中原工学院经济管理学院外文翻译MethodofValuationTheComparativeMethodThereareconventionalfivemethodsofvaluationthecomparativemethod,thecontractorsmethod,theresidualmethod,theprofitsmethod,andtheinvestmentmethod.Thecomparativemethodisprobablythemostwidelyusedmethodandevenifoneoftheotherfourmethodsisusedbyavaluerhewillstillalmostinevitablyhaverecoursetocomparisonsaswell.Themethodentailsmakingavaluationdirectlycomparingthepropertyunderconsiderationwithsimilarpropertieswhichhavebeensold,findingitsvaluefromthesepasttransactions.Althoughthissoundssimpleandstraightforward,theremaybemanypitfallstotraptheunwary.Inusingthemethoditisdesirablethatthecomparisonshouldbemadewithsimilarpropertiessituatedinthesameare.andwithtransactions,witchhavetakenplaceintherecentpast.Thelessthecomparablepropertycomplieswiththeserequirements,thelessvalidwillbethecomparison.Oftenavaluerisabletogetevidenceofsaleswitchdoaccordwiththeserequirements,particularlywhenavaluationisofapropertysuchasasemidetachedsuburbanhouse.However,themoreuncommonapropertyis,andthemorespecializedthetypeofproperty,thelesslikelyisitthatthevaluerwillbeabletofindinggoodcomparables,anditisnotunusualfortheretobeacompletelackofevidenceofsalesofcomparableproperties.Evenwhenpropertiesappeartobesimilar,closeinspectionoftenrevealsthattheyareinfactdifferent.Arowofapparentlyidenticalhousesmayoninternalinspectionprovetohavemanydifferences,andtheeskillofthevaluerwillberequiredtomakeanallowanceinmoneytermsforsuchdifferenceinvaluecausedbyadifferentgeographicalsituation.Itisessentialinusingthismethodtohaveasmuchevidenceaspossiblereadilyavailableandgoodofficerecordsareinvaluable.Anyvaluershouldensurethathehasanefficientfilingsystemwhichisregularlykeptuptodate,andwhichcontainsasmuchinformationascanbeobtainedofeachmarkettransactionwhichisrecorded.Moderncomputerfilingsystemsgreatlyfacilitategoodrecordkeepingandthealmostinstantaneousrecallofinformation.However,forhelpfulrecordstobekept,theremustbeevidenceofsuitablecomparablesavailable,andunfortunately,intherealworld,thisisoftenlocking.Thewordrecentisarelativeterm.Atsomepointsintimeasalewhichtookplaceayearearliermayberecentenoughtobeavalidcomparisonifthemarkethasremainedrelativelystableintheinterveningperiod.Ifthemarkethasbeenvolatileorhaschangedinanywayduringthistime,thenmarketevidencemightneedtobemuchmorerecentpast,avaluermaybeabletogetsomeguidancefromconsideringmarketevidenceoverperiodofearlieryearsormonths,asitpossiblethataclearlydefinedtrendofvaluesmightbedetected.Thevaluermaydecidethatthistrendwouldhavecontinuedthroughtobedateonwhichheismakinghisvaluation.Inusingthecomparativemethodamostthroughinspectionofalltheunderlying中原工学院经济管理学院外文翻译factorsinthemarketmustbemadeinordertodecidewhethertheyhavebeenchangesinconditionssinceothertransactionstakeplace.Themethodinvolvesfewdangersifthemarketisstable.Whenitisnotstable,valuermayencounterproblemsinitsuse,andthismayalsobethecaseiftherearefewcomparables,oriftherearenotruecomparables,thatisiftherangeofpropertiessolddoesnotcontainanythingtrulyidenticaltothepropertyunderconsideration.Somedifferencesmayberelativelyunimportant,anddifferencesinarchitecturaldesign,forexamplemayoftenmakelittledifferencetovalue.However,ifaparticulardesignrendersabuildinginefficientinuse,thedifferencemaybeveryimportant,andinusingthemethodthevaluershouldalwaysconsidersuchpossibilities.Theageofabuildingcanbeimportantinthatitmaybesuchastorenderiteithermoreorlessfashionableandinmanyinstancesthestructuralconditionandstateofrepairwillbedirectlyrelatedtotheageofthebuilding.Valuersshouldalsopayconsiderableattentiontotheaccommodationofferedbydifferentproperties,andtrytomakeallowancesforvariationsintheamountoffloorspaceanddifferencesinthelayoutandthenumberofroomsprovided.Allowanceshouldalsobemadefordifferencesinthequalityoffixturesandfittings,andfordifferencesinthesizeofplotsonwhichpropertiesstand.Locationisalwaysveryimportant,andvaluersshouldbewaryofassumingthatvaluesshouldbesimilarbecausethesizeandaccommodationofpropertiesisidentical.Aslightlydifferentlocationcanmakeavastdifferenttomarketvalue.Inusingthismethodthevaluershouldalwaysbearinmindthefactthatpropertyisheterogeneous,andshouldalwaysaskhimselfwhetheranyspecialfactorsaffectedthemarketvalueofthecomparablesthatheisusing,orwhetheranyspecialfactorsarelikelytoaffectthevalueofthepropertywhichheisconsidering.TheContractorsMethodThecontractorsmethodsummationisusedtovaluethetypeofpropertieswhichseldomchangehandsandforwhichtherearethereforefewcomparables.Itmustatthispointbestressedthatcostandvaluearerarelytellsame,butthismethodofvaluationisbasedlooselyontheassumptionthattheyarerelated.Itshouldthereforebeappreciatedthatitisamethodusedonlyinfrequently,andwhichissomethingofalastresort.Thebasictheoryofthecontractorsmethodisthatthecostofthesiteplusthecostofthebuildingswillgivethevalueofthelandandbuildingsoneunit.Withthemajorityofpropertiesthereisampleevidencetoshow,thatthispropositionisnotcorrect,buttheContractorsmethodisusedtovaluepropertiesforwhichthereislittlegeneralmarketdemandandwhichareconsequentlyrarelysold.Thetypesofpropertyforwhichitcouldbeappropriatearehospitals,townhalls,schools,libraries.policestations,andothersuchbuilding.Itwillbenotedthatthislistcomprisesprincipallypublicbuildings,althoughtheuseofthemethodisnotnecessarilyrestrictedtopublicbuildingalone.Costisnormallyonlyonefactorofmanywhichmayaffectsupplyanddemandandwhichthereforeaffectvalue,butitisprobablytruethatwithtruethatwiththistypeofbuildingitisapredominantfactor.Itwouldalwaysbepossibleforthewouldbeusersofsuchbuildingstoacquire中原工学院经济管理学院外文翻译alternativesitesandtoconstructnewbuildingsratherthanpurchaseanexistingpropertyatgreateroverallcost.Competitionbetweenrivalpotentialuserswouldbeunlikelyanditisthereforereasonabletoassumethatcostandvaluearenotunrelatedwithsuchspecialbuildings.Howeverifanalternativebuildingwereconstructeditwouldbeanewpropertv,whereaswithanexistingpropertyitisobviousthattherewouldbesomewearandtearresultingfromisprevioususeandtheremightalsobeadegreeofobsolescencewhichhadarisensinceitwasnew.Inusingthecontractorsmethodthevaluermustthereforemakeadeductiontoallowforbothdepreciationofthebuildingsandobsolescenceofdesign.ThebasicvaluationapproachthenbecomesasbelowCostofsitePlusCostofbuildingLessDepreciationAllowanceandObsolescenceAllowanceValueofExistingPropertyThismethodismostfrequentlyusedforratingpurposewhereratesareleviedonthevalueofbuildingsandsitestogetheranditisalsosometimesusedinvaluationsforcompensationwhenpropertyofaspecialnaturehasbeencompulsorilyacquired.TheResidualMethodTheresidualmethodhypotheticaldevelopmentmethodisusedwhenapropertyhasdevelopmentorredevelopmentpotential.Itisneededwhenthereisanelementoflatentvaluewhichcanbereleasedbytheexpenditureofmoneyonaproperty.Residualvaluationsarequiteregularlymadebypeoplewhopurchaseresidentialpropertieswhichtheyconsidercouldbemademorevaluableidmoneywerespentonimprovementandmodernization.Thiswouldbepurchasermaylookatahouseanddecidethatitisworth£20000,afterwhichitwillhaveamarketvalueof£90000.Aquickinspectionofthefiguresshowsthatlatentvalueof£20000hasbeeninuse,butevenwhenmuchmorecomplicatedcalculationsareinvolved,thebasicapproachtothemethodisstillexactlythesame.ValueofthecompleteddevelopmentLessTotalexpenditureonimprovementsordevelopmentincludingdevelopersprofitValueofsiteorpropertyinitspresentconditionResidualvalueThevalueofthecompleteddevelopmentissometimesreferredtoastheGrossDevelopmentValue,orastheGrossRealization.Theuseoftheresidualmethodinvolvesconsiderableskillanditisfirstnecessarytodecidewhatisthebestformofdevelopmentsuitablefoeorproperty,andthentotask,asapartfromtheskillinvolvedinchoosingthebestuseforasite,thevagueralsohastoestimatethevalueofabuildingwhichdoesnotasyetexist.HehastocasthismindforwardtoestimatetheGrossDevelopmentValue.Evenwhenthishasbeendonewithgreatskillaccuracy,allthecostsofimprovementanddevelopmentmustthenbeestimated.Thesemayincludesuchitems中原工学院经济管理学院外文翻译asthecostofsiteclearance,architectsfees,siteengineersquantitysfees,andallotherprofessionalfeesincurredincreatingthedevelopment,thecostsofbuildingmustbeestimated,andthesecouldwellincreaseduringthetimelagbetweentheacquisitionofthepropertyandthecompletionofthedevelopment.Onceapropertyhasbeendevelopedithastobeletorsold,andthevaluermustmakeanallowanceforallcostswhichwouldbeincurredinlettingordisposingofthepropertyheenvisagesasonedaystandingonthesite.Thesecostswillincludeestateagentsfees,advertisingfees,andthesolicitorsfeesandlegalexpenses,topurchasethesiteandsubsequentlydeveloporredevelopitwillusuallyrequireaconsiderableamountoffinance,andthecistsofobtainingthismustbedeductedasadevelopmentcost.Noonewillwishtotakealltherisksinvolvedinaprojectwithoutanyreward,andadevelopersprofitmustbeallowed.Themaybeotheritemsofexpensetoconsider,andthemorevariablestherearethemoredifficultitwillbetomaintainanacceptabledegreeofaccuracyinthecalculations.However,askilledvaluerwithaspecialknowledgeofthetypeofdevelopmentforwhichheisvaluing,whoisintouchwiththemarketandwhoidfamiliarwiththecostsofdevelopment,canusethismethodwithaconsiderabledegreeofaccuracy.Therewilldoubtlessbeinstancesinwhich,inretrospect,apurchaserwillbeseentohavepaidtoomuchforapropertybecausethefiguresonwhichtheresidualvaluationwasbasedhavechangedintheperiodsincethepropertywaspurchased.Themethodisneverthelessacceptableforfindingmarketvalue,asitmustalwaysberememberedthatthisvalueisthefigurewhichwouldbepaidinthemarketatadefinitepointintime,takingintoaccountfutureexpectations.Themethodisoftenisoftencriticizedasbeingclumsyandcontainingtoomanyvariables,butthereislittledoubtthatitistheonlyrealmethodofvaluationapplicablewhenthereislatentvalueinaproperty.TheProfitsMethodTheprofitsmethodaccountsmethod,treasurymethodisbasedontheassumptionthatthevalueofsomepropertieswillberelatedtotheprofitswhichcanbemadefromtheiruse.Themethodisnotusedwhereitispossibletovaluebymeansofcomparison,andisgenerallyonlyusedwherethereissomedegreeofmonopolyattachedtoaproperty.Suchamonopolymaybeeitherlegalorfactual,alegalmonopolyexistingwheresomelegalrestraintexiststopreventcompetitiontothepropertyuserfromtheusersofotherproperty.Suchasituationmayoccurwhenalicenceisrequiredforthepursuitofaparticulartrade.Afactualmonopolymayarisewhenthereissomefactors,otherthanalegalrestraint,whichrestrictscompetition.AninstanceofafactualmonopolyistherestaurantatthetopofMountSnowdoninWaleswherethereisnootherpropertytooffercompetitionandwherenoneislikelytobebuilt.Wheneverthereisanelementofmonopolyitisobviouslynotpossibletousethecomparativemethodlfvaluation,astherecouldbenotruecomparisontoapropertywhichenjoysamonopoly,anditisalsoreasonableassumptionthatanyrentwhichwouldbepaidfortheuseofsuchapropertywouldrelatetotheearningpower

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