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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,THECONTRACTOR’SMETHOD,THERESIDUALMETHOD,THEPROFITSMETHOD,ANDTHEINVESTMENTMETHODTHECOMPARATIVEMETHODISPROBABLYTHEMOSTWIDELYUSEDMETHODANDEVENIFONEOFTHEOTHERFOURMETHODSISUSEDBYAVALUERHEWILLSTILLALMOSTINEVITABLYHAVERECOURSETOCOMPARISONSASWELLTHEMETHODENTAILSMAKINGAVALUATIONDIRECTLYCOMPARINGTHEPROPERTYUNDERCONSIDERATIONWITHSIMILARPROPERTIESWHICHHAVEBEENSOLD,FINDINGITSVALUEFROMTHESEPASTTRANSACTIONSALTHOUGHTHISSOUNDSSIMPLEANDSTRAIGHTFORWARD,THEREMAYBEMANYPITFALLSTOTRAPTHEUNWARYINUSINGTHEMETHODITISDESIRABLETHATTHECOMPARISONSHOULDBEMADEWITHSIMILARPROPERTIESSITUATEDINTHESAMEAREANDWITHTRANSACTIONS,WITCHHAVETAKENPLACEINTHERECENTPASTTHELESSTHECOMPARABLEPROPERTYCOMPLIESWITHTHESEREQUIREMENTS,THELESSVALIDWILLBETHECOMPARISONOFTENAVALUERISABLETOGETEVIDENCEOFSALESWITCHDOACCORDWITHTHESEREQUIREMENTS,PARTICULARLYWHENAVALUATIONISOFAPROPERTYSUCHASASEMIDETACHEDSUBURBANHOUSEHOWEVER,THEMOREUNCOMMONAPROPERTYIS,ANDTHEMORESPECIALIZEDTHETYPEOFPROPERTY,THELESSLIKELYISITTHATTHEVALUERWILLBEABLETOFINDINGGOOD‘COMPARABLES’,ANDITISNOTUNUSUALFORTHERETOBEACOMPLETELACKOFEVIDENCEOFSALESOFCOMPARABLEPROPERTIESEVENWHENPROPERTIESAPPEARTOBESIMILAR,CLOSEINSPECTIONOFTENREVEALSTHATTHEYAREINFACTDIFFERENTAROWOFAPPARENTLYIDENTICALHOUSESMAYONINTERNALINSPECTIONPROVETOHAVEMANYDIFFERENCES,ANDTHEESKILLOFTHEVALUERWILLBEREQUIREDTOMAKEANALLOWANCEINMONEYTERMSFORSUCHDIFFERENCEINVALUECAUSEDBYADIFFERENTGEOGRAPHICALSITUATIONITISESSENTIALINUSINGTHISMETHODTOHAVEASMUCHEVIDENCEASPOSSIBLEREADILYAVAILABLEANDGOODOFFICERECORDSAREINVALUABLEANYVALUERSHOULDENSURETHATHEHASANEFFICIENTFILINGSYSTEMWHICHISREGULARLYKEPTUPTODATE,ANDWHICHCONTAINSASMUCHINFORMATIONASCANBEOBTAINEDOFEACHMARKETTRANSACTIONWHICHISRECORDEDMODERNCOMPUTERFILINGSYSTEMSGREATLYFACILITATEGOODRECORDKEEPINGANDTHEALMOSTINSTANTANEOUSRECALLOFINFORMATIONHOWEVER,FORHELPFULRECORDSTOBEKEPT,THEREMUSTBEEVIDENCEOFSUITABLECOMPARABLESAVAILABLE,ANDUNFORTUNATELY,INTHEREALWORLD,THISISOFTENLOCKINGTHEWORDRECENTISARELATIVETERMATSOMEPOINTSINTIMEASALEWHICHTOOKPLACEAYEAREARLIERMAYBERECENTENOUGHTOBEAVALIDCOMPARISONIFTHEMARKETHASREMAINEDRELATIVELYSTABLEINTHEINTERVENINGPERIODIFTHEMARKETHASBEENVOLATILEORHASCHANGEDINANYWAYDURINGTHISTIME,THENMARKETEVIDENCEMIGHTNEEDTOBEMUCHMORERECENTPAST,AVALUERMAYBEABLETOGETSOMEGUIDANCEFROMCONSIDERINGMARKETEVIDENCEOVERPERIODOFEARLIERYEARSORMONTHS,ASITPOSSIBLETHATACLEARLYDEFINEDTRENDOFVALUESMIGHTBEDETECTEDTHEVALUERMAYDECIDETHATTHISTRENDWOULDHAVECONTINUEDTHROUGHTOBEDATEONWHICHHEISMAKINGHISVALUATIONINUSINGTHECOMPARATIVEMETHODAMOSTTHROUGHINSPECTIONOFALLTHEUNDERLYING中原工学院经济管理学院外文翻译FACTORSINTHEMARKETMUSTBEMADEINORDERTODECIDEWHETHERTHEYHAVEBEENCHANGESINCONDITIONSSINCEOTHERTRANSACTIONSTAKEPLACETHEMETHODINVOLVESFEWDANGERSIFTHEMARKETISSTABLEWHENITISNOTSTABLE,VALUERMAYENCOUNTERPROBLEMSINITSUSE,ANDTHISMAYALSOBETHECASEIFTHEREAREFEWCOMPARABLES,ORIFTHEREARENOTRUECOMPARABLES,THATISIFTHERANGEOFPROPERTIESSOLDDOESNOTCONTAINANYTHINGTRULYIDENTICALTOTHEPROPERTYUNDERCONSIDERATIONSOMEDIFFERENCESMAYBERELATIVELYUNIMPORTANT,ANDDIFFERENCESINARCHITECTURALDESIGN,FOREXAMPLEMAYOFTENMAKELITTLEDIFFERENCETOVALUEHOWEVER,IFAPARTICULARDESIGNRENDERSABUILDINGINEFFICIENTINUSE,THEDIFFERENCEMAYBEVERYIMPORTANT,ANDINUSINGTHEMETHODTHEVALUERSHOULDALWAYSCONSIDERSUCHPOSSIBILITIESTHEAGEOFABUILDINGCANBEIMPORTANTINTHATITMAYBESUCHASTORENDERITEITHERMOREORLESSFASHIONABLEANDINMANYINSTANCESTHESTRUCTURALCONDITIONANDSTATEOFREPAIRWILLBEDIRECTLYRELATEDTOTHEAGEOFTHEBUILDINGVALUERSSHOULDALSOPAYCONSIDERABLEATTENTIONTOTHEACCOMMODATIONOFFEREDBYDIFFERENTPROPERTIES,ANDTRYTOMAKEALLOWANCESFORVARIATIONSINTHEAMOUNTOFFLOORSPACEANDDIFFERENCESINTHELAYOUTANDTHENUMBEROFROOMSPROVIDEDALLOWANCESHOULDALSOBEMADEFORDIFFERENCESINTHEQUALITYOFFIXTURESANDFITTINGS,ANDFORDIFFERENCESINTHESIZEOFPLOTSONWHICHPROPERTIESSTANDLOCATIONISALWAYSVERYIMPORTANT,ANDVALUERSSHOULDBEWARYOFASSUMINGTHATVALUESSHOULDBESIMILARBECAUSETHESIZEANDACCOMMODATIONOFPROPERTIESISIDENTICALASLIGHTLYDIFFERENTLOCATIONCANMAKEAVASTDIFFERENTTOMARKETVALUEINUSINGTHISMETHODTHEVALUERSHOULDALWAYSBEARINMINDTHEFACTTHATPROPERTYISHETEROGENEOUS,ANDSHOULDALWAYSASKHIMSELFWHETHERANYSPECIALFACTORSAFFECTEDTHEMARKETVALUEOFTHECOMPARABLESTHATHEISUSING,ORWHETHERANYSPECIALFACTORSARELIKELYTOAFFECTTHEVALUEOFTHEPROPERTYWHICHHEISCONSIDERINGTHECONTRACTOR’SMETHODTHECONTRACTOR’SMETHODSUMMATIONISUSEDTOVALUETHETYPEOFPROPERTIESWHICHSELDOMCHANGEHANDSANDFORWHICHTHEREARETHEREFOREFEWCOMPARABLES.ITMUSTATTHISPOINTBESTRESSEDTHATCOSTANDVALUEARERARELYTELLSAME,BUTTHISMETHODOFVALUATIONISBASEDLOOSELYONTHEASSUMPTIONTHATTHEYARERELATEDITSHOULDTHEREFOREBEAPPRECIATEDTHATITISAMETHODUSEDONLYINFREQUENTLY,ANDWHICHISSOMETHINGOFALASTRESORT.THEBASICTHEORYOFTHECONTRACTOR’SMETHODISTHATTHECOSTOFTHESITEPLUSTHECOSTOFTHEBUILDINGSWILLGIVETHEVALUEOFTHELANDANDBUILDINGSONEUNITWITHTHEMAJORITYOFPROPERTIESTHEREISAMPLEEVIDENCETOSHOW,THATTHISPROPOSITIONISNOTCORRECT,BUTTHECONTRACTOR’SMETHODISUSEDTOVALUEPROPERTIESFORWHICHTHEREISLITTLEGENERALMARKETDEMANDANDWHICHARECONSEQUENTLYRARELYSOLD.THETYPESOFPROPERTYFORWHICHITCOULDBEAPPROPRIATEAREHOSPITALS,TOWNHALLS,SCHOOLS,LIBRARIES.POLICESTATIONS,ANDOTHERSUCHBUILDING.ITWILLBENOTEDTHATTHISLISTCOMPRISESPRINCIPALLYPUBLICBUILDINGS,ALTHOUGHTHEUSEOFTHEMETHODISNOTNECESSARILYRESTRICTEDTOPUBLICBUILDINGALONECOSTISNORMALLYONLYONEFACTOROFMANYWHICHMAYAFFECTSUPPLYANDDEMANDANDWHICHTHEREFOREAFFECTVALUE,BUTITISPROBABLYTRUETHATWITHTRUETHATWITHTHISTYPEOFBUILDINGITISAPREDOMINANTFACTORITWOULDALWAYSBEPOSSIBLEFORTHEWOULDBEUSERSOFSUCHBUILDINGSTOACQUIRE中原工学院经济管理学院外文翻译ALTERNATIVESITESANDTOCONSTRUCTNEWBUILDINGSRATHERTHANPURCHASEANEXISTINGPROPERTYATGREATEROVERALLCOST.COMPETITIONBETWEENRIVALPOTENTIALUSERSWOULDBEUNLIKELYANDITISTHEREFOREREASONABLETOASSUMETHATCOSTANDVALUEARENOTUNRELATEDWITHSUCHSPECIALBUILDINGS.HOWEVERIFANALTERNATIVEBUILDINGWERECONSTRUCTEDITWOULDBEANEWPROPERTV,WHEREASWITHANEXISTINGPROPERTYITISOBVIOUSTHATTHEREWOULDBESOMEWEARANDTEARRESULTINGFROMISPREVIOUSUSEANDTHEREMIGHTALSOBEADEGREEOFOBSOLESCENCEWHICHHADARISENSINCEITWASNEWINUSINGTHECONTRACTORSMETHODTHEVALUERMUSTTHEREFOREMAKEADEDUCTIONTOALLOWFORBOTHDEPRECIATIONOFTHEBUILDINGSANDOBSOLESCENCEOFDESIGNTHEBASICVALUATIONAPPROACHTHENBECOMESASBELOWCOSTOFSITEPLUSCOSTOFBUILDINGLESSDEPRECIATIONALLOWANCEANDOBSOLESCENCEALLOWANCEVALUEOFEXISTINGPROPERTYTHISMETHODISMOSTFREQUENTLYUSEDFORRATINGPURPOSEWHERERATESARELEVIEDONTHEVALUEOFBUILDINGSANDSITESTOGETHERANDITISALSOSOMETIMESUSEDINVALUATIONSFORCOMPENSATIONWHENPROPERTYOFASPECIALNATUREHASBEENCOMPULSORILYACQUIRED.THERESIDUALMETHODTHERESIDUALMETHODHYPOTHETICALDEVELOPMENTMETHODISUSEDWHENAPROPERTYHASDEVELOPMENTORREDEVELOPMENTPOTENTIALITISNEEDEDWHENTHEREISANELEMENTOFLATENTVALUEWHICHCANBERELEASEDBYTHEEXPENDITUREOFMONEYONAPROPERTYRESIDUALVALUATIONSAREQUITEREGULARLYMADEBYPEOPLEWHOPURCHASERESIDENTIAL;PROPERTIESWHICHTHEYCONSIDERCOULDBEMADEMOREVALUABLEIDMONEYWERESPENTONIMPROVEMENTANDMODERNIZATIONTHISWOULDBEPURCHASERMAYLOOKATAHOUSEANDDECIDETHATITISWORTH£20000,AFTERWHICHITWILLHAVEAMARKETVALUEOF£90000AQUICKINSPECTIONOFTHEFIGURESSHOWSTHATLATENTVALUEOF£20000HASBEENINUSE,BUTEVENWHENMUCHMORECOMPLICATEDCALCULATIONSAREINVOLVED,THEBASICAPPROACHTOTHEMETHODISSTILLEXACTLYTHESAMEVALUEOFTHECOMPLETEDDEVELOPMENTLESSTOTALEXPENDITUREONIMPROVEMENTSORDEVELOPMENTINCLUDINGDEVELOPER’SPROFITVALUEOFSITEORPROPERTYINITSPRESENTCONDITIONRESIDUALVALUETHEVALUEOFTHECOMPLETEDDEVELOPMENTISSOMETIMESREFERREDTOASTHEGROSSDEVELOPMENTVALUE,ORASTHEGROSSREALIZATIONTHEUSEOFTHERESIDUALMETHODINVOLVESCONSIDERABLESKILLANDITISFIRSTNECESSARYTODECIDEWHATISTHEBESTFORMOFDEVELOPMENTSUITABLEFOEORPROPERTY,ANDTHENTOTASK,ASAPARTFROMTHESKILLINVOLVEDINCHOOSINGTHEBESTUSEFORASITE,THEVAGUERALSOHASTOESTIMATETHEVALUEOFABUILDINGWHICHDOESNOTASYETEXISTHEHASTOCASTHISMINDFORWARDTOESTIMATETHEGROSSDEVELOPMENTVALUEEVENWHENTHISHASBEENDONEWITHGREATSKILLACCURACY,ALLTHECOSTSOFIMPROVEMENTANDDEVELOPMENTMUSTTHENBEESTIMATEDTHESEMAYINCLUDESUCHITEMS中原工学院经济管理学院外文翻译ASTHECOSTOFSITECLEARANCE,ARCHITECT’SFEES,SITEENGINEER’SQUANTITY’SFEES,ANDALLOTHERPROFESSIONALFEESINCURREDINCREATINGTHEDEVELOPMENT,THECOSTSOFBUILDINGMUSTBEESTIMATED,ANDTHESECOULDWELLINCREASEDURINGTHETIMELAGBETWEENTHEACQUISITIONOFTHEPROPERTYANDTHECOMPLETIONOFTHEDEVELOPMENTONCEAPROPERTYHASBEENDEVELOPEDITHASTOBELETORSOLD,ANDTHEVALUERMUSTMAKEANALLOWANCEFORALLCOSTSWHICHWOULDBEINCURREDINLETTINGORDISPOSINGOFTHEPROPERTYHEENVISAGESASONEDAYSTANDINGONTHESITETHESECOSTSWILLINCLUDEESTATEAGENT’SFEES,ADVERTISINGFEES,ANDTHESOLICITOR’SFEESANDLEGALEXPENSES,TOPURCHASETHESITEANDSUBSEQUENTLYDEVELOPORREDEVELOPITWILLUSUALLYREQUIREACONSIDERABLEAMOUNTOFFINANCE,ANDTHECISTSOFOBTAININGTHISMUSTBEDEDUCTEDASADEVELOPMENTCOSTNOONEWILLWISHTOTAKEALLTHERISKSINVOLVEDINAPROJECTWITHOUTANYREWARD,ANDADEVELOPER’SPROFITMUSTBEALLOWEDTHEMAYBEOTHERITEMSOFEXPENSETOCONSIDER,ANDTHEMOREVARIABLESTHEREARETHEMOREDIFFICULTITWILLBETOMAINTAINANACCEPTABLEDEGREEOFACCURACYINTHECALCULATIONSHOWEVER,ASKILLEDVALUERWITHASPECIALKNOWLEDGEOFTHETYPEOFDEVELOPMENTFORWHICHHEISVALUING,WHOISINTOUCHWITHTHEMARKETANDWHOIDFAMILIARWITHTHECOSTSOFDEVELOPMENT,CANUSETHISMETHODWITHACONSIDERABLEDEGREEOFACCURACYTHEREWILLDOUBTLESSBEINSTANCESINWHICH,INRETROSPECT,APURCHASERWILLBESEENTOHAVEPAIDTOOMUCHFORAPROPERTYBECAUSETHEFIGURESONWHICHTHERESIDUALVALUATIONWASBASEDHAVECHANGEDINTHEPERIODSINCETHEPROPERTYWASPURCHASEDTHEMETHODISNEVERTHELESSACCEPTABLEFORFINDINGMARKETVALUE,ASITMUSTALWAYSBEREMEMBEREDTHATTHISVALUEISTHEFIGUREWHICHWOULDBEPAIDINTHEMARKETATADEFINITEPOINTINTIME,TAKINGINTOACCOUNTFUTUREEXPECTATIONSTHEMETHODISOFTENISOFTENCRITICIZEDASBEINGCLUMSYANDCONTAININGTOOMANYVARIABLES,BUTTHEREISLITTLEDOUBTTHATITISTHEONLYREALMETHODOFVALUATIONAPPLICABLEWHENTHEREISLATENTVALUEINAPROPERTYTHEPROFITSMETHODTHEPROFITSMETHODACCOUNTSMETHOD,TREASURYMETHODISBASEDONTHEASSUMPTIONTHATTHEVALUEOFSOMEPROPERTIESWILLBERELATEDTOTHEPROFITSWHICHCANBEMADEFROMTHEIRUSETHEMETHODISNOTUSEDWHEREITISPOSSIBLETOVALUEBYMEANSOFCOMPARISON,ANDISGENERALLYONLYUSEDWHERETHEREISSOMEDEGREEOFMONOPOLYATTACHEDTOAPROPERTYSUCHAMONOPOLYMAYBEEITHERLEGALORFACTUAL,ALEGALMONOPOLYEXISTINGWHERESOMELEGALRESTRAINTEXISTSTOPREVENTCOMPETITIONTOTHEPROPERTYUSERFROMTHEUSERSOFOTHERPROPERTYSUCHASIT

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