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Context 1
... several adjustments for the individual qualities of the subject property concerning age, location, contractual matters and other value influencing factors can be done. Obviously it is difficult to find buildings, which are similar except for mass construction or the calculation of land values (see Figure 1 in chapter 3.2.1). ...
Context 2
... Adjustments have to be taken into consideration to get the market value. Figure 13 in chapter 3.5.4 illustrates the cost approach with the aid of a numerical example. ...
Context 3
... material asset of a property is composed of the value of the building, the value of the land and the value of the so called other facilities of the property. Figure 13 demonstrates the cost related approach in connection to a numerical example. ...
Context 4
... the Net Initial Yield [NIY] is used the multiplier is called "Year's Purchase" [YP] and is calculated as shown in Figure 10. Using the reciprocal value of the yields implies that the rents will be paid unendingly and therefore the building will last for perpetuity. ...
Context 5
... the reciprocal value of the yields implies that the rents will be paid unendingly and therefore the building will last for perpetuity. In some jurisdiction this paradox assumption is denied and therefore the multiplier has to be calculated using the remaining economic lifetime of the building, which makes the formulary look a little bit more complicated as shown in Figure 11. For this special kind of multiplier the German term "Vervielfältiger" will be used in this paper. ...
Context 6
... this special kind of multiplier the German term "Vervielfältiger" will be used in this paper. As shown in the Figure 10 and Figure 11 "Year's Purchase" and "Vervielfältiger" differ, if the same nominal yield is used. To reflect the market situations in a right way, it is obvious that different yields (e.g. ...
Context 7
... this special kind of multiplier the German term "Vervielfältiger" will be used in this paper. As shown in the Figure 10 and Figure 11 "Year's Purchase" and "Vervielfältiger" differ, if the same nominal yield is used. To reflect the market situations in a right way, it is obvious that different yields (e.g. ...
Context 8
... statistical analyses like variation and/or regression analyses have to be done. The calculation of the comparison approach is as simple as demonstrated in Figure 12. 45 The calculation of the market value with the aid of the income related approach uses an equated "Liegenschaftszinssatz" respectively "Kapitalisierungszinssatz" to obtain the comparability of the results. ...
Context 9
... it is still a used and accepted valuation approach in many countries. Generally they are calculated as Figure 13 demonstrates. ...
Context 10
... examples of the different ways of calculation in Figure 14 may clarify some misunderstandings. The following principles describe the connection of "Liegenschaftszinssatz" and yield: ...
Context 11
... reason for that is because this methodology is the most transparent valuation approach, which allows appraiser to consider and reflect all relevant aspects and opens a broader range of possibilities for adjustments and modelling of key valuation parameters such as rental growth, renew/re-lease probability and vacancy, operating expenses, capital expenditure and terminal yields, operating expenses (see Figure 16). Due to that also the possibility for integration and modelling of different effects of energy performance and sustainability indicators are more transparent in comparison to other valuation approaches (e.g. sales comparison or cost related approach ...
Context 12
... 53 of 93 that long term rental growth, operating cost savings, improved occupancy rates and tenant retention will become the key drivers for the market value of Green Star buildings in relation to non-Green Star buildings in Australia (see Figure 17). On the other hand the survey indicates that a number of studies show still significant, slight cost premiums to the construction and design of green buildings. ...
Context 13
... valuer has to differ between the assessment of buildings using petroleum gas, fuel and electricity and buildings using district/local heating systems, timber, other renewable fuels, carbon or mixed use of energy sources. Figure 18 illustrates the ratio, which should be used for the assessment for buildings using petroleum gas, fuel and electricity. The appraiser only has to use the primary energy demand published within the EPC in comparison to the required energy demands. ...
Context 14
... Knispel, J., Alles, R. (2003) Buildings that use district/local heating systems, timber, other renewable fuels, carbon or mixed use of energy sources have to be assessed with the aid of an adjusted primary energy demand. The weightings for the different energy sources can be seen in Figure 19. After assessing the primary energy demand the valuer is able to estimate the energy efficiency of the building in comparison to the required energy demands for average and upgraded REPORT D2 ...
