In what cases is the effective age of a building calculated? Methods for assessing land plots

The deterioration of the building is due to the deterioration of its physical condition, the discrepancy between the functional characteristics of modern concepts of the real estate market, and the influence of the external conditions of the operation of the object on its value. Since the listed factors are interrelated, their impact on cost is assessed comprehensively.

Depreciation is the loss of value due to deterioration in the physical condition of an object and/or obsolescence. Accumulated depreciation is defined as the difference between the current cost of restoration (replacement) and the real market value of the object on the valuation date.

Depending on the reasons causing the loss of value, wear is divided into three types: physical wear, functional wear, and external wear.

Physical wear and tear is the loss of value due to natural processes during operation. It is expressed in aging and wear, destruction, rotting, rusting, breakage and structural defects. This type of wear can be either removable or irreparable. Recoverable physical wear and tear (i.e., wear that can be corrected through routine maintenance) includes routine repairs or replacement of parts of an asset during day-to-day use. Irremovable physical wear is wear that cannot be corrected from an economic point of view, i.e. the cost of eliminating it is greater than the added value of the structure.

Functional obsolescence is the loss of value due to the relative inability of a given structure to provide utility compared to a new structure constructed for the same purpose. It is usually caused by poor design, technical and functional requirements such as size, style, durability, etc. Functional wear can be removable or irreparable. Functional wear and tear is considered recoverable when the cost of repairing or replacing obsolete or unacceptable components is cost-effective or at least does not exceed the amount of utility and/or value added. Otherwise, the wear is considered irreparable.

Physical and functional wear and tear are usually inherent in the property itself.

External (economic) wear and tear characterizes the damage caused to the value of real estate by factors external to it. It is unique to real estate due to its fixed location.

Recoverable physical deterioration refers to the loss of value due to the potential cost to a typical buyer of repairs to structural and building components that have obvious damage or defects.

It is assumed that structures and elements are restored to a state corresponding to normal operating conditions, or are completely replaced.

To determine removable physical wear and tear, we divided objects into individual structural elements and determined their technical condition.

Under the influence of various natural and functional factors, constructed objects lose their performance qualities and are destroyed. In addition, the market value of an object is influenced by external economic influences from the immediate environment and changes in the market environment. At the same time, physical wear and tear (loss of performance qualities), functional aging (loss of technological compliance and value due to scientific and technological progress), external or economic wear and tear (changes in the attractiveness of an object in terms of changes in the external environment and economic situation in the region) are distinguished. Together, these types of wear and tear constitute accumulated wear and tear, which will be the difference between the replacement cost of the object and the cost of reproduction/replacement of the object.

Physical wear and tear of structures, elements, engineering equipment systems, and the facility as a whole should be understood as the loss of their original technical and operational qualities (strength, stability, reliability, etc.) as a result of the influence of natural and climatic factors and human activity. Physical wear and tear at the time of its assessment is expressed by the ratio of the cost of objectively necessary repair measures to eliminate damage to structures, an element, a system or an object as a whole, and their replacement cost.

The amount of physical deterioration for the buildings being assessed was determined by the modified lifespan method. This method is based on determining the total wear and tear by calculating its two components: removable and irreparable physical wear.

In this case, removable wear is taken to be equal to the cost of its elimination, and not removable wear is the ratio of the effective age (EA) of the building to their typical economic life (TS), multiplied by the replacement cost (C), reduced by the amount of removable wear (RU). Thus, the formula for calculating cumulative wear and tear is:

where the vehicle was determined according to the lifespan of residential buildings depending on the capital group specified in the “Lecture notes on the basic principles of assessing the technical condition of buildings and structures by Yu. V. Beilezon.

The amounts of removable physical wear and tear of the building’s structural elements are determined in accordance with VSN 53-86(r) “Rules for assessing physical wear and tear...”. According to these rules, the reparable wear and tear of the premises is equal to the sum of the removable wear and tear of the individual structural elements of the building, multiplied by their share in the replacement cost.

By general accumulated depreciation, appraisers understand the loss of value of the appraised object for all possible reasons. The amount of total accumulated depreciation represents the difference between the market value of the structure on the valuation date and its full replacement cost, calculated as either reproduction cost or replacement cost. The cost approach considers the full replacement cost of the buildings being assessed, assuming they are new. Therefore, having assessed the value of the total accumulated depreciation for buildings, appraisers subtract it from the full replacement cost indicator and obtain the residual value of the building as a result.

The physical life of a building (PL) is the period of operation of a building during which the condition of the load-bearing structural elements of the building meets certain criteria (structural reliability, physical durability, etc.). The physical life of an object is established during construction and depends on the capital group of the building. Physical life ends when the object is demolished.

Chronological age (CA) is the period of time that has passed from the commissioning of an object to the date of assessment.

Economic life (EL) is determined by the operating time during which the object generates income. During this period, improvements made contribute to the value of the property.

Effective age (EA) is calculated based on the chronological age of the building, taking into account its technical condition and the economic factors prevailing on the date of assessment that affect the value of the assessed object. Depending on the operating characteristics of the building, the effective age may differ from the chronological age up or down. In the case of normal (typical) operation of a building, the effective age is usually equal to the chronological

The remaining economic life (REL) of a building is the period of time from the date of assessment to the end of its economic life (Fig.).

Rice. Life periods of a building and evaluation indicators characterizing them

Estimated depreciation reflects the market reaction to certain characteristics of the valued object that distinguish it from a similar hypothetically newly built object on the valuation date. The deterioration of buildings occurs under the influence of three main reasons, which can manifest themselves both complexly and in isolation. The assessment identifies the following reasons for the loss of value of buildings:

1. physical wear and tear,

2. functional aging,

3. external (economic) aging.

Physical depreciation is a decrease in the value of property due to its physical aging, use, natural disasters and other factors that lead to a decrease in the useful life of the property.

Modern construction technologies make it possible to construct capital structures that are characterized by increased wear resistance, which also increases their life cycle. Therefore, it can be argued that new facilities are a priori designed to last at least 100 years; for particularly capital structures, the period of physical suitability can be 100-175 years. But with the current pace of life and rapid scientific progress, the obsolescence of many products, and real estate in particular, occurs much faster than physical obsolescence.

Thus, the Moscow Rossiya Hotel, which opened in 1967, was closed in 2006 for reconstruction. Naturally, the design of the hotel allowed it to continue to be used, but the inconvenient layout, low flows and other factors led to functional wear and tear. The building was dismantled. In many countries, such as Japan, the USA and others, such buildings are demolished after 20-30 years.

Valery Evstifeev gives the following examples for the capital's real estate market: “The aging process of buildings can be illustrated using the example of the retail and office markets. The first wave of creation of new shopping centers occurred at the end of the 1990s, office centers - at the beginning of the 2000s. Not much time has passed since then, and, nevertheless, some of them, although formally classified as class A buildings, are already functionally obsolete. This is explained by the fact that many objects were built taking into account only the minimum requirements for a particular class (in particular, this concerns the number of parking spaces per 100 m2 of area, layout, infrastructure, etc.). This situation can be explained by an acute shortage in all segments of commercial real estate, when almost all new supply is absorbed on the market, office and retail buildings are filled with tenants long before construction is completed. However, as the market becomes saturated, developers will increasingly face the challenge of creating real estate that is more resistant to economic obsolescence.

This means that when designing an office, shopping center, hotel or any other commercial building, it is necessary not only to take into account modern technical requirements, but also to weigh and evaluate the competition and requirements for objects from the market for several years in advance.”

Due to the design features of real estate objects and due to the influence of various factors leading to destructive changes in the structure of the object, the wear of various structural systems and elements of the real estate object occurs unevenly, therefore the calculation of the total wear indicator is always carried out element by element. This means that the appraiser separately inspects all structural systems of a building or structure, identifies and records signs of wear that are characteristic of a given structural system, and determines the wear of each system separately.

In any real estate property, the following structural systems can be distinguished: foundation, walls, floors, partitions, roof, openings, floors. Each of these elements performs its own specific function, is subjected to certain loads, has its own design and, as a result, has its own signs of wear. Let us dwell in more detail on the signs of wear of the most important of the listed structural systems.

Assessment of the condition of a property begins with the foundation, but not the entire foundation is available for inspection; at best, you can inspect the base and basement of the building and, based on their inspection, assess the wear of the foundation. What signs does the appraiser look for? If the inspection does not reveal deformation of the base, cracks, spalling of the mortar in the masonry, peeling of the plaster layer, and the basement of the building is dry without signs of waterproofing damage, then we can talk about the good condition of the foundation, and the percentage of wear in this case will be no more than 10%. If there are deformations and cracks in the masonry of the base, as well as other signs of wear, then there is every reason to take a closer look at the condition of the foundation and determine the degree of its wear based on the results of this study.

Walls are the main load-bearing structure of a building. They can be brick, reinforced concrete, wood, etc., and signs of wear, accordingly, depend on the type of walls. For brick walls, the main sign of wear is the presence of cracks, curvature of horizontal masonry lines, deviation from the vertical, spalling of the mortar in the masonry, as well as changes in the condition of the brick material.

The roof, as a rule, structurally consists of two main elements - the supporting structure and the roof. For the supporting structure, the main indicators are the correctness of the geometry and the condition of the construction material, and for the roof - the absence of leaks.

But inspecting the main elements of the property and identifying signs of wear and tear is only the first part of the work of assessing the value of the property. Having established the degree of wear of each element as a percentage, it is necessary to estimate the total wear, and this can be done if the percentage contribution of the cost of each element to the cost of the entire object is known. Such data can be found in the reference books “Enlarged indicators of replacement cost”, where all real estate objects are classified and the main reference indicators are given for them, including the percentage contribution of each structural system of a building or structure to the value of the object. The presence of such reference books greatly facilitates the work of the appraiser.

But the work of assessing the wear and tear of real estate is not always limited to inspection and analysis of signs of wear. There are cases when inspection alone is not enough. These are complex cases in which the appraiser assumes that the design of a building or structure (especially foundations and walls) may have hidden defects that significantly worsen the characteristics of the object and may affect the economic life of this real estate. In this case, to determine wear, it is necessary to carry out a special technical examination using tools and laboratory analysis. This work is no longer performed by an appraisal company, but by a specialized organization that has the appropriate experience, specialists and equipment.

The definition of wear and tear is one of the most confusing and little-discussed issues in valuation theory. This issue is often given only a few lines in the description of the methods allegedly used. But the naturally arising question about the labor intensity of the described methods and the possibility of using these methods itself makes it clear that the purpose of wear is actually arbitrary.

3. Real estate valuation

3.5. Approaches to real estate valuation.

3.5.2. Cost-effective approach

Cost-effective approach- this is a set of assessment methods based on determining the costs necessary to restore or replace the object of assessment, taking into account accumulated wear and tear. Based on the assumption that the buyer will not pay more for a finished object than for the creation of an object of similar utility.

Information required to apply the cost approach:
- wage level;
- amount of overhead costs;
- equipment costs;
- profit rates for builders in a given region;
- market prices for building materials.

Advantages of the cost approach:
1. When evaluating new objects, the cost approach is the most reliable.
2. This approach is appropriate or the only possible in the following cases:
§ technical and economic analysis of the cost of new construction;
§ justification for the need to update the existing facility;
§ assessment of special purpose buildings;
§ when assessing objects in “passive” sectors of the market;
§ analysis of the efficiency of land use;
§ solving problems of object insurance;
§ solving tax problems;
§ when agreeing on the values ​​of a property obtained by other methods.

Disadvantages of the cost approach:
1. Costs are not always equivalent to market value.
2. Attempts to achieve a more accurate assessment result are accompanied by a rapid increase in labor costs.
3. The discrepancy between the costs of purchasing the property being valued and the costs of new construction of exactly the same property, because During the appraisal process, accumulated depreciation is deducted from the construction cost.
4. The difficulty of calculating the cost of reproduction of old buildings.
5. The difficulty of determining the amount of accumulated wear and tear of old buildings and structures.
6. Separate assessment of the land plot from the buildings.
7. The problematic nature of assessing land plots in Russia.

Stages of the cost approach(see Fig. 3.3):
- Calculation of the cost of a land plot taking into account the most effective use (Sz).
- Calculation of replacement cost or replacement cost (Svs or Szam).
- Calculation of accumulated wear and tear (all types) (Cizn):
· physical deterioration - wear associated with a decrease in the performance of an object as a result of natural physical aging and the influence of external unfavorable factors;
· functional wear - wear and tear due to non-compliance with modern requirements for such objects;
· external wear - wear and tear as a result of changes in external economic factors.

Calculation of the cost of an object taking into account accumulated depreciation: Son = Свс-Сызн.

Determination of the final cost of real estate: Sit= Sz+Son.

3.5.2.1. Comparative unit method

This method involves calculating the cost of constructing a comparative unit of a similar building. The cost of a comparative unit of an analogue should be adjusted for existing differences in the objects being compared (layout, equipment, ownership, etc.)

If 1 m2 is chosen as a comparative unit, then the calculation formula will have the following form:

C o = C m 2 *S o *K p *K n *K m *K v *K pz *K vat,

C about - the cost of the assessed object;
C m 2 - the cost of 1 m 2 of a typical structure on the base date;
S o - area of ​​the assessed object (number of comparison units);
K p - coefficient taking into account possible discrepancies between the data on the area of ​​the object and the construction area (1.1-1.2);
Kn - coefficient taking into account possible discrepancies between the assessed object and the selected typical structure (for identical = 1);
K m - coefficient taking into account the location of the object;
K in - coefficient taking into account the change in the cost of construction and installation work between the base date and the date at the time of assessment;
K pz - coefficient taking into account the developer’s profit (%);
K VAT - coefficient taking into account VAT (%).

An important step is the selection of a typical object. In this case, it is necessary to take into account:
- single functional purpose;
- proximity of physical characteristics;
- comparable chronological age of objects;
- other characteristics.

3.5.2.2. Component breakdown method

This method involves breaking down the assessed object into building components - foundation, walls, floors, etc. The cost of each component is obtained based on the sum of direct and indirect costs required to construct a unit of volume according to the formula:

, Where

C building – the cost of constructing the building as a whole;
V j – volume of the jth component;
C j – cost per unit volume;
n – number of allocated building components;
Кн – coefficient that takes into account existing discrepancies between the assessed object and the selected typical structure.

There are several options for using the component breakdown method:
- subcontracting;
- breakdown by work profile;
- allocation of costs.

Subcontracting method is based on the fact that the general contractor hires subcontractors to perform part of the construction work. Then the total costs for all subcontractors are calculated.

Profile method similar to the previous one and is based on calculating the costs of hiring various specialists .

Cost Allocation Method involves the use of different units of comparison to evaluate different components of the building, after which these estimates are summed.

Rice. 3.3. The procedure for assessing the value of real estate using the cost approach

3.5.2.3. Quantitative survey method

This method is based on the use of detailed quantitative calculations of the costs of installation of individual components, equipment and construction of the building as a whole. In addition to calculating direct costs, it is necessary to take into account overhead costs and other costs, i.e. a full estimate for the reconstruction of the assessed object is drawn up.

Construction cost calculation

The cost of construction of buildings and structures is determined by the amount of investment required for its implementation. The cost of construction, as a rule, is determined at the stage of pre-design studies (drawing up a feasibility study for construction).

The estimated cost of construction of buildings and structures is the amount of money required for its implementation in accordance with the design documentation.

Based on the estimated cost, the size of capital investments, construction financing, as well as the formation of free (negotiable) prices for construction products are calculated.

The estimated cost of construction includes the following elements:

construction works;

equipment installation work (installation work);

costs of purchasing (manufacturing) equipment, furniture and inventory;

other costs.

Cost calculation methods. When preparing estimates (calculations) for the investor and contractor on an alternative basis, the following cost calculation methods can be used:
resourceful;
resource-index;
base-index;
basic compensation;
based on a data bank on the cost of previously constructed or designed analogue facilities.

Resource method - calculation in current (forecast) prices and tariffs of resources (cost elements) is carried out based on the need for materials, products, structures (including auxiliary ones used in the process of work), as well as data on distances and methods of their delivery to the construction site , energy consumption for technological purposes, operating time of construction machines and their composition, labor costs of workers.

Resource-index method - This is a combination of the resource method with a system of indexes for resources used in construction.

Cost (price, cost) indices - relative indicators determined by the ratio of current (forecast) cost indicators and basic cost indicators for resources comparable in nomenclature.

Basis-index method - recalculation of costs along budget lines from the basic price level to the current price level using indices.

Basic compensation method - summation of the cost calculated at the basic level of estimated prices and additional costs determined by calculations associated with changes in prices and tariffs for the resources used during the construction process.

It must be taken into account that until the economic situation stabilizes and the corresponding market structures are formed, the highest priority methods for calculating the estimated cost are the resource and resource-index methods. In the practical activities of experts, the base-index method of calculating the estimated cost is more popular.

Determining the wear and tear of a property

Depreciation is characterized by a decrease in the usefulness of a property, its consumer attractiveness from the point of view of a potential investor and is expressed in a decrease in value over time (depreciation) under the influence of various factors. Depreciation (I) is usually measured as a percentage, and the monetary expression of depreciation is depreciation (O).

Depending on the reasons causing the depreciation of a property, the following types of wear and tear are distinguished: physical, functional and external.

Physical and functional wear and tear are divided into removable and irreparable.

Removable wear - this is wear, the elimination of which is physically possible and economically feasible, i.e. the costs incurred to eliminate one or another type of wear contribute to an increase in the value of the object as a whole.

Identifying all possible types of wear and tear is the accumulated wear and tear of a property. In monetary terms, total depreciation is the difference between the replacement cost and the market price of the valued object.

The cumulative accumulated wear is a function of the object's lifetime. Let us consider the basic evaluative concepts that characterize this indicator.

Physical life of the building (PL) - the period of operation of the building, during which the condition of the load-bearing structural elements of the building meets certain criteria (structural reliability, physical durability, etc.). The physical life of an object is laid down during construction and depends on the capital group of the buildings. Physical life ends when the object is demolished.

Chronological age (CA) - the period of time that has passed from the date of commissioning of the facility to the date of assessment.

Economic Life (EJ) determined by the operating time during which the object generates income. During this period, improvements made contribute to the value of the property. The economic life of an object ends when the operation of the object cannot generate the income indicated by the corresponding rate for comparable objects in a given segment of the real estate market. At the same time, the improvements carried out no longer contribute to the cost of the object due to its general wear and tear.

Effective age (EA) is calculated on the basis of the chronological age of the building, taking into account its technical condition and the economic factors prevailing on the assessment date that influence the value of the assessed object. Depending on the operating characteristics of the building, the effective age may differ from the chronological age up or down. In the case of normal (typical) operation of a building, the effective age is usually equal to the chronological age.

Remaining Economic Life (REL) building - the period of time from the date of assessment until the end of its economic life (Fig. 3.4).

Rice. 3.4. Life periods of a building and indicators characterizing them

Depreciation in valuation practice must be distinguished in meaning from a similar term used in accounting (depreciation). Estimated depreciation is one of the main parameters that allows you to calculate the current value of an appraised object on a specific date.

Physical wear and tear is the gradual loss of the technical and operational qualities of an object originally laid down during construction under the influence of natural and climatic factors, as well as human activity.

Methods for calculating the physical deterioration of buildings are as follows:
· regulatory (for residential buildings);
· cost;
· lifetime method.

Normative method calculating physical wear and tear involves the use of various regulatory instructions at the intersectoral or departmental level.

These rules describe the physical wear and tear of various structural elements of buildings and their assessment.

The physical wear and tear of a building should be determined using the formula:

, Where

And f - physical wear and tear of the building, %;

And i is the physical wear of the i-th structural element, %;

L i is the coefficient corresponding to the share of the replacement cost of the i-th structural element in the total replacement cost of the building;

P- the number of structural elements in the building.

The shares of the replacement cost of individual structures, elements and systems in the total replacement cost of the building (in percentage) are usually taken according to aggregated indicators of the replacement cost of residential buildings approved in the prescribed manner, and for structures, elements and systems that do not have approved indicators, according to their estimated cost .

This technique is used exclusively in domestic practice. Despite all the clarity and persuasiveness, it has the following disadvantages:
- due to its “normativity”, it initially cannot take into account the atypical operating conditions of the object;
- labor-intensive application due to the necessary detailing of the structural elements of the building;
- impossibility of measuring functional and external wear;
- subjectivity of specific weighing of structural elements.

At the core cost method The definition of physical wear and tear is physical wear and tear, expressed at the time of its assessment by the ratio of the cost of objectively necessary repair measures to eliminate damage to structures, an element, a system or the building as a whole, and their replacement cost.

The essence of the cost method for determining physical depreciation is to determine the costs of recreating building elements.

This method allows you to immediately calculate the wear and tear of elements and the building as a whole in cost terms. Since the impairment calculation is based on the reasonable actual costs of bringing worn-out items to “substantially new condition,” the result of this approach can be considered fairly accurate. The disadvantages of the method are the required detail and accuracy in calculating the costs of repairing worn-out building elements.

Determination of physical deterioration of buildings lifetime method . Indicators of physical wear and tear, effective age and economic life span are in a certain ratio, which can be expressed by the formula:

I – wear;
EV – effective age;
VF – typical period of physical life;
RSF – remaining period of physical life.

.

The use of this formula is also relevant when calculating percentage adjustments for wear and tear in compared objects (comparative sales method), when it is not possible for the appraiser to inspect the selected analogues. The percentage of depreciation of elements or the building as a whole calculated in this way can be translated into monetary terms (depreciation):

.

In practice, elements of a structure that have removable and irreparable physical wear are divided into “long-lived” and “short-lived”.

"Short-lived elements"- elements that have a shorter lifespan than the building as a whole (roofing, plumbing equipment, etc.).

"Long-lived elements"- elements whose expected lifespan is comparable to the lifespan of the building (foundation, load-bearing walls, etc.).

Removable physical wear and tear of “short-lived elements” occurs due to the natural wear and tear of building elements over time, as well as careless operation. In this case, the sale price of the building is reduced by the corresponding impairment, since the future owner will need to carry out “previously deferred repairs” in order to restore the normal operational characteristics of the structure (routine repairs of the interior, restoration of areas of leaking roofing, etc.). This assumes that the items are restored to a “virtually new” condition. Removable physical wear and tear in monetary terms is defined as the “cost of deferred repairs,” i.e. costs of bringing the object to a condition “equivalent” to the original one.

Irremovable physical wear of components with a short life span is the cost of restoring fast-wearing components, determined by the difference between the replacement cost and the amount of removable wear, multiplied by the ratio of the chronological age and the physical life of these elements.

Removable physical wear of elements with a long life is determined by the reasonable costs of its elimination, similar to the removable physical wear of elements with a short life.

Irremovable physical deterioration of long-life elements is calculated as the difference between the replacement cost of the entire building and the sum of removable and irreparable deterioration, multiplied by the ratio of the chronological age and the physical life of the building.

Functional wear. Signs of functional wear in the building being assessed - non-compliance of the space-planning and/or constructive solution with modern standards, including various equipment necessary for the normal operation of the structure in accordance with its current or intended use.

Functional wear is divided into removable and irreparable.

The cost expression of functional wear is the difference between the cost of reproduction and the cost of replacement, which excludes functional wear from consideration.

Removable functional wear determined by the costs of the necessary reconstruction, which contributes to more efficient operation of the property.

Causes of functional wear:
· shortcomings that require adding elements;
· deficiencies requiring replacement or modernization of elements;
· super improvements.

Deficiencies requiring addition - elements of the building and equipment that do not exist in the existing environment and without which it cannot meet modern performance standards. Depreciation due to these items is measured by the cost of adding these items, including their installation.

Disadvantages that require replacement or modernization of elements - items that still perform their functions, but no longer meet modern standards (water and gas meters and fire-fighting equipment). Depreciation for these items is measured as the cost of existing elements, taking into account their physical deterioration, minus the cost of returning materials, plus the cost of dismantling existing ones and plus the cost of installing new elements. The cost of returning materials is calculated as the cost of dismantled materials and equipment when used at other facilities (revisable residual value).

Superimprovements are positions and elements of a structure, the availability of which is currently inadequate to modern requirements of market standards. Removable functional wear and tear in this case is measured as the current replacement cost of the “over-improvement” items minus physical wear and tear, plus the cost of dismantling and minus the salvage value of the dismantled elements.

Unrecoverable functional wear caused by outdated space-planning and/or design characteristics of the buildings being assessed relative to modern construction standards. A sign of irreparable functional wear and tear is the economic inexpediency of spending on eliminating these deficiencies. In addition, it is necessary to take into account the market conditions prevailing at the date of assessment in order for the building to be adequately architectural for its purpose.

Depending on the specific situation, the cost of irreparable functional wear and tear can be determined in two ways:
1) capitalization of losses in rent;
2) capitalization of excess operating costs necessary to maintain the building in proper order.

To determine the necessary calculation indicators (rental rates, capitalization rates, etc.), adjusted data for comparable analogues are used. In this case, the selected analogues should not have signs of irreparable functional wear identified in the object being assessed.

Determination of impairment caused by irreparable functional wear and tear due to an outdated space-planning solution (specific area, cubic capacity) is carried out by the method of capitalizing losses in rent.

Calculation of irreparable functional wear and tear by capitalizing the excess operating costs required to maintain the building in good condition can be done in a similar way. This approach is preferable for assessing the irreparable functional wear and tear of buildings that feature non-standard architectural solutions and in which, nevertheless, the amount of rent is comparable to the rent for modern analogue facilities, in contrast to the amount of operating costs.

External (economic) wear and tear - depreciation of an object due to the negative influence of the external environment in relation to the object of assessment: the market situation, easements imposed on a certain use of real estate, changes in the surrounding infrastructure and legislative decisions in the field of taxation, etc. External wear and tear of real estate, depending on the reasons that caused it, in most cases is irreparable due to the unchanged location, but in some cases it can “remove itself” due to a positive change in the surrounding market environment.

The following methods can be used to assess external wear:
· capitalization of losses in rent;
· comparative sales (paired sales);
· economic life span.

Almost always, when evaluating a property, you have to deal with the concept of “wear and tear”.

In valuation activities, depreciation is considered as the main factor in the value of a property when applying the cost approach. Here, depreciation is used to account for differences in the characteristics of the new and appraised properties. Accounting for the depreciation of an object is a kind of adjustment to the cost of a newly reproduced building (determined using the cost approach) to determine the current value of the assessed object.

Wear characterized by a decrease in the usefulness of a property, its consumer attractiveness from the point of view of a potential investor and is expressed in a decrease in value (depreciation) under the influence of various factors over time. As the facility is used, the parameters characterizing the structural reliability of buildings and structures, as well as their functional compliance with current and, especially, future use associated with human life, gradually deteriorate. In addition, the value of real estate is no less influenced by external factors caused by changes in the market environment, the imposition of restrictions on certain uses of buildings, etc.

Depreciation is usually measured as a percentage, and the value of depreciation is the depreciation of the property.

The concept of “wear and tear” used in valuation activities must be distinguished from the concept of “depreciation” used in accounting. Depreciation in accounting, it is the process of allocating the initial costs associated with the acquisition of an object over its entire service life, without determining its current value.

Depending on the reasons causing the depreciation of the property, the following types of depreciation are distinguished (Table 2.2).

Table 2.2

Classification of depreciation of real estate objects

Each type of wear is characterized by its division into removable and irreparable. In the most general case preventable wear called wear, the elimination of which is physically possible and economically feasible. At the same time, economic feasibility lies in the fact that the costs incurred to eliminate one or another type of wear and tear should help increase the value of the object as a whole.

When all designated types of wear are identified, they speak of the total accumulated wear and tear of the property. In monetary terms, total depreciation is the difference between the replacement cost and the market price of the valued object.

Physical deterioration reflects a decrease in the performance of a property as a result of both natural physical aging and the influence of external natural unfavorable factors. Physical wear and tear is taken into account in depreciation rates.

In practice, four main methods are used for calculating the physical deterioration of buildings: expert, cost, normative (or accounting) and the method of calculating the life of the building.

At expert method assessment of the depreciation of a property is made on the basis of the expert opinion of an expert or group of experts who act on the basis of regulations and their own experience. The main disadvantage of this method is subjectivity.

As is known, the service life of buildings as a whole depends on the durability of its components. Therefore, physical wear and tear (I) can be calculated as the weighted average amount of wear of all structural elements of a building using the formula

where KE, is a structural element i.

This method for determining physical wear can be classified as a group of expert methods. It is usually used when taking inventory of real estate.

As mentioned above, physical wear and tear can be removable and irreparable. Removable physical deterioration assumes that the cost of ongoing repairs is less than the added value of the object. Physical wear and tear is considered irreparable, when the cost of correcting a defect exceeds the value that will be added to the object. Any defect in an object can, in principle, be corrected, but the cost of correction should not exceed the expected benefit.

To determine irreparable physical wear and tear, building elements are divided into two categories: long-term and wear-out. Wear of long-term elements, such as foundations, walls, floors, etc., can be calculated in groups by determining their effective service life and the remaining physical life in real conditions.

To calculate the physical wear and tear of long-term elements, you can also use the method of determining the costs of reproduction of building elements (or cost method). In this case, the percentage of wear and tear of each element of the building is also determined, which is then translated into cost terms. Total depreciation is defined as the ratio of the amount of depreciation of an object - the amount of depreciation of each element - to the replacement cost of the object - the sum of the replacement cost of all elements of the object:

In the more accurate adjusted cost method of calculating physical depreciation, the percentage of deterioration of building elements is determined as a weighted value.

The categories of rapidly wearing building elements include elements whose service life is shorter than the estimated economic life of the building. This is roofing, decorative finishing, painting, i.e. elements that can be repaired (restored) through routine maintenance.

Normative (accounting) method determining the physical deterioration of buildings involves the use of currently valid depreciation rates 1 . The physical deterioration of a property can be determined method of calculating lifespan. This approach is justified by the fact that the total accumulated wear is, first of all, a function of the lifetime of the object. The lifespan of a building or structure is shown in Fig. 2.1.

Rice. 2.1.

Let us consider the essence of the basic concepts characterizing this indicator. From the point of view of the functional use of a real estate object, the following life spans of a real estate object are distinguished:

• the typical physical life of a building (standard service life) is determined by the period of operation of the building, during which the condition of the load-bearing structural elements of the building meets certain criteria (structural reliability, physical durability, etc.). Physical life ends when the object is demolished;
• lifetime - the period of time when an object exists, i.e. you can live or work in it;
• chronological age is the period of time that has passed from the date the object was put into operation to the date of assessment;
• economic life - determined by the time of operation during which the object generates income. During this period, improvements made contribute to the value of the property. The economic life of an object ends when the operation of the object cannot generate the income indicated by the corresponding rate for comparable objects in this segment of the real estate market. At the same time, the improvements made no longer contribute to the value of the object due to its general wear and tear;
• effective age - determined on the basis of the chronological age of the building, taking into account its technical condition and the economic factors prevailing on the valuation date that affect the value of the assessed object. Depending on the operating characteristics of the building, the effective age may differ from the chronological age up or down. In the case of normal (typical) operation of a building, the effective age is usually equal to the chronological age;
• The remaining economic life of a building is the period from the date of valuation to the end of its economic life.

The relationship between wear and tear, replacement cost, effective age, and typical physical life can be described by the following formula:

The disadvantage of this formula is that it is not always applicable, since there are often situations where the chronological age is greater than the normative one. Therefore, such an assessment can only be used for an initial express assessment or in cases where there is insufficient information about the condition of the object. A more accurate formula is to use effective age instead of chronological age:

In other words, the percentage of depreciation from replacement cost is determined by the ratio of the effective age of the property to its typical economic life.

Functional wear(functional obsolescence) of an object is that the object does not meet modern standards in terms of its functional usefulness. This type of wear and tear can manifest itself in the outdated architecture of the building, in the convenience of its layout, volume, engineering support, etc., and is due to the influence of scientific and technological progress in the field of architecture and construction. Functional wear in domestic practice is called obsolescence and just like physical wear and tear can be removable and irremovable.

Removable functional wear and tear includes the restoration of built-in cabinets, water and gas meters, plumbing equipment, floor coverings, etc. The criterion for wear and tear, from the point of view of removability, is the comparison of the amount of repair costs with the amount of additionally received value. If the additional value received exceeds the cost of restoration, then functional wear and tear is removable. The amount of removable functional wear and tear is determined as the difference between the potential value of the building at the time of its assessment with updated elements and its value at the same assessment date without updated elements.

TO irreparable functional wear and tear refers to a decrease in the value of a building due to factors associated with both excess and deficiency of the quality characteristics of the building. For example, in the rental market, two-room apartments are in greater demand compared to one-room apartments. The amount of this type of depreciation is calculated as the amount of losses from rent when renting out these apartments, multiplied by the rent multiplier (the ratio of the sale price of the property to the potential rent for it), characteristic of this type of apartment. Thus, the amount of irreparable functional wear and tear is determined by capitalizing rental losses.

Functional (moral) wear and tear can manifest itself in two forms - obsolescence of the first kind associated with the reduction in cost of reproduction of objects, and obsolescence of the second type associated with the creation of new, more economical facilities.

where C B is the book value of the property; C in - replacement cost of the property.

Obsolescence of the second type can be determined based on a comparison of the profitability of existing new and old facilities (I M2):

where Dc is the profitability of a new property; D s - profitability of the old property.

External wear(economic or external wear and tear) is a decrease in the value of a property due to a negative change in the external environment caused by economic, political or other factors. The reasons for external wear and tear can be both the general decline of the area in which the object is located, and the actions of the government or local administration in the field of taxation and insurance; other changes in the employment, recreation, education, etc. markets.

A significant factor influencing the amount of external wear is the close proximity to unattractive natural or artificial objects - swamps, wastewater treatment plants, restaurants, dance floors, gas stations, railway stations, hospitals, schools, industrial enterprises, etc.

The decrease in value associated with environmental pollution is determined using methods similar to those for determining depreciation. For example, the cost of toxic waste disposal may be related to the cost of renovating the site, e.g. the cost of removable defects.

Economic wear and tear, in contrast to physical and moral wear and tear, is always considered irreversible, because the amount of costs allocated to eliminating external factors is disproportionately high.

A way to measure external wear is to analyze paired sales, when two comparable objects are sold on the real estate market, one of which has signs of external wear, the other does not. The difference in prices allows us to draw a conclusion about the amount of wear and tear from the external influence of the object being evaluated.

Another way to measure external depreciation is to compare the rental income of two properties similar to the property being assessed, one of which is negatively impacted. Capitalization of income losses from comparing these two objects will characterize the amount of wear and tear from external influences.

• The classification of fixed assets included in depreciation groups was approved by Decree of the Government of the Russian Federation dated January 1, 2002 No. 1 “On the Classification of fixed assets included in depreciation groups”; The Tax Code of the Russian Federation determines depreciation rates (Article 258).
• Asaul A. II., Karasev A. V. Economics of real estate: textbook, manual. M.: MIKHIS, 2001.

Depreciation is characterized by a decrease in the usefulness of a property, its consumer attractiveness from the point of view of a potential investor and is expressed in a decrease in value (depreciation) under the influence of various factors over time.

As the facility is used, the parameters characterizing the structural reliability of buildings and structures, as well as their functional compliance with current and, especially, future use associated with human life, gradually deteriorate. In addition, the value of real estate is no less influenced by external factors caused by changes in the market environment, the imposition of restrictions on certain uses of buildings, etc.

Depreciation (I) is usually measured as a percentage, and the monetary expression of depreciation is depreciation (O).

Depending on the reasons causing the depreciation of a property, the following types of wear and tear are distinguished: physical, functional and external.

Classification of depreciation of real estate objects:

Each type of wear is characterized by its division: removable and irremovable.

Removable wear- wear, the elimination of which is physically possible and economically feasible. At the same time, economic feasibility lies in the fact that the costs incurred to eliminate one or another type of wear and tear should help increase the value of the object as a whole.

Fatal wear– wear and tear that is either physically impossible or economically impractical.

When all designated types of wear are identified, they speak of the total accumulated wear and tear of the property. In monetary terms, total depreciation is the difference between the replacement cost and the market price of the valued object.
Based on the essence of these definitions, it can be argued that the total accumulated wear and tear is, first of all, a function of the lifetime of the object. Taking this circumstance into account, let us consider the essence of the main evaluative concepts characterizing this indicator:

Physical life building ( VF ) - determined by the period of operation of the building, during which the condition of the load-bearing structural elements of the building meets certain criteria (structural reliability, physical durability, etc.). The physical life of an object is laid down during construction and depends on the capital group of the buildings. Physical life ends when the object is demolished.

Chronological age(HV)- this is the period of time that has passed from the date the facility was put into operation until the date of assessment.

Economic Life (EJ) - determined by the operating time during which the object generates income. During this period, improvements made contribute to the value of the property. The economic life of an object ends when the operation of the object cannot generate the income indicated by the corresponding rate for comparable objects in this segment of the real estate market. In this case, the improvements made no longer contribute to the value of the object due to its general wear and tear.

Effective age (EV)) - determined on the basis of the chronological age of the building, taking into account its technical condition and the economic factors prevailing on the valuation date that influence the value of the assessed object. Depending on the operating characteristics of the building, the effective age may differ from the chronological age up or down. In the case of normal (typical) operation of a building, the effective age is usually equal to the chronological age.

Remaining economic life (REL)) of a building is the period of time from the date of valuation until the end of its economic life.

Wear calculation methods:

1. Physical deterioration - represents a gradual loss of the technical and operational qualities of an object originally laid down during construction under the influence of natural and climatic factors, as well as human activity.

The following methods for calculating the physical deterioration of buildings are distinguished:

Standard (for residential buildings);

Cost;

Lifetime method.

Standard method for calculating physical wear and tear

The normative method for calculating physical wear and tear involves the use of various normative instructions at the interindustry or departmental level. An example of such instructions is the “Rules for assessing the physical deterioration of residential buildings” VSN 53-86 of Gosgrazhdanstroy (State Committee for Civil Construction and Architecture under GOSSTROE of the USSR. Moscow 1990), used by the Bureau of Technical Inventory for the purpose of assessing the physical deterioration of residential buildings during technical inventory , planning major repairs of the housing stock, regardless of its departmental affiliation.

These rules describe the physical wear and tear of various structural elements of buildings and their assessment.

The physical wear and tear of a building should be determined using the formula:

Fф =

where Ff is the physical wear and tear of the building, (%);

Fi - physical wear i-ro of the structural element (%);

Li is the coefficient corresponding to the share of the replacement cost of the i-ro structural element in the total replacement cost of the building;
n is the number of structural elements in the building.

The shares of the replacement cost of individual structures, elements and systems in the total replacement cost of the building (in%) are usually taken according to the aggregated indicators of the replacement cost of residential buildings approved in the prescribed manner, and for structures, elements and systems that do not have approved indicators - according to their estimate cost.

Cost method for determining physical wear and tear

Physical wear and tear at the time of its assessment is expressed by the ratio of the cost of objectively necessary repair measures to eliminate damage to structures, an element, a system or a building as a whole, and their replacement cost.

The essence of the cost method for determining physical depreciation is to determine the costs of recreating building elements.

The described methodology allows you to calculate the wear and tear of elements and the building as a whole immediately in cost terms, which is more preferable than other methods for calculating physical wear and tear. In addition, since the impairment calculation is based on the reasonable actual cost of bringing worn-out items to “substantially new condition,” the result of this approach can be considered fairly accurate. Among the disadvantages inherent in this method, it is necessary to note the mandatory detail and accuracy of calculating the costs of repairing worn-out elements of the building.

Determination of physical deterioration of buildings using the lifespan method

Based on the essence of the previously discussed basic evaluative concepts characterizing the total accumulated wear and tear of a building from the point of view of its operation time, it can be argued that physical wear and tear, effective age and economic life are in a certain ratio. This relationship can be expressed by the following formula (1):

where: I(%) - wear as a percentage;

EV - effective age, determined by an expert based on the technical condition of the elements or the building as a whole;

VF - typical period of physical life;

RSFZ - the remaining period of physical life.

Or according to formula (2):

where: And (%) - wear as a percentage;

VF is a typical period of physical life.

The percentage of depreciation of elements or the building as a whole calculated in this way can be translated into monetary terms (depreciation):

O= BC *(I/100);

where: And - wear as a percentage; BC - replacement cost.

2. Functional wear

Signs of functional wear and tear in the building being assessed, as a rule, are the non-compliance of its space-planning and/or design solutions with modern standards, including various equipment necessary for the normal operation of the structure in accordance with its current or intended use.

Depending on the physical possibility and economic feasibility of eliminating the causes that caused functional wear, it is divided into removable and irreparable. The cost expression of functional wear is the difference between the cost of reproduction and the cost of replacement, since the calculation of the latter, based on its definition, obviously excludes functional wear from consideration.

· Removable functional wear

Removable functional wear and tear is usually determined by the cost of necessary reconstruction to facilitate more efficient operation of the property.

Reversible functional wear is considered to be caused by:

Disadvantages that require adding elements,

Disadvantages requiring replacement or modernization of elements,

Super improvements.

Disadvantages that need to be added, refer to elements of a building and equipment that are not present in the existing environment and without which it cannot meet modern operating standards. Depreciation due to these items is measured by the cost of adding these items, including their installation.

Disadvantages requiring replacement or modernization of elements, include positions that still perform their functions, but no longer meet modern standards (water and gas meters, etc.). Depreciation for these items is measured as the cost of existing elements, taking into account their physical wear, minus the cost of returning materials, plus the cost of dismantling existing ones and plus the cost of installing new elements. In this case, the cost of returning materials is defined as the cost of dismantled materials and equipment when used at other facilities (revisable residual value).

Towards super improvements include positions and elements of the structure, the availability of which is currently inadequate to modern requirements of market standards. Removable functional wear and tear in this case is measured as the current replacement cost of the “over-improvement” items minus physical wear and tear, plus the cost of dismantling and minus the salvage value of the dismantled elements.

An example of over-improvement would be a situation where the owner of a house, adapting it for himself, made some changes for his own convenience (investment value) that were not adequate from the point of view of a typical user. These include, for example, the redevelopment of the usable area of ​​​​premises for a specific use, determined by the owner’s hobbies or his occupation. Removable functional wear in such a situation is determined by the current cost of bringing the changed elements to their original state. In addition, the concept of over-improvement is closely related to the segment of the real estate market, where the same improvements can be considered both appropriate for a specific segment and excessive from the point of view of the typical user.

· Unrecoverable functional wear

Irremovable functional wear and tear is usually caused by outdated space-planning and/or structural characteristics of the buildings being assessed relative to modern construction standards. First of all, the economic inexpediency of spending on eliminating these shortcomings allows us to judge the sign of irreparable functional wear. In addition, it is necessary to take into account the market conditions prevailing on the date of assessment in order for the building to adequately match its architectural purpose to its purpose.

3. External (economic) wear and tear

External depreciation is the depreciation of an object due to the negative influence of the external environment in relation to the object of assessment: the market situation, easements imposed on a certain use of real estate, changes in the surrounding infrastructure, legislative decisions in the field of taxation, etc. External wear and tear of real estate, depending on the reasons that caused it, in most cases is irreparable due to the unchanged location, but in some cases it can “remove itself” due to a positive change in the surrounding market environment.

The cost approach is a set of methods for assessing the value of a property based on determining the costs necessary to restore or replace a property, taking into account its wear and tear. The cost approach is based on the principle of substitution, which assumes that a reasonable buyer would not pay more for a property than the cost of constructing a property of similar utility to the property being valued.

According to the cost approach, the total cost of a real estate object (Cv) is determined as the sum of the cost of a plot of land (Suz) and the replacement cost (cost of replacement or reproduction) of the real estate object (Cvs) minus the accumulated depreciation (Ciz):

Application of the cost approach to real estate valuation consists of the following steps:

• assessment of the market value of the land plot;
• assessment of the replacement cost (replacement cost) of the building being assessed, including an assessment of the amount of business profit;
• calculation of identified types of wear;
• calculation of the final value of the appraisal object by adjusting the replacement cost for wear and tear, followed by increasing the resulting value by the cost of the land plot.

Determining the value of a piece of land, included in the real estate valued by the cost method, is based on the assumption of its best and most effective use as free from development.

To assess the market value of land, the following methods are used:

• sales comparison method;
• distribution method;
• selection method;
• method of dividing into sections;
• residue technique for land;
• capitalization of net ground rent.

Sales comparison method given the necessary information is the most preferred and generally applicable. The main elements of comparison for land are:

• ownership;
• financing conditions;
• terms of sale;
• market conditions;
• location;
• physical characteristics;
• accessible utilities;
• zoning conditions;
• best and most effective use.

When valuing land, you can use multiple units of comparison, adjusting the price of each and ending up with multiple values ​​that define a range of values.

Distribution method is based on the proposition that for each type of real estate there is a normal relationship between the cost of land and the cost of buildings. This relationship is most reliable for new improvements that reflect the best and most efficient use of the land.

Example 27. Determine the cost of a land plot if it is known that: vacant plots in the area have not been sold for a long time; the price of a typical house with a plot ranges from 200 to 300 thousand rubles; the cost of a similar-sized land plot in the immediate vicinity of the property being assessed is 90 thousand rubles; direct costs for the construction of a standard house - 100 thousand rubles; entrepreneur's profit and indirect costs - 80 thousand rubles.

1. Determine the share of the cost of the land plot in the total cost of the property:

2. Determine the cost of the land plot:

The cost of a plot can range from 67 thousand rubles. up to 100 thousand rubles. (1/3 of the range of real estate values, respectively from 200 and 300 thousand rubles).

Selection method is a type of distribution method. The value of the land is separated from the value of the property by subtracting the cost of improvements, taking into account their depreciation. This method is used to evaluate suburban areas for which the contribution of improvements to the total cost is small and fairly easily determined.

The method is used in the absence of information on sales of vacant plots in the immediate vicinity.

Subdivision method used in cases where dividing a plot into several smaller plots represents the best and most efficient use of the land. At the same time, external and internal improvements to the sites created during the breakdown provide conditions for the best and most efficient use of the land.

Improvement costs include:

• expenses for laying out, clearing and grading sites;
• expenses for the construction of roads, sidewalks, utility networks, drainage;
• taxes, insurance, salaries of engineers;
• marketing expenses;
• contractor's profits and overheads;
• entrepreneur's profit.

Example 28. Determine the cost of the land mass if it is known that the developer plans to divide it into 30 plots and then sell each plot for 25 thousand rubles. for 4 years (it is assumed that net income will flow evenly, the rate of return is 10%). In this case, the following costs will occur: planning, cleaning, utilities, project - 180 thousand rubles; management - 10 thousand rubles; overhead costs and contractor's profit - 60 thousand rubles; marketing - 20 thousand rubles; taxes and insurance - 10 thousand rubles; entrepreneur's profit - 40 thousand rubles.

1. Let’s determine the potential income from the sale of prepared plots:

30 · 25 = 750 thousand rubles.

2. Let’s determine the costs for improvements and site arrangement:

180 + 10 + 60 + 20 + 10 + 40 = 320 thousand rubles.

3. The present value of the land mass, taking into account the uniform receipt of net income over 4 years and a return rate of 10%:

where 3.1699 is the coefficient of the present value of the annuity.

Thus, the cost of the land mass is 340 thousand rubles.

Residue technique for land applies in the absence of data on sales of vacant land plots.

Net ground rent capitalization method is based on the principle of incremental productivity, according to which, after distribution among all factors of production of regular income from a business sold on a property, part of this income can be attributed to the land plot.

If a leased land plot is valued, its value can be determined by (12). In this case, rent is used as net operating income.

Determination of the replacement cost (replacement cost) of the appraised building based on the inclusion of direct and indirect costs in the cost of new construction.

Direct costs are costs directly associated with construction and generally include:

• cost of building materials, products and equipment;
• cost of operating construction machinery and mechanisms;
• basic wages for construction workers;
• the cost of temporary buildings, structures and utility networks;
• contractor's profits and overheads.

Indirect costs are expenses that are associated with, but not directly related to, construction. Indirect costs usually include:

• costs for preparing the construction site;
• costs of design and survey work;
• other costs and work;
• maintenance of the directorate (technical supervision) of an enterprise (institution) under construction, costs of designer supervision;
• other types of indirect costs.

Determining direct cost values is based on the application of general rules for determining the estimated cost of construction set out in current regulatory and guidance documents.

Direct cost calculations can be made in one of two ways:

• recalculation of a known value of the estimated cost of construction using indices;
• by drawing up a restoration estimate for the property being assessed.

If design and estimate documentation is available for the object being assessed, the value of direct costs is determined as the value of the estimated cost of construction, recalculated as of the date of assessment using indices that take into account the ratio of the current level of prices in construction to prices in 1984, accepted as the base (index method).

In the absence of design and estimate documentation for the assessment object, the estimate should be restored in one of two ways:

• according to enlarged estimate standards (comparative unit method);
• according to collections of unit prices and price lists (method of quantitative analysis).

The use of aggregated estimate standards for calculating direct costs is acceptable for standard design solutions for buildings and structures, as well as re-used individual economic projects.

For the purposes of assessing the market value of real estate, the following types of aggregated indicators are used:

• aggregated indicators of estimated cost (UPSS);
• enlarged estimate standards (USN) for buildings, structures, structures and types of work;
• price lists for the construction of buildings and structures (PRES);
• aggregated indicators of replacement cost for the purposes of revaluation of fixed assets.

In this case, the cost of construction and installation work can be broken down by type of work and complexes of building structures (method of breakdown into components).

Indirect cost values ​​are typically determined as a percentage of direct costs based on market data.

Entrepreneur's profit defined as the amount an entrepreneur expects to receive as a premium for using his capital. The value of the entrepreneur's profit is taken according to market data.

Wear is a decrease in the value of a property due to various reasons. Depreciation is usually measured as a percentage, and the monetary expression of depreciation is impairment.

Accumulated (cumulative) depreciation of an object of assessment is the totality of all possible types of depreciation, which is characterized by a decrease in the usefulness of the property, its consumer attractiveness from the point of view of a potential investor and is expressed in a decrease in value over time (impairment) under the influence of various factors. As the facility is used, the parameters characterizing the structural reliability of buildings and structures, as well as their functional compliance with current and, especially, future use associated with human life, gradually deteriorate. In addition, the value of real estate is no less influenced by external factors caused by changes in the market environment, the imposition of restrictions on certain uses of buildings, etc.

Depreciation in valuation practice must be distinguished in meaning from a similar term used in accounting (depreciation). Estimated depreciation is one of the main parameters that allows you to calculate the current value of an appraised object on a specific date.

Thus, taking into account the depreciation of an object is a kind of adjustment to the cost of a newly reproduced building (reproduced using the cost approach) in order to determine the value of the assessed object.

The cumulative accumulated wear is a function of the object's lifetime. Let us consider the basic evaluative concepts that characterize this indicator (Fig. 1).

Rice. 1. Life periods of the building and the assessment indicators characterizing them

Physical life of the building (PL)- the period of operation of the building, during which the condition of the load-bearing structural elements of the building meets certain criteria (structural reliability, physical durability, etc.). The physical life of an object is laid down during construction and depends on the capital group of the buildings. Physical life ends when the object is demolished.

Chronological age (CA)- the period of time that has passed from the date of commissioning of the facility to the date of assessment.

Economic Life (EJ)— the operating time during which the object generates income. During this period, improvements made contribute to the value of the property. The economic life of an object ends when the operation of the object cannot generate the income indicated by the corresponding rate for comparable objects in a given segment of the real estate market. At the same time, the improvements carried out no longer contribute to the value of the object due to its general wear and tear.

Effective age (EA) calculated on the basis of the chronological age of the building, taking into account its technical condition and the economic factors prevailing on the valuation date that influence the value of the assessed object. Depending on the operating characteristics of the building, the effective age may differ from the chronological age up or down. In the case of normal (typical) operation of a building, the effective age is usually equal to the chronological age.

Remaining Economic Life (REL) building - the period of time from the date of valuation until the end of its economic life.

The subjectivity of determining such indicators as economic life and effective age requires the appraiser to be quite highly qualified and have considerable practical experience.

To determine the amount of accumulated wear, I use the following methods:

• sales comparison method;
• accounting;
• breakdown method.

Sales comparison method is based on determining the amount of accumulated depreciation as the difference between the cost of new construction and the cost of the structure on the valuation date, while the availability of reliable data on sales of similar objects and the cost of vacant land is a necessary condition.

In monetary terms, total depreciation is the difference between the replacement cost and the market price of the valued object:

Example 29. Determine the accumulated depreciation of a real estate object (cottage), if the following information about analogue objects is known:

Let's determine the accumulated depreciation of the property. The calculations are presented in the following table:

Thus, the accumulated depreciation of the assessed property is approximately 31.9%.

Accounting method for calculating depreciation is based on the use of accounting methods, i.e., on determining the ratio of the chronological age of an object to its standard service life, determined on the basis of the “Unified norms of depreciation charges for the complete restoration of fixed assets in the Russian Federation.”

Breakdown method consists in a detailed consideration and accounting of all types of wear, which include (Fig. 2):

• removable and irreparable physical wear and tear;
• removable and irreparable functional wear;
• external wear.

Removable (correctable) wear is wear, the elimination of which is physically possible and economically feasible, i.e., the costs incurred to eliminate one or another type of wear contribute to increasing the value of the object as a whole.

Irremovable (irreparable) wear is wear, the elimination of which is either physically impossible or economically impractical, i.e., the costs incurred to eliminate one or another type of wear do not contribute to increasing the value of the object as a whole.

Rice. 2. Classification of depreciation of real estate objects

To apply the breakdown method when determining accumulated wear and tear, it is necessary to have data on the cost of new construction, broken down by structural elements, as a calculation base.

Physical deterioration— gradual loss of the technical and operational qualities of the object originally laid down during construction under the influence of natural and climatic factors, as well as human activity. Physical deterioration reflects changes in the physical properties of a property over time (for example, defects in structural elements).

There are four main methods for calculating physical depreciation:

• expert (normative);
• cost;
• method for calculating the life of a building.

Expert method for calculating physical wear and tear is based on creating a defective list and determining the percentage of wear of all structural elements of a building or structure. The expert method is the most accurate, but also the most labor-intensive.

This method involves the use of various regulatory instructions at the intersectoral or departmental level. An example is VSN 53-86, used by the technical inventory bureau to assess the physical deterioration of residential buildings during technical inventory and planning major repairs of the housing stock, regardless of its departmental affiliation. These rules describe the physical wear and tear of various structural elements of buildings and their assessment.

The physical wear and tear of a building is determined as follows:

F f — physical wear and tear of the building, (%);

F i — physical wear of the i-th structural element, (%);

L i is the coefficient corresponding to the share of the replacement cost of the i-th structural element (site) in the total cost of the building;

n is the number of structural elements in the building.

The shares of the replacement cost of individual structures, elements and systems in the total replacement cost of the building should be taken according to aggregated indicators of the replacement cost of residential buildings, approved in the prescribed manner, and for structures, elements and systems that do not have approved indicators - according to their estimated cost.

Example 30. Determine the physical wear and tear of a residential building if it is known that its inspection revealed physical wear and tear of all structural elements:

• foundations - 10%;
• walls - 15%;
• overlaps - 20%;
• roofing - 10%;
• floors - 35%;
• windows - 40%;
• finishing coatings - 30%;
• internal plumbing and electrical devices - 50%;
• others - 25%.

1. Let us determine the specific gravity of structural elements in accordance with Sat. No. 28 UPVS.

2. Results of assessing the physical wear and tear of elements and systems, as well as determining their share in terms of replacement cost:

Thus, the physical wear and tear of the building is 23.25%

Cost method for calculating physical wear and tear is based on the assumption that physical deterioration at the time of assessment is expressed by the ratio of the cost of objectively necessary repair measures to eliminate damage to the structure, element or building as a whole, and their replacement cost.

Example 31. Determine the physical wear and tear of a residential building if it is known that the replacement cost of structural elements and the objectively necessary costs for their repair are respectively: foundations - 3,200 thousand rubles, 640 thousand rubles; walls - 4,000 thousand rubles, 1,200 thousand rubles; floors - 800 thousand rubles, 160 thousand rubles; other - 8,000 thousand rubles, 2,800 thousand rubles.

Let's determine the amount of physical wear and tear. The results of assessing the physical wear of elements, as well as determining their specific weight at replacement cost:

Thus, the physical wear and tear of the building is 30%

This method allows you to immediately calculate the wear and tear of elements and the building as a whole in cost terms. Since the impairment calculation is based on the reasonable actual costs of bringing worn-out items to “substantially new condition,” the result of this approach can be considered fairly accurate. The disadvantages of the method are the required detail and accuracy in calculating the costs of repairing worn-out building elements.

Method for calculating the life of a building is based on the assumption that the relationship between physical depreciation (PH) and replacement cost (RC) is determined by the ratio between effective age (EA) and typical economic life (EF):

Example 32. Determine the physical wear and tear of a residential building if it is known that the replacement cost, actual age and total physical life of its structural elements are respectively: foundations - 1,200 thousand rubles, 10 years, 15 years; walls - 400 thousand rubles, 5 years, 10 years; ceilings - 300 thousand rubles, 6 years, 15 years; others - 900 thousand rubles, 1 year, 10 years.

Let's determine the amount of physical wear and tear. Results of assessing the physical wear of elements:

Thus, the physical wear and tear of the building is 1210 rubles. or 43.2%.

Determining the amount of physical wear consists of several successive steps:

• determination of the amount of correctable physical wear;
• determination of the amount of irreparable physical wear in short-lived elements;
• determination of the amount of irreparable physical wear in long-lived elements.

Determining the amount of correctable physical wear (it is also called deferred repair, since it is assumed that the typical buyer will make immediate repairs to restore the normal operational characteristics of the structure: cosmetic repairs, restoration of areas of leaking roofing, repair of engineering equipment, etc.) is carried out using cost or expert method of calculating physical wear and tear.

Irreparable physical wear corresponds to items for which repair is currently practically impossible or economically impractical. The amount of this type of wear and tear is determined based on the difference between the total replacement (or replacement) cost and the amount of removable physical wear and tear.

For the purpose of calculating wear, elements of a structure that have irreparable physical wear are divided into long-lived and short-lived.

For long-lived elements, the expected residual life coincides with the residual economic life of the entire structure. Short-lived elements have less residual economic life than the entire structure.

To assess irreparable physical wear and tear in short-lived elements, the method of calculating the life of a building is used: the difference between the total replacement (or replacement) cost of the element and the amount of correctable wear of the element is multiplied by the ratio of the actual age to the total physical life of the element.

In this case, the overall physical life of the element is determined from reference data, taking into account periodic repairs and maintaining normal operational characteristics.

To assess irreparable physical wear and tear in long-lived elements, the method of calculating the lifespan of a building is also used: the amount of correctable physical wear and tear and the sum of the replacement cost of short-lived elements with irreparable physical wear are subtracted from the total replacement (or replacement) cost and the result is multiplied by the residual replacement (or replacement) cost ) long-lived elements, as well as the relationship of actual age to the overall physical life of the building.

The overall physical life of a building is determined depending on the type of main structural elements for different categories of buildings according to durability. The classification of residential and public buildings by durability is given in the regulatory literature.

Example 33. Determine the physical deterioration of a residential building. We will present the initial data as the calculation progresses.

1. Based on the estimate documentation, we will determine the cost of new construction to assess accumulated wear and tear:

2. Determine the amount of correctable physical wear:

Thus, the cost of correctable wear and tear is 3,000 thousand rubles.

2. Let us determine the amount of irreparable physical wear in short-lived elements:

Thus, the cost of irreparable physical wear in short-lived elements is 22,967 thousand rubles, the replacement cost of short-lived elements with irreparable physical wear is 33,000 thousand rubles.

3. Let us determine the amount of irreparable physical wear in long-lived elements:

Thus, the cost of irreparable physical wear and tear in long-lived elements is 22,224 thousand rubles.

3. Let’s determine the amount of total physical wear and tear of the building:

Thousand rub.

Thus, the cost of the total physical depreciation of the building is 48,191 thousand rubles. or 27.6%.

Functional wear is a loss in value caused by the fact that the object does not meet modern standards: in terms of its functional usefulness, architectural and aesthetic, space-planning, design solutions, livability, safety, comfort and other functional characteristics.

The following types of functional wear are distinguished:

• wear and tear is correctable (if the additional value received exceeds the cost of restoration);
• irreparable wear (if the additional value received does not exceed the cost of restoration).

Correctable functional wear is measured by the cost of its correction and is caused by:

• shortcomings that require adding elements;
• deficiencies requiring replacement or modernization of elements;
• "super-improvements."

Disadvantages that require adding elements- building elements and equipment that are not present in the existing building and without which it cannot meet modern operating standards.

A quantitative measure of correctable functional deterioration due to deficiencies requiring addition is the difference between the cost of making the required additions at the time of the assessment and the cost of making the same additions if they had been made during construction of the property being assessed.

Disadvantages requiring replacement or modernization of elements- building elements and equipment that are in an existing building and still perform their functions, but no longer meet modern operational standards.

Correctable functional deterioration due to items requiring replacement or modernization is measured as the cost of existing elements, taking into account their physical deterioration, minus the cost of returning materials, plus the cost of dismantling existing elements and plus the cost of installing new elements. In this case, the cost of returning materials is defined as the cost of dismantled materials and equipment when used at other facilities.

"Super Improvements"- building elements and equipment that are present in an existing building and the current availability of which is inadequate to modern operational standards.

Correctable functional wear and tear due to over-improvement is measured as the current replacement cost of the over-improvement items, minus physical wear and tear, plus the cost of dismantling and minus the return of materials, if any.

If the cost of construction is determined as replacement cost, then there are some peculiarities when determining correctable functional wear and tear. Since in this case there are no “super improvements”, there is no need to determine the share of physical wear and tear that falls on them. However, the cost of fixing “over-improvements” still needs to be considered.

Example 34. Determine the correctable functional wear and tear of an office building if it is known that:

• modern standards require the installation of an air conditioner in a building, the cost of installation of which in an existing building is 150 thousand rubles, and the cost of installation in the same building during its construction is 110 thousand rubles.
• the electrical fittings installed in the building do not meet modern market standards, while the cost of the existing electrical fittings included in the replacement cost is 350 thousand rubles, the physical wear and tear of the existing electrical fittings is 200 thousand rubles, the cost of dismantling the existing electrical fittings is 100 thousand rubles, the cost of returning materials is 10 thousand rubles, the cost of installing new electrical fittings is 190 thousand rubles.
• the building has a warehouse and an analysis of the best and most effective use showed that currently it is advisable to use this area as an office space, while the current replacement cost of the warehouse space is 800 thousand rubles, physical wear and tear is 50 thousand rubles, the cost of liquidation warehouse - 80 thousand rubles.

1. Let’s determine the amount of correctable functional wear caused by deficiencies that require adding elements (in our case, an air conditioner):

Thousand rub.

2. Let’s determine the amount of correctable functional wear caused by deficiencies that require replacement or modernization of elements (in our case, electrical fittings):

Thousand rub.

3. Let’s determine the amount of correctable functional wear caused by “super-improvements” (in our case, items that are functionally inherent in the warehouse):

Thousand rub.

Thus, the cost of correctable functional wear and tear of the building is:

Thousand rub.

Irreparable functional wear is caused by:

• shortcomings due to items not included in the cost of a new one, but which should be;
• shortcomings due to items included in the cost of a new one, but which should not exist;
• "super-improvements."

Incorrigible functional depreciation due to items not included in the cost of new construction is measured as the net loss of income attributable to that deficiency capitalized at the capitalization rate for buildings, minus the cost of those items if they had been included in the cost of new construction.

The calculation of irreparable functional wear and tear due to defects does not depend on whether replacement or replacement costs are taken as a basis.

Irreparable functional wear due to items that are included in the cost of new construction, but which should not exist, is measured as the current cost of the new, minus the attributable physical wear and tear, minus the cost of the added (i.e., the present value of the additional costs associated with the presence of this item).

Irreparable functional wear and tear due to “over-improvement” is determined depending on the type of value that is taken as the basis.

When replacement cost is applied, irreparable functional deterioration due to super improvements is measured as the replacement cost of the super improvements elements minus their physical depreciation, plus the present value (PV) of the owner's costs associated with the presence of the super improvements, minus any added value. At the same time, the owner’s costs include additional taxes, insurance, maintenance costs, utility bills, and the added value includes increased rent, etc. - associated with the presence of a “super-improvement”.

Example 35. Determine irreparable functional wear and tear of an office building if it is known that:

• When determining the cost of new construction for the building in question, the installation of a fire extinguishing system was not taken into account (since the existing building does not have one), and it is assumed that the net loss of income caused by the lack of installation is 20 thousand rubles, the capitalization rate for buildings is 10% , and the cost of installing a fire extinguishing system during the construction of a new building is 150 thousand rubles.
• the appraised building has a high floor height, which from the market point of view on the valuation date is excessive, while the current replacement cost of the existing building is 174,900 thousand rubles, and the current replacement cost of exactly the same building, which has a normal height from the market point of view floor, 172,900 thousand rubles, physical wear and tear is determined at 40%, annually the owner incurs additional costs associated with a high floor height (heating, lighting, etc.) in the amount of 500 thousand rubles, existing capitalization ratio for buildings it is 10%.

1. Let’s determine the amount of irreparable functional wear and tear caused by deficiencies not included in the cost of new construction, but which should be based on market data on income losses caused by the absence of an element or equipment (in our case, a fire extinguishing system)

Thousand rub.

2. Let us determine the value of the incorrigible functional due to “super-improvements” (in our case, a greater floor height):

Thousand rub.

Thus, the cost of irreparable functional wear and tear of a building is:

Thousand rub.

External (economic) wear and tear- depreciation of an object due to the negative influence of the external environment in relation to the object of assessment: the market situation, easements imposed on a certain use of real estate, changes in the surrounding infrastructure and legislative decisions in the field of taxation, etc. External wear and tear of real estate, depending on the reasons that caused it, in most cases cases is irremovable due to the unchanged location, but in some cases it can “eliminate itself” due to a positive change in the surrounding market environment.

The following methods can be used to assess external wear:

• method of capitalizing loss of income attributable to external influences;
• a method for comparing sales of similar objects with and without external influences.

If there is sufficient data, the second approach is more preferable.

Method of capitalization of loss of income involves determining the loss of income of the entire property due to external influences. The building's portion of the loss is then capitalized at the capitalization rate for buildings.

Example 36. Determine the external (economic) wear and tear of the warehouse, if it is known that: net income without taking into account external factors after eliminating correctable physical and functional wear and tear is 25,000 thousand rubles; current net income after eliminating correctable physical and functional wear and tear - 21,000 thousand rubles; land cost - 5,000 thousand rubles, capitalization rate for land - 10%; The capitalization rate for land is 15%.

1. Let’s determine the loss of net income due to external factors:

Thousand rub.

2. Determine the net income related to the building:

Thousand rub.

3. Determine the loss of net income related to the building:

thousand roubles.

Thus, the cost of external (economic) depreciation of the warehouse is:

Thousand rub.

Paired sales method is based on an analysis of available price information on recently sold similar properties (paired sales). It is assumed that the objects of paired sale differ from each other only by the economic depreciation identified and related to the object of assessment.

Example 37. Determine the external (economic) wear and tear of a warehouse located far from the clothing market, if it is known that: the sale price of an analogue object located far from the clothing market is 600 thousand rubles; the sale price of an analogue object located close to the clothing market is 450 thousand rubles; the difference in physical and other differences between analogous objects is 60 thousand rubles.

1. Let’s determine the cost of external (economic) depreciation of the warehouse:

Thousand rub.

The cost approach has a number of advantages and disadvantages.

Advantages of the cost approach:

1. When evaluating new objects, the cost approach is the most reliable.
2. This approach is appropriate or the only possible in the following cases:
   • technical and economic analysis of the cost of new construction;
   • justification for the need to update the existing facility;
   • assessment of special purpose buildings;
   • when assessing objects in “passive” sectors of the market;
   • analysis of land use efficiency;
   • solving problems of object insurance;
   • solving tax problems;
   • when agreeing on the values ​​of a property obtained by other methods.

Disadvantages of the cost approach:

1. Costs are not always equivalent to market value.

2. Attempts to achieve a more accurate assessment result are accompanied by a rapid increase in labor costs.

3. The discrepancy between the costs of purchasing the property being assessed and the costs of new construction of exactly the same property, since during the assessment process accumulated depreciation is subtracted from the cost of construction.

4. The difficulty of calculating the cost of reproduction of old buildings.

5. The difficulty of determining the amount of accumulated wear and tear of old buildings and structures.

6. Separate assessment of the land plot from the buildings.

7. The problematic nature of assessing land plots in Russia.

Literature

1. “On the procedure for assessing state-owned real estate and rights to it.” Order of the Governor of St. Petersburg dated August 1, 1996 No. 113-r.

2. "Unified norms of depreciation charges for the complete restoration of fixed assets in the Russian Federation." Decree of the Government of the Russian Federation