Independent assessment of land rental rights or non-residential premises It is in great demand among business owners and state structures, for the implementation of management tasks and determination of the rental sizeIN Russian Federation Real estate lease law is governed by the Civil Code. In particular, Article 607, it is indicated that the owner has the right to rent property, concluding an agreement with the tenant.

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• We offer for individuals and legal entities.
• Free delivery of reports when ordering from 20,000 rubles.

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Note estimates

Estimation of land rental or non-residential premises is needed by property owners if they plan to rent it and make a profit. Also, the landlord may make an agreement with the subsequent redemption of the Earth or the premises and then it is necessary to evaluate the market value of the rental rights. In addition to the cases described above, the assessment is necessary:

• under sale transactions, where the object of the transaction is a building or an enterprise located on a plot with the presence of rental rights;
• when requesting loans in the bank, when property is the key to the return of the loan;
• for tax authorities
• planning investment operations.

Methods Evaluation

During the examination, the Rental Rental of Earth or non-residential premises use various assessment methods based on the objectives and conditions of the Lessor and Tenant:

• The balance method is applied if the landlord / tenant plan to improve the object, introducing innovations and spending additional funds, which will subsequently entail additional profits from rented areas.
• The capitalization method is applied when planning economic and commercial activities on a land plot or in non-residential premises, it is based on counting profit when using an assessment facility. The capitalization method is similar to the remover, but does not imply additional investments in real estate innovation.
• The selection method is used in the presence of buildings on leased areas - the similar property is investigated, the cost of buildings is compared and the differences in real estate objects are determined, a comparative analysis of other aspects of rented premises or land is determined.
• The distribution method is similar to the method of isolation, but it does not estimate the cost of buildings and comparative analysis with other similar real estate objects.
• The sales comparison method is used in the case of the developed market for competitive suggestions for renting at the location of the assessment object. The method is based on comparing the cost of lease of similar species of real estate.
• The method of intended use is based on the calculation of income from a certain type of activity using leased real estate. The difference in the assessment consists, for example, if built on the land plot, which can be passed to commercial lease, or area can be used only in agricultural purposes.

Required documents

For high-quality and quick assessment of the right to rent a land or non-residential premises in Moscow SpecialistsLtd. "Guild Independent Consultants" need to provide the following package of documents (copies) from the Customer:

• object passport or geodesic plan of land;
• certificate of appointing non-residential premises or a land plot category, which is issued when issuing lease rights / property;
• annex to the appointment of non-residential premises or a landmark category, which indicates the types of permitted activities using the assessment object;
• help or certificate of restrictions on the land plot or in non-residential premises, for example, the presence of telecommunication and gas lines on leased areas. The document can be requested in the relevant state authority;
• extracts confirming the rental rate or paid land tax;
• if there is a property lease agreement.

Contact B. Guild of Independent Consultants Ltd. Site with issues of the necessary documentation, and we will advise you individually and tell me where to get missing documents.

Features Evaluation Rental Rent

Assessment of the right to rent a land plot or non-residential premises is carried out not only in business relationships, but may be needed in the inheritance of property.

The notary, which is engaged in the issue of registration of the inheritance, should rely on the established value of the land plot or non-residential premises when issuing state duty. According to the legislation, the size of the state duty is determined on the basis of the queue and the state cadastral value of real estate.

Also the procedure has features in the field agriculture. To provide land for agricultural work, it is necessary to establish the initial price - the state cadastral value, and then consider the following factors:

• the market value was put on the land;
• previous results of trading on this land plot;
• valuation costs;
• land tax;
• analysis of gross products in rubles with profit and other.

Highly qualified appraisersLLC Guild Independent Consultants will hold a comprehensive assessment of the Rental Rentation,given the above items, and will provide a conclusion that meets the requirements of legislation and civil relations.

Evaluation Report

Specialists The Guild Independent Consultants LLC on the basis of the assessment will prepare a report that is legally binding in the Arbitration Court and other government instances.

The standard report includes the following sections:

• fixed data of the estimated property;
• the purpose of the assessment;
• an indication of the valuation values \u200b\u200b- cadastral or market value;
• enumeration of used assessment methods;
• the cost of studied objects based on verification;
• tested by appraisers data of assessment objects;
• the right of the tenant and the rental terms (on the basis of these public services and the owner);
• calculated rental size;
• general situation with real estate market in this area;
• listing the grounds for receiving rental rights and more.

The client can form additional requirements to the report, as well as trace all the steps of verification based on the data set out in the report.

Advantages of LLC "Guild of Independent Consultants"

• Highly qualified appraisers and lawyers, members of self-regulating organizations that have passed the certification required by the legislation.
• We will draw an assessment and establish all types of real estate value - cadastral, market, investment, liquidation and others.
• We will provide an individual approach to solving the requests of each client and will conduct free consultations in the real estate assessment process.
• Prices for assessment services will pleasantly surprise customers, because we offer prices on the lower border of the average market.
• The company's specialists conduct more than 200 estimates of the market value of the objects annually.

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The assessment of the market value of the land lease right was carried out in accordance with the methodological guidelines, approved by the order of the Ministry of Property of Russia dated March 6, 2002 No. 568-R and the order of April 10, 2003 No. 1102-p.

In accordance with these methodological recommendations, the market value has the right to lease land plots, which can satisfy the needs of the user (potential user) for a certain time (the principle of utility).

The market value of the rental rights of the land plot depends on the demand and supply of the market and the nature of the competition of sellers and buyers (the principle of supply and demand).

The market value of the land rental right cannot exceed the most likely costs for the acquisition of an equivalent utility facility (the principle of substitution).

The market value of the land lease right depends on the expected value, the term and probability of obtaining income from the land for a certain period of time with its most effective use without taking into account the income from other factors of the production involved in the land plot for entrepreneurship activities (hereinafter - land rental) ( The principle of waiting).

The market value of the rental right of the land plot varies in time and is determined at a specific date (the principle of change).

The market value of the rental right of the land plot depends on the change in its purpose, the permitted use, the rights of other persons on the land plot, the separation of property rights to the land.

The market value of the rental right of the land plot depends on its location and influence of external factors (the principle of external influence).

The market value of the land rental right is determined on the basis of its most efficient use, that is, the most likely to use of the land plot, which is physically possible, economically justified, relevant to the requirements of the legislation, financially feasible and as a result of which the estimated value of the land plot will be maximum. The most efficient use of the land plot is determined taking into account the possible reasonable separation of its separate parts, characterized by the forms, species and nature of use. The most efficient use may not coincide with the current use of the land.

In determining the most efficient use, it is taken into account:

Target and allowed use;

Prevailing land use methods in the nearest neighborhood of the estimated land plot;

Prospects for the development of the area in which the land plot is located;

Expected changes in the market of land and other real estate;

Current use of the land.

When determining the market value of the right to rent a land plot to an assessment report, it is recommended to include:

Description of the land plot, including the target purpose and the permitted use of the land plot, the rights of other persons on the land plot, the division of property rights to the land plot;

Description of buildings, buildings, structures, engineering infrastructure facilities located within the land plot, as well as the results of work and anthropogenic impacts that change qualitative characteristics land plot (hereinafter - improving the land plot);

Photos of the land plot and its improvements;

Establishing an option to the most efficient use of land;

Information on state registration of the rental rights (lease agreement) in cases where the specified registration is mandatory;

Information about the burden of rental rights of the land plot and the most land;

The basis of the occurrence of rental rights at the tenant;

Determination of the right-wing tenant;

The deadline for which the land lease agreement is concluded;

Characteristics of the land market, other real estate, land lease rights, including the market for renting land and other real estate.

Methods Evaluation

As a rule, when evaluating the market value of land lease rights use the sales comparison method, the allocation method, the distribution method, the capitalization method of land rent, the remover method, the method of intended use.

The comparative approach is based on the sales comparison method, the allocation method, the distribution method. The profit approach is based on the capitalization method of land rent, the balance method, the method of intended use. Elements cost approach In terms of calculating the cost of reproduction or replacement of improvements of the land is used in the remover method and method.

Sales comparison method

The method is used to estimate the market value of the right to lease of land, both engaged in buildings, buildings and (or) structures (hereinafter - built-up land plots) and land plots, not occupied by buildings, buildings and (or) structures (hereinafter - undressed land plots ). The condition for applying the method is the availability of information about prices with the rights of lease of land, which are analogues of the estimated.

The definition of the elements on which a comparison of the estimated land plot is made with analog facilities (hereinafter referred to as comparison elements);

Definition for each of the elements of the comparison of the character and the extent of the differences of each analogue from the estimated land plot;

Definition for each of the elements of comparison of the adjustments of the price of analogs corresponding to the nature and the extent of the differences between each analogue from the estimated land plot;

Adjustment for each of the elements of comparison of the prices of each analog, smoothing their differences from the estimated land plot;

Calculation of the market value of the land plot by reasonable generalization of corrected prices of analogs.

Elements of comparison include the factors of the value of the estimated land plot (factors, the change of which affects the market value of the Rental Rental of the Land) and the results of transactions with the rights to be estimated on the market.

The most important factors are usually:

Location and environment;

Target, permitted use, rights of other persons on the land plot;

Physical characteristics (relief, area, configuration, etc.);

Transport accessibility;

Infrastructure (availability or proximity of engineering networks and conditions for connecting to them, objects of social infrastructure, etc.);

Time period remaining until the end of the lease agreement;

The value of the rent provided by the lease agreement;

The procedure and conditions of application (including frequency) and changes in the rent provided for by the lease agreement;

The need to obtain the consent of the owner to make a transaction with the right lease;

The tenant has the right to redeem the rented land plot;

The presence of a tenant preferential right to conclude a new lease agreement for the land plot after the lease agreement expires.

The characteristics of transactions with land plots, including:

Conditions for financing transactions with land rights (the ratio of own and borrowed funds, the conditions for the provision of borrowed funds);

Conditions of payment when making transactions with land rights (payment by money, the calculation of bills, netting, barter, etc.);

The circumstances of the transaction by the rights to land plots (whether the land plot was represented on an open market in the form of a public offer, the affiliation of the buyer and the seller, selling under bankruptcy conditions, etc.);

Changing prices for land plots for the period from the date of conclusion of a transaction with analogue to the date of assessment.

The nature and degree of differences between the analogue from the measured land plot are set in the context of the comparison elements by directly making each counterpart with the assessment object. It is assumed that the transaction with the rights to the land will be performed on the basis of the characteristics of similar transactions in the market.

Selection method

The method is used to assess the rights to the built-up land.

Terms of use of the method:

Availability of information about prices with uniform properties similar to a single property that includes the estimated rights to the land plot;

The method assumes the following sequence of actions:

The definition of elements on which a comparison of a single property is compared, which includes the estimated rights to land, with analog facilities;

Adjustment for each of the elements of the price comparison of each analog, smoothing their differences from a single object of real estate, which includes the estimated land plot;

Calculation of the costs of substitution or reproduction of improvements located on the estimated land plot;

Calculation of the market value of the rights to the estimated land plot by subtracting from the market value of a single real estate object, the market value of the improvements of the land plot.

The amount of costs for creating improvements of the land plot can be determined using enlarged and (or) elemental value indicators.

Enlarged value indicators include both indicators characterizing the parameters of the object as a whole - a square, cubic, mesmer meter, and indicators for complexes and types of work.

Elemental value indicators include elemental prices and rates used in determining the amount of costs for creating improvements.

The enlarged and elementary cost indicators calculated in the price level recorded at a particular date (baseline price level) can be recalculated at the price level of the evaluation date using the current and forecast indexing indexes of the construction cost.

Calculation of the amount of costs for creating improvements using elementary value indicators can also be carried out using resource and resource-index methods. The resource (resource-index) method is to calculate in current (forecast) prices and tariffs of all resources (cost elements) necessary to create improvements.

In determining the cost of the cost of creating improvements of the land plot, the profit of the investor-magnitude of the most likely remuneration for investing capital in the creation of improvements should be taken into account. Investor's profit can be calculated as a difference between the sale price and the cost of creating similar objects. The profit of the investor can also be calculated as a return on capital at its most likely similar to investment risks.

Distribution method

The method is used to assess the cost of rights to the built-up land.

Terms of use of the method:

Availability of information about prices with uniform properties similar to a single property that includes the rights to the estimated land plot;

Availability of information on the most likely share of the land plot in the market value of a single real estate object;

Compliance of the improvement of the land plot to its most efficient use.

The method assumes the following sequence of actions:

The definition of elements on which a comparison of a single real estate object is compared, which includes the estimated land plot, with analog facilities;

Definition for each of the elements of the comparison of the character and the extent of the differences of each analogue from the unified property of real estate;

Determination for each of the elements of comparison of adjustments to the price of analogs corresponding to the nature and the extent of the differences between each counterpart from the unified property of real estate;

Adjustment for each of the elements of the price comparison of each analog, smoothing their differences from a single object of real estate;

Calculation of the market value of a single real estate object, by reasonable generalization of corrected prices of analogues;

Calculation of the market value of the rights to the land plot by multiplying the market value of a single real estate object, the most likely value of the value of the value of rights to the land plot in the market value of a single real estate object.

METHOD OF CAPITALIZATION OF LAND RENT

The method is used to assess the right to lease of built-up and unaked land. The condition for the use of the method is the possibility of obtaining equal intervals for the same intervals of each other in magnitude or changing with the same rate of income from the estimated land rental right.

The method assumes the following sequence of actions:

Calculation of the income for a certain period of time generated by the right to lease of the land plot with the most efficient use of a land tenant;

Determination of the value of the corresponding coefficient of capitalization of income;

Calculation of the market value of the land lease right by capitalizing the income generated by this right.

When evaluating the market value of the land rental right, income from this right is calculated as the difference between land rental and the amount of rent provided for by the lease agreement for the corresponding period. At the same time, the magnitude of the land rent can be calculated as the income from the delivery of the land plot for rent at the market rates of the rent (the most likely rental rates on which the land plot can be leased on the open market in competition, when the parties of the transaction are reasonable, having With all the necessary information, and at the size of the rental rates, any emergency circumstances are not reflected).

The definition of market rates of rent within this method involves the following sequence of actions:

Selection for the land plot, the right to lease, which is estimated by similar objects, the rental rates for which are known from rental transactions and (or) public offer;

The definition of the elements on which the land plot is compared, the right to lease of which is estimated with analogues;

Determination for each element of comparing the character and the extent of the differences of each analogue from the land plot, the right to lease of which is estimated;

Determination for each element of comparing the adjustments of rental rates of analogs corresponding to the nature and degree of differences between each analogue from the land plot, the right to lease of which is estimated;

Adjustment for each element of comparison of the rental rate of each analog, smoothing their differences from the land plot, the right to lease of which is estimated;

Calculation of the market rate of rent for the land plot, the right to lease of which is estimated by the reasonable generalization of the adjusted rates of the rental counterparts.

Remain method

The method is used to assess the rights to the built-up and unaked land. The condition for applying the method is the possibility of building a land plot, the rights to which are estimated, improvements that bring income.

The method assumes the following sequence of actions:

Calculation of the cost of reproduction or replacement of improvements corresponding to the most efficient use of the estimated land plot;

Calculation of net operational income on improving, for a certain period of time as the work of reproduction costs or replacing improvements to the appropriate capitalization coefficient of income;

The calculation of the magnitude of land rent as the difference in net operational income from a single property of real estate for a certain period of time and net operational income coming to improve for the corresponding period of time;

Calculation of the market value of the land plot by capitalization of land rent.

The method also admits the following sequence of actions:

Calculation of the cost of reproduction or replacement of improvements corresponding to the most efficient use of the estimated land plot;

Calculation of net operational income from a single real estate object for a certain period of time based on market rates;

Calculation of the market value of a single real estate object by capitalizing net operational income for a certain period of time;

Calculation of the market value of the land plot by subtracting from the market value of a single object of real estate of the cost of reproduction or replacement of improvements.

Method of intended use

The method is used to assess the rights to the built-up and unaked land.

The conditions for the use of the method is the possibility of using a land plot by a method bringing income.

The method assumes the following sequence of actions:

Determination of the amount and temporal structure of the costs required to use the land plot in accordance with the option of its most efficient use (for example, the cost of creating improvements of the land or the cost of separating the land plot into separate parts, characterized by the forms, species and nature of use);

Determining the value and temporary structure of revenues from the most efficient use of the land plot;

The determination of the magnitude and temporary structure of the operating costs required to obtain revenues from the most efficient use of the land plot, including, takes into account the amount of rent provided by the existing lease agreement of the land plot;

Determining the value of the discount rate corresponding to the risk level of capital investment in the estimated land plot; When calculating the discount rate for income from the rental right, the likelihood of maintaining income from this right should be taken into account;

Calculation of the value of the land plot by discounting all incomes and expenses related to the use of land;

When determining the forecast period, the period of time remaining until the end of the lease agreement is also considered, as well as the possibility of concluding a tenant of a new contract for a certain period.

The source of income may be leased, economic use of a land plot or a single real estate object or the sale of a land plot or a single real estate object in the most likely time at market value.

The calculation of revenues in the version of lease estate should include accounting for income from the sale of a single real estate object at the end of the forecast period.

For the purposes of this report, the appraiser considered it possible to determine the market value of ownership of the land plot using the allocation method and the balance method.

The cost approach is applied when it is possible to replace the assessment object by another object, which is either an accurate copy of the assessment object or has similar beneficial features. The information available to the appraiser allows you to apply the cost approach to the assessment of the market value of the assessment object. Considering the foregoing, as well as on the basis of paragraph 20 of the Federal Standard of Evaluation " General concepts Estimates, assessment approaches and evaluation requirements "(FSO No. 1), approved by order of the Ministry of Economic Development of the Russian Federation of July 20, 2007, No. 256, and also, Art. 14 FZ-135 "On appraisal activities in the Russian Federation", the appraiser considered it possible applythe cost approach to the assessment of the value of the assessment object. To determine the costs of reproduction (substitution), a comparative unit method will be applied.

Comparative approach

A comparative approach is a set of methods for estimating the value of an assessment object based on the comparison of the assessment object with objects - analogues of the assessment object, in respect of which there are information about prices. The object-analogue of the assessment object for the assessment objectives is an object, similar to the assessment object for the main economic, material, technical and other characteristics determining its value.

Within the framework of the comparative approach, two methods are distinguished: method comparative analysis Sales and gross renal multiplier method.

Method Comparative Sales Analysis - The method of assessing the market value of an assessment object based on the analysis of prices for the sale or lease of objects comparable to the estimated, -Analogs that took place in the market of the estimated object before the assessment date.

The comparative analysis method in addition to direct destination (market value estimation) can be used to assess rental rates, depreciation, or costs for their creation, fill rates and other parameters that are needed to assess the value of real estate using other approaches.

Method of market comparison is based on the principle of supply and demand, according to which the price of real estate object is determined as a result of the interaction of the demand forces and suggestions for an object in this place, at this time and in this market.

This method is a method of direct modeling of factors of supply and demand. When buying an object, the buyer (investor) is guided by the principle of replacement, which states that the maximum price of the assessment object (RS OO) does not exceed the minimum price of the market value of the analogue object (RS O.A.), which has similar characteristics (prize-forming factors).

Mathematical model Estimates of the object of real estate using the method of market comparisons can be represented in the following form (Formula 4):

where RS OO is the market value of the object of assessment;

W I.- weight i.-to analogue in the value of the assessment object;

RSO a I.- the number of analogues;

n.- Number of analogues.

The sales comparison method is used if the assessment object market is active, i.e., on the date of the assessment there is information that is sufficient to assess the number of transactions or proposals. For example, the method of market comparison allows you to get enough nice results To evaluate apartments, land plots. It is almost never used for special objects (churches, schools, stadiums, etc.), which have no market or their market is limited.

Method of market comparisons in the presence of sufficient data allows you to obtain a reliable evaluation result.

To determine the value of the real estate object by market comparison method, as a rule, the following sequence of actions is used:

1. Market research and collection of information on transactions or suggestions for buying or selling facilities similar to the estimated object.

2. Check the accuracy and reliability of the collected information and compliance with its market conditions.

3. The selection of typical for the market for the estimated object of comparison units and comparative analysis by the selected unit.

4. Comparison of analog facilities with an assessment object using a comparison unit and amendments to the price of each compared object relative to the estimated object.

5. Marking the adjusted values \u200b\u200bof prices of objects-analogues obtained during their analysis, in a single value or range of value values.

Comparison units are used to make a transparent and understandable comparison procedure of the estimated object and its analogues. For example, the sales prices are shown to prices for the size of the building unit, usually disappears the need to make adjustments to the size of objects.

The main elements of the comparison that should be considered in the method of comparative sales analysis are:

1. Transferred property rights.

2. Financing conditions.

3. Terms of sale.

4. Market conditions.

5. Location.

6. Physical characteristics (size, quality of construction work, condition of the building).

7. Economic characteristics (operating costs, terms of lease agreements, administrative expenses, the composition of tenants).

8. Type of use (zoning).

9. The cost components that are not included in the real estate.

In addition to the basic elements of comparison, additional elements may also be required. These include urban planning restrictions, servitudes, environmental restrictions, access to the real estate object.

The number of comparison objects is of great importance. The more the number of analog objects, the greater the appraiser of opportunities to get a reliable result.

At the approval stage, preference should be given (to assign the greatest weight) of the prices of the analogues that are closest in their characteristics to the assessment object, i.e. analogues, prices were subjected to the smallest number of adjustments, and the adjustments themselves were relatively small.

The method of market comparisons distinguish two groups of adjustment analysis methods: quantitative; Quality.

These groups are distinguished by the ratio of the number of pricing factors and the number of analogues used to evaluate.

If the number of n values \u200b\u200bn is greater than or equal to the number of pricing factors k., enlarged per unit ( n.≥ k.+ 1), then for the assessment uses the methods of the first group: analysis of pairs of data; analysis of data groups; statistical analysis; graphic analysis; sensitivity analysis; cost analysis; Analysis of secondary data and capitalization of rental differences, etc.

If the number of analogues n. less than quantity k. pricing factors enlarged per unit ( n. < k. + 1), then the assessment uses the methods of the second group: relative comparative analysis; Expert estimate method (rank analysis); Interview method.

Quantitative analysis methods

Quantitative analysis methods provide for the use of mathematical methods. One of the simplest is the analysis of pairs of data. The use of this method allows the appraiser to determine the correction to the comparison element by comparing two objects that differ in this element. Analysis of the data pairs is a method of mathematical deduction, which has limited applicability, since sets of data pairs are rare, and the possibility of their incorrect use is not excluded.

Analysis of pairs of data and data groups is an option for analyzing sensitivity. Sensitivity analysis is a method used to determine the influence of individual variables for the cost.

Evaluation activities sometimes use a statistical analysis of market data. Most often, correlation-regression analysis is used in the assessment.

Graphic analysis is a variant of statistical analysis that allows the appraiser to conclude by visual interpretation of the graphic image data and the use of statistical methods for selecting curves.

In the cost analysis method, such expense indicators are used as a basis for amendments to amend the amendments or the cost of obtaining a license. It is important that the amendments make the average market indicators.

An analysis of secondary data is to determine the amendments that use data that do not have a direct relation to the estimated or compared objects. Secondary data characterize the general real estate market. As a rule, information about them is obtained from real estate specialized publications.

Qualitative methods of analyzing

One of the qualitative methods of analysis is a relative comparative analysis. It consists in studying the relationships identified on the basis of market data without the use of calculations. Many appraisers use this method as it reflects the imperfect nature of real estate markets. The method is based on the analysis of comparable sales in order to compare the characteristics of comparable objects with an estimated object of property.

The method of expert assessments is a modification of relative comparative analysis. In this method, these comparable sales obtained by the method of expert survey are ranked in a decreasing or increasing order. Then the appraiser analyzes each transaction to determine the relative position of the estimated object in the sample.

Personal interviews can help identify the opinion of the knowledgeable market participants of the estimated real estate object. Such information must be viewed as secondary data that should not be used as a single criterion to determine the amendments or reconcile value indicators.

Sequence of amending

The sequence in which amendments are made to comparable objects are determined based on the analysis of market information.

Amendments to location, physical characteristics, economic characteristics, the type of use and components that are not included in the real estate are summed up.

Coordination of value indicators

In the course of this stage, the appraiser analyzes the obtained indicators and reduces them to the range of values \u200b\u200bor one magnitude. At this stage, the advantages and disadvantages of each indicator of the cost, reliability of market data, as well as the methods of analysis are considered and carefully weighed.

In the course of the coordination, it is necessary to make sure that the obtained value indicator correlates with the purpose of assessing and indicators of the value obtained using other methods of evaluation.

Gross Renal Multiplier Method

This method is based on the assumption that the value of real estate income is a pricing factor, and the compulsion of the price and income on similar objects provides grounds for using averaged results when evaluating a particular real estate object.

Gross Renal Multiplier is an indicator reflecting the value of the sale price and the gross income of the property. The gross dental multiplier is used for objects by which it is possible to reliably assess either potential or valid gross income. This indicator is calculated by similar real estate objects and is used as a multiplier to the corresponding indicator of the estimated object.

Stages of real estate assessment with a gross rental multiplier:

1. The gross income of the estimated object is estimated, or potential or valid.

2. At least three analogues are selected as an estimated object for which there is a reliable information about the sale price and the magnitude of potential or valid income.

3. The necessary adjustments are made, increasing the comparability of analogues with the estimated object.

4. For each analogue, the gross renal multiplier is calculated.

5. Determined by the final BPM as the average value of the calculated WRM in all analogues.

6. The market value of the estimated object is calculated as a product of the average BPM and the estimated adequate gross income of the estimated object.

The market value of the estimated object is calculated by formula 5

RS oo \u003d PVD oo (dvd oo) · vrm,

PVD - potential gross income;

DVD - valid gross income;

VRM - Gross Rental Multiplier.

The method is simple enough, but requires compliance with such conditions as the presence of a developed and active real estate market, the possibility of obtaining reliable market and economic information. The disadvantages of the method include the impossibility of achieving the full comparability of the estimated object and analogues, as well as the impact on the market value of the operational expenses.

A comparative approach is most fully meets the requirements of market opportunities commercial real estate. The appraiser has a reliable and accessible information on the prices and characteristics of analog facilities. Considering the above, as well as on the basis of paragraph 20 of the Federal Standard, the "General Evaluation Notes, Approaches for Assessment and Requirements for Evaluation" (FSO No. 1), approved by the Order of the Ministry of Economic Development of the Russian Federation of July 20, 2007, No. 256, as well as Art. 14 FZ-135 "On appraisal activities in the Russian Federation", the appraiser considered it possible apply Comparative approach to assessing the market value of assessment objects. Within the framework of the comparative approach, the appraiser applied a sales comparison method as a method that gives the most accurate result.

Profitable approach

Profitage approach (Income Approach)- A set of methods for estimating the value of the assessment object based on the determination of expected income from the use of an assessment object.

Assessment of the market value using an income approach is based on income transformation, which is expected to be estimated to be generated in the process of the remaining economic life in the price. From theoretical point of view, the source of income can be any: rent, selling, dividends, profits. The main thing is that it is the product of the estimated asset.

With this approach, it is possible and advisable to evaluate the assessment of those assets that are used or can be used in the interests of income extraction (real estate, stocks, bonds, promissory notes, intangible assets, etc.).

The basic principles of evaluation of an income asset are the principle of waiting and the principle of substitution.

The principle of expectation for this approach is the main method-forming principle. He says that the market value of the asset (RS OO) is determined by the current (today's current) value of all its future net income I.

The higher the revenue potential of the estimated asset, the higher its value. At the same time, the analysis of income should be carried out throughout the remaining economic life of the asset under the condition of its use during this period in the most efficient way.

In accordance with the principle of substitution, the maximum value of the asset should not exceed smallest priceson which another similar asset with equivalent yield can be purchased. This principle is analogous to the economic principle of alternative to investments.

As part of the income approach, direct capitalization method and the method of discounted cash flows are distinguished.

The basis of these methods is the analysis and assessment of the net operational income and the coefficient of capitalization or discounting.

With direct capitalization, an assessment of a net operational income of the first year of use of the asset is carried out, provided that it is in the stage of generating typical income, and evaluating the capitalization coefficient to transform income to the current value, and in the method of discounted cash flows - the forecast of pure operational income in the process of using the asset , including net revenue income at the end of the forecast period, the evaluation of the discounting coefficient and the determination of the amount of current values \u200b\u200bof these income.

These methods are distinguished by ways to analyze and construct the flow of income and the coefficients of their conversion to the current value.

In the method of direct capitalization to assess the market value, the net income of the first year from the use of the asset is divided into capitalization ratio obtained on the basis of data on the coefficient of capitalization of assets similar to the estimated asset. At the same time, there is no need to assess the tendency to change the income in time, and in assessing the capitalization coefficient - to take into account its components separately: the rate of return on capital and the rate of its return. It is assumed that accounting for the trends of all components of the estimated asset is laid in market data. It should be noted that the direct capitalization method is applicable to evaluate the current assets used in the most efficient way and not requiring the estimation of large in the duration of capital investments in repair or reconstruction.

When evaluating the capitalization method according to the rate of return on capital, the tendency to change the net income in time is taken into account and all components of the capitalization coefficient are analyzed separately.

In general, these methods can be defined as follows.

Direct capitalization method - a method for assessing the market value of an incomeary asset based on the direct transformation of the most typical income of the first year in the price by dividing it to the capitalization coefficient obtained on the basis of analyzing market data on the ratio of income to the cost of assets similar to the estimated estimated.

The method of analyzing discounted cash flows is a method in which to estimate the market value using the rate of return on capital as a rate discounted, followed by the summation of the cash flow of each year of the estimated asset, including the cash flow from its resale at the end of the speaking period.

Pure operating income is equal to the difference in valid gross income and operating expenses. At the same time, only those operating expenses, which, as a rule, carry the landlord are deducted from the actual gross income.

The valid gross income is equal to the difference in potential gross income and losses from premises downtime and loss from non-payment for rent.

The potential gross income is equal to income that can be obtained from passing the entire area of \u200b\u200bthe unified property for rent in the absence of losses from non-payment of rent. Rental rates for using a single property of real estate are calculated on the basis of market rates of rent.

For empty and used areas, market rates of rent are also used for their own needs. The potential income includes other revenues received from the inseparable improvements of real estate, but not included in the rent.

Operating expenses are determined based on market conditions for lease of uniform properties. Operational expenses are divided into: conditionally constant - independent of the fill level of a single real estate object, conditionally variables - depending on the level of fill in the unified property and the cost of replacing the short-lived elements of the building. Operating expenses do not include depreciation deductions for real estate and the costs of servicing property debt obligations.

Calculation of expenses for replacing elements of improvements with a short time of use is made by dividing the amount of costs to create data elements of improvements for their use. In the process of performing data calculations, it is advisable to take into account the possibility of percentage of cash to replace elements with a short use.

Management costs are included in operating expenses, regardless of who manages the object of real estate - the owner or manager.

In general, in accordance with the principle of expectation, the mathematical expression to assess the market value of the asset using the income approach has the following form (Formula 6):

,

where RS OO is the market value of the assessment object; i - current period number; Chor I. - pure operating income i.-to period, d - rate of return on capital (income discount rate), Reversion - income from the sale of an assessment object, k.- number of the last forecast period.

When assessing the real estate object, the approved approach should focus on the typical behavior of the investor (buyer) of the real estate object. The investor, acquiring an income asset, usually puts at least two goals: get adequate risks profit and return initially invested money.

Thus, chod some i.-o year can be divided into two components (Formula 7)

Income for the year that generates a real estate object should be positioned at the end of the year, i.e., consider it as a result of the economic activity of the owner on the profitable operation of the property of real estate during this year.

Income on investment i.-o year, in turn, can also be divided into two components: investment income, equal market value of improvements at the beginning i.-Ho year and investment income, equal market value of the land plot in the same year.

Methods of return capital

Laying part of income into the compensation fund, the owner accumulates in it cash To return the invincible part of the initial investment, i.e., the return of capital from this point of view can be defined as the process of compensation for the depleted part of the asset due to part of the income.

In the theory of real estate assessment, three methods of return (reimbursement) of capital are known: the ring method, the InVuda method and the Xioscold method. They differ in the use of different interest rates of the compensation fund.

Straight Return of Capital (Ring Method)

It assumes that reimbursement of the principal amount of investment occurs periodically equal parts during the duration of the asset. The ring method is justified only in the case of a systematic decline in income.

Capital return rate is defined as 1 / n.where n.- the remaining life of the economic life of the building

Uniform cancellation of capital (Invuda method)

The full name of the Invuda method is the method of returning capital at the expense of income in the formation of a refund fund with a percentage rate equal to the rate of capital income (investment).

In accordance with the name, this method is characterized by accumulating deposits in the compensation fund at the interest rate equal to the rate of return on equity capital. It is used when permanent income permanent income is expected during the entire forecast period. Return the principal amount of investment is carried out by the rate of income and is calculated by the formula (formula 8)

Returning the principal amount of investment on the factor of the Reimbursement Foundation and the Right-Risk Income Rate (Xioscold method)

The Hoscold method occupies an intermediate place among the two above-mentioned methods. It is used when investments are not so profitable to reinvest them at the same rate of% as the initial investment. It is characterized by accumulating deposits in the compensation fund for some risk-free interest rate.

Traditionally, it was so that when assessing real estate, the main source of income is leased by the estimated object.

Rent an object, as a rule, manifests itself in two basic forms:

Rent a facility as a whole (building, land plot);

Rent a part of the object (room, apartments, office in the business center, hotel rooms, parking space, garage in a cooperative, etc.).

The main thing is that the source of income is directly and inextricably linked to the estimated asset, i.e. the income should be the function of only the estimated asset.

Pure operating income in the most general case can be defined as the difference in valid gross income and expenses required for income. And operating costs can be determined, again in the most general case, as the costs associated with obtaining required level income.

The classic sequence of calculating the net operational income, based on the reflection of the real cash flow, is as follows:

1. Potential gross income.

Minus: loss of income from incompressor (under-use asset).

Minus: Losses from non-payment.

Plus: Additional income.

2. Valid gross (efficient) income.

3. Minus operating expenses:

Current operating expenses are the costs associated with the daily operation of the real estate object (conditionally permanent and conditionally variables).

Capital spending - cash, deduction special foundations created for "stabilization" of large one-time costs associated with the operation of the real estate object (mainly with the repair or replacement of short-lived elements of the building).

4. Periodic pure operating income.

A special type of income in the version of rental assessment is net income from reversion or net income from the sale of real estate object at the end of the spent period. Net income of the owner from the sale of an asset (the magnitude of the reversion) can be defined as an income, equal difference price of the sale of an asset minus debt obligations and expenses related to the sale of an asset.

In practice, it is customary to use three ways to forecast the sale price:

Forecast for sale price in absolute monetary terms;

Forecast sale price based on interest rate change over the period of ownership;

Forecast prices based on the assessment by well-known methods for assessing the market value of the asset at the end of the forecast period.

The first way in practice is quite rarely applicable. It is usually used when there is a separate agreement for the sale of an object at a previously agreed fixed price, such as an option for the purchase of ownership at the end of the lease term. This method can also be used when assessing leased for a long time of real estate objects, provided that the sale occurs long before the end of the rental periods.

In this case, the cost of reversion is calculated as the current cost at the time of sale, the cost of lost rental payments on a fairly low discount rate. It is known that the discount rate reflects the risks of incomplete or loss of income. The higher these risks, the higher the discount rate. In this case, in the presence of concluded contracts, the risks of incomplete income are minimal, and therefore the discount rate should be low. The method of evaluating the cost of reversion based on the percentage change in the cost for the period of ownership is based on the analysis or annual, or the final percentage of the cost changes for the period of ownership.

Finally, the third way to estimate the cost of reversion is based on the use of the assessment of the market value of the asset sold by known methods, but at the date of the end of the forecast period.

So, from the point of view of the income approach, the reverse must be considered as the sale of the new owner of the rights to obtain future income.

Estimation of the discount rate

One of the most important stages Real estate estimates using an income approach is the calculation of the rate (rates) of the discount, necessary to determine the current cost of the income stream, which generates a real estate object.

As applied to the income approach, the appraiser suggests that the ultimate goal of the investor is to obtain an income that exceeds the initially invested amount. Based on this, as shown above, the total expected income of the investor consists of a complete return of the initially invested amount and profit or remuneration (capital income).

In the process of capitalization of income, many rates (norms) of profitability or profitability can be used. All of them to one degree or another are peculiar income meters.

The total capitalization coefficient (R O) is the income rate for all property and is equal to the attitude between the expected net operating income of one year and the price or value of all property. The total capitalization ratio is not the rate of income on capital or the full investment meter. It may be more, less or equal to the expected rate of return on capital depending on the estimated changes in income and cost.

Assessing real estate with an incremental method, the appraiser must be well enough to imagine the economic nature and the mathematical meaning of the discount rate. In the process of the assessment, the appraiser should reflect from the point of view of the investor, who, buying an object of real estate, exchanges money from him for the right to receive them in the future. It is this relationship that reflects the discount rate.

From a mathematical point of view, the discount rate in accordance with the theory of the cost of money in time is a bid of a percentage that is used to transfer future cash flows into their current cost.

From an economic point of view, the discount rate is the minimum profit rate on which an investor is calculated by investing money in the purchase of an income asset. Obviously, any wait is a probabilistic category.

The higher the degree of risk of receiving income from one type of activity, the higher in absolute terms there should be a discount rate of this income in assessing an asset associated with this activity, i.e., the rate of return on investment in an asset is proportional to the risk of investing in this asset.

Discount rate, and based on some minimal profits (risk-free) and additionally includes award for different kinds Risk: inflation, price increase, tax changes, insolvency, illiquidity, etc.

The discount rate formally can be defined as a risk function (Formula 9)

D \u003d f. (D B, p 1, p 2, ..., p I.),

where d b - risk-free rate; P 1, P 2, P I. - Some many risks.

Thus, the problem of determining the amount of discount rate is to determine the factor (functional or stochastic) connection f.and in a quantitative assessment of a premium corresponding to one or another risk.

There are the following methods for determining the discount rate.

Method of cumulative construction

The most common form of communication discount rates with prizes is the so-called cumulative form.

In accordance with this method, the discount rate is equal to the amount of risk-free bets and premiums for the following systematic and non-systematic risks: additional risk, the risk of illiquidity and the risk of investment management. Currently, there are no formal methods for assessing premiums for these risks. Their definition is currently being carried out.

The method of internal profitability or IRR method

The essence of the method is to analyze and statistical processing of internal norms of profitability of projects comparable to the project of the estimated object, the prices of sales are known. To estimate the rate, it is necessary to simulate for each object-analog object for a certain (forecast) period of time, taking into account the scenario of the most effective use of its flow rate and income, calculate the internal rate of profitability and the results obtained to process any acceptable in this case by statistical method or expert way, for example , Weighworthy, pre-with the help of experts, appointing the weight of each of the evaluations of the discount rates. In general, the algorithm for calculating the discount rate can be represented as follows:

1. Selection of objects comparable to the estimated, with famous sales prices.

2. Calculation of rental rates for comparable objects, taking into account the scenario of their most efficient use.

3. Modeling spending and income streams for comparable objects. At the same time, the cost of the object of the object can be adopted equal to the cost of purchase, taking into account:

Costs for bringing an object to the most efficient use;

Inflationary appreciation for a complex percentage;

Depreciation due to natural obsolescence.

4. Calculation of finite returns (internal return standards).

5. Determining the discount rate for the estimated object as an average or weighted average of the finite defense rates of comparable objects.

Algorithm for determining the value of the object of assessment by the method

direct capitalization

In general, the assessment of the market value using the income approach includes a number of the following mandatory stages:

1. Analysis of the most efficient use (NEI) of the assessment object.

2. Collecting market information about the profitability of analog facilities.

3. Evaluation of the level of income of the object of assessment in its NEI based on the analysis of the income of the analog objects - the assessment of the net operational income of the assessment object.

4. Evaluation of the cost of bringing the object of assessment to NEI (if necessary).

5. Evaluation of capitalization or discount rates based on the respective indicators of objects of analogues, investments in which are comparable in terms of risk levels in the assessment object, taking into account additional risks associated with the cost of bringing it to NEI.

6. Capitalization of income in the current cost, taking into account the costs of bringing it to NEI and the formation of an opinion on treadmill: Evaluation of the market value of the income approach.

Algorithm for determining the value of the object of assessment by the method of discounted cash flow

The discounted cash flow method determines the market value of real estate as the amount of discounted income that may generate an object in the future.

The specifics of the application of the traditional scheme of the discounted cash flow method will appear in the following:

The discount rate must comply with the investor required by the rate of income on equity;

As a current income for the period of ownership, the appraiser does not use non-net operating income, and cash receipts on equity capital, which represent the balance after subtracting obligatory payments to the Bank;

Revenue from the estimated sale of real estate at the end of the spent period is the difference between the price of resale and the balance of mortgage debt on this date.

Method of discounted cash flows of more supermarlen, it is applicable to evaluate any real estate income, including objects with unstable income. Usually an unstable revenue flow occurs if the property is under construction, reconstructions or only goes to the market, another reason for not the stability of income is the unsatisfactory state of the economy.

1. 37. Estimation of the cost of land rental rights by methods of an income approach

37.1. Cost Rental Rental

37.1.1. To estimate the cost of renting the land tenant for a certain period of time, you can use the following expression: where VA.- Benefit value for the period of time T.(cost of rental rights); T.- lease term; R.- pure operating income from the Earth; E. - discount rate.

It is required to evaluate the right of long-term lease of pasture. Land plot in 2 hectares transferred to the administration of the district for rent for 49 years to use as pasture. Rental board set by administration - 274.18 rubles / ha / year. The residual use of use is 47 years old. Income from pastures for milk is 7038 rubles / ha. The market value of the pasture calculated by the capitalization method of the land rent is 7038: 0.11 \u003d 63981.8 rubles / ha.

Calculation The right of long-term lease of pastures is carried out on the basis of possible scenarios for the further use of the Earth after the end of the lease term.

Scenario 1. After expiration, the contract will not be extended. The cost of rental rights is determined by the capitalization of land rent in 47 years.

The cost of rental rights \u003d
\u003d 61034 rub. / Ha.

Scenario 2. After the end of the lease term, the contract will be extended. Rental payments will go constantly.

The cost of rental rights is defined as the difference between the market value of the land plot on the right of ownership and land payments, which gives the opportunity to use the Earth on the right of rent for an infinite period of time (capitalized value of the actual rental).

The cost of rental rights \u003d
\u003d 61490 rub. / Ha.

Scenario 3. After the end of the lease term, the Earth will be purchased at a price of 2000 rubles / ha.

Price of redemption - 2000 rubles / ha.

Capitalized cost of rental payments for 47 years will be:

\u003d 2475 rubles / ha.

The cost of redemption after 47 years lease \u003d
\u003d 13 rub. / Ha.

The cost of rental rights \u003d 63982 - 2475 - 13 \u003d 61492 rubles / ha.

Average: (61034 +61490+ 61492): 3 \u003d 61339 rub. / Ha.

Suppose the average value is accepted as the final value. Then the cost of rental of 2 hectares of pastures hectares 47 years \u003d 61339 × 2 \u003d 122678 rub. / Ha.

37.1.2. The market value of the rental right can be calculated by capitalization of rental payments for land if these payments are defined from the conditions of market transactions.

37.1.3. If rates that are not corresponding to the market, for example, rates established by the municipality are used in the calculations of the capitalized cost of rental payments, then the value of the owner or landlord is determined (in this case of the municipality) to the land plot during its current use. That is, this value will not be the market value of the right to rent a land.

37.2. Cost Rental Rental Landlord

37.2.1. The cost of rental rights of the landlord is calculated for the land plot given by the owner (in our conditions, usually by the state or municipality) for rent, and is determined by international evaluation standards as the cost of Freigold's interest, subject to the interests of the lease.

37.2.2. Under Frigold means the absolute ownership right, subject to the observance of the restrictions established only by the state. According to MSO "The cost of Frigold or rental estates is usually considered as the sum of the present value of the expected net income that should be obtained as part of the lease plus the value of the expected value of the property, when use and possession go back to the landlord." 17.

37.2.3. From this definition it follows that the right to lease of the landlord (states, municipality) is determined by the current cost of income from the concluded land lease agreement, which are determined by the size of the rent, established by the contract, and the potential income from the sale of a land plot or the right to conclude a contract for its lease after the end of the term The current treaty.

37.2.4. Hence the cost of the right of landlord of the land plot, leased, can be defined as follows.

1. If the subsequent sale of land in the property is permitted, the market value of this right is defined as:
where V. BUT - the cost of leaser rental rights (the cost of frigold or the value of the land plot burdened by the lease agreement); PI- rent set in the rental agreement, T.- lease term, V. M. - Market value of the Earth at the time of the assessment, E-discount rate.

2. If the subsequent sale of land in the property is not permitted, but it is possible to sell rental rights:
Where: V. P. BUT - Market value of the sale of rental rights. In the case when rental payments are a constant value of PI \u003d P \u003d const, you can apply the expression:
.

Lease term - 49 years, the rate of the board established in the lease agreement - $ 40,000 / ha, the market value of the right to enter into a lease agreement is $ 10,000,000 / ha, a discount rate of 10%.

Hence the cost of renting the landlord (owner of the land plot) is equal to:
= $489 956.

If the lease period is 5 years, then this value will be:
= $6 360 844.

37.2.5. From the above expressions it follows that the cost of lease rental right does not coincide with the market value of ownership, if payments are made at fixed rates, as it is now mainly and occurs with land plots in state and municipal property, with deferment of land redemption (rental rights ).

37.2.6. From here it also follows that the right to lease the lessor is less than a more distant period, payments to the redemption of the land plot or the rental rights of the tenant are assumed, provided that the rent is less than the market. That is, the depreciation of future revenues is due to the influence of the discounting factor, as well as this happens when evaluating other natural resources that bring revenue in a long-term perspective.

37.2.7. Similarly, it is possible to determine the cost of other partial rights to land - the rights of perpetual use, lifelong inherited ownership.

Ministry of Property Relations
RUSSIAN FEDERATION

Order

On approval of guidelines for the definition of the market value of the right to rent land

The document is returned without the State Registration
Ministry of Justice of the Russian Federation

Letter of the Ministry of Justice of Russia of 06.05.2003 No. 07/4533-SMD.

______________________________________________________________

In accordance with (meeting of the legislation of the Russian Federation, 2001, N 29, Article.3026):

Approve the accompanying guidelines for the definition of the market value of the right to lease of land.

Minister
F.R. Gazizullin

Methodical recommendations for determining the market value of the right to rent land

I. General provisions

This methodological guidelines for the definition of the market value of the Rental Rent of land developed by the Ministry of Property of Russia in accordance with the Decree of the Government of the Russian Federation of 06.07.2001 N 519 "On Approval of Evaluation Standards".

II. Methodical Fundamentals Evaluation of the Market Cost Rent Law of Land

The market value of the rental right of the land plot is determined on the basis of the principles of utility, supply and demand, replacement, changes, the external influence set out in section II of methodical recommendations for determining the market value of land plots approved *.

________________

* Letter of the Ministry of Justice of Russia of April 15, 2002 N 07/3593-SMD recognized not in need of state registration.


The market value of the rental right of the land plot depends on the right-wing tenant, the term of the right, the burden of rental rights, the rights of other persons to the land plot, purpose and the permitted use of the land plot.

The market value of the rental right of the land plot depends on the expected value, duration and probability of obtaining income from the right of lease for a certain period of time with the most efficient use of the land tenant (the principle of expectation).

The market value of the rental right of the land plot is determined on the basis of the most efficient use by the tenant of the land plot, that is, the most likely use of the land plot, which is practically and financially implemented, economically justified, the relevant requirements of the legislation and as a result of which the estimated value of the value of the land lease rate will be maximum ( The principle of the most efficient use).

The estimated value of the value of the rental right of the land plot can be expressed by a negative value (for example, if the size of the rent set by the lease agreement of the land plot is higher than the market size of the rent for this site). In such cases, as a rule, it is not possible to alienate the object of assessment in the open market in the context of competition when the parties of the transaction act intelligently, having all the necessary information, and there are no extraordinary circumstances on the transaction.

When assessing the market value of the Rental Rent of the Land Registration, it is recommended to use the provisions of section III methodological recommendations for determining the market value of land plots approved by the order of the Ministry of Property of Russia from 06.03.2002 N 568-P

The report on the assessment of the market value of the land rental right is recommended including:

information on state registration of the rental rights (lease agreement) in cases where the specified registration is mandatory;

information about the burden of rental rights of the land plot and the most land;

the basis of the occurrence of rental rights at the tenant;

determination of the Poverver Tenant:

the deadline for which the land lease agreement is concluded;



characteristics of the land market, other real estate, land lease rights, including the market for renting land and other real estate.

IV. Methods Evaluation

An appraiser during the assessment is obliged to use (or justify the refusal of use) costly, comparative and profitable approaches to the assessment. The appraiser has the right to independently determine the specific methods of evaluation within each of the approaches to the assessment. When choosing methods, adequacy and accuracy are taken into account to use this or that method of information.

As a rule, when evaluating the market value of land lease rights, sales comparison method, the allocation method, the distribution method, the capitalization method of income, the balance method, the method of intended use are used.

The comparative approach is based: the sales comparison method, the allocation method, the distribution method. The income approach is based: the capitalization method of income, the balance method, the method of intended use. Elements of the cost approach in terms of calculating the cost of reproduction or replacement of improvements of the land plot are used in the remover method, the method of isolation.

The content of the listed methods is given in relation to the estimate of the market value of the right to lease of land plots, both engaged in buildings, buildings and (or) structures (hereinafter - built-up land plots) and the right to lease of land not occupied by buildings, buildings and (or) structures (hereinafter - undressed land).

In the case of using other methods in the evaluation report, it is advisable to disclose their content and justify the use.

1. Sales comparison method

1. Sales comparison method

The method is used to assess the right to lease of built-up and unaked land. When assessing the market value of the rental right to the method of comparing sales, it is recommended to use the provisions of clause 1 of the IV methodological guidelines to determine the market value of land plots approved by the order of the Ministry of Property of Russia from 06.03.2002 N 568-P, taking into account the following features.

When evaluating the market value of the right to lease of the land plot with a sales comparison method as part of value factors, including the following factors are taken into account:

time period remaining until the end of the lease agreement;

the value of the rent provided by the lease agreement;

the procedure and conditions of application (including frequency) and changes in the rent provided for by the lease agreement;

the need to obtain the consent of the owner to make a transaction with the right lease;

the tenant has the right to redeem the rented land plot;

the presence of a tenant preferential right to conclude a new lease agreement for the land plot after the lease agreement expires.

2. Isolation method

2. Isolation method

The method is used to assess the right to lease of built-up land plots. When assessing the market value of the right of lease by the method of selection, it is recommended to use the provisions of clause 2 of the IV methodological guidelines for determining the market value of land plots approved by the order of the Ministry of Property of Russia from 06.03.2002 N 568-p.

3. Distribution method

3. Distribution method

The method is used to assess the right to lease of built-up land plots. When assessing the market value of the Rent Rent by the distribution method, it is recommended to use the provisions of paragraph 3 of the IV section of the methodological recommendations for determining the market value of land plots approved by the order of the Ministry of Property of Russia from 06.03.2002 N 568-p.

4. Method of capitalization of income

4. Method of capitalization of income

The method is used to assess the right to lease of built-up and unaked land. The condition for applying the method is the possibility of obtaining for the same intervals of the time equal to each other or varying with the same rate of income from the estimated land rental right.

The method assumes the following sequence of actions:

calculation of the income for a certain period of time generated by the right to lease of the land plot with the most efficient use of a land tenant;

determination of the value of the corresponding coefficient of capitalization of income;

calculation of the market value of the land lease right by capitalizing the income generated by this right.

Under the capitalization of income is a definition at the date of evaluation of the value of all future equal shares or varying with the same rate of income per equal periods of time. The calculation is made by dividing the amount of income for the first after the date of the evaluation of the period by the appropriate capitalization ratio of a certain appraiser.

When evaluating the market value of the land rental right, income from this right is calculated as the difference between land rental and the amount of rent provided for by the lease agreement for the corresponding period. At the same time, the magnitude of the land rent can be calculated as the income from the delivery of the land plot for rent at the market rates of the rent (the most likely rental rates on which the land plot can be leased on the open market in competition, when the parties of the transaction are reasonable, having With all the necessary information, and at the size of the rental rates, any emergency circumstances are not reflected).

The definition of market rates of rent within this method involves the following sequence of actions:

the selection for the land plot, the right of lease of which is estimated, similar objects, the rental rates for which are known from rental transactions and (and / and) public offer;

the definition of the elements on which the land plot is compared, the right to lease of which is estimated, with analogues (hereinafter - comparison elements);

determination for each element of comparing the character and the extent of the differences of each analogue from the land plot, the right to lease of which is estimated;

determination for each element of comparing the adjustments of rental rates of analogs corresponding to the nature and degree of differences between each analogue from the land plot, the right to lease of which is estimated;

adjustment for each element of comparison of the rental rate of each analog, smoothing their differences from the land plot, the right to lease of which is estimated;

calculation of the market rate of the rent for the land plot, the right to lease of which is estimated, through the reasonable generalization of the adjusted rates of the rental counterparts.

When calculating the capitalization coefficient for income generated by the right to lease of the land plot, it should be considered: a risk-free rate of return on capital; the magnitude of the award for the risk associated with the investment of capital in the acquisition of the estimated rental rights; The most likely pace of changes in income from the right to rent a land plot and the most likely change in its cost (for example, with a decrease in the cost of rental rights - take into account the return of capital invested in the acquisition of rental rights).

In case of reliable information on the magnitude of the income generated by an analogue of the assessment object for a certain period of time, and its price, the capitalization coefficient for income generated by the right lease of the land plot can be determined by dividing the income value created by the analogue for a certain period of time, the price of this analog .

5. Residue method

5. Residue method

The method is used to assess the right to lease of built-up and unaked land. When assessing the market value of the rental right to the residue method, it is recommended to use the provisions of clause 5 of the IV methodological guidelines for the determination of the market value of land plots approved by the order of the Ministry of Property of Russia from 06.03.2002 N 568-P



the difference between clean operating income from a single real estate object and a clean operating income relating to the improvements of the land plot is part of land rent not carried by the owner of the land plot in the form of rent, but by the lease by the tenant;

when calculating the capitalization coefficient for income from the rental right, the likelihood of maintaining the difference between the size of the rent and the amount of rent, provided for by the lease agreement, the period remaining until the end of the lease agreement, as well as the possibility of concluding a tenant a new lease agreement for a certain period of lease.

6. Method of intended use

6. Method of intended use

The method is used to assess the right to lease of built-up and unaked land. When assessing the market value of the rental right to the method of intended use, it is recommended to use the provisions of paragraph 6 of the IV methodological guidelines for determining the market value of land plots approved by the order of the Ministry of Property of Russia from 06.03.2002 N 568-P, taking into account the following features:

as part of operating expenses, including the amount of rent provided for by the existing land lease agreement;

when calculating the discount rate for income from the rental right, the likelihood of maintaining income from this right should be taken into account;

when determining the forecast period, the period of time remaining until the end of the lease agreement is also considered, as well as the possibility of concluding a tenant of a new contract for a certain period.