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Descubra todo lo que Scribd tiene para ofrecer, incluyendo libros y audiolibros de importantes editoriales. For a property where there are no, or limited transactions to use the comparison method of valuation, the residual method could be an alternative valuation approach. This method is use to assess the residual value of a property with development potential. The residual method of valuation could be expressed in the form of a simple equation where the value of a property is the residue a sum left over after deducting the cost of development from the value of development.
The reliability of this method can be maximized by using current costs and incomes with no estimation of changes during the development period. The assumption is that incomes and costs would change at similar rates so that effects would offset themselves out. A residual method of valuation requires a large amount of data, which is rarely precise or accurate. The valuer often makes an educated guess as to the true magnitude of the particular variable.
Some of this data input can be assess with reasonable analysis, but some might encounters great difficulties. For example, the profit margin, the risks associated with the development and the changes of the cost of material.
The magnitudes of these variables are not certain due to a lot of assumptions that have been made. Other criticisms of the method is its inflexible with respect to the timing of its cash flow to produce a single figure outcome. It presupposes that construction costs are incurred on a straight line basis instead of following an S-curve Darlow, As the.
It is a feature of residual valuation that comparatively minor adjustment to the constituent figures can have a major effect on the results William, Some elements of the residual method of valuation might be very sensitive to adjustments.
Small changes in any of the elements can contribute to a large amount of the changes in the residual value. The question here is, to what extend the effects of the changes of the building material costs towards the residual value?
There are two objectives to be achieved in this study:. The residual method of valuation always serves as the alternative method for development land valuation with limited transactions. The basic concept of residual method is the amount of value that a developer is willing to pay after considering its development potential.
However, this method requires a huge amount of data. Some of the data is not certain due to a lot of assumption need to be made. An error in judgment. Therefore, this research is important in order to determine whether residual value is comparative with the market value of the surrounding area.
The study case of this research will be focusing on the valuation of development lands in Kuching Area. A few sets of residual value will be determined for lands that had been approved for housing development of small to medium scale. Besides that, the development of the lands will be based on the type of houses which are most preferred by the local developers, namely the terrace and semi detached houses.
The residual method of valuation is the most commonly used valuation method to determine the properties value with development potential. A property is identified as potential when the current usage is no longer its highest and best uses.
In order to develop a property to its highest and best uses, it involved a lot of costs such as to carry out the site clearing, infrastructure work, construction work and etc. After the development, the property can be transacted with a higher value.
Therefore, the different between the value of the developed property and the development cost would be the residual value. In residual method of valuation, the residual value can be defined as the value of the property on its current state after considering its development potential. The Appraisal lists the following analytical steps that are required in the execution of the residual method The Appraisal of Real Estate, :.
The usage of every property is not permanently static. Sometimes the usage can be upgraded when the current usage of the property is not considered to be the optimum usage.
However, not likely all developments or refurbishments will be done. Each of the developments involved cost and it should be compensated by reasonable profit. If the involved cost is too high or the profit is not worthwhile, the development will not be proposed even the development potential does exist. There may be a possibility of increasing the development potential of a property by acquisition with adjacent land.
It may be necessary to acquire adjacent land or rights over adjacent land, before the proposed development could take place.
The likelihood of resolving such matters and whether such acquisitions should be reflected in the valuation. The valuer will need to liaise closely with both the appropriate planning authorities and.
The value of a parcel of raw land depends on determining its highest and best use. Unfortunately, when looking at a piece of raw land, highest and best use often is a matter of perspective. For example, the highest and best use of a raw land for a developer might be a shopping center, for an environmentalist might be a forest reserve area, for a housing association might be a low-income apartment project, and for a businessman might be a high-end single-family subdivision.
Both the highest and best uses deliver different definition. It can be defined more visibly by the two examples of development scheme as below:. Highest Usages For highest usages, a developer will develop the land with condominiums, high-ended bungalow house and semi detached in order to get the highest yield. Best Usages For best usages, the land would be development into low or medium cost houses to fulfill the social need by providing more houses with affordable price. In that circumstance, relatively the yield will be lower compare to highest usages.
The highest and best use generally is the use that is reasonably probable, physically possible, supported by the market, and returns the highest value to the land.
The final estimate of highest and best use should be defensible, the logic internally consistent, and the conclusions well supported and documented by facts as well as opinions.
Therefore, the highest and best uses should be a compromise between the two. The basic concept of residual method of valuation can be illustrated by the. The Concept of Residual Value Azhari, The concept of this method is based on the principle of surplus productivity,.
A residual valuation can be expressed as a simple equation:. The residual value has to be discounted to present according to the development duration in order to reflect the value on current stage. Difficulties arise not in the method itself but in estimating the values of the many variables that go into the valuation Darlow, This is where the skill and experience of the valuer is so important. From the equation to derive with the residual value, we can identify there are three main elements in the residual method of valuation, namely the value of completed development, development cost and residual value.
The value to be adopted is the Market Value of the proposed development assessed on the special assumption that the development is complete. In some instances another special assumption may be that the completed development is let and income producing rather than available for sale or letting.
After making allowances for transaction costs this is widely referred to as the Gross development value GDV. The development cost can be categorized into 3 categories:. Preliminary Cost. Preliminary cost is the cost involved before the site clearing. The following are. Construction cost. Construction cost is the cost involved by the developer during the construction. The construction period begins with site clearing and ends with the. The following are the construction cost:. Among all the construction cost, it is most complicated for the value to identify the developer profit.
When subdivision represents the highest and best use of land, most valuers rely on either informal or formal surveys of developers to estimate developer's profit. Allison and James in their landmark study of developers in the Greater Houston Area noted that expectations of developer's profit were as follows:. Many of them expressed the expected profit as a total dollar amount or on a "per lot" basis, which was converted into percentages [of total investment in the raw.
Two of the developers. Post Construction Cost. When the developments have been completed, the properties will be put in. However, the condition in our country is slightly.
In that case, these costs are occurred before or during the construction. The following are the costs involve in selling and letting the developed property:. Advertisement fee. Legal fee. Agency fee. After a residual approach has been followed, the valuer can determine the. However, the residual value shall be discounted to present according to the. The discount. Tony Sevelka, The comparison method can only be used where there are comparative evidences. As a valuation method, the comparison method is no more than a rule of thumb used by.
It is largely based on comparative evidence of the highest price necessary to secure other sites, therefore it provides an objective view of worth, an indication of the price if the site were to be put on the market immediately. As such, It take into account of all the valuation factors, requirements, and estimates each potential buyer may apply in arriving at an offer price.
Therefore, it anticipates the effect of supply and demand for land on valuation price. The residual value method, however, is highly subjective, derivative, and entirely personal to the potential buyer of what he can afford to pay and still generate adequate profit. Compare to the comparison method, residual method valuation often looks unsupported.
However, the residual method can be defended more strongly today for the following reason Robison, :.
IG 2008 Residual Method - Song.pdf
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