This book takes a new approach to property appraisal by exploring the pricing mechanism in this changing context. It:
develops the notion of the pricing mechanism in relation to property
covers practical issues of comparison and the real problems in applying valuation theory
explores calculations – including social and environmental worth – ignored in other texts
As real estate professionals now advise both on strategic and operational aspects of built assets, they must take into account practices of other investment markets and see investors as competitors to owner–occupiers. Both owner–occupiers and investors have to assess accurately how their buildings perform but also be aware of wider sustainability issues, and social and environmental responsibilities.
Real Estate Appraisal: from value to worth meets these new demands by examining the latest techniques of the marketplace; developing an understanding of both market appraisal and worth; and highlighting the emerging role of sustainability as a driver for decision–making in real estate. Written by a group of highly experienced lecturers and professionals at the cutting edge of investment practice, the book has an accessible style and authoritative coverage, for both students and practitioners facing changes in established ways of working.
For supporting material please go to [external URL]
Introduction to the Purchase Decision
Property Investment: Placing Property Within The Multi–Asset Investment Spectrum
The Market Approach (): Rental Value
Assessing Capital Value: analysing discount rates
Issues of Leasehold Appraisal
Structuring Investment Appraisals to Determine Investment Worth
Risk within the Appraisal and Worth Process
Occupational Property: decision making and appraisal
Funding and Financial Structures
Handling Risk within the Portfolio
Appendix A. Valuation and Finance Formula.
Appendix B. Worked Examples in the Chapters: information on how to download spreadsheets from the web site
Judy Smith is a Senior Lecturer in the School of Surveying at Kingston University where she is Field Leader fro the MSc in Real Estate. She lectures on both undergraduate and postgraduate courses specialising in property investment, valuations and IT applications. She is a Chartered Surveyor, joint author of Property Construction and Economics and is currently involved in researching a sustainable model of worth.
Richard Cooper Richard Cooper is a Chartered Surveyor with experience in investment property analysis and appraisal for UK and Continental European property fund managers. He currently works for a UK based manager of pooled property funds.
Piers Venmore–Rowland is a property appraisal and IT consultant and trainer. Having worked both as a stockbroker and as a Chartered Surveyor, he developed extensive property and financial knowledge. After some years in practice Piers become an academic and was Head of Department at City University before deciding to set up his own business. He is Visiting Professor at Kingston University.