Types of wear and tear on buildings. The influence of physical and functional wear and tear on the market value of real estate. Mutual influence of wear

Concept and types of depreciation of real estate.

In real estate valuation activities, wear and tear is the main factor influencing the value of an object, provided that a cost approach is used. Wear and tear serves as a criterion for differences in the parameters of a new object and real estate, the value of which is calculated by an expert. The depreciation calculation is an adjustment to the home's reproduction value (current value).

Physical, economic (external), functional wear and tear.

1. Physical wear and tear taken into account in depreciation standards, shows a decrease in the performance of real estate as a result of natural aging and the negative influence of external phenomena. There are irreparable and removable physical wear and tear. Natural aging is calculated using cost, accounting (regulatory) methods, as well as the method of calculating the life cycle of a building:

• Cost The method determines the costs of restoring building structures. The method is based on natural obsolescence, expressed by the ratio of the cost of repair work on structures and the cost of their restoration.
• Accounting (standard) method calculating natural obsolescence when assessing buildings uses regulatory instructions of departmental significance.
• Life cycle calculation method determines the typical period of actual life of the property, the chronological age of the property, the period of economic life and the remaining period of economic life of the property:
  • The typical period of actual life is understood as the period of operation of the house, when the load-bearing elements of the building structure correspond to the design parameters for durability and reliability.
  • Chronological age refers to the time period from the start of operation to the time of assessment.
  • The economic life of a property is defined as the time period during which the property provides income. The economic life of buildings ends when improvements do not increase the value of the property.
  • The period of time from the appraisal of the house to the end of the economic life of the building is called the remaining economic life of the structure.

Experts from appraisal companies also determine the effective age of buildings as the chronological age of the structure, taking into account the technical condition of the object and economic factors that influence the value of the object.

The amount of physical wear and tear is calculated as the quotient of division effective age for a typical period physical life.

2. Functional (moral) obsolescence real estate consists in the inconsistency of the object standards functional utility (outdated architecture, inconvenient layout, insufficient engineering support, etc.). The cost value of functional wear and tear is the difference between the costs of reproduction and replacement.

Examples removable functional wear serves the restoration of cabinets, installation of meters and equipment, etc. The value of functional wear (removable) is determined by the cost of reconstruction in order to ensure efficient operation.

Example irreparable functional wear is the increased demand in the rental market for one-room apartments compared to two-room apartments. The amount of obsolescence is equal to the product of rental losses and the rental payment multiplier. In other words, the value of irreversible functional obsolescence is calculated by capitalizing the rental loss based on the preliminary rental estimate.

3. Economic wear and tear - this is a decrease in the cost of the building due to the negative impact environment(political, economic circumstances, unfavorable natural environment). Economic obsolescence and wear and tear is irreversible due to the significant costs of eliminating external influence factors.

A method for calculating the level of external influence is the analysis of paired sales, which consists of selling two comparable objects on the market. One comparable property has economic obsolescence, which determines the difference in prices of objects.

One of the ways to calculate external obsolescence is to compare income from rental fees for two objects - analogues, one of which is experiencing Negative influence external environment. The value of external obsolescence is determined by the capitalization of income losses from the comparison of these objects.

Thus, all types of wear and tear are important when establishing value in the process of assessing objects.

Real estate refers to property that cannot be moved without losing its original qualities. This is land, various buildings, including unfinished ones, residential and production fund. In addition, according to the legislation, real estate includes air, sea ​​vessels, space objects.

During operation, any real estate is subject to wear and tear, with the exception of land, which does not lose its beneficial properties at correct use. For other objects, the technical and economic parameters are significantly deteriorating. The cost of objects is transferred in separate parts on the total volume of products produced, goods sold or services performed and leaves the real estate sector, accumulating in the form of depreciation amounts.

Depreciation of real estate in accounting and tax accounting

The concept of wear and tear is directly related to real estate depreciation - the gradual transfer of the monetary value of real estate to the final manufactured product over a certain service life. The modern Russian economy understands depreciation not as a source of financing for the subsequent restoration of worn-out economic assets, but only as a method of transferring the generated total cost of acquired property to expenses. That is, the depreciation deductions made do not necessarily imply their use for the further purchase of fixed assets or major repairs.

From a tax point of view and accounting Depreciation of real estate is just a way of writing off expenses to determine the final financial result. Depreciable property is recognized as fixed assets and intangible assets used by a company for more than one year to carry out its core activities.

The procedure for calculating depreciation of real estate does not depend on the method of its receipt by the company: whether it was acquired by payment, donated, or made as a contribution to the authorized capital (PBU 6/01). Depreciation should be calculated on an acquired property immediately after the completion of all capital investments made for its purchase or construction, that is, when it is completely ready for use: from the 1st day of the month following the acceptance of such an object among the company’s assets, In this case , a real estate object is accepted for accounting regardless of whether it is registered with government bodies that carry out state registration of real estate transactions (clause 9, Article 259 of the Tax Code of the Russian Federation). The determining factor is its actual use in the organization's commercial activities.

The period during which property will be depreciated is determined differently, depending on the taxation system.

Under a tax regime such as the simplified tax system, based on the cash method, in tax accounting, depreciation of an object occurs until the end of the year in which the object was capitalized and only for the amount of actual payment for it.

Under other tax regimes, only two depreciation methods are recognized in tax accounting: straight-line and nonlinear. You can change the method used at any time from the beginning next year. At the same time, there is a restriction for real estate objects included in depreciation groups 8-10 according to OKOF (clause 3 of Article 259 of the Tax Code of the Russian Federation): depreciation for them is calculated only in a straight-line manner. And there's one more important point: You can leave the nonlinear method only after 5 years of its use, and not earlier.

In accounting, there is a linear method and three other non-linear methods for all real estate:

• write-off method based on the total amount of the number of years beneficial use;
• write-off in proportion to the amount of work performed or finished products produced.

Depreciation and amortization of real estate

Depreciation and amortization are not equivalent concepts. For example, a building collapsed after construction as a result natural Disasters, having undergone complete physical wear and tear, and depreciation has just begun to accrue. Conversely, the structure is fully depreciated, but wear is only 40%, and the structure can still for a long time be exploited.

Wear and tear is the loss of useful qualities and characteristics of real estate for various reasons. It can be physical or moral.

1. Physical wear and tear is associated with deterioration in the operational characteristics of buildings and other objects. It occurs under the influence of natural and technical factors over time, as well as under the influence of human activity. This type of wear is called material or technical. It directly depends on the quality characteristics of the raw materials, components and building materials used in construction, timely inspection and regular preventive maintenance. The rate of wear of structures is also related to the type of production carried out inside buildings and structures, the intensity of loads and natural climatic factors: humidity level, temperature.

2. Obsolescence directly depends on scientific and technological progress. In this case, the replacement cost of real estate decreases due to the difference that arises between the value of the object during initial construction and at the current time. More technologically advanced and cheaper ones appear Construction Materials, new engineering solutions are being developed for architectural development that reduce the costs of technical operation of structures. Quite often, individual elements of buildings require replacement not because of their physical deterioration, but because of their obsolescence.

Moral and physical wear and tear is completely eliminated during major repairs.

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Depreciation and amortization of real estate

Any piece of real estate (except land during normal use) is subject to wear and tear. As a result, its technical and economic characteristics deteriorate, and the cost is transferred in parts to the manufactured products or services provided. The transferred value leaves the real estate industry and accumulates in the form depreciation charges to restore the capital invested in the object or for other purposes.

Wear? This is the loss of useful properties and a decrease in the value of real estate for any reason. According to the Russian concept, physical and moral wear and tear are distinguished. With physical wear and tear, over time, the original technical, economic and social qualities of real estate are lost under the influence of operational impacts and natural forces.

Depreciation is closely related to the depreciation of real estate, i.e. with a gradual transfer of its value during the entire service life to the benefit received during use (products, services, etc.). Is depreciation accounted for using depreciation deductions? monetary expression of the transferred value.

The new depreciation policy in Russia considers depreciation charges as an element of current costs taken into account when determining financial results, and in the form of the right to tax deductions, and not the obligation to make capital investments in the renovation of the same real estate.

There are four main methods used to determine depreciation charges.

1. Linear method depreciation? accrual of depreciation (A) in equal shares at the same rate throughout the entire period of use of the property until its value is completely transferred to the services and goods received.

2. Reducing balance method ? depreciation calculation based on the residual (and not the original) value of the object, i.e. the amount of depreciation consistently decreases from year to year in accordance with the decrease residual value(original minus transferred).

3. Method of writing off cost by sum of numbers of years useful life provides for calculations based on the initial cost of the object and the annual ratio, where in the numerator? the number of years remaining until the end of the object's service life, and in the denominator? the sum of the numbers of years of service life of the object.

4. The method of writing off the cost in proportion to the volume of products (works) allows you to accelerate or reduce the actual calculation of depreciation in accordance with the actual use of the object.

When valuing real estate, depreciation is determined by dividing depreciation into three main types: physical, functional and economic, or external.

Physical deterioration is considered irreparable when the cost of correcting it exceeds the contribution added to the value of the property. To calculate irreparable physical deterioration, building elements are divided into long-term(foundation, floors, etc.) and wear out quickly(underground communications, water supply, roof, etc.). Wear of durable elements is calculated by calculating effective time their service life and remaining physical life in real conditions, based on the cost of reproduction of each component.

Removable physical wear? This is the current repair of a building, the cost of which is less than the restored value.

Functional wear means the object does not comply with current standards in terms of its functional usefulness: convenience of planning, engineering support, kitchen size, equipment, etc. It can be removable and irreparable depending on the ratio of repair costs and the amount of additionally received cost of the entire object. If the contribution to the cost is greater than the cost of restoration, then functional wear is considered removable.

Unrecoverable functional wear? This is a decrease in the value of real estate due to a lack or excess (oversufficiency) of its quality characteristics.

External wear? These are losses caused by factors external to the boundaries of real estate: the proximity of railway tracks, parking lots, gas stations, worsening economic conditions and other circumstances that reduce the value of the property and the income received from it. Quantitatively, external wear and tear is established by comparing the prices of paired sales of comparable objects, one of which has signs of negative external influence, and the other? No.

Accumulated depreciation from all causes or depreciation of one type can be calculated using the life of the property method.

Calculating only one type of depreciation (physical), amounting to, for example, 20%, does not mean that the remaining economic life will be 80%, or 48 years. Such a forecast, like extrapolation, will generally be correct only if:

The actual average annual percentage of depreciation will remain in the future;

Factors affecting the value of property will not change significantly;

No reconstruction of the facility is envisaged;

During the remaining period, the facility will be used under similar conditions.

In this regard, when justifying the remaining economic life of real estate, the entire set of factors influencing its duration should be taken into account.

In conclusion, it is advisable to emphasize: the concepts of “wear” and “depreciation” do not coincide in many ways, although in colloquial speech they are sometimes used as synonyms. In extreme cases, it may turn out that the new object has completely lost its consumer properties as a result of natural phenomena, wear and tear = 100%, and depreciation (A) has not yet been accrued (A = 0). The opposite case is often encountered in practice, when the structure is completely depreciated
(A = 100%), and wear is 20–30%, and it can still long years be used.

Depreciation is associated with the total loss of value of a property under the influence of various factors. Accounting for depreciation is carried out mainly in the cost and comparative approaches; in the income approach, certain costs for repair and restoration work are taken into account.

In monetary terms, total depreciation is the difference between the replacement cost and the market value of the valued object /1/.

The methodology of the cost approach is to determine all costs incurred to enter into ownership rights (lease, use) for land plot(hereinafter ZU), determining the cost of new construction of objects with the introduction of wear and tear. It is common to calculate the cost approach (for example, a building with a plot of land) based on the following expressions:

1). In monetary terms of wear and tear and the absence of their influence on each other:

Construction cost * PP - Physical Wear - Functional Wear - External Wear + Cost of land rights (formula 1)

2). With relative values ​​of wear, taking into account their influence on each other:

Construction cost * PP * (1 - Physical Wear) x (1 - Functional Wear) x (1 - External Wear) + Cost of land rights (formula 2)

PP is the entrepreneur's profit.

Depreciation is usually attributed only to the cost of construction of objects.

At the same time, it is generally accepted to divide physical and functional wear and tear into removable and irreparable according to their impact on the value of real estate objects (whether it is advisable or inappropriate to incur repair costs from the point of view of increasing the value of objects.).

Physical Wear = Removable Physical. Wear + Fatal Phys. Wear.

A similar expression applies to functional wear.

The methodology of the comparative approach when making adjustments to the cost of analogues suggests that we use methods based on the analysis of paired sales, expert methods and statistical methods. The least developed are statistical methods.

The methodology of the income approach when taking into account the costs of maintaining buildings and structures suggests that we use monetary expressions that take into account the cost of carrying out various types repairs.

A number of works discussed the correctness of using expressions for the cost approach (Yu.S. Zaitsev, P.V. Kartsev) and the place in them " The value of land rights"(V.G. Mosinets), however, everything that is proposed theoretically must always be supported by practical data, which, unfortunately, is rarely seen lately.

Let's try to carry out general analysis expressions based on the use of the market extraction method (we will analyze data from the purchase and sale market for real estate objects).

The purpose of the research was to study the nature of the dependence of the value of various real estate objects on wear and tear (checking the reliability of the above formulas).

The most developed real estate market is the market of Moscow and the Moscow region. In this market, you can find samples of data on the comparative value of real estate objects with reasonable consideration of only certain types of wear and tear (for example, physical, abstracting from functional and external wear and tear). Based on the analysis of sample data on this market, the relationships between the depreciation of objects and their value, defined below, were constructed. The market analysis was carried out based on the cost of proposals, based on the volume of data presented on the websites: www.stn.ru, www.izrukvruki.ru for March - June 2003.

The analysis was carried out using a data sample for the “average” direction of Moscow - Yuzhny Administrative District(Southern Administrative District) and, partially, (for apartments) in the South-Western Administrative District (South-Western Administrative District). Accounting for the cost of land plots was carried out in a differentiated manner; objects located on plots of land were selected, the cost of long-term lease (49 years) of which ranged from 450,000:600,000 dollars/ha. To reduce the influence of land plots on the cost of objects (except for country estates), objects were selected in multi-storey (more than 5 floors) buildings. Suburban properties were analyzed with the cost of land plots “under buildings” using the “paired sales” method.

This goal implied the solution of the following tasks:

determination of research directions;

a selection of cost data for apartments, office premises, industrial premises, retail premises located in the South-Western Administrative District, Southern Administrative District of Moscow, and suburban properties located at a distance of 25:40 km. from the Moscow Ring Road in a southern direction;

statistical processing and carrying out comparative analysis data taking into account random measurement errors;

constructing graphical dependencies of the cost of premises on their wear and tear and selecting approximating formulas using methods of correlation and regression analysis;

analysis of the obtained dependencies and general conclusions.

Determination of research directions:

The ultimate goal when applying cost, comparative and income approaches is access to the market value of real estate. Depreciation is associated with a loss of market value, so its contribution to the value of objects can be verified using comparable data samples using the market extraction method.

Direction No. 1. The influence of physical wear and tear on the cost of objects.

1.1. Definition of contribution "Removable physical wear and tear" into the total market value of real estate.

1.2. Determination of the contribution of the total "Physical wear and tear" into the market value of real estate.

Direction No. 2. The influence of functional wear and tear on the value of real estate.

Direction No. 3. The cumulative impact of wear and tear on the value of real estate. Mutual influence of wear.

1. Determination of the contribution of “Removable Physical Depreciation” to the total market value of real estate properties

The contribution was approximately determined by the difference in the market value of the premises according to the proposals “the premises require cosmetic repairs” and “the renovated premises”; for apartments - according to the difference in prices in the primary (“without finishing”) and secondary (“with finishing”) markets. To eliminate the influence of functional and external wear, market extraction was used for the Southern Administrative District of Moscow /6/.

Apartments.

To carry out the analysis, we used data on one-room apartments in panel houses (17:22 storey series P-44:P-3), located over 8 km. from the Center, with the representativeness of the compared samples - over 25 samples.

Administrative and office premises

To carry out the analysis, we used data on administrative and office premises of class “B2” and “C” in the area range of 800:1500 sq. m. m. We selected objects located in capital buildings of capital groups I and II (structural systems KS-1 and KS-4), located at a distance of over 8 km from the Center with a representativeness of the compared samples - over 15 samples.

Industrial premises

To carry out the analysis, we used data on production premises located in capital buildings of capital groups I and II (structural systems KS-1 and KS-4). in the area range of 1000:2500 sq. m. Objects located at a distance of over 8 km were selected. from the Center with the representativeness of the compared samples - over 12 samples.

Retail premises

To carry out the analysis, we used data on retail premises (shops) located in capital buildings of capital groups I and II (structural systems KS-1 and KS-4). in the area range of 400:800 sq. m. Objects located at a distance of over 8 km were selected. from the Center with the representativeness of the compared samples - over 15 samples.

Country estates.

To carry out the analysis, we used data on country properties (two-level brick cottages) in the area range of 160:280 sq. m. m (plots with an area of ​​8:14 acres), located at a distance of 25:40 km. from the Moscow Ring Road in southern directions with the representativeness of the compared samples of “paired sales” - over 12 pairs.

For ease of use, we will operate with unit costs per unit area (dollars/sq. m)

Table 1 shows the average data for the samples, as well as the ratio of average costs before and after repairs, the difference in average costs, the estimated costs of repairs (finishing) and the ratio of the difference in the cost of repairs to estimated cost repairs:

Table 1.

Table 1 shows data on the estimated cost of repairs. These values ​​were determined based on the following data:

1). The cost of repairs according to estimates from Moscow insurance companies:

• Simple - $75/sq. m.
• Superior - $200/sq.m. m.
• European-quality renovation - $400/sq.m. m.

The given data are overestimated and do not reflect a clear gradation in the types of repairs.

2). Costs of repairs according to Moscow construction companies (used in calculations):

• Simple - 40:60 USD/sq. m.
• Superior - 80:140 USD/sq. m.
• Euro renovation - 150:350 USD/sq.m. m.
• High quality - $400:800/sq. m. and above (using natural materials- wood, stone :).

From the above table 1 it follows:

The smallest contribution to the market value of premises is made by removable wear and tear for production and office premises(apparently new owners always strive to equip office premises to their own design, and for industrial premises the relative cost of finishing is low);

The greatest contribution to the market value of premises is made by removable wear and tear for country properties, while new finishing significantly increases the market value of objects;

The secondary housing market (using the example of 1-room apartments in standard panel buildings) shows a higher cost of finished premises;

Within the limits of calculation accuracy, the contribution of removable wear and tear to the market value of premises should be taken into account proportionally for residential, commercial premises and country estates. For office and industrial premises, the contribution of removable wear and tear is insignificant (Accounting " Removable Phys. Wear" should be carried out with reduction factors of 0.2:0.35).

2. Determination of the contribution of general “Physical Depreciation” to the market value of real estate

Methods for calculating physical wear /1/:

• regulatory (for residential buildings);
• cost;
• lifetime method, etc.

Regulatory methods are based on the use of various regulatory materials. As an example, we can name the “Rules for assessing the physical deterioration of residential buildings” (VSN 53-86) of the USSR State Construction Committee.

It should be noted (clause 1.1 of VSN 53-86) that in this case “physical wear and tear at the time of its assessment is expressed by the ratio of the cost of objectively necessary repair measures to eliminate damage to the structure, element, system or building as a whole, and their replacement cost.”

The question arises: how is the cost of repair costs, related to the replacement cost, related to the market value of the object?

The basis of cost methods for determining physical wear and tear is also the determination of direct costs for carrying out repair activities.

Again the question arises about the connection between the cost of repair work and the market value of the property.

The lifespan method is based on the relationship between the effective lifespan of structural elements of a building ("short-lived" and "long-lived") or the entire building with their typical physical lifespan.

Again the question is: how are these ratios related to the market value of the property?

Let's consider the "Methodology for determining the accident rate of buildings" MGSN 301.03-97 (Table 3), where physical wear and tear is determined by the lifespan method:

Let us pay attention to the “dilapidated” condition, in which the cost of major repairs exceeds the replacement cost: the cost approach under these conditions will only give the cost of the storage unit with individual improvements, and the comparative approach will show a much higher cost. We will get a cost difference in the approaches that arose due to incorrect consideration of the impact of wear and tear.

It should be noted that in accordance with MGSN 301.03-97 "Methodology for determining the accident rate of buildings" clause 1.5 ": the emergency condition of residential buildings or a separate structure, the wear of which affects the strength and stability of the entire building, can occur with physical wear of more than 70% for stone buildings and 65% for wooden houses:".

It is well known that the cost approach and the comparative approach give similar values ​​of cost for new real estate, if the cost approach correctly takes into account the entrepreneur’s profit (or external wear and tear) /6/.

It is likely that, as facilities operate, correct consideration of the impact of various types of wear and tear should also lead to similar results in the cost and market approaches.

The contribution of physical wear and tear was approximately determined by the difference in market value between new objects and

objects with average service life (wear of about 30% is determined by the life cycle method);

objects with service life close to the dilapidated state of buildings (wear and tear of about 70%). To exclude the influence of functional and external wear and tear, market extraction was used for selected objects located in the South-Western Administrative District (apartments) and the Southern Administrative District of Moscow.

The liquidation value of “unusable” objects was determined in accordance with the recommendations of SN 436-72 “Approximate norms for the yield of materials obtained from dismantling buildings during their demolition.”

The apartments were selected in 5-story panel buildings (in the South-Western Administrative District, the cost of new apartments was taken according to the collection "Rway" No. 97, the cost of "dilapidated" apartments was taken from 5-story buildings in the "Novy Cheryomushki" areas designated for eviction). The representativeness of the sample is at least 20 samples.

The remaining types of real estate (industrial, office, retail premises) were selected in the Southern Administrative District with the same conditions and representativeness of the samples as for determining the contribution " Removable Phys. Wear", with the exception of “dilapidated” objects “under reconstruction” (the representativeness of the samples dropped to 11:14 samples due to the small search base). Country estates were selected based on the above conditions. The selection was carried out in pairs.

Table 2.

From the table 2 it follows that we are dealing with the nonlinear nature of the dependence of the market value of objects on physical depreciation.

As an example, graphs are given for reducing the cost of apartments and office premises depending on their wear and tear, determined by the lifespan method.

To determine the nature of the relationship between relative cost and relative wear, data from several studies were analyzed. For example, in work /5/ it was proposed to make a discount to the cost in proportion to the square of the ratio of the time elapsed from the beginning of the object’s existence to the maximum service life.

To approximate the dependencies, linear and quadratic-linear regression formulas were used:

The presence and type of relationship between the relative cost of objects (RO) and relative physical depreciation (RP) was established.

In table Figure 3 shows the approximating dependencies and correlation coefficients.

Table 3.

As can be seen from Table 3, the most acceptable correlation coefficients (0.93:0.97) were obtained with a linear-quadratic approximation of the dependencies. Linear dependencies have low correlation coefficients (0.82:0.85) and are rejected.

Statistically obtained linear-quadratic dependences "OS - OP" can be used when calculating the impact of physical wear and tear on the market value of objects, both in the cost and comparative approaches (when adjusting analogues).

3. Determination of the contribution of functional wear and tear to the total market value of real estate.

The cost expression of functional wear is the difference between the cost of reproduction and the cost of replacement, which excludes functional wear from consideration /1/.

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

The question arises again: how are reconstruction costs related to the market value of the property?

Irremovable functional wear and tear is caused by outdated space-planning and/or structural characteristics of the buildings being assessed relative to modern construction standards.

The cost of irreparable functional wear and tear can be determined in two ways:

capitalization of rental losses;

capitalization of excess operating costs necessary to maintain the building in proper order.

In this case, the method of direct market extraction is used - therefore, the direct proportionality of the contribution of irremovable functional wear and tear to the market value of objects is beyond doubt, with the exception of the issue of mutual influence of wear and tear.

The effect of avoidable wear was tested selectively on the following comparable objects:

3-room apartments (Southern Administrative Okrug) in standard modern panel houses (difference in finishing of the “improved” and “European finishing” types with a representative sample of over 19 paired samples. The estimated difference in cost is about 120 dollars / sq. m. - there are differences up to 98 dollars/sq.m. (98/120 = 0,82 ).

Office premises of class B2 and C (difference in air conditioning systems, reception and security services. The estimated difference in cost is about 38 dollars / sq. m., - there is a tendency for small differences to be up to 21 dollars / sq. m. ( 21/38 = 0,55 ) based on the average values ​​of paired samples (for the Southern Administrative District) with a representative sample of more than 15 pairs, but the difference in cost is within the accuracy of measurements for the samples;

Production premises (difference in finishing for food production and non-food production. The estimated difference in cost is about 41 dollars/sq. m. - significant differences in market value that exceed the accuracy of measurements could not be found. Representativeness of paired samples - over 12 pairs;

Retail premises (difference in decoration for food trade and industrial goods. The estimated cost difference is about $85/sq. m., - there is a difference in cost up to $62/sq. m. (62/85 = 0,73 ) according to the average values ​​of the samples (Southern Administrative District) with a representative sample of more than 14 pairs.

Based on the data obtained, a table was built. 4:

Table 4.

In general, individual sample data show that the impact of removable functional wear can be taken into account in proportion to the determined costs of its elimination, taking into account the reduction factor. As a first approximation, with a sufficient degree of reliability, this coefficient can be taken to be approximately 0,75.

4. Determination of the mutual influence of physical and functional wear.

The mutual influence of wear was determined methodically as follows:

Option No. 1 (taking into account removable functional wear):

For objects of new and close to new construction, there was a difference in simple finishing and European finishing (removable functional wear). Then, for similar objects, but with sufficient degrees of physical wear and tear, the difference was found in simple finishing and European finishing. The influence of external wear was eliminated whenever possible. Based on “Formula 1,” the difference in market value, taking into account the variety of finishes, should be maintained. Based on “formula 2,” the difference in market value should decrease (which characterizes the mutual influence of wear and tear).

The markets for offers for the sale of apartments, office and retail premises were studied. The method of “paired sales” (offers for sale) was used.

Apartments: the relative costs of one-room apartments were analyzed in the South-Western Administrative District of Moscow. New apartments and apartments were explored in the areas of “New Cheryomushki” (but at a distance from “Tsarskoye Selo”).

Office premises: The relative costs of premises with an area of ​​112:576 square meters were analyzed. m. in the Southern Administrative District of Moscow in multi-storey administrative and office buildings of class B2 (close to new) and class C (having a lot of wear and tear).

Retail premises: The relative costs of built-in and built-in-attached premises in residential buildings with an area of ​​256:1112 square meters were analyzed. m. in the Southern Administrative District of Moscow for panel (close to new) and panel-block (having a lot of wear) buildings.

Table 5 shows the average results for comparative samples.

Table 5.

As can be seen from Table 5, for all objects there is a general tendency for the difference in the cost of finishing to decrease with an increase in the physical wear and tear of objects. There is a clear mutual influence of wear.

Unfortunately, the author was unable to select a large representativeness of the samples (the search time for analogues was a priori limited to 3 months in the spring-summer season of 2003 due to seasonal fluctuations in the prices of proposals) and to completely exclude the influence of individual factors on the relative prices during pairwise comparison (especially in terms of office premises), so for now we can talk about the tendency of mutual influence of wear, or about a higher confidence probability when using “formula 2”.

Option No. 2 (taking into account irreparable functional wear).

The following assumption was investigated:

For offices in buildings of new and close to new construction, there was a difference in the unit cost of space when they were located in the basement (semi-basement) part of the building and on the first floor. Then the same difference was determined for office premises in buildings that had significant (30:35%) wear and tear.

Table 6.

As can be seen from Table 6, there is a tendency for mutual influence of wear.

GENERAL CONCLUSIONS:

1). The influence of physical and functional wear and tear on the market value of real estate is complex, and to date there is no practically worked out theoretical model descriptions of the impact of individual wear and tear on the market value of objects, as well as their mutual influence.

2). The tendency toward mutual influence of wear and tear noted in the article suggests that the most likely formula to use (when taking into account only physical and functional wear and tear) is a formula that takes into account the mutual influence of wear and tear (formula 2 given at the beginning of the article).

3). In the cost approach, when using the “normative” method and the “lifetime” method for calculating physical wear and tear, it is advisable to introduce amendments that take into account the nonlinear nature of the relationship between wear and tear and the market value of objects. Approximate formulas for taking into account amendments were calculated for various types of real estate using mathematical statistics methods and are given in Table 3.

4). In the comparative approach, when adjusting analogues, the approximate formulas for taking into account the amendments given in Table 3 can be used.

5). The article provides data on the impact of physical and functional wear and tear on the market value of real estate, which requires in-depth study taking into account the influence of the entrepreneur’s profit and external wear and tear.

6). Correctly taking into account the impact of physical and functional wear and tear on the value of real estate will help obtain closer results from the cost and comparative approaches.

LIST OF INFORMATION SOURCES USED:

1. Real estate valuation./Sub. ed. A.G. Gryaznova, M.A. Fedotova. - M., "Finance and Statistics", 2002, - 495 p.

5. “On the issue of discounts for disrepair”, Statistical Department of the Yaroslavl Provincial Zemstvo. 1913, issue 91 (www.valmaster.ru).

6. Yaskevich E.E. Determination of entrepreneur's profit and external wear and tear for real estate, www.appraiser.ru, 03/28/2003, collection "RWay" No. 97, 2003.