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0 (hodnocen0 x )

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BK

Fifth edition

London ; New York : EG Books, 2000

viii, 279 stran ; 22 cm

ISBN 978-0-7282-0350-1 (brožováno)

Obsahuje rejstřík

001460953

Preface // 1. Introduction 1 // 2. Value./ The meaning of value, Scarcity, Subjective value 3 // 3. General 7 // 4. Qualities of investments 13 // Security of capital. Security of income. Interest, Purchase and sale, Divisibility, Real security, Capital growth. Cost of investment management // 5. Investment opportunities 21 // Pleasure, Articles for use. Stocks and shares, NSCs, Gilt-edge securities. Debenture stock, Local authority loans. Insurance policies. Linked insurance. Unit trusts and investment trusts. Property bonds. Property shares. Property // 6. Property investment and the underlying factors of the market 33 // The international situation, the National situation and finance. Government policies, the Local economy. Geographical factors. Fashion and local demand. Individual features of a property, the Time element. Market information // 7. Reasons for valuations 49 // Sale, Purchase, Mortgage, Rent, Insurance, Others // 8. Legal interests in property 53 // 9. Features of property and the property market 55 // Heterogeneity, Adaptation, Durability, Capital Requirements, Proof of ownership, Transfer of ownership, Imperfect market. Source of income, Supply of land. Demand for land. // 10. Factors which cause changes in the value of property // and variations in value between properties 63 // Population, Fashion and taste. Society, Technology, Building techniques. Money supply. Changes in communications, Planning control // 11. The role of the valuer 71 // Legal problems. Building and building costs. Local factors. Cost of outgoings, Commercial properties // 12. Rates of interest and yields 75 // Yield, Risk, Nominal rates, Stock prices, Short and longterm Yields, Property yields // 13. Methods of valuation 89 // Comparative method. Contractor’s method. Residual method. Profits method, Investment method, Discounted cash flow. Mortgage approach //

14. Valuation tables and valuation formulae 107 // Amount of Ł1, Present value of Ł1, Amount of Ł1 per annum, Annual sinking fund, Present value of Ł1 per annum // 15. The investment method of valuation 127 // Full rental value. Units of Comparison, Assessment of rent and analysis, Zoning, Net income and Outgoings, Multiplier and yields // 16. The Valuation of varying incomes 141 // Future rents and inflation, Deferment of future rents, Secure rents, YPs for limited periods // 17. The Valuation of terminable incomes 153 // Profit rent. Disadvantages of leasehold interests. Sinking fund theory. Dual rate years’ purchase. Leasehold valuations, Single rate years’ purchase // 18. Taxation and valuation 165 // General, Perpetual income and Net of tax valuations. Varying income and net of tax valuations. Tax and the valuation of leasehold properties. Sinking fund earnings, // the Remunerative rate of interest. Tax adjusted dual rate years’ purchase tables // 19. Discounted cash flow techniques 175 // The traditional approach to discounting. Discounted cash flow, Net present value method and the "target rate". Valuation using net present value method, General comments on net present value method, the Internal rate // of return, a Comparison of the net present value and internal rate of return methods. General // 20. The effect of statutes 193 // Statutes and values, the Problems created by different types of statute, the Effect on the underlying conditions of the market // 21. Taxation and property investment 203 // Tax and the individual taxpayer. Different types of tax and different rates of tax. Tax liability and policy decisions // 22. Finance and gearing 215 // Borrowing finance. Houses and finance. Commercial property and finance. Interest rates and changes in the same. Equity and gearing //

23. The operation of property markets 231 // Property market cycles. Economic activity and property. Submarkets, Economic indicators and property development and investment, Sydney CBD office market, the Collapse of the market. Problems highlighted by the collapse // 24. Special considerations for valuers 241 // Limited availability or market information, the Choice of valuation methods, the Need for consistency, Computer techniques and DCF, the Financial institutions. International property investment, Unusual leasing arrangements. Valuation of large properties, New "vehicles" for property ownership. Environmental factors, Macro-economic factors, Modern technology and property usage and values. Property values and the long term, the Role of the valuation profession // 25. Conclusion 263 // Appendix 264 // Reconciliation of various international valuation methods, compiled by David Lloyd AVLE (Val) // Index 267