Property Investment Appraisal
4th Edition
by Andrew E. Baum (Author), Neil Crosby (Author), Steven Devaney (Author)
Discover an insightful examination of the property investment appraisal process from leaders in the industry
This
book explains the process of property investment appraisal: the process
of estimating both the most likely selling price (market value) and the
worth of property investments to individuals or groups of investors
(investment value).
Valuations are important. They are used as a
surrogate for transactions in the measurement of investment performance
and they influence investors and other market operators when transacting
property. Valuations need to be trusted by their clients and valuers
need to produce rational and objective solutions. Appraisals of worth
are even more important, as they help to determine the prices that
should be paid for assets, even in times of crisis, and they can
indicate market under- or over-pricing.
In a style that makes the
theory as well as the practice of valuation accessible to students and
practitioners, the authors provide a valuable critique of conventional
valuation methods and argue for the adoption of more contemporary
cash-flow methods. They explain how such valuation models are
constructed and give useful examples throughout. They also show how
these contemporary cash-flow methods connect market valuations with
rational appraisals.
The UK property investment market has been
through periods of both boom and bust since the first edition of this
text was produced in 1988. As a result, the book includes examples
generated by vastly different market states. Complex reversions,
over-rented properties and leaseholds are all fully examined by the
authors.
This Fourth Edition includes new material throughout,
including brand new chapters on development appraisals and bank lending
valuations, heavily revised sections on discounted cash flow models with
extended examples, and on the measurement and analysis of risk at an
individual property asset level. The heart of the book remains the
critical examination of market valuation models, which no other book
addresses in such detail.
DETAILS:
Year: 2021
Pages: 488
Language: English
Format: Converted PDF
Publisher: Wiley-Blackwell
ISBN-10: 1118399552
ISBN-13: 978-1118399552, 9781118399552
ASIN: B08TQGDBXF
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