Samenvatting waardebepaling incl begrippenlijst en afkortingenlijst
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Course
Waardebepaling 2
Institution
Hogeschool Gent (HoGent)
Zelfgemaakte samenvatting uitgelegd in duidelijke termen. De cursus is te uitgebreid dus alleen de belangrijkste zaken eruit zijn aangehaald.
Bevat ook informatie die niet in de cursus staat maar wel in de slides. Er zijn voorbeeldjes gebruikt om bepaalde zaken te verduidelijken zodat de leerst...
Module 1 Basisprincipes van waardebepaling ........................................................................................................ 6
3. basis van de waarde ........................................................................................................................................ 6
4. het schattingsproces ....................................................................................................................................... 7
4.2 de opdracht afbakenen ............................................................................................................................. 7
4.3 analyse van het vastgoedobject ................................................................................................................ 7
4.4 vaststellen van de schattingsmethode ...................................................................................................... 8
4.5 eindoordeel ............................................................................................................................................... 8
5 beroepsreglementering.................................................................................................................................... 8
6. taxatiestandaarden ......................................................................................................................................... 9
6.1 Kamer van Vastgoed-experten (kavex) ..................................................................................................... 9
6.2 international valuation standards council (IVSC) ...................................................................................... 9
6.3 Royal institute of chartered surveyors (rics) ............................................................................................. 9
6.4 IAS/IFRS ..................................................................................................................................................... 9
6.5 status quaestionis van het vakgebied ..................................................................................................... 10
Module 2 Productkenmerken van onroerend goed ............................................................................................. 10
1 Waardebepalende factoren ........................................................................................................................... 10
1.1 vastgoed .................................................................................................................................................. 10
1.3 synergie tussen productfactoren, utiliteit en marktfactoren .................................................................. 10
2 productkenmerken van het gronddeel .......................................................................................................... 12
3 productkenmerken van de opstallen ............................................................................................................. 12
4 gebruiksrechten ............................................................................................................................................. 12
4.1 volle eigendom ........................................................................................................................................ 12
4.2 partiële rechten ....................................................................................................................................... 12
4.3 eigendom belast met hypotheek ............................................................................................................ 12
Module 3 vetustiteit.............................................................................................................................................. 13
1 begripsomschrijving ....................................................................................................................................... 13
1.1 definitie................................................................................................................................................ 13
1.2 Technische vetustiteit ............................................................................................................................. 13
1.3 functionele vetustiteit ......................................................................................................................... 14
1.4 economische vetustiteit ...................................................................................................................... 14
1.5 externe vetustiteit ............................................................................................................................... 14
2 berekening van de gemiddelde vetustiteit .................................................................................................... 14
2.1 empirische methodes .............................................................................................................................. 14
2.2 afschrijving .............................................................................................................................................. 15
3 gedetailleerde berekening: break down methode ........................................................................................ 16
, 3.2 invloed van bouwgebreken ..................................................................................................................... 16
3.3 berekening .............................................................................................................................................. 16
3.4 negatieve waarde .................................................................................................................................... 16
Module 4 kostenbenadering ................................................................................................................................. 17
1 uitgangspunt .................................................................................................................................................. 17
2 analytische methode ................................................................................................................................ 17
3 Depreciated replacement cost (Drc) ........................................................................................................ 18
3.1 uitgangspunt ........................................................................................................................................... 18
3.2 aandachtspunten bij de berekening van de vervangingswaarde ............................................................ 18
4 residuele waarde...................................................................................................................................... 18
4.1 uitgangspunt ........................................................................................................................................... 18
4.2 inschatten van de optimale aanwending ................................................................................................ 19
4.3 begroten van de verkoopopbrengsten ................................................................................................... 19
4.4 begroten van de ontwikkelingskosten .................................................................................................... 19
4.5 evaluatie .................................................................................................................................................. 19
Module 5 inkomstenbenadering ........................................................................................................................... 19
1 uitgangspunt .................................................................................................................................................. 19
2 netto inkomsten (NOI) ............................................................................................................................. 20
2.1 definitie van NOI .................................................................................................................................. 20
2.2 bruto huurinkomsten: Estimated Rental Value (ERV) ......................................................................... 20
2.3 leegstandsprognose............................................................................................................................. 21
2.4 aanvullende inkomsten ....................................................................................................................... 21
2.5 eigenaarskosten................................................................................................................................... 21
3 aandachtspunten met betrekking tot de yield ............................................................................................... 23
3.1 definitie ................................................................................................................................................... 23
3.2 constituenten van de yield ...................................................................................................................... 23
3.3 berekening uit vergelijkingspunten ......................................................................................................... 24
3.4 implicit yield vs. Explicit yield .................................................................................................................. 24
module 6 Inkomstenbenadering – schattingsmethodes....................................................................................... 24
1 kapitalisatie van de huurinkomsten ............................................................................................................... 24
1.2 term and reversion .................................................................................................................................. 24
1.3 Hardcore (layer) ...................................................................................................................................... 25
2 discounted cash flow methode (DCF) ............................................................................................................ 26
2.1 uitgangspunt ........................................................................................................................................... 26
2.2 samenstelling van de kasstromen ........................................................................................................... 27
2.4 risico’s en onzekerheid ............................................................................................................................ 28
2.5 bespreking ............................................................................................................................................... 28
, 3 gross operating profit methode (GOP) ........................................................................................................... 29
3.1 uitgangspunt ........................................................................................................................................... 29
3.2 methode .................................................................................................................................................. 29
Module 7 Industrieel en logistiek vastgoed .......................................................................................................... 30
inleiding ............................................................................................................................................................. 30
1.1 begripsomschrijving ................................................................................................................................ 30
1.2 Stedenbouwkundige randvoorwaarden ................................................................................................. 30
2 locatieparameters ......................................................................................................................................... 31
2.1 belangrijkste regio’s voor de semi-industriële vastgoedmarkt. .............................................................. 31
2.2 gebruiksbeperkingen bij industriegronden ............................................................................................. 31
3 terreinkenmerken .......................................................................................................................................... 32
3.1 geografische kenmerken ......................................................................................................................... 32
3.2 bodemgesteldheid .................................................................................................................................. 32
3.4 veiligheid ................................................................................................................................................. 33
4 gebouwkenmerken ........................................................................................................................................ 33
4.1 inplanting op het terrein ......................................................................................................................... 33
4.2 indeling van het gebouw ......................................................................................................................... 33
4.3 bouwfysische kenmerken........................................................................................................................ 33
5 huurovereenkomst ......................................................................................................................................... 35
6 waardebepaling .............................................................................................................................................. 35
6.1 kostenbenadering ................................................................................................................................... 35
6.2 inkomstenbelasting ................................................................................................................................. 36
Module 8 Kantoorgebouwen ................................................................................................................................ 36
1 begripsomschrijving ....................................................................................................................................... 36
2 kwaliteitscriteria met betrekking tot de ligging ............................................................................................. 36
3 bouwfysische kenmerken van kantoorgebouwen ......................................................................................... 37
3.1 oppervlakte en indeling........................................................................................................................... 37
3.2 toegankelijkheid ...................................................................................................................................... 37
3.3 architectuur ............................................................................................................................................. 37
3.4 duurzaamheid: the green wave .............................................................................................................. 38
3.5 binnenklimaat ......................................................................................................................................... 38
3.6 ventilatie ................................................................................................................................................. 38
3.6 facilitaire voorzieningen .......................................................................................................................... 38
4 waardebepaling .............................................................................................................................................. 38
4.1 schattingsmethode.................................................................................................................................. 38
4.2 berekening van de huurwaarde .............................................................................................................. 39
4.2.3 kwaliteit van de huurder ...................................................................................................................... 39
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