TFL Vsebine / Revija SIR*IUS

Comparable selection and adjustments in real estate valuation

V prispevku obravnavamo problematiko izbora primerljivih poslov in izvedbe prilagoditev pri ocenjevanju vrednosti nepremičnin. Izbor primerljivih poslov (in izvedba prilagoditev) ima namreč daleč največji vpliv na oceno vrednosti. Standardi ocenjevanja so glede tega zelo splošni in nedorečeni ter ocenjevalcu vrednosti dopuščajo veliko svobode pri oceni vrednosti. Posledica so lahko zelo velike razlike pri oceni vrednosti, zlasti pri ocenah vrednosti manj likvidnih nepremičnin. V prispevku so prikazani pristopi in napotki izbora primerljivih poslov in izvedbe prilagoditev, ki so bili razviti predvsem za modele množičnega vrednotenja in so lahko zelo uporabni tudi pri individualnih ocenah vrednosti nepremičnin. S predstavljenimi metodami in vizualnim prikazom rezultatov lahko bistveno povečamo kvaliteto ocene vrednosti ter razumljivost in sledljivost postopka za uporabnika poročila o oceni vrednosti.

The paper deals with the issue of selecting comparable transactions and implementing adjustments in real estate valuation. The selection of comparable transactions (and the implementation of adjustments) has by far the greatest impact on the valuation. Valuation standards are very general and vague on this topic and allow the valuer a lot of freedom in estimating the value. This can result in very large differences in valuation, especially for valuations of less liquid real estate. The paper presents approaches and guidelines for the comparable selection and the adjustments process, which were developed primarily for the needs of mass valuation models and can also be very useful for individual real estate valuations. By using the presented methods and visual display of the results, we can significantly increase the quality of the valuation and the comprehensibility and traceability of the valuation process for the end user of the valuation report.