Real asset method

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The real value method is a method for determining the value of real estate and is regulated in Germany by sections 21 to 23 ImmoWertV .

Application and principles

This type of valuation is usually used for properties that are not traded on the rental market (e.g. owner-occupied single-family houses). The background to this is the fact that the value of the property is not measured according to the net income that can be permanently achieved in the future , but according to the production costs or replacement costs ( material value ). This is why the real value method is traditionally used for owner-occupied properties such as condominiums and one and two-family houses .

In principle, the real value method is used to determine which costs would arise in the event of a new construction (replacement) of the property to be assessed. "Reconstruction costs" are not explicitly meant here. The wear and tear is then assessed and deducted. Furthermore, other value-influencing circumstances must be taken into account. The real value method mostly relates to the building structure , the value of the land is determined using the comparative value method.

Subspecies of the material asset method

German property value procedure

The German property value procedure is heavily standardized by the ImmoWertV in conjunction with the property value directive and the building code . The first step is to determine the type of structural facilities to be assessed ( use , construction , storeys , basement, roof shape, equipment, maintenance condition, etc.) and their usable and gross floor area. The different building types are defined in the normal production costs 2000 and 2010, in addition, the building cost information from the architects' chambers and, more precisely, the building cost statements from Dr. Noon. Based on the assigned building type, a value from the suggested price range should be selected appropriately. Furthermore, the change in construction costs between the reference date or the time when the comparison costs are derived and the assessment date must be made by indexing (see series of figures from the Federal Statistical Office ). The resulting value is the restoration costs as pure construction costs of the KG 300 and 400 according to DIN 276 (the KG 100 and 200 refer to the property and its development ).

The sales tax should also be taken into account : For purely commercial properties, it can usually be assumed that the rents will not be exempted from sales tax, so that the owner deducts the input tax (colloquial: it was opted ). In this case, net costs are to be applied. The situation is different for residential properties, properties in public ownership or properties that are rented to companies that are not subject to VAT (e.g. banks), where gross is to be calculated - the actual use is decisive. To these costs of KG 300 and 400, the ancillary construction costs in particular for KG 700 (subordinate also KG 500 and 600) must be added. For this, the NHK 2000 have percentage rates available depending on the type of building. The result is the complete replacement price in the new value . The NHK 2010 already include ancillary construction costs and 19% sales tax.

However, since the property is usually not as good as new, age-related wear and tear must be taken into account. From the year of construction and the usual economic (non-technical) total useful life (GND) of a building, which in turn z. For example, the NHK 2000 or Annex 3 of the Material Values ​​Directive can be used to determine the remaining useful life (RND). The calculated RND must be adjusted in the event of corresponding renovation measures . A model for deriving the economic remaining useful life for residential buildings, taking modernizations into account, is described in Annex 4 of the Real Value Directive. The replacement value is assuming a linear wear with RND / GND to multiply (discount value is 1-RND / GND), and produces the value . As an alternative to linear wear, a non-linear wear can also be applied from corresponding tables, if z. B. the building is disproportionately worn out at the beginning due to its use (e.g. according to ROSS). The calculated fair value must now be corrected for surcharges and discounts due to special property-specific property features. These are e.g. B. Maintenance backlog or contamination of the building. The general value relationships on the property market are taken into account in accordance with Section 21 ImmoWertV by applying real value factors (Section 14 (2) No. 1 ImmoWertV). The guideline for real value provides information on the derivation and application of real value factors.

The value of the land (usually determined using the comparative value method) must be added to the value of the building structure determined using the material value method, so that the value of the built-up property results.

Note: In the past, the costs of restoration were mostly determined on the basis of the built-up space (uR) or gross volume (BRI) using the so-called 1913/1914 cost parameters. These are values ​​updated from the prices at that time. This approach is to be rejected as out of date, since indexing prices over two world wars plus hyperinflation is hardly justifiable. In addition, the construction types defined at the time no longer correspond to today's cuts. In this respect, the derivation of the NHK 2000 on the basis of the empirical investigations by Dr. Noon more appropriate. The information from the German architects' building cost institute can also be used.

International procedures

The internationally used Anglo-Saxon method of replacement cost largely coincides in terms of method with the German approach, with less standardized information on construction costs and useful lives being available.

See also

literature

  • Sprengnetter (Ed.): Real estate valuation - textbook and commentary. (Volumes 5 - 13), Sprengnetter GmbH, loose-leaf collection, ISBN 3-937513-02-7
  • Gablenz (Ed.): Property valuation easy to understand. ISBN 978-3345008269

Web links

Individual evidence

  1. ↑ Announcement of the guideline for determining the material value (PDF) http: //nhk2010.de.+5 . September 2012. Retrieved October 14, 2019.