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System concept of method highest and best use in the valuation of real estate
Klika, Pavel ; Weigel, Lubomír (referee) ; Mikš, Lubomír (referee) ; Bradáč, Albert (advisor)
Currently, development of the international investment market, the impact of the legislation of neighbouring countries and especially EU countries on property valuation is increasing. There is a need to unify not only the valuation procedures, but also terms, definitions, approaches, methods and requirements on the profession of the experts and assessors. One of the commonly used concepts of property valuation is the High and Best Use approach. This is a term that appears both in foreign and Czech literature, especially in connection to valuation of properties. When valuing a property and taking into account a valuation approach by considering the future use of the property, the consideration of the best use is crucial. When valuing using so called revenue way, i.e. we consider future property yields, the High and Best Use approach should be an indispensable part of the valuation. Although this is a very fundamental concept, there is no literature in the Czech Republic or abroad that would analyse in detail the process of property evaluation based on the High and Best Use method. The main aim of this dissertation thesis is to systematically elaborate the methods of valuation using the High and Best Use approach and to create a standard for experts, according to which it would be possible to process the valuation, respectively a part of the valuation of immovable properties. On the basis of such valuation, it would be possible to determine the market value of the immovable property in compliance with international standards and modern property valuation publications. The result of this dissertation thesis is both the proposal of a detailed procedure of a qualified expert´s work on an evaluation of the High and Best Use, including the influence of the easements on land and buildings, of a property and the proposal of an expert standard on this methodology. It includes a sample examples of an evaluation of the High and Best Use of the properties in the most common cases. The knowledge and information from this thesis have its contribution in Forensic engineering area in the field of theory and practice and pedagogical activities.
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Impact analysis of renovation on the normal price of a single-family house in Kyjov
Kouřilová, Vendula ; Hlavinková, Vítězslava (referee) ; Komosná, Milada (advisor)
The subject of this master thesis is detection how the redevelopment and refurbishment affect regular price of family house. For valuation I chose the building in which I grew up so I know it very good. The family house is located in small south-moravian town Kyjov, in district Nětčice. The family house has a basement and two upper floors. Constructions were completed in 1962. Since 1976 many quite expensive redevelopment and refurbishment have been done. For property valuation is used method of direct comparison with the use of database of similar family houses in Kyjov and also cost method according to law number 441/2013 Sb. Valuation is done in two versions – for building in original condition (in 1985) and in current condition. All at once a couple of variants of redevelopment, which are common nowadays, and for one variant is made the itemized budget. Result of this master thesis should be detection if it is better to buy house after redevelopment and refurbishment or house in original condition and make these structural modifications until then.
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RELATIONSHIP BETWEEN RENTED AND FLAT PRICE
Stránský, Jiří ; Mikš, Lubomír (referee) ; Kropáčková, Barbora (referee) ; Bradáč, Albert (advisor)
The dissertation focuses on the problem of determining the timeliness of the normal market rent an apartment at the market price of the apartment. The basic premise is obtain a database of prices of flats and apartments to compare these parameters the most accurate way. This area has been addressed several times, but only in some cities and not fully explored. The conclusions of the dissertation indicate what the relationship is normal and usual rental price of the apartment, then further comparison of the development of this relationship before the economic crisis, ie the price levels of 2008 and the present. Based on these data, it is also possible to determine the level of capitalization in each regional cities with regard to the average wage in each regional cities.
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Analysis of the highest and best use of a former warehouse area in Brno
Bíza, Petr ; Kledus, Robert (referee) ; Klika, Pavel (advisor)
This diploma thesis focuses on the highest and best use analysis (HABU) of property. In first chapters there is mention about current legislation, theoretical terms and methods of property valuation in Czech republic. The next chapter describes a methodology for the highest and best use analysis. The analysis itself was applied to real case, specifically to a former storage area of the construction company, which is located in Brno - Maloměřice. For this area were designed scenarios of possible use and four of them were chosen using tests of HABU analysis. In the end, one of them was chosen which is being considered the highest and best use for this property.
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Oceňování nemovitého majetku
Tkachenko, Anzhela
In my diploma thesis, I focus on real estate appraisal. The study evaluates the economic and legal framework of this process and examines the suitability of various appraisal methods. I explore the impact of administrative appraisal on market prices and analyse practical examples, particularly appraisals in auctions. The aim is to provide a comprehensive view of this issue and assess the methodologies used in determining the value of real estate.
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Special Cases of Property Valuation
Vlachová, Pavla ; Doležalová, Monika (referee) ; Cupal, Martin (advisor)
The subject of this diploma thesis are properties that are currently considered non-standard in the regime for property valuation. It is determined the most suitable valuation method for these property types to ensure their maximum market value. Therefore, this work contains approaches, methods and techniques used not only in the Czech, but also in the Anglo-Saxon environment. One of the special cases of property valuation are properties bound to intangible asset. The experimental part of this work therefore studies the influence of goodwill on the property value for two selected locations, the town Hluboká nad Vltavou and Jiří z Poděbrad Square in Prague. The studied effect is tested via mathematical statistics and its rate is then quantified.
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Analysis of the Highest and Best Use of a site in Veveří Street in Brno
Odehnal, Michal ; Hakl, Filip (referee) ; Klika, Pavel (advisor)
The diploma thesis deals with method of analysis of the highest and best use of property, called HABU. The work can be devided into two parts (the theoretical part and the practical part). The theoretical part explains basic terms, presents the current state of the issue in the Czech republic andabroad, further describes the procedure using HABU method and introduces us to the four basic conditions that the method of analysis of the highest and best use is based on (conditions of legal accessibility, physical possibility, financial merits and maximum profitability). In the practical part, the method is applied to a particular case. It is part of the former military site on Veveří 40 street in Brno. The aim of the thesis is to find the most effective use for the given land.
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Systematic approach to the prediction of the real estate market development
Tauberová, Darina ; Dufek, Zdeněk (referee) ; Suchánek,, Petr (referee) ; Škapa, Stanislav (advisor)
The doctoral thesis deals with the finding of a suitable approach for predicting the development of the residential real estate market, which would also be applicable in the practice of Experts and further develop the appraisal field. It has been found that a delayed multiple linear regression model appears to be appropriate, as confirmed by the verification of this model. The resulting model is also suitable for use in routine Expert practice, thanks to the simplicity of calculation without ownership of any computing program. Expert thanks to the created model is able to predict the development of the real estate market. The result is bound to the accuracy of the input data. All assumptions of regression models have been tested, optimal explanatory variables were selected based on backword regression. The doctoral thesis explains all input data, methods, tests, procedures and detailed modeling.
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