This is the most common method for determining physical wear and tear along with the method of expert analysis of the physical condition.

As mentioned above, the actual service life of machinery and equipment may differ from the normative due to various factors: the intensity of work and operation mode, the quality and frequency of maintenance and repair, the condition environment etc.

When using the method effective age The following terms and definitions apply:

Life time(term of economic life, Vss)- the period of time from the date of installation to the date of removal of the object from operation (or the full operating life).

Remaining life (V o)- the estimated number of years until the object is taken out of service (or the estimated remaining operating time).

Chronological (actual) age (Vx) - the number of years that have passed since the creation of the object (or operating time).

Effective age (We) - the difference between the service life and the remaining service life (or the value of the operating time of the object over the past years).

V e \u003d V ss - V o

The service life normalized by industry standards for various groups of equipment and mechanisms indicates the allowable operating time of the equipment without a noticeable change in the quality of the machines performing their functions. At the same time, it is assumed that the operating conditions will correspond to those recommended by the equipment manufacturers, and repair and maintenance work will be carried out on time and with high quality. This approach is convenient for determining depreciation charges, however, when assessing market value machinery and equipment The service life of equipment is usually only a guideline for the appraiser.

The service life of machinery and equipment is only advisory for property appraisers, since it reflects their capabilities for average operating conditions. In each specific case of determining the remaining service life of the equipment, physical wear and tear that actually exists at the time of the assessment should be taken into account.

The coefficient of physical wear and tear for objects with different actual ages is determined in different ways.

1) For relatively new equipment under normal operating conditions, the coefficient of physical wear is determined by the formula:

where: Vx - chronological age; Vss- life time.

It should be taken into account that a manufactured and temporarily unused machine, even being in a warehouse under conditions of careful conservation, has a partial deterioration in technical characteristics, and, consequently, a loss in value. In this case, the cost of equipment at the start of operation may differ significantly from the cost of new equipment, and this should be taken into account when estimating the cost.

2) For older, more complex equipment, the wear factor is determined as follows:

where B e is the effective age;

B o - remaining service life.

3) For equipment that has worked for more than its economic life (service life) and still continues to work, the coefficient of physical wear is determined as follows (although in financial statements this equipment has 100% wear):

where: Vx - chronological age.

In - the remaining service life, determined by an expert;

4) The service life of the equipment is significantly increased due to repairs, during which the obsolete and worn-out parts of the mechanisms are replaced with new ones and the interfaces in the friction units are restored. This is especially significant during major repairs of equipment, when the main components of the equipment are replaced and the main properties of the most important parts of the machines are restored.

If the object was subjected to major repairs, the coefficient of its physical deterioration is determined as follows:

The effective age of the object is calculated by the formula:

V e \u003d B x1 * K 1 + B x2 * K 2 + ... ... + B x i * K i

where B x1 ... B x i - accordingly, the chronological age of the parts of the object that were repaired in different dates and not subjected to repair;

K 1 ... K i - the percentage of these parts in the total volume of the object.

The effective age of the object in this case is the weighted average chronological age of its parts. The effective age can also be determined by weighting the investment in the object (repair costs in monetary terms).

k i, physical \u003d (0.208 - 0.003.B). T 0.7;

where T is the chronological age of the machine.

In this method, the depreciation coefficient is obtained from the prices of used and new machines, that is, it reflects the reaction of the secondary market to the degree of physical depreciation of the machines.

Effective age method

To assess wear, the concept of the effective age Teff of equipment is introduced. If the chronological age T is the number of years that have passed since the creation of the machine, then the effective age T eff is the age corresponding to the physical state of the machine, reflecting the actual operating time of the machine over the period T and taking into account the conditions of its operation.

Knowing the effective age of the object of assessment allows you to more reasonably judge its wear.

If the effective age T eff of the machine is known, then the coefficient of physical wear is determined by the formula:

k and, physical \u003d T eff / T n

where T n is the standard service life of the machine.

Usually, to determine Tef, the remaining service life of the object to be assessed before its withdrawal from operation and decommissioning is assessed by experts. In this case:

T ef \u003d T n - Toast. The determination of the remaining life assumes that the appraiser knows how the machine will be used from the time of appraisal until the very end of its service life (shifts, loads, working conditions, etc.).

It is typical for machines to work with variable loads. Some of them (usually special or used in mass production) are characterized by ordered work with a periodic pattern. However, in general-purpose machines, the mode of operation is formed under the combined influence of a large number of factors. It is almost impossible for an appraiser to establish sufficiently accurately the patterns of change in the operating mode during the operation of the machine. Therefore, he can only be satisfied with information that indirectly characterizes the loading of the machine during operation only for a foreseeable time.

The method assumes that other ways of finding T eff are possible. For example, to determine T eff, you can use the method of adjusting the chronological age T of the machine using a number of coefficients that reflect the operating conditions of the machine. To do this, you can use indicators such as the nature of production, shifts and working conditions of the object of assessment. When assigning a useful life (service life), a well-defined use of the machine was assumed. If the machine is known to have been operated under different conditions, then in order to determine the effective age, it is quite justified to adjust its chronological age in accordance with the changed conditions:

T ef \u003d T K cm K xp K ur,

where K cm is the shift coefficient equal to the ratio of the average actual shift of the machine to the nominal, on the basis of which the useful life of the equipment is assigned. For example, for mechanical engineering, this value is approximately equal to 1.7–1.8. K xp is the coefficient of the nature (type) of production under which the machine actually works (0.9–1 - for mass production, in which the equipment is fully loaded; 0.67–0.77 - for mass production; 0.5–0 ,65 - for a single production); since this coefficient characterizes the intra-shift use of equipment, it is often called the coefficient of intra-shift use K u;

Kur - coefficient of machine operating conditions (1 - when working in a workshop room; 0.6–0.7 - when working in a separate room; 1.3–1.5 - when working conditions are harmful to equipment (high intensity of pollution or dustiness, increased humidity, contact with a chemically active environment, etc.) at very high pollution intensity 3-5).

The product of all three coefficients is called the coefficient of machine utilization:

K isp \u003d K cm K vi K ur.

In this way,

T ef \u003d T K isp.

Chronological age adjustment in order to determine T eff can give reliable results if the values of the coefficients used accurately reflect the operating conditions of the object of assessment for the entire period of its operation preceding the moment of assessment.

Let, for example, it is known that the chronological age of the machine is T = 10 years. The machine works in two shifts (K cm = 1), in single production (K wi = 0.67)

The effective age of the machine under these loading conditions can be estimated as:

T eff \u003d 10. one . 0.67. 1 = 6.7 years,

that is, in fact, the car looks younger than its chronological age. Accordingly, it retained its consumer properties better.

To determine the coefficient of physical wear and tear, information is needed about the useful life of the machine. Let T n \u003d 12 years (according to the customer's accounting). Then:

k and, physical \u003d T eff / T n \u003d 6.7 / 12 \u003d 0.56 or 56%.

Comparing both approaches to the determination of Teff, it should be noted that both of them have a drawback in terms of the uncertainty of the operating conditions of an object outside a certain time interval adjacent to the moment of assessment.

Weighted average chronological age method

The method can be applied when, after several years of operation of the machine, replacements and repairs of a number of its parts and assemblies, their age turned out to be different. In this case, the coefficient of physical wear of the machine can be calculated by the formula:

k and, physical \u003d T cf / vzv / T n

where T cf /ww is the weighted average chronological age of the machine;

Principal parameter degradation method

The method assumes that physical wear manifests itself in the deterioration of any one characteristic operational parameter of the machine (productivity, accuracy, power, fuel or electricity consumption, failure rate, etc.). If such a parameter is found for a given type of machine, then the coefficient of physical wear is calculated as follows:

k and, physical \u003d 1 - (X / X 0) b

where X 0 , X - the values of the main parameter of the machine at the beginning of operation and at the time of evaluation, respectively; b - exponent characterizing the strength of the influence of the main parameter on the cost of the machine (usually for the braking coefficient they take values of 0.6–0.8).

The method of accounting for the restoration of the machine after major repairs

The method is based on the obvious idea of a decrease in the consumer properties of the SS of machines and equipment during operation due to an increase in physical wear and tear and their partial restoration after repairs in general and major repairs in particular. The level of consumer properties of the machine at different stages of its existence can be expressed using a certain generalized relative indicator PS, which is a weighted additive function of the values of the main technical and economic indicators X i of the machine at the time of evaluation in relation to the values of the same indicators X io at the beginning of operation - productivity , accuracy, etc.:

PS = sum(X i /X io)

Unlike the previous method, here you can take into account several indicators of the machine at once.

AT practical work an appraiser is increasingly faced with a situation where it is necessary to determine the physical wear and tear of a machine that has a significant chronological age and has already undergone one or more major repairs. If we imagine the change in the indicator of consumer properties of the PS of such a machine during this time, then we get a zigzag curve. The peaks on the curve correspond to overhauls, their heights correspond to the corresponding repair costs, and the distances between them correspond to repair cycles T p (time between two overhauls).

The costs incurred restore the consumer properties of the machine in whole or in part and extend the overall life of the machine, which is recorded in the accounting documents for the machine.

Usually, for each inventory object at the enterprise, a certain value of the useful life T n (service life) is assigned within the interval specified by the depreciation group, taking into account the expected load. Since machinery and equipment are recoverable objects, it is assumed that several major repairs will be carried out during their standard service life (usually no more than three). The time between two overhauls (or from commissioning to the first overhaul) is called the maintenance cycle. Within each repair cycle, several routine repairs and technical inspections are carried out.

Depending on the recommendations of the machine manufacturer, the enterprise, when drawing up a long-term plan for equipment repairs, assigns the duration T p of repair cycles for all machines. The average value of T p for light and medium technological machines is 5–6 years. From the experience of operating such machines, it can be assumed that during the repair cycle their consumer properties (PS) decrease by about 50–60% of the initial level, that is, with the above duration of the repair cycle, the rate V of the decrease in the consumer properties of the machine is 8–10% per year.

Carrying out major repairs of machines, on the contrary, increases their consumer properties by an average of 20–40% of the initial level. Moreover, large values of the range correspond to later (second, third) overhauls. The increase in the cost of overhaul reduces the efficiency of equipment use, which ultimately leads to the inexpediency of its further operation.

The value of the service life T n and the repair cycle T r for each inventory object, the appraiser learns in the process of identification.

Consider the definition of physical wear and tear for two points in time in the life of the machine:

a) The car has not yet undergone major repairs. It is assumed that the law of change in the consumer properties of the machine is linear.

3. Real estate appraisal

3.5. Approaches to real estate valuation.

3.5.2. Cost approach

Cost approach- this is a set of valuation methods based on determining the costs necessary to restore or replace the object of assessment, taking into account accumulated depreciation. It is based on the assumption that the buyer will not pay more for the finished object than for the creation of an object of similar utility.

Information needed to apply the cost approach:
- wage level;
- the amount of overhead costs;
- equipment costs;
- profit margins for builders in a given region;
- market prices for building materials.

Advantages of the cost approach:
1. When evaluating new objects, the cost approach is the most reliable.
2. This approach is appropriate or the only possible one in the following cases:
§ technical and economic analysis of the cost of new construction;
§ justification of the need to update the existing facility;
§ building valuation special purpose;
§ when evaluating objects in "passive" market sectors;
§ analysis of land use efficiency;
§ solution of object insurance problems;
§ solving problems of taxation;
§ when agreeing on the value of the property obtained by other methods.

Disadvantages of the cost approach:
1. Costs are not always equivalent to market value.
2. Attempts to achieve a more accurate assessment result are accompanied by rapid growth labor costs.
3. The discrepancy between the costs of acquiring the property being valued and the costs of new construction of exactly the same object, because accumulated depreciation is subtracted from the construction cost during the appraisal process.
4. Problematic calculation of the cost of reproduction of old buildings.
5. Difficulty in determining the amount of accumulated wear and tear of old buildings and structures.
6. Separate evaluation land plot from buildings.
7. Problematic evaluation of land plots in Russia.

Stages of the cost approach(see fig.3.3):
- Calculation of the cost of the land plot, taking into account the most efficient use (Cz).
- Calculation of replacement cost or replacement cost (Svs or Szam).
- Calculation of accumulated depreciation (all types) (Sizn):
· physical deterioration - wear associated with a decrease in the performance of an object as a result of natural physical aging and the influence of external adverse factors;
· functional wear - depreciation due to non-compliance with modern requirements for such objects;
· external wear - depreciation as a result of changes in external economic factors.

Calculation of the cost of the object, taking into account the accumulated wear and tear: Sleep = Svs-Sizn.

Determination of the final value of real estate: Sit = Sz + Sleep.

3.5.2.1. Comparative unit method

This method involves calculating the cost of building a comparative unit of a similar building. The cost of a comparative unit of an analogue should be adjusted for existing differences in the compared objects (layout, equipment, property rights, etc.)

If 1 m 2 is selected as a comparative unit, then the calculation formula will look like this:

C o \u003d C m 2 * S o * K p * K n * K m * K in * K pz * K vat,

C o - the value of the object being assessed;
C m 2 - the cost of 1 m 2 of a typical building on the base date;
S about - the area of the estimated object (number of units of comparison);
K p - coefficient taking into account the possible discrepancy between the data on the area of the object and the construction area (1.1-1.2);
K n - coefficient taking into account the possible discrepancy between the evaluated object and the selected typical structure (for identical = 1);
K m - coefficient taking into account the location of the object;
K in - coefficient taking into account the change in the cost of construction and installation works between the base date and the date at the time of assessment;
K pz - coefficient taking into account the profit of the developer (%);
K VAT - coefficient taking into account VAT (%).

An important step is the choice of a typical object. In this case, it is necessary to take into account:
- a single functional purpose;
- proximity of physical characteristics;
- comparable chronological age of objects;
- other characteristics.

3.5.2.2. Breakdown method

This method involves breaking down the assessed object into building components - foundation, walls, ceilings, etc. The cost of each component is obtained based on the sum of direct and indirect costs required for the arrangement of a unit of volume according to the formula:

, where

From zd - the cost of building the building as a whole;
V j is the volume of the j-th component;
C j is the cost per unit of volume;
n is the number of selected building components;
K n is a coefficient that takes into account the existing inconsistencies between the assessed object and the selected typical structure.

There are several options for using the component breakdown method:
- subcontract;
- breakdown according to the profile of work;
- allocation of costs.

Subcontract method based on the fact that the builder-general contractor hires subcontractors to perform part of the construction work. Then the total costs for all subcontractors are calculated.

Stake by profile method similar to the previous one and based on the calculation of the costs of hiring various specialists .

Cost Allocation Method involves the use of different units of comparison to evaluate different components of the building, after which these estimates are summed up.

Rice. 3.3. The procedure for assessing the value of real estate using the cost approach

3.5.2.3. Quantitative survey method

This method is based on the application of a detailed quantitative calculation of the costs for the installation of individual components, equipment and the construction of the building as a whole. In addition to calculating direct costs, it is necessary to take into account overheads and other costs, i.e. a complete estimate of the reconstruction of the assessed object is compiled.

Construction cost calculation

The cost of construction of buildings and structures is determined by the amount of investment required for its implementation. The cost of construction, as a rule, is determined at the stage of pre-project studies (preparation of a feasibility study for construction).

The estimated cost of construction of buildings and structures is the sum Money necessary for its implementation in accordance with the project documentation.

Based on the estimated cost, the amount of capital investments, construction financing, as well as the formation of free (contractual) prices for construction products is calculated.

The estimated cost of construction includes the following elements:

construction works;

equipment installation works (assembly works);

the cost of purchasing (manufacturing) equipment, furniture and inventory;

other costs.

Cost calculation methods. When drawing up estimates (calculations) of the investor and the contractor on an alternative basis, the following cost calculation methods can be used:
resource;
resource-index;
basic-index;
basic compensatory;
based on a data bank on the cost of previously built or designed analog objects.

Resource method - calculation in current (forecast) prices and tariffs of resources (cost elements), is carried out based on the need for materials, products, structures (including auxiliary ones used in the production process), as well as data on distances and methods of their delivery to the construction site , energy consumption for technological purposes, operating time of construction machines and their composition, labor costs of workers.

Resource-index method - this is a combination of the resource method with a system of indexes for resources used in construction.

Cost indices (prices, costs) - relative indicators determined by the ratio of current (forecast) cost indicators and basic cost indicators for resources comparable in terms of nomenclature.

Basis-index method - recalculation of costs according to the lines of the estimate from the basic price level to the current price level using indices.

Basic compensation method - summation of the cost calculated in the basic level of estimated prices and the additional costs determined by the calculations associated with changes in prices and tariffs for the resources used during the construction process.

It should be taken into account that before the stabilization of the economic situation and the formation of appropriate market structures, the most priority methods for calculating the estimated cost are the resource and resource-index methods. In the practical activities of experts, the basic-index method for calculating the estimated cost is more popular.

Determining the depreciation of a property

Depreciation is characterized by a decrease in the usefulness of a property, its consumer attractiveness from the point of view of a potential investor and is expressed in a decrease in value (depreciation) over time under the influence of various factors. Depreciation (I) is usually measured as a percentage, and depreciation is valued as depreciation (O).

Depending on the reasons causing the depreciation of the property, the following types of depreciation are distinguished: physical, functional and external.

Physical and functional wear is divided into removable and irreparable.

Removable wear - this is wear, the elimination of which is physically possible and economically feasible, i.e. the costs incurred to eliminate one or another type of wear contribute to an increase in the value of the object as a whole.

Identification of all possible types of depreciation is the accumulated depreciation of the property. In value terms, cumulative depreciation is the difference between the replacement cost and the market price of the property being valued.

The cumulative accumulated wear and tear is a function of the lifetime of the object. Consider the main evaluative concepts that characterize this indicator.

Physical life of the building (FZh) - the period of operation of the building, during which the state of the load-bearing structural elements of the building meets certain criteria (structural reliability, physical durability, etc.). The term of the physical life of the object is laid down during construction and depends on the capital group of buildings. Physical life ends when the object is demolished.

Chronological age (XV) - the period of time that has passed from the date of commissioning of the object to the date of assessment.

Economic Life (EJ) is determined by the operating time during which the object generates income. During this period, ongoing improvements contribute to the value of the property. The economic life of the object ends when the operation of the object cannot generate income, indicated by the corresponding rate for comparable objects in this segment of the real estate market. At the same time, the ongoing improvements no longer contribute to the value of the object due to its general wear and tear.

Effective age (EV) is calculated on the basis of the chronological age of the building, taking into account its technical condition and the economic factors prevailing on the date of assessment that affect the value of the property being assessed. Depending on the characteristics of the operation of the building, the effective age may differ from the chronological age up or down. In the case of normal (typical) use of the building, the effective age is usually equal to the chronological one.

Remaining economic life (OSE) buildings - the period of time from the date of assessment to the end of its economic life (Fig. 3.4).

Rice. 3.4. Periods of building life and indicators characterizing them

Depreciation in valuation practice must be distinguished in meaning from a similar term used in accounting (depreciation). Estimated depreciation is one of the main parameters that allow you to calculate the current value of the appraised object on a specific date.

Physical wear and tear is the gradual loss of the technical and operational qualities of an object that were originally laid down during the construction under the influence of natural and climatic factors, as well as human life.

The methods for calculating the physical deterioration of buildings are as follows:
Normative (for residential buildings);
cost;
life time method.

Normative method calculation of physical depreciation involves the use of various regulatory instructions of the intersectoral or departmental level.

In these rules, a description of the physical wear and tear of various structural elements of buildings and their assessment are given.

The physical deterioration of the building should be determined by the formula:

, where

And f - physical deterioration of the building,%;

And i - physical wear of the i-th structural element,%;

L i - coefficient corresponding to the share of the replacement cost of the i-th structural element in the total replacement cost of the building;

P- the number of structural elements in the building.

The shares of the replacement cost of individual structures, elements and systems in the total replacement cost of the building (as a percentage) are usually taken according to the aggregate indicators of the replacement cost of residential buildings approved in the prescribed manner, and for structures, elements and systems that do not have approved indicators, at their estimated cost .

This technique is used exclusively in domestic practice. For all its clarity and persuasiveness, it has the following disadvantages:
- due to its "normativity", it initially cannot take into account the atypical operating conditions of the facility;
- the complexity of the application due to the necessary detailing of the structural elements of the building;
- the impossibility of measuring functional and external wear;
- subjectivity of specific weighing of structural elements.

At the core cost method The definition of physical wear is physical wear, expressed at the time of its assessment by the ratio of the cost of objectively necessary repair measures that eliminate damage to structures, an element, a system or a building as a whole, and their replacement cost.

The essence of the cost method for determining physical wear and tear is to determine the cost of recreating building elements.

This method allows you to immediately calculate the wear of the elements and the building as a whole in terms of value. Since the impairment calculation is based on a reasonable actual cost to bring worn items to “like new condition”, the result under this approach can be considered fairly accurate. The disadvantages of the method are the mandatory detailing and accuracy of calculating the costs of repairing worn-out building elements.

Determination of the physical deterioration of buildings lifetime method . Indicators of physical depreciation, effective age and economic life are in a certain ratio, which can be expressed by the formula:

I - wear;
EV - effective age;
VF - typical period of physical life;
OSFZh - the remaining period of physical life.

The use of this formula is also relevant when calculating percentage adjustments for depreciation in compared objects (comparative sales method), when it is not possible for the appraiser to inspect the selected analogues. The percentage of depreciation of elements or the building as a whole calculated in this way can be translated into value terms (depreciation):

In practice, building elements that have removable and irremovable physical wear are divided into "long-lived" and "short-lived".

"Short-lived elements"- elements that have a shorter life than the building as a whole (roofing, sanitary equipment, etc.).

"Long-lived elements"- elements whose expected life is comparable to the life of the building (foundation, load-bearing walls, etc.).

Removable physical wear and tear of "short-lived elements" occurs due to the natural wear and tear of building elements over time, as well as careless operation. In this case, the sale price of the building is reduced by a corresponding impairment, as the future owner will need to make “previously deferred repairs” to restore the normal operating characteristics of the structure (current interior repairs, restoration of leaky roof areas, etc.). This assumes that the items are restored to "practically new" condition. Removable physical depreciation in monetary terms is defined as the "cost of deferred repairs", i.e. the cost of bringing the object to a state "equivalent" to the original.

Unrecoverable physical wear of components with short term life is the cost of restoring high-wear components, determined by the difference between the replacement cost and the amount of removable wear, multiplied by the ratio of the chronological age and the period of physical life of these elements.

The removable physical wear of elements with a long life is determined by a reasonable cost of its elimination, similarly to the removable physical wear of elements with a short life.

The irreparable physical wear and tear of elements with a long life is calculated as the difference between the replacement cost of the entire building and the sum of removable and irremovable wear, multiplied by the ratio of the chronological age and the physical life of the building.

functional wear. Signs of functional wear in the assessed building - non-compliance of the space-planning and/or constructive solution with modern standards, including various equipment necessary for the normal operation of the structure in accordance with its current or intended use.

Functional wear is divided into removable and irreparable.

The cost expression of functional wear is the difference between the cost of reproduction and the cost of replacement, which excludes functional wear from consideration.

Removable functional wear is determined by the costs of the necessary reconstruction, contributing to a more efficient operation of the property.

Causes of functional wear:
deficiencies requiring the addition of elements;
deficiencies requiring replacement or modernization of elements;
superimprovements.

Weaknesses that require the addition of elements are building and equipment elements that are not present in the existing environment and without which it cannot meet modern performance standards. Wear due to these positions is measured by the cost of adding these elements, including their installation.

Deficiencies requiring replacement or modernization of elements - items that still perform their functions, but no longer meet modern standards (water and gas meters and fire fighting equipment). Depreciation for these positions is measured as the cost of existing elements, taking into account their physical wear and tear, minus the cost of returning materials, plus the cost of dismantling existing ones, and plus the cost of installing new elements. The cost of returning materials is calculated as the cost of dismantled materials and equipment when used at other facilities (finalized residual value).

Super-improvements - positions and elements of the structure, the presence of which is currently inadequate to the modern requirements of market standards. Removable functional depreciation in this case is measured as the current replacement cost of the “superimprovement” items minus physical depreciation, plus the cost of dismantling, and minus the salvage value of the dismantled elements.

Unrecoverable functional wear is caused by outdated space-planning and/or structural characteristics of the assessed buildings in relation to modern construction standards. A sign of irreparable functional wear is the economic inexpediency of incurring costs to eliminate these shortcomings. In addition, it is necessary to take into account the market conditions prevailing at the date of the assessment for adequate architectural compliance of the building with its purpose.

Depending on the specific situation, the cost of irremovable functional wear can be determined in two ways:
1) capitalization of losses in rent;
2) capitalization of excess operating costs necessary to maintain the building in proper order.

To determine the required calculated indicators (rental rates, capitalization rates, etc.), adjusted data on comparable analogues are used. At the same time, the selected analogues should not have signs of irremovable functional wear identified in the object of assessment.

Determination of impairment caused by irreparable functional wear and tear due to an outdated space-planning solution (specific area, cubic capacity) is carried out by capitalization of losses in rent.

Calculation of unrecoverable functional wear by capitalizing the excess operating costs required to maintain the building in good condition can be done in a similar way. This approach is preferable for assessing the irremovable functional depreciation of buildings that differ in non-standard architectural solutions and in which, nevertheless, the amount of rent is comparable to the rent for modern analogues, in contrast to the amount of operating costs.

External (economic) depreciation - depreciation of the object due to the negative influence of the external environment in relation to the object of assessment: the market situation, easements imposed on certain use of real estate, changes in the surrounding infrastructure and legislative decisions in the field of taxation, etc. External depreciation of real estate, depending on the reasons that caused it, in most cases is unremovable due to the invariability of the location, but in some cases it can “remove itself” due to positive changes in the surrounding market environment.

The following methods can be used to assess external wear:
capitalization of losses in rent;
comparative sales (paired sales);
the economic life span.

For evaluation purposes, methods for determining the amount of physical wear are usually divided into direct and indirect.

Indirect Methods definitions of physical wear and tear are based on the inspection of objects and the study of their operating conditions, data on repairs and financial investments to maintain them in working order. The following indirect methods for determining the physical wear and tear of machinery and equipment can be distinguished:

effective age method (lifetime method);
expert analysis of physical condition;
method of correlation models;
loss of productivity method;
profit loss method.

The machines and equipment of most Russian enterprises are badly worn out. A significant part of them, according to accounting data, has 100% depreciation, but is actively exploited and, therefore, has a market value. The other part, on the contrary, having practically no accounting depreciation, has virtually zero value due to functional, moral and (or) economic obsolescence. At in large numbers units of machinery and equipment at enterprises (from several thousand at medium-sized enterprises to tens of thousands at large ones), the questions of determining the cost of both individual units and groups of equipment (which is much more often), as well as the entire fleet of machinery and equipment as a whole, especially often arise. Not only is the issue of value on a specific date important, but also the forecast of changes in value over time, as well as changes in value after significant dates (for example, after a default, etc.). In this case, the owner or manager, as a rule, has an intuitive idea of the value of both individual groups or all funds as a whole.

The appraiser's task, even at the stage of pre-project evaluation work, is to understand how much the customer's intuitive ideas coincide with reality. As a result of further evaluation work, detailed calculations should confirm the conclusions of the appraiser obtained from the express analysis. One of the main obstacles in the way of the appraiser, as a rule, is the impossibility of obtaining a complete list of initial data (there are more than 50 items) and the lack of unambiguous identification of the object of assessment.

Identification- this is the identification of technical characteristics and properties of objects and their assignment to a certain class (group) of fixed assets. This information subsequently serves as the initial data for calculating the cost of objects. Considering the great variety and number of pieces of equipment even within one medium-sized enterprise, it is obvious that this task has become one of the most responsible and time-consuming in the evaluation process.

Table 3.1.

List of input data used in various equipment evaluation methods

Homogeneous object (analogue)- Manufacturer's own costs for assembling the object from parts
The price of a homogeneous object (analogue)- Groups of complexity of the assessed objects or its components
Mass of a homogeneous object (analogue)- Number of nodes in the evaluated object
Profitability of a homogeneous object (analogue)- Specific costs for the manufacture and purchase of components per one "input-output"
The volume of a homogeneous object (analogue)- Specific salary per one technological node
Area of a homogeneous object (analogue)- Indirect overheads (% of base salary)
Power of a homogeneous object (analogue)- Unit costs for components (% of the cost of materials)
Performance of a homogeneous object (analogue)- Time (month, year) of the fixed initial price
Initial price of the appraised object- Trademark price
Basic price of the property being valued- Cost of additional devices
Weight of the object being evaluated- Data for determining annual revenue
Profitability of the appraised object- Data for determining annual costs
The volume of the appraised object- Building cost data
Area of the assessed object- Data on the cost of structures
The power of the object being assessed- Land value data
Estimated object performance- Real discount rate
The composition of the structure of the object of assessment (devices, blocks, units, etc.)- Capitalization rate for land
Prices of all parts included in the construction of the assessed object- Normative service life of the object
Indices of bringing the initial cost to the base- The actual service life of the object
Indices for bringing prices from the base year to the level at the valuation date- Book value of the machine complex
Uniform industry aggregated standards for unit costs for materials, components, wages of key workers, indirect costs per unit of measurement of the influencing factor - Book value of individual pieces of equipment
Average monthly salary in industry at the starting point- The initial price of the object
Average monthly salary in the industry on the date of assessment

Direct method for determining physical wear

With the direct method, the coefficient of physical wear and tear of machinery and equipment is calculated based on the standard costs for their complete restoration to a new state:

Kf \u003d Sz / Sv,

Sz - the amount of standard costs for the restoration of the object of assessment to a new state, rub.;

St - the cost of reproduction, rub.

The coefficient of physical wear and tear determined by this method is somewhat underestimated, since it is not possible to completely restore the object to a new state due to the presence of irreparable wear.

Indirect methods for determining physical wear

Effective age method (lifetime method)

This is the most common method for determining physical wear along with the method of expert analysis of the physical condition.

As mentioned above, the actual service life of machinery and equipment may differ from the normative ones due to various factors: the intensity of work and operation mode, the quality and frequency of maintenance and repair, the state of the environment, etc.

When using the effective age method, the following terms and definitions apply:

Life time(economic life, Vss) - the period of time from the date of installation to the date of withdrawal of the object from operation (or the standard service life).

Remaining life(Bo) - the estimated number of years until the object is taken out of service (or the estimated remaining operating time).

Chronological(actual) age (Bx) - the number of years that have passed since the creation of the object (or operating time).

Effective Age(Ve) - the difference between the service life and the remaining service life (or the value of the operating time of the object over the past years):

Ve \u003d Vss - In

If equipment load data are available, then the effective age can be determined by the formula:

Ve \u003d Vx x Kzag

where Kzag is the equipment load factor. The coefficient of physical wear is equal to:

Kf \u003d Ve / Vss

There are the following variants of the relationship between the effective and actual (chronological) age: 1) the effective age is less than the actual one; 2) equal to him; 3) the effective age is greater than the actual one.

The first situation (Ve

The second situation (Ве = Вх) occurs when the equipment is operated in strict accordance with the technical specifications, as well as in cases where during the operation there has not been a significant improvement in technology in this area and there are no external causes that change the cost of the equipment.

The third situation (Ве > Вх) arises if the equipment was operated in violation of technical specifications, if the maintenance intervals were not observed, and also in cases when technologies were improved in this industry and offers increased in this market segment. This situation is possible when the functional and economic obsolescence of the equipment is greater than its physical wear.

The service life normalized by industry standards for various groups of equipment and mechanisms indicates the allowable operating time of the equipment without a noticeable change in the quality of the machines performing their functions. At the same time, it is assumed that the operating conditions will correspond to those recommended by the equipment manufacturers, and repair and maintenance work will be carried out on time and with high quality. This approach is convenient for determining depreciation, however, when assessing the market value of machinery and equipment, the service life is usually only a guideline for the appraiser, and is defined as the reciprocal of the depreciation rate.

Example 1

The service life of the machine is 20 years. The machine was put into operation at the end of 1998. As a result of incomplete loading, the effective age of the machine turned out to be 30% less than the actual one. The evaluation date is June 2003. Determine the coefficient of physical wear of the machine.

2. Determine the load factor, assuming that the full load is 100%:

Kzag \u003d (100-30) / 100 \u003d 0.7.

3. Determine the effective age of the machine:

Ve = 0.7 x 4.5 = 3.15.

4. Determine the coefficient of physical wear of the machine:

Kf \u003d 3.15 / 20 \u003d 0.16.

Example 2

It is required to determine the coefficient of physical wear of a horizontal milling machine manufactured by Nizhny Novgorod JSC "ZeFS". The standard service life is 20 years (Vss). The machine was operated with partial load for 18 years (Bx). During the inspection and analysis of its technical condition with the involvement of engineering and technical workers serving the machine, it was determined that the machine can work for another 5 years (Vo) with high-quality maintenance.

1. The effective age of the machine will be equal to:

Ve \u003d Vss - Vo \u003d 20-5 \u003d 15 years.

2. The coefficient of physical wear of the machine will be equal to:

Kf \u003d Ve / (Ve + Vo) x 100% \u003d 15 / (15 + 5) x 100 \u003d 75%

For comparison, the coefficient of physical wear of this machine, calculated by the formula Kf \u003d Vx / Vss x 100%, will be equal to:

Kf \u003d 18/ 20 x 100% \u003d 90%

The service life of the equipment is significantly increased due to repairs, during which the obsolete and worn-out parts of the mechanisms are replaced with new ones and the interfaces in the friction units are restored. This is especially significant during major repairs of equipment, when the main components of the equipment are replaced and the main properties of the most important parts of the machines are restored.

If the object was subjected to major repairs, the coefficient of its physical deterioration is determined as follows:

Kf \u003d Ve / Vss

The effective age of the object is calculated by the formula:

Ve \u003d Bx1 x K1 + Bx2 x K2 + ... + BXi x Ki,

Bx1, Bx2,..., Bi - respectively, the chronological age of the parts of the object that were repaired at different times and were not repaired;

K1 and K2,..., Ki - the percentage of these parts in the total volume of the object.

The effective age of an object in this case is the weighted average chronological age of its parts. The effective age can also be determined by weighting the investment in the object (repair costs in monetary terms).

Example 3

After three years of operation, the machine underwent a major overhaul, as a result of which 20% of the parts were replaced with new ones. Determine the coefficient of physical wear of the machine after a major overhaul, given that its service life is 25 years.

1. We find the effective age of the machine as a weighted average chronological (actual) age of its parts, 20% of which after a major overhaul are 0 years old, and 80% are 3 years old:

Ve \u003d Bx1 x K1 + Vx2 x K2 \u003d 0 x 0.2 + 3 x 0.8 \u003d 2.4.

2. Determine the coefficient of physical wear of the machine:

Kf = 2.4 / 25 x 100% = 10%.

Example 4

It is required to determine the coefficient of physical wear of the mechanical press. The annual depreciation rate for A = 7.7%. Chronological age 12 years.

In the seventh year of operation, 15% of the press parts were replaced. After 20,000 hours of operation (9 years of operation), the press was overhauled, 25% of parts and assemblies were replaced with new ones.

1. We determine the standard service life of the press as the reciprocal of the depreciation rate:

Bcc = 100% / A = 100% / 7.7 = 13 years

2. 15% of parts and assemblies have a chronological age:

Bxi = 12- 7 = 5 years.

3. 25% of parts and assemblies have a chronological age:

Bx2 \u003d 12 - 9 \u003d 3 years.

4. 60% (100% -15% - 25%) of parts and assemblies have a chronological age:

Vhz = 12 years.

5. The effective age of the press will be equal to:

Ve \u003d Bx1 x 0.15 + Bx2 x 0.25 + Bx3 x 0.6 \u003d 5 x 0.15 + 3 x 0.25 + 12 x 0.6 \u003d 0.75 + 0.75 + 7.2 \u003d 8.7 years.

6. The coefficient of physical wear of the press will be equal to:

Kf \u003d Ve / Vss x 100% \u003d 8.7 / 13 x 100% \u003d 67%

Moscow, "Russian Assessment", Editor V.P. Antonov

Information needed to apply the cost approach:

Wage level;

The amount of overhead;

equipment costs;

Profit rates of builders in a given region;

Market prices for building materials.

Advantages of the cost approach:

1. When evaluating new objects, the cost approach is the most reliable.

2. This approach is appropriate or the only possible one in the following cases:

§technical and economic analysis of the cost of new construction;

§justification of the need to update the existing facility;

§assessment of buildings for special purposes;

§when evaluating objects in the "passive" sectors of the market;

§analysis of land use efficiency;

§solution of object insurance problems;

§solving problems of taxation;

§when agreeing on the value of the property obtained by other methods.

Disadvantages of the cost approach:

1. Costs are not always equivalent to market value.

2. Attempts to achieve a more accurate assessment result are accompanied by a rapid increase in labor costs.

3. The discrepancy between the costs of acquiring the property being valued and the costs of new construction of exactly the same object, because accumulated depreciation is subtracted from the construction cost during the appraisal process.

4.Problematicity of calculating the cost of reproduction of old buildings.

5. The complexity of determining the amount of accumulated wear and tear of old buildings and structures.

6. Separate assessment of the land plot from buildings.

7.Problematicity of land valuation in Russia.

Stages of the cost approach(see pic.):

Calculation of the cost of a land plot, taking into account the most efficient use (Cz).

Calculation of replacement cost or replacement cost (Svs or Szam).

Calculation of accumulated depreciation (all types) (Sizn):

Calculation of the cost of the object, taking into account the accumulated wear and tear: Sleep = Svs-Sizn.

Determination of the final value of real estate: Sit = Sz + Sleep.

Rice. The procedure for assessing the value of real estate using the cost approach

Cost calculation methods. When drawing up estimates (calculations) of the investor and the contractor on an alternative basis, the following cost calculation methods can be used:

resource;

resource-index;

basic-index;

basic compensatory;

based on a data bank on the cost of previously built or designed analog objects.

Resource method - calculation in current (forecast) prices and tariffs of resources (cost elements), is carried out based on the need for materials, products, structures (including auxiliary ones used in the production process), as well as data on distances and methods of their delivery to the construction site , energy consumption for technological purposes, operating time of construction machines and their composition, labor costs of workers.

3A. Determining the depreciation of a property

Depending on the reasons causing the depreciation of the property, the following types of depreciation are distinguished: physical, functional and external.

Physical depreciation - depreciation associated with a decrease in the performance of an object as a result of natural physical aging and the influence of external adverse factors;

Functional depreciation - depreciation due to non-compliance with modern requirements for such objects;

External depreciation - depreciation as a result of changes in external economic factors.

Physical and functional wear is divided into removable and irreparable.

Removable wear - this is wear, the elimination of which is physically possible and economically feasible, i.e. the costs incurred to eliminate one or another type of wear contribute to an increase in the value of the object as a whole.

Identification of all possible types of depreciation is the cumulative accumulated depreciation of the property. The cumulative accumulated wear and tear is a function of the lifetime of the object. Consider the main evaluative concepts that characterize this indicator.

Physical life of the building (FZh) - the period of operation of the building, during which the state of the load-bearing structural elements of the building meets certain criteria (structural reliability, physical durability, etc.). Physical life ends when the object is demolished.

Chronological age (XV) - the period of time that has passed from the date of commissioning of the object to the date of assessment.

Economic Life (EJ) is determined by the operating time during which the object generates income. During this period, ongoing improvements contribute to the value of the property. The economic life of the object ends when the operation of the object cannot generate income, indicated by the corresponding rate for comparable objects in this segment of the real estate market.

Effective age (EV) is calculated on the basis of the chronological age of the building, taking into account its technical condition and the economic factors prevailing on the date of assessment that affect the value of the property being assessed.

Remaining economic life (OSE) buildings - the period of time from the date of assessment to the end of its economic life (Fig. 3.4).

Rice. Periods of building life and indicators characterizing them

Physical deterioration - gradual loss of the technical and operational qualities of the object, which were originally laid down during the construction, under the influence of natural and climatic factors, as well as human life.

There are four methods for determining the physical deterioration of buildings and structures:

Normative (for residential buildings);

cost;

Life time method

·expert.

Normative method the calculation of physical wear and tear involves the use of various regulatory instructions of the intersectoral or departmental level.

essence cost method determination of physical wear is to determine the cost of recreating building elements.

Determination of the physical deterioration of buildings lifetime method . Indicators of physical depreciation, effective age and economic life are in a certain ratio, which can be expressed by the formula:

I - wear;

EV - effective age;

VF - typical period of physical life;

OSFZh - the remaining period of physical life.

functional wear. Signs of functional wear in the assessed building - non-compliance of the space-planning and/or constructive solution with modern standards, including various equipment necessary for the normal operation of the structure in accordance with its current or intended use.

Removable functional wear is determined by the costs of the necessary reconstruction, contributing to a more efficient operation of the property.

Causes of functional wear:

deficiencies requiring the addition of elements;

shortcomings requiring replacement or modernization of elements;

Superimprovements.

Unrecoverable functional wear caused by outdated structural characteristics of the assessed buildings relative to modern building standards. A sign of irreparable functional wear is the economic inexpediency of incurring costs to eliminate these shortcomings. The cost of irreparable functional wear can be determined in two ways:

1) capitalization of losses in rent;

2) capitalization of excess operating costs necessary to maintain the building in proper order.

External (economic) depreciation - depreciation of the object due to the negative influence of the external environment in relation to the object of assessment: the market situation, easements imposed on certain use of real estate, changes in the surrounding infrastructure and legislative decisions in the field of taxation, etc. External depreciation of real estate in most cases is unrecoverable due to the invariability of the location, but in some cases it can “remove itself” due to positive changes in the surrounding market environment.

The following methods can be used to assess external wear:

capitalization of losses in rent;

comparative sales (paired sales);

the economic life span.

eternal questions