The valuation of the property damage is a double appraisal that considers a before situationand an after situation to the damage, reported both to the same moment. An elementarymeasure of the partial damage is represented, in a first approximation, by the restoration’scost, when the return of the original situation is possible and economically profitable, thislast circumstance imposes that the cost is great or equal to the suffered damage. In thebuilding practice, the restoration of the buildings is often combined with operations ofsubstitution and integration. For the indemnity of the partial damage, the restoration’scost also includes the lost incomes of the property for the period of the work, supposinga same return of the initial profitability. In the appraisal of the damage to the properties,the implication of time of the interventions impose the construction of a cash flow, representedby the costs of the building interventions, by their duration, by the variations ofthe income flows and by the discount rates. The present study proposes to define someparametric measures of the discount rate on the appraisal of partial damage in recurrentbuilding situations. The research of the parametric measures is developed through: the yieldcapitalization approach, that aims to simulate a complete cycle of the real estate investment,from the moment of the initial purchase to that of the final resale; and the cash flows analysisof the damage, including the intermediate occurrences of cycle. The algebra of the cashflows considers the conditions of economic and valuation nature of the real estate damageand the temporal implications of the building interventions through the discount rates. Forthe economic conditions the situations are worth in law and in fact, the highest and bestuse of the building and the property and the advantage of the restoration in comparison toadjustment and restructuring. For the discount rate are worth the mathematical conditionsof existence and the represented economic measure.
|Number of pages||18|
|Publication status||Published - 2015|