Wednesday, May 13, 2009

Pendekatan Kapitalisasi Pendapatan

Pendekatan Kapitalisasi Pendapatan (Income Approach) berdasarkan pada pola pikir hubungan antara pendapatan dari properti dan nilai dari properti itu sendiri.
Nilai dari properti tergantung pada kemampuan properti itu untuk menghasilkan keuntungan. Metode ini dikenal juga sebagai metode kapitalisasi karena pendapatan bersih yang dihasilkan oleh suatu properti dikapitalisasi menjadi nilai kini melalui perhitungan matematis yang disebut dengan kapitalisasi

Formula yang mendasari metode ini adalah

V = I/R Dimana, V= Nilai, I = Pendapatan, R= tingkat bunga

Tahapan proses penilaian dengan metode pendekatan kapitalisasi pendapatan adalah sebagai berikut :

1. Menghitung pendapatan kotor dari property (Gross income potensial)
2. Pendapatan kotor dikurangi kekosongan & kerugian gedung
3. Diperoleh pendapatan kotor efektif (efektif gross income)
4. Pendapatan kotor efektif dikurangi biaya operasional (operating expenses)
5. Diperoleh pendapatan bersih property (net operating income)
6. Diproses dengan :

- Teknik penyisaan tanah
- Teknik penyisaan bangunan
- Teknik penyisaan properti

Atau dapat disimpulkan langkah-langkah dasar yang dilakukan, yaitu :

1. Menghitung pendapatan kotor

2. Menghitung biaya-biaya

3. Menghitung Pendapatan bersih tahunan

4. Proses kapitalisasi

Metode kapitalisasi pendapatan dapat menggunakan beberapa cara, yaitu :

1. GIM (gros income multiplier)

2. Metode Arus kas (discounted cash flow)

3, Metode Pengembangan Tanah (land development method)

4. Teknik Penyisaan (the residual method)

Real estate appraisal

Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is one of the most important determinants of their value. So there cannot exist a centralised Walrasian auction setting for the trading of property assets, as there exists for trade in corporate stock. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property.

Although some areas require no license or certification at all, a real estate appraisal is generally performed by a licensed or certified appraiser (in many countries known as a Property Valuer or Land Valuer and in British English as a "valuation surveyor"). If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report.[1] Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.

The income capitalization approach

The income capitalization approach (often referred to simply as the "income approach") is used to value commercial and investment properties. Because it is intended to directly reflect or model the expectations and behaviors of typical market participants, this approach is generally considered the most applicable valuation technique for income-producing properties, where sufficient market data exists to supply the necessary inputs and parameters for this approach.
In a commercial income-producing property this approach capitalizes an income stream into a value indication. This can be done using revenue multipliers or capitalization rates applied to the first-year Net Operating Income. The Net Operating Income (NOI) is gross potential income (GPI), less vacancy and collection loss (= Effective Gross Income) less operating expenses (but excluding debt service, income taxes, and/or depreciation charges applied by accountants).
Alternatively, multiple years of net operating income can be valued by a discounted cash flow analysis (DCF) model. The DCF model is widely used to value larger and more expensive income-producing properties, such as large office towers. This technique applies market-supported yields (or discount rates) to future cash flows (such as annual income figures and typically a lump reversion from the eventual sale of the property) to arrive at a present value indication.

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