Valuation of Income Properties: Appraisal and the Market for Capital 收益性房产的评估：估价和资本市场 We will demonstrate three approaches to valuation along with many of the techniques used in conjunction with each. Many combinations of approaches and techniques to valuation could be used; approaches and techniques should be chosen that best complement the data available for estimation. Stated another way, the availability and quality of data should always dictate the methods and approaches chosen for valuation. If perfect information were available, then theoretically the same value would result regardless of the method chosen, be it cost, market, or income capitalization. Even with imperfect information, the three approaches to value should correspond to some extent, which is the reason appraisal reports will typically contain estimates of value based on at least two approaches to determining value. While this procedure helps to corroborate the opinion of value, in the final analysis, it is up to the user of the report to interpret, understand, and critically analyze the assumptions, techniques, and methods used to estimate value. Appraisals are only estimates of market value based on market conditions and information available at the time of the appraisal. Economic conditions are subject to much uncertainty, and appraisals should be interpreted and used in light of that uncertainty. Lenders and investors should be familiar with the techniques used by appraisers and with the assumptions made in developing the estimate of value. The appraisal should be viewed as a complement, not a substitute, for sound underwriting or investment analysis by the particular lender or investor.
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