Kwizakhiwo ezithengiswayo, kunezinhlobo eziningana "zenani" elinikezwe impahla yangempela, konke okufeza izinhloso ezihlukile kubantu abahlukahlukene. Lapho kwenziwa noma yiluphi uhlobo lokuhlaziywa kwesakhiwo, inani laso liyohlale licatshangelwa kakhulu.
Kulesi sihloko, sizohlola umehluko phakathi kwenani lemakethe lempahla nenani layo lotshalo-mali. Inani lemakethe vs. Inani lotshalomali ku-CRE. Izinhlobo ezahlukene "zenani" ku-estate real zihlanganisa:
- Inani lemakethe
- Inani lotshalo-mali
- Inani elingaqiniseki
- Inani lokuhlola
- Inani loketshezi
- Inani lokushintsha
Kwesinye isikhathi imigqa phakathi kwalezi zinhlobo zenani ingafiphala kancane, ikakhulukazi lapho inani lemakethe nelokutshalwa kwemali licatshangelwa ngqo.
Izinhlobo zenani lempahla
Izinhlobo zenani lempahla
- Inani lemakethe
Inani lemakethe, noma inani lemakethe "elifanele", yiyona ndlela ebhekiswe kakhulu kunhlobo lwenani lesakhiwo, futhi yinani elisetshenziswe kunqubo yokubhalwa kwemali mboleko.
"Inani Lemakethe" le-Appraisal Institute: Lokho Okushoyo Ngempela "kusuka ku-Appraisal Institute kunikeza ukubuka konke komlando" kwenani "kanye" nenani lemakethe, "kufaka phakathi izincazelo eziningi ezivela emithonjeni ehlukahlukene.
Isibonelo yileso seFederal Deposit Insurance Corporation (FDIC), esisho ukuthi inani lemakethe "liyintengo engenzeka kakhulu okufanele impahla ibe nayo emakethe yokuncintisana nevulekile kuzo zonke izimo ezidingekayo ukuze kuthengiswe kahle.".
Ngamanye amagama, umthengi uzimisele ukukhokha ini, futhi umthengisi uzimisele ukwamukela, uma kunikezwe ukuthi zonke ezinye izimo zisezingeni futhi zilindelekile.
- Inani lotshalo-mali
Inani lotshalo-mali yinani elinikezwa yimpahla kumtshali-zimali othile. Kuyinani umtshali zimali angathanda ukulikhokhela impahla.
Kungakhathalekile ukuthi liyini inani lemakethe, kuzohlala kunomkhawulo kulokho umtshalizimali azimisele ukucwila ngempahla.
Inani lotshalo-mali lususelwa kuziqu zomtshali zimali, imali etholakalayo, isilinganiso sentela, kanye nezezimali.
- Inani elingaqiniseki
Lokhu kusho inani lesakhiwo elisengozini yokulimala, ukuthola ukunikezwa komshuwalense.
Ngamanye amagama, liyini inani lengxenye yendawo engafakwa kumshwalense.
- Inani elilinganisiwe
Inani elilinganisiwe yinani lesakhiwo elinqunywa ngumeluleki wentela wendawo ngezinjongo zentela yendawo.
- Inani loketshezi
Inani lokumiswa kwemali lisetha inani elingahle lithengiselwe impahla ngesikhathi sokuthengisa okuphoqelelwe, njengokuvalwa kwempahla noma ukuthengiswa kwentela.
Inani lokuqedwa lisetshenziswa ngezikhathi lapho kunewindi elilinganiselwe lokuchayeka emakethe, noma uma kuneminye imibandela yokuthengisa ebekelwe imingcele.
- Inani lokushintsha
Lezi yizindleko zokufaka esikhundleni sesakhiwo ngesakhiwo esifana nesinye, esinokusetshenziswa okufanayo nesakhiwo sokuqala.
Manje, impahla ethengiswayo ingaba nanoma yiziphi izinhlobo ezingenhla zamanani ezinqunywe nganoma yisiphi isikhathi.
Futhi kungenzeka ukuthi awekho amanani afanayo afanayo (yize kungenzeka ukuthi okungenani amanye awo asondele).
Lokhu kuyiqiniso ikakhulukazi uma kubhekwa umehluko phakathi kwenani lemakethe nenani lotshalo-mali: ukuthi nje impahla kufanele inyuse inani elithile akusho ukuthi umtshali-zimali uzonikela ngokuthile okusondele kuye.
Ngaphezu kwalokho, okuthathwa ngokuthi "kuyigugu" emakethe ethile kungahle kungabi njalo kumtshali-zimali.
Ukugcina izincazelo zomuntu ngamunye engqondweni, ake sibheke izindlela ezahlukahlukene zombili inani lemakethe nezotshalomali, ukukhombisa umehluko wabo ngendlela eyimbudumbudu.
Inani lemakethe lisondela
Inani lemakethe yilokho okunqunywa ngesikhathi sokulinganisa.
Ngesikhathi senqubo yokubhalwa kwemali mboleko, ababolekisi abaningi bazosebenzisa i-appraiser yangaphandle ukuthola ukulinganiselwa kwenani lemakethe lesakhiwo.
Inani lemakethe yilokho okusetshenziselwa ukunquma inani elifanele lokubambisa ngempahla.
Ngakho-ke ama-appraisers anquma kanjani inani lemakethe?
Kukhona izindlela eziningi empeleni. Kepha, ngaphambi kokuthi kwenzeke lokho, ukusetshenziswa okuphezulu kwempahla kufanele kuhlukaniswe.
Empeleni, okudingeka ukuthi kunqunywe ukusetshenziswa kwempahla ngokusemthethweni okuveza inani eliphakeme kakhulu - ngakho-ke cabanga ngezinto ezifana nokuklanywa, ukusetshenziswa kwempahla, usayizi wempahla, ukusebenza kwezezimali, njalo njalo.
Ngamafuphi, yini "uphahla" olungaba khona lwempahla nalo lonke iphasela lalo?
Uma konke lokho sekusethwe etsheni, i-appraiser ingaqhubeka nokuhlolwa kwempahla.
Ngokuvamile, kunezindlela ezintathu zokulinganisa ezisetshenziswa ngabahloli ukuthola inani lemakethe elifanelekile lempahla yebhizinisi:
- Indlela yokuthengisa:
Indlela yokuthengisa ikunikeza inani lesakhiwo ngokubheka okunye ukuthengiswa kwamuva kwempahla eqhathaniswa kakhulu.
- Indlela Yokwenza Imali Yengeniso:
Indlela esuselwe kumholo ithola nje inani lempahla emholweni olikhiqizayo.
- Indlela yokubiza
Le ndlela isekela inani lesakhiwo ezindlekweni zokukhiqiza kabusha leyo mpahla, kuncishiswe noma yikuphi ukwehla kwemali okuqoqiwe.
Inani lokutshalwa kwemali lisondela
Ngenkathi inqubo yenani lemakethe isetshenziswa ekuhlolweni kokubhalwa kwemali mboleko, lapho kunqunywa ukuthi ingakanani imali oyikhokhela impahla, abatshalizimali babheka nokuthi impahla ibaluleke kangakanani kubo.
Inani lotshalo-mali yinani umtshalizimali azimisele ukulikhokha, maqondana nezinhloso zabo, ukubuyisa okuhlosiwe, kanye nesimo sentela.
Ngakho-ke, njengoba inani lemakethe lihlala lihlukile emakethe, inani lokutshala imali lihlukile kumtshali zimali osesondele.
Ngaleso sikhathi kuza ezinye izindlela eziningi ezingasetshenziswa ukunquma inani, ngokungafani nokuhlolwa okusemthethweni okudingwa ngabahloli bezinhlelo.
Lokhu okulandelayo yizinyathelo ezivame kakhulu zokulinganisa utshalomali:
- Ukuthengisa Okuqhathanisekayo (Ama-Comps):
Empeleni, kuyindlela efanayo yokuqhathanisa ukuthengisa eshiwo ngenhla.
- Isiphindaphindeli semali engenayo (GRM)
Lobu budlelwano obulinganisa inani ngokuthatha imali engenayo yonke ekhishwa yimpahla unyaka wonke bese ibuphinda ngesiphindaphindo semali engenayo esekwe emakethe.
- Imali ekubuyisweni kwemali
Imbuyiselo yemali obunye ubudlelwano obulula, obubalwa ngokuthatha i-pro forma flow flow yonyaka wokuqala (ngaphambi kwentela) bese beyihlukanisa ngezindleko eziphelele zotshalo-mali lokuqala.
- Ukwenza ofeleba okuqondile
Le ndlela efanayo yokwenza imali ngqo eshiwo ngenhla esetshenziswa abenzi bezilinganiso. Ukuhlanganisa ukusakazwa kwemali engenayo yesakhiwo kuyindlela ejwayelekile futhi elula yokunquma kokubili inani lemakethe kanye nenani lotshalo-mali lempahla ethengiswayo.
- Ukuhamba kwemali okunesaphulelo
Imodeli yokugeleza kwemali ehlisiwe isetshenziselwa ukuthola isilinganiso sangaphakathi sembuyiselo (i-IRR), inani lamanje lenetha, kanye nokuqongelelwa kwemali enkulu.
Ngakho-ke, ngokwazi izindlela ezahlukahlukene zokukhiqiza la manani, ake sinikeze ukuthambekela endleleni lezi zinhlobo zamanani ezahluka ngayo.
Inani lemakethe vs. Inani lotshalo-mali
Ngamafuphi, inani lemakethe yinani lesakhiwo emakethe evulekile, enqunywa ukuhlolwa.
Inani lotshalo-mali linqunywa ngumtshali-zimali uqobo ngokuya ngemigomo nezinhloso zakhe ezihlukile zokutshala imali.
Sizokhombisa isibonelo esingezansi:
Ake sithi umtshalizimali ngamunye ucabanga ukutholwa kwebhilidi elincane.
Impahla ingaphansi kwenkontileka ye- $ 1.2 million, futhi ifuna ukubuyiselwa okungu-10% kule mpahla.
Ngokuya ngokubuya kwethagethi kwabatshalizimali, ungakhokha kufika ku- $ 1,4 million bese uhlangabezana nalokho obekuhlosiwe.
Kulesi simo, umtshalizimali uthola ukuthi angathola imali mboleko engu- $ 960.000 (80% yenani lemalimboleko), ekhokhiswe iminyaka engama-20 ngo-5%.
Manje, ake sithi ngesikhathi senqubo yokubhala phansi, ukuhlolwa kwebhizinisi lesithathu kuveza impahla ku- $ 1.000.000 esikhundleni se- $ 1,2 million umthengi avalelwe kuyo.
Lokho kuhlolwa kuzonciphisa inani lemalimboleko elifanelekile lifike ku- $ 800.000 (ngokususelwa ku-80% LTV), esikhundleni se- $ 960.000 ebilindelwe phambilini.
Ngeshwa, noma kunjalo, kulesi simo, umthengisi wenqaba ukuthengisa ngemali engaphansi kwama- $ 1.200.000.
Lokho kungenza lokhu kuthengiselana kube ngaphezu kwemakethe, okusho nje ukuthi intengo yokuthengisa iphakeme kunenani lamanje lemakethe yendawo.
Ngabe kunengqondo ukuthi umtshali zimali aqhubeke nalesi sivumelwano?
Inani lemalimboleko elisha lizonciphisa ukubuya kusuka ku-22% kuya ku-16%, kepha lokho kusadlula umgomo womtshali zimali wokubuyiselwa okungu-10%.
Ezimweni eziningi, izimakethe kanye namanani okutshalwa kwezimali kufanele acishe afane, kepha kwesinye isikhathi azohluka.
Ngaphezu kwalokho, kungenzeka futhi ukuthi inani lotshalo-mali liphakeme kunenani lemakethe.
Lokhu kungenzeka lapho inani lomthengi liphakeme kunenani eliya kulowo omaphakathi, umthengi onolwazi.
Isibonelo, ake sithi ibhizinisi linwebeka esakhiweni esisha ngaphesheya komgwaqo lisuka endaweni esikuyo manje, likhokha ngaphezu kwenani lemakethe ukuze likhule eduze futhi ligcwalise isikhala ebesingase sihlangane nalabo esincintisana nabo.
Lapho ufuna inzuzo yamasu, inani liphakeme kancane kubo - izindleko ezingeziwe zingathetheleleka.
Endabeni yomtshali-zimali, inani lotshalo-mali lingeqa inani lemakethe ngenxa yezimo ezifanele zezimali noma ukwelashwa kwentela okungadluliseki.
Inani lotshalo-mali, yebo, nalo lingaba ngaphansi kwenani lemakethe.
Mhlawumbe umtshali-zimali ufuna isakhiwo samahhovisi, kepha usebenza ngokukhethekile kwezindlu zemindeni eziningi.
Kubo, isakhiwo sehhovisi sizoba nenani eliphansi lokutshala imali ngenxa yejika lokufunda nezinye izindleko ezengeziwe ezibandakanyekayo.
Esinye isimo lapho inani lotshalo-mali lingaba ngaphansi kwenani lemakethe uma umtshali-zimali efuna imbuyiselo engaphezulu kwesilinganiso ngokuya ngokusebenza kwephothifoliyo yakhe ekhona.
Ukuthola amabhizinisi anengqondo
Sekukonke, kunoma yiliphi ibhizinisi lomuntu ngamunye lezezakhiwo, kuya.
Izimo ziyahlukahluka kakhulu.
Ngokuvamile, isinyathelo esiphephe kunazo zonke ukuqiniseka ukuthi utshalomali lunengqondo ngokuya ngezindlela zombili zenani.
Inani lotshalo-mali lincike kakhulu, ngakho-ke akufanele lisetshenziswe kabi, kodwa kufanele licatshangelwe.
Ukubaluleka kwenani lotshalo-mali
Isizathu sokuthi inani lotshalo-mali lubaluleke kakhulu kubathengi bezakhiwo ukuthi bafuna ukuqhathanisa intengo yempahla nezinga elilindelekile lokubuyisa. Lapho bethola inani elithile lembuyiselo, bangalinganisa umugqa ongezansi wotshalo-mali ngenani elilindelwe abazolikhokhela impahla. Lokhu kuvumela umtshali-zimali ukuthi enze izinqumo zokuthenga ngokukhalipha ezihambisana nezinhloso zabo zokutshala imali.
Ungalinquma kanjani inani lotshalo-mali
Njengoba inani lotshalo-mali lincike ezinhlosweni zomtshali-zimali, inani lihlukile kumtshali-zimali ngamunye. Abatshalizimali abahlukene bangasebenzisa izindlela ezifanayo zokulinganisa futhi bathole amanani ahlukile okutshalwa kwezimali. Abatshalizimali bangakhetha ezindleleni zokulinganisa eziningana lapho benquma inani lotshalo-mali lwempahla. Ngezansi kukhona izindlela zokutshala imali ezisetshenziswa kakhulu:
- Ukuthengisa okungaqhathaniswa
Abahloli basebenzisa indlela yokuqhathanisa yokuthengisa. Umtshalizimali uzoqhathanisa izakhiwo ezifanayo ngemidwebo eyisikwele noma ngamayunithi.
- Isiphindaphindeli semali engenayo
Imethrikhi ilinganisa inani lotshalo-mali ngokuphindaphinda imali engenayo yonke ekhishwa yisakhiwo ngonyaka nge-gross income multiplier (GRM). Isibalo se-GRM sisuselwa kuzakhiwo ezifanayo emakethe efanayo.
- Ukubuyiselwa kwemali ngokheshi
Isibalo semali ebuyiswayo sibalwa ngokuhlukanisa imali yepro forma yonyaka wokuqala ngokutshalwa kwemali okuphelele kwasekuqaleni.
- Ukwenza ofeleba okuqondile
Ukuhlanganiswa okuqondile kungenye indlela esetshenziswa ama-appraisers. Kuqukethe ukufaka imali engenayo kwempahla futhi kuyindlela ejwayelekile esetshenziswayo ukuthola inani lemakethe kanye nokutshalwa kwezimali kwezakhiwo zentengiso.
- Ukuhamba kwemali okunesaphulelo (DCF)
Imodeli ye-DCF isetshenziselwa ukubala inani lamanje lenani, isilinganiso sangaphakathi sokubuyisa, nokuqhathaniswa kwenkunzi. Amanani abhalwe ngenhla, ngenkathi enikeza imininingwane ewusizo, nawo anokulinganiselwa okuningana. Le mikhawulo ixazululwa ngokubala ukugeleza kwemali okwehlisiwe.
Inani lotshalo-mali kuqhathaniswa nenani lemakethe
Ngenkathi inani lotshalo-mali lilinganisa inani elingaba khona lotshalo-mali ngokuya ngezimo ezithile, inani lemakethe lilinganisa inani langempela lotshalo-mali olususelwa kumandla wokuphakelwa kanye nokufunwayo emakethe yamahhala. Inani lemakethe linqunywa ngenqubo yokuhlola. Ihlukile kunani lokutshalwa kwemali, elibheka izinhloso ezihlukile zomuntu, izinhloso, nezidingo zempahla leyo.
Inani lokutshalwa kwemali lingaba ngaphansi noma ngaphezulu kunenani lemakethe. Kuya ngesimo esithile sempahla ngaleso sikhathi. Inani lotshalo-mali lingaba likhulu kunenani lemakethe uma umthengi ebeka inani eliphakeme kuleso sakhiwo kunomthengi onolwazi.
Emhlabeni wangempela, lesi simo singaba khona uma inkampani inwebeka izakhiwo zayo ziye esakhiweni esikhudlwana esesidayiselwe ihhovisi laso lamanje. Inkampani izimisele ukuvumelana ngentengo ephakeme kunenani lemakethe lesakhiwo ukuqinisekisa ukuthi izimbangi zihlala ngaphandle kwendawo.
Esimweni esinjalo, inani lokutshala imali elengeziwe lisuselwa kunzuzo yamasu inkampani ezoyizuza ngokuthenga indawo. Umtshalizimali oyedwa angavuma nenani lotshalo-mali eliphakeme kunenani lemakethe. Lokhu kwenzeka uma umtshali-zimali athola isimo sentela esikhethekile noma izimo zezimali ezizuzisa kakhulu.
Ngenye indlela, inani lotshalo-mali kungenzeka futhi libe ngaphansi kwenani lemakethe. Kungenzeka lapho ukutshalwa kwezimali kungesilo uhlobo lwempahla umtshali zimali obezojwayela ukugxila kuyo. Isibonelo, umakhi wezezakhiwo zemindeni eminingi ecabanga ngombono wokwakha ihhotela angenza inani lokutshala imali libe ngaphansi kwenani lemakethe.
Kungaba ngumphumela wezindleko eziphakeme ezibandakanyeka ekufundeni ukuthuthukisa impahla noma ngoba abatshalizimali bafuna ukubuyiselwa okungaphezulu kwesilinganiso kwempahla ngenxa yokwabiwa nokwehlukaniswa kwephothifoliyo yabo. Le mikhawulo ixazululwa ngokubala ukugeleza kwemali okwehlisiwe.