The life cycle of real estate as an economic object. Life cycle of a real estate object - abstract Life cycle management of a real estate object

The life cycle of a real estate object as a physical object is a sequence of processes of the existence of a real estate object from conception to liquidation (disposal). The life cycle of material objects consists of the following stages: conception - birth - maturity - aging - death.

The stages of the life cycle of a real estate object are called differently: pre-project - design - construction - operation - closure.

1. The pre-project (initial) stage includes an analysis of the real estate market, the choice of a property, the formation of a project strategy, investment analysis, registration of initial permits, attraction of credit investment funds.
2. The design stage includes the development of a financial scheme, the organization of financing, the selection of an architectural and engineering group, design management.

The main tasks of this period are to reduce the duration of the stages, improve the consumer qualities of real estate objects and, most importantly, minimize operating costs at all stages of the life cycle.

Obviously, in the first two stages, no profit is formed, since they are of a motivational nature.

3. The construction stage consists in the selection of a contractor, coordination of construction works and quality control of construction, estimates of costs and expenses. At this stage, real evidence of the compliance of the object under construction with the requirements of the real estate market segment, due to the logic of the life cycle, appears. During this period, the tasks of increasing the share of investments of potential consumers are being solved, since the growth in the volume of offers and profits indicates a fairly wide market recognition.
4. The stage of operation of the real estate object involves the maintenance and repair of objects and their reconstruction. The operation of real estate includes: operation and repair of equipment and premises, material accounting, fire protection and safety, communications management, waste disposal and recycling, changes and reconstruction, emergency response and facility security.

Reconstruction of real estate objects - a radical reorganization, alteration in order to improve the complex of organizational and technical measures aimed at eliminating the moral and physical depreciation of real estate objects as a whole or their individual elements and systems.

Maintenance - work performed to ensure the standard life of real estate; they do not lead to an increase in its cost, but prevent deterioration and failure of individual elements. The purpose of maintenance is to ensure the use of the object for its intended purpose.

Repair - work to eliminate damage (wear and tear) of the property in order to restore its normal operational condition. Repair work is divided into small and large. Minor repairs lasting 1-2 days do not extend the life of the object and do not increase its value. Major repairs (more than 2 days) extend the life of the property, but do not increase its value.

Replacement is the process of replacing unusable or obsolete components of fixed assets that are part of a property with a similar unit.

5. The stage of closing the object - the complete elimination of its original and acquired functions, the result is either demolition or a qualitatively new development. This stage requires significant liquidation costs that result from ownership of the property. If a property receives a new qualitative development, the cost of change is included in the cost of ownership per new function.

Similarly to the life cycle of real estate objects, the life cycle of a property complex can be divided into stages:

1. Formation of a property complex ( normative registration results of transactions with real estate objects and rights to them: purchase and sale, contribution to authorized capital, rental, leasing).
2. Development of the property complex (new construction, acceptance on the balance sheet).
3. Liquidation of the property complex - auctions and other mechanisms for the sale of property (including real estate) of a bankrupt organization in accordance with the regulatory legal provisions competitive production.

The life cycle of real estate as property from the point of view of the owner is repeated many times, with each new owner, until the end of the economic or physical life of the object. Based on the trinity of categories - material (physical), legal (legal) and economic - the life cycle of a real estate object can be divided into three stages (Fig. 1.). Each stage includes certain activities and actions of the owner.

Rice. one.

The life cycle of a real estate object is subject to certain patterns and includes the period of economic and physical life (Fig. 2):

1. The term of economic life determines the period of time during which the object can be used as a source of profit, and ends when the improvements made cease to contribute to the value of the object.
2. Typical term of physical life - the period of real existence of the property in a functionally usable state before its demolition. Determined normative documents.

The physical and economic life of real estate objects are of an objective nature, which can be regulated, but cannot be canceled.

3. Lifetime - a period of time when an object exists and you can live or work in it.

Rice. 2.

From the point of view of the life span of the property, the following periods are distinguished:

1. Effective age, reflecting the age of the object depending on appearance and technical condition.
2. Chronological (actual) age corresponding to the period of the object in operation from the moment of its commissioning.
3. The remaining period of economic life used for the assessment of the object by an expert appraiser and constituting the period from the date of assessment to the end of the economic life of the object.

The life cycle is a complete sequence of real estate existence processes from commissioning (from creation) to termination. In theory and practice, four types of cycles are distinguished: business cycle, product life cycle, type of business and enterprise as a property complex. the duration of the cycle is affected by periods of production, physical and obsolescence, the capital value of the facility, operating conditions, market conditions and other factors. For real estate valuation, it is of interest to consider 2 life cycles of real estate:

1. The life cycle of real estate (goods) as a physical object.

2. The life cycle of real estate as an object of ownership.

The life cycle of real estate (goods) as a physical object consists of 11 stages:

1. Pre-investment stage (opportunity analysis, justification).

2. Creation, formation (design, construction).

3. Commissioning.

4. Possession and use.

5. Functional, economic obsolescence.

6. Physical wear.

7. Capital repairs or reconstruction.

8. Deterioration of consumer properties.

9. Change functional purpose.

10. End of economic life.

11. Termination of existence (natural destruction, demolition).

At stages 3 and 11 of the life cycle of real estate, a procedure for state registration of rights is required.

The life cycle of real estate as an object of ownership can be decomposed into 10 stages:

1. Acquisition (purchase, construction, inheritance).

2. Possession and use in a certain period.

3. Object management.

4. Extraction of profit, satisfaction of needs.

5. Disposal of property and real rights to the object.

6. Multiple change of owners, owners, users.

7. Changing the functional purpose of the object.

8. Termination of property rights (sale, nationalization, requisition).

9. The end of the economic life of the object.

10. Repetition of the previous cycle or construction of a new, modified one.

At stages 1, 6 and 8 of the life cycle of real estate, a procedure for state registration of rights is required.

Real estate objects in the course of their existence are subject to physical, legal and economic changes. As a result, each immovable thing (except land) goes through the following enlarged stages of the life cycle:

Formation - construction, creation of a new enterprise, acquisition (purchase, spin-off, etc.) land plot;

Operation - functioning and development (expansion, reconstruction, change of activity, reorganization, etc.)

Change (possibly repeated) of the owner, owner or user;

Termination of existence - demolition, liquidation, natural destruction.

The first, third and fourth stages provide for state registration of the fact of the creation or liquidation of an object, as well as a change in ownership.

The life cycle of real estate is subject to certain patterns and includes economic, physical, chronological and the remaining period of economic life.

Economic Lifespan is the period of profitable use of the object, when the improvements made contribute to the value of the property. Good repair, refurbishment and optimization of conditions increase, while poor maintenance shortens the economic life of the object. It ends when the improvements no longer contribute to the value of the item due to its general obsolescence.

physical term life- this is the period of the real existence of an object in a functionally usable state before its demolition (destruction). It can be normative, actual, calculated (forecast) and increase due to modernization and improvement of conditions.

Effective Age based on an assessment of the appearance and technical condition of the building. This is the age corresponding to the actual preservation of the object, its condition at the time of the transaction, evaluation. The effective age may be greater or less than the chronological age.

Chronological age is the period from the day the facility is put into operation until the date of the transaction or valuation.

Remaining economic life building is calculated from the date of assessment (analysis) until the end of economic life. Repairs and refurbishments extend this period.

The physical and economic lifetimes of buildings are objective, which can be regulated but cannot be cancelled. All stages of the life cycle and life span are interconnected, and when one of them changes, the others change accordingly.

Real estate life cycle (Yanioglo)

Some scholarly economists believe that real estate as a commodity is a kind of "living organism", which, as you know, develops in the following order: idea - birth - maturity - aging and death. By analogy, the following stages of the life cycle of a real estate object are distinguished: the pre-investment (initial) stage of the project (concept, planning, design, etc.), the stage of project implementation (construction, installation of equipment), the stage of operation of the object (the phase of launching on the market, growth, maturity, saturation) and the stage of liquidation (decline). With the help of the life cycle theory, it is possible to partially predict the situation, but not in the case of compiling a predictive model, since in this case the enterprise may lose marketing support.

Life cycle of the real estate market

The rule: "buy low, sell high" applies to real estate as to any other type of investment.

Different market segments behave differently at the same time. For example, construction in one part of the city may rise in price rapidly, while at the same time another part of it stagnates. However, the ability to identify these cycles can provide the customer with additional investment opportunities.

A. The cycle of recession. It is observed when the market is oversaturated, and the number of unoccupied buildings begins to increase. The maintenance of uninhabited buildings has a negative impact on financial condition project. This market is a buyer's market. The property owner needs to make an intense effort in marketing and seeking financial support. A small number of new objects appear on the market. Lenders are practically suspending their operations until a new rise, and property prices are declining.

B. Absorption cycle. With a lack of new construction resulting from a cycle of recession, supply and demand in the real estate market is starting to pick up. The market is moving into a new cycle - the cycle of absorption of the created object. Once the investment surplus is absorbed, rental rates will start to rise. In accordance with the increase in demand and decrease in supply, pre-investment studies are being carried out to create new real estate objects.

B. New construction cycle. The cycle of new construction corresponds to an increased demand in the construction market along with a reduction in supply of vacant land. rental rates increase with the price of real estate. During this period, the inflation rate rises, and the cost of construction increases, which increases the selling price of the property.

D. Market saturation cycle. Growth in real estate sales is slow and eventually shrinks. There is a surplus of finished construction products and capacities. Employment rate starts to decrease and construction activity gradually stops. best time to increase properties - this is the stage of the acquisition cycle or the period of new construction.

To assess the efficiency of the real estate market, it is necessary to consider in more detail the life cycle of an object and establish the main critical points in time, the combinations of which will affect the duration of the cycle and the dynamics of changes in costs and results.

Life cycle of a property

Evaluation of the effectiveness of the functioning of any real estate object (under construction or renovation) involves considering it throughout the entire life cycle. The life cycle of an object from the moment of a feasibility study to the moment of physical or obsolescence can be divided into three periods:

1 Construction (pre-investment and investment phases);

2 Operation until full payback (entrepreneurial phase of the project);

3Operation with the subsequent development of results for the invested investments (innovations, facility closure).

To a large extent, the first period determines the efficiency of the object's functioning. This stage is especially complex, it consists of numerous components, namely: analysis of the conditions for the implementation of the original idea, development of the project concept, assessment of its viability, selection and approval of the location of the facility, environmental feasibility study, expertise, development of a feasibility study, obtaining a building permit, creation temporal building infrastructure, creating or updating an object, putting it into operation. The second period includes the development of capacities, the operation of the facility with stable parameters of its design capacity. Considering the nature of the curve, which reflects the change in time of the cost characteristics of the construction and operation of the facility. By determining the ratio of different phases, it is possible to obtain the comparative efficiency of the periods of the life cycle of a real estate object, to analyze the costs and results of the activities of the contractor and the customer.

At the third stage of the life cycle of an object, a period of subsequent operating time for investing begins. Theoretically, the third period can last quite a long time. The limitation of the expediency of operation of the facility is the additional costs for the elimination of physical and obsolescence.

Duration of the phases of the life cycle of real estate objects (public / private sectors):

residential buildings– (Conceptual phase 1-4/0.5-2) (Contract phase and detailed design 1-3/0.5 - 4) (Construction 1-4/0.5-1.5)

Industrial facilities - (Conceptual phase 1-4/0.5-6) (Contract phase and detailed design 1-3/0.5-2.5) (Construction1.5-2.5/0.5-2)

commercial buildings- (Conceptual phase 0.5-3/1-10)) (Contract phase and detailed design 0.5-2/1-4) (Construction 0.5-1.5/0.5-2)

The duration of the project as a whole depends on the type of construction; considerable attention is paid to the conceptual phase of the project in order to obtain maximum efficiency from the invested funds in the future.

Factors of the dynamics of the use value of real estate objects

Without exception, all material objects exist in time and space. Therefore, it is possible to adequately characterize any object only taking into account the spatio-temporal parameters in which it is located and the impacts that it has. It must also be taken into account that although time and space are mandatory conditions the existence of real estate, but it is impossible to consider them equivalent categories: space (if it is considered not at the abstract-logical level, but in the specifics of natural-material characteristics that have a finite quantitative dimension) itself changes in time. This is a direct consequence of human activity, as a result of which the natural space is consistently transformed with increasing intensity. One of characteristic features inherent in existence in time (in equally related to ongoing processes and material objects), is cyclical, that is, periodic renewability in time. At the same time, a multitude of cycles, different in their content, coexist in a certain way, correlating with each other, subordinating to each other. The initial ones are natural cycles that have a direct or indirect effect on all the others, but they themselves are not subject to such influence: a person can actively influence nature in various forms, but it is not in his power to cancel or change the change of seasons or day and night .

Therefore, it is natural that human activity(including economic), which is always carried out in natural conditions, is influenced by these cycles, and sometimes obeys them. This is most clearly seen in agriculture and partly in construction, where the entire production process is "tuned" to fluctuations in natural and climatic conditions, and the results of labor largely depend on these conditions.

At the same time, for the prevailing number of specific types of activity, economic cycles are decisive. The very existence, content and dynamics of such cycles are determined by the internal laws of development economic system(natural cycles have only a corrective effect in the form of seasonal fluctuations in the conjuncture). Economic cycles are understood as periodic fluctuations in the intensity of reproduction economic benefits(including the stages of production, exchange, distribution and consumption). The main characteristic business cycle is the rate of economic growth.

TICKET 44 Construction restrictions in the development of urban space. ??????? (Baranova)

45. The process of reproduction in the field of real estate (Trukhina)

Reproduction is a continuous process of renewal of fixed assets and prevention of its premature wear. In real estate, this is construction. The essence of the concept of real estate management is to obtain the greatest effect from managing the actions of people, project executors. FROM economic points of view, construction- the branch of material and technical production, in which fixed assets for industrial and non-industrial purposes are created: buildings, structures and their complexes ready for operation. construction refers to the process of erecting or creating infrastructure facilities. The main stages of this process are land acquisition, design, approval of the project by the authorities, the actual process of erecting a building or structure, putting the facility into operation. As a rule, the work is carried out by a group of specialists from a construction or engineering company under the guidance of a project manager and is supervised by representatives technical supervision and development engineers (design engineer or project architect).

Professionals who are involved in the development and implementation construction projects, must create effective mechanisms for planning, budgeting, document management, timely delivery building materials, logistics, workplace safety, etc. In addition, they need to consider the environmental impact of their work and create a minimum of temporary inconvenience to the public during the construction phase of the facility.

Ticket 46 investment project in the field of real estate. (Yanioglo)

Investment cycle - the period of time between the start of investment and the moment the property is put into operation.

A project viability analysis is carried out before the project is presented to investors to determine if the project is worth the further investment of time and Money, as well as what sources exist to cover all costs and obtain normal profits.

There are 3 phases of the life cycle of an investment project, which themselves consist of stages and stages:

1.Phase preintuitional(feasibility study):

1.1 Pre-investment studies and preliminary project planning

a list of potential investors;

information about the project - goals, analysis of conditions, etc.;

1.2. Market opportunities: market analysis, price dynamics, supply and demand, etc.;

1.3. Material and labor resources:

· material forms of production (quality, availability of resources);

Determining the need for workforce;

1.4. Selection and approval of the location of the object (analysis of the location, environment, final selection of the construction site);

1.5.Financial analysis and investment evaluation (risk analysis, cost analysis, development financial plan);

1.6. Development of a market and technical plan for the implementation of the project (control over the implementation of the loan agreement).

2. Investment phase:

2.1. Stage of general planning, development design and estimate documentation(development, coordination and approval of a feasibility study, obtaining a building permit);

2.2. Bidding and conclusion of contracts (drawing up a proposal for a contract, a contract for a contract);

2.3. Stage of implementation and completion of the project (construction):

· quality planning and management structure;

Implementation and delivery of the object.

3. Entrepreneurial phase:

3.1. The work of the developer in managing the finished property (ordering and placing equipment, furniture);

3.2. The work of the owner to manage the property:

the procedure for property management;

real estate maintenance;

3.4. Real estate management by the user (control over the use of the premises, organizational - technical support and etc.).

The implementation of investment goals involves the formation of investment projects that provide investors and other project participants with the necessary information to make an investment decision.

The concept of an investment project is interpreted in two ways:

1. as an activity (event) involving the implementation of a complex of any actions that ensure the achievement of certain goals;

2. as a system that includes a certain set of organizational, legal and settlement and financial documents necessary for the implementation of any actions or describing these actions.

There are various classifications of investment projects. Depending on the features underlying the classification, the following types of investment projects can be distinguished.

By relation to each other:

· independent allowing simultaneous and separate implementation, and the characteristics of their implementation do not affect each other;

· mutually exclusive those. not allowing simultaneous implementation. In practice, such projects often perform the same function. Of the totality of alternative projects, only one can be implemented;

· complementary which can only be realized jointly.

By implementation time(creation and operation):

short-term (up to 3 years);

medium-term (3-5 years);

long-term (over 5 years).

By scale(most often the scale of the project is determined by the size of the investment):

· small projects, the action of which is limited to the framework of one small firm implementing the project. Basically, they are plans to expand production and increase the range of products. They are distinguished by relatively short implementation times;

· medium projects- These are most often reconstruction projects and technical re-equipment existing production. They are being implemented in stages individual industries, in strict accordance with pre-designed schedules for the receipt of all types of resources;

· major projects - projects large enterprises, which are based on a progressive "new idea" of the production of products necessary to meet the demand in the domestic and foreign markets;

· megaprojects- is the target investment programs, containing a set of interconnected final projects. Such programs can be international, state and regional.

By main focus:

· commercial projects whose main purpose is to make a profit;

· social projects , focused, for example, on solving the problems of unemployment in the region, reducing the level of crime, etc.;

· environmental projects, the basis of which is the improvement of the environment;

· other

Depending on the degree of influence of the results of the implementation of the investment project on internal or external markets for financial, material products and services, labor, as well as the environmental and social environment:

· global projects, the implementation of which significantly affects the economic, social or environmental situation on Earth;

· national economic projects, the implementation of which significantly affects the economic, social or environmental situation in the country, and when assessing them, one can limit oneself to taking into account only this impact;

· large scale projects, the implementation of which significantly affects the economic, social or environmental situation in a particular country;

· local projects, the implementation of which does not have a significant impact on the economic, social or environmental situation in certain regions and (or) cities, on the level and structure of prices in commodity markets.

A feature of the investment process is its association with uncertainty, the degree of which can vary significantly, therefore, depending on the magnitude of the risk, investment projects are divided as follows:

· reliable projects, characterized by a high probability of obtaining guaranteed results (for example, projects carried out according to state order);

· risky projects, which are characterized by a high degree of uncertainty of both costs and results (for example, projects related to the creation of new industries and technologies).

In practice, this classification is not exhaustive and allows further detailing.

However, the development of any investment project - from the initial idea to operation - can be represented as a cycle consisting of three phases: pre-investment, investment and operational (or production). The total duration of the three phases is the life cycle (lifetime) of the investment project.

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State educational institution higher professional education

St. Petersburg Institute of Trade and Economics

Subject "Economics of Real Estate"

"Features and life cycle of the property"

Completed by: Andreyanova E.V.

Gr. 1410, Faculty of TEF, 4th year

scientific adviser

Pirogova O.E.

St. Petersburg, 2010

Introduction

Chapter 1. The concept of real estate and its object

Chapter 2. Features and life cycle of the property

Conclusion

Applications

Introduction

Real estate objects occupy a special place in the system of public relations, since they are directly or indirectly connected economic activity and priority relations of people in all spheres of their activity.

Today, it is real estate objects that seem to be the central link in the system market economy countries. And this is understandable - a real estate object is not only a special product, but at the same time capital that generates income, and the basis for the provision of services in order to conduct an effective entrepreneurial activity.

Real estate economics is a system of relationships that arise in the course of real estate transactions.

Knowledge of the discipline is necessary in the preparation of modern specialists, since any professional is currently faced in practice with the processes taking place in the real estate market.

the main objective guidelines- mastering by students of knowledge about the essence of real estate objects, legal aspects economics of real estate, basic operations and approaches to the valuation of real estate, features of the real estate market and types of business activities on it.

1. The concept of real estate and its object

1.1 Real estate definition

The concept of "real estate" is inseparable from another concept - "property".

Property - a set of property, i.e. subject monetary value, legal relations in which this person is located (natural or legal).

Property owned by any person or legal entity, according to the content are divided into:

asset: a set of things belonging to a person by the right of ownership or by virtue of another real right; a set of rights to other people's actions (for example, debt property);

liability: a set of things belonging to other persons, but temporarily in possession this person; the totality of the obligations of the person.

Historically, since the time of Roman law, property has been divided into movable and immovable.

According to Art. 130 Civil Code Russian Federation(hereinafter referred to as the Civil Code of the Russian Federation) “to immovable things (not movable property, real estate) includes land plots, subsoil plots, isolated water bodies and everything that is firmly connected with the land, that is, objects that cannot be moved without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures.

Immovable things also include aircraft and sea vessels subject to state registration, inland navigation vessels, and space objects. Other property may also be classified as immovable by law.

Modern Russian legal practice has established a number of signs by which a physical object can be classified as real estate:

strong connection with a certain land plot (impossibility of moving an object without disproportionate damage to its purpose);

completeness in terms of the possibility of using it for its intended purpose;

· certified (officially registered) belonging to a specific owner - the state, a subject of the Federation, a municipality, an individual or a group of individuals;

Possibility of physical isolation of the property and real estate(i.e. the presence of clearly defined physical boundaries of the property);

functional independence of the property (is it possible to use this property separately from other objects, or its functional purpose involves the partial use of other properties);

the presence (or absence) of easements and other restrictions on the rights of use.

Things not related to real estate, including money and securities are considered movable property. Registration of rights to movable property is not required, except in cases specified in the law.

1.2 Real estate object

"Property" contains two bases - physical and legal. The physical basis of this concept is based on the material component of real estate, namely: buildings, structures, land plots, subsoil, etc. All that "is an object that is connected with the earth in such a way that its movement without disproportionate damage to its purpose is impossible."

The legal part lies in the field of realization of the rights arising from transactions with real estate and its use.

Due to depreciation, the property loses its liquidity - "the possibility of implementing any method of turning real estate into money" is the legal component of the concept.
Each property has its own cadastral number and is subject to a process called “property inventory”. It is characterized by "inventory" - the history of the emergence and change of the property. All of the above applies to the legal part of the definition of real estate.

The objects of civil rights include things, including money and securities, other property, including property rights; works and services; information; results of intellectual activity, including exclusive rights to them (intellectual property); intangible benefits.

2. Features and life cycle of the property

2.1 Features of the property

Having a land plot as an integral part, all artificial buildings (real estate objects) have generic features that make it possible to distinguish them from movable objects. It:

1. Stationarity, immobility. The trait is characterized by strong physical connection a real estate object with an earth surface and the impossibility of its movement in space without physical destruction and damage, which makes it unsuitable for further use.

2. Materiality. It should be noted that real estate always functions in natural-material and cost forms. The physical characteristics of a property include, for example, its size and shape, nuisances and hazards, environment, access roads, utilities, surface and subsoil, landscape, etc. Together, these characteristics determine the utility of the property, which forms the basis of real estate value. However, it does not determine value by itself. Any object has value, having to some extent such characteristics as suitability and limited supply. Limited supply must be present to create significant value. social ideals and standards, economic activity and trends, laws, government decisions and actions, natural forces influence the behavior of people, and all this, interacting with each other, creates, maintains, changes or reduces the value of real estate. It should also be noted here that real estate is one of the few commodities whose value is not only almost always stable, but also tends to increase gradually over time.

3. The durability of real estate is almost higher than the durability of all other goods, except certain types precious stones and products from rare metals.

For example, according to the current in Russia building codes and the rules (SNiP), residential assignments, depending on the material of the main structures (foundations, walls, ceilings), are divided into 6 groups with standard service lives from 15 to 150 years.

The duration of the circulation of the earth, with its proper use, is infinite, and the violation of its correct exploitation will lead to irreparable losses.

In addition to the main generic features of real estate, it is possible to single out private features, which are determined by specific indicators depending on the type of real estate.

It is practically impossible to talk about two identical apartments, two identical plots, two identical buildings, because they will necessarily have differences in location in relation to other real estate objects, to infrastructure and even to cardinal points, which shows heterogeneity, uniqueness and the uniqueness of each property.

Real estate has a high economic value. This is due to the fact that it is intended for long-term use and is not consumed during use. As a rule, it has a constructive complexity that requires high maintenance costs.

In addition, the property always has its own functional purpose. It can be industrial and non-productive. At industrial purpose the real estate object directly or indirectly participates in the creation of products, the performance of work, the provision of services. In non-production - provides conditions for living and serving people.

Real estate always acts as an object long term investment. Most often this is due to the fact that the acquisition of a property in parts is not possible, because a significant amount of capital is required to invest in a property. In addition, if we talk about the profitable side of things, cash investments in real estate objects represent costs with a fairly high payback period.

It should be noted that some types of real estate can be transferred to movable property. For example, forests and perennial plantings are, by definition, real estate, while harvested wood is already movable property.

It should be noted that equipment located in buildings and structures (heating, water supply, sewerage, electrical equipment, elevators, gratings, second metal doors, etc.) refers to movable property. But because it has become integral part object of real estate, then in the case of a transaction on this object, it is necessary to describe in detail all the movable property included in the composition of immovable property (this is especially true for property subject to seizure during the transaction).

Often, real estate transactions can transfer a set of rights and interests that are not part of the property. These may be the rights of lease, preemptive acquisition or other interests (servitudes).

In particular, easement is “the right of limited use of someone else’s land plot”, which “can be established to ensure passage and passage through a neighboring land plot, laying and operating power lines, communications and pipelines, providing water supply and melioration, as well as other needs .. .".

So, real estate includes the most valuable and generally significant fixed assets, and real estate such as land and subsoil are of great not only economic, but also strategic importance for any state at all times.

For example, in the pre-capitalist period, land was the only significant source of wealth for each person individually, as well as for the state and society as a whole.

Real estate in any social system is an object of economic and state interests, and therefore, for this category of property, the obligatory state registration of rights to it has been introduced, which allows you to identify the object and the subject of law, because the connection between the object of real estate and the subject of rights to it is invisible, and the transfer of real estate by physical movement is not possible.

2.2 Life cycle of real estate as a physical object

Acting as a physical object, real estate is a commodity, an object of property, a business, and goes through various stages and processes in each of its incarnations.

The life cycle of a property (physical) is the period of time during which a property exists as a physical object. The life cycle of a real estate object consists of the following stages (phases):

1. Formation of the concept of the project and the choice of the option of using a free land plot. During this period, the choice of the best and most efficient use land plot - taking into account the peculiarities of its characteristics and all the properties of the environment. Based on the analysis, the most productive use case is selected from legally permitted, physically feasible, economically viable and financially feasible. Use case selection culminates in development terms of reference to design improvements.

2. Design improvements. At this stage - on the basis of the technical specifications for the design - a (specialized organization) develops a project with the preparation of the documentation necessary for obtaining permits and preparing the land plot (with fixing the shape and size, with the removal of unnecessary natural and artificial vegetation, with the drainage of reservoirs) , as well as the laying of communications, the construction of buildings (structures) and the planting of new plantations. Acceptance of the project from the design organization should be carried out with the participation of the management company that participated in the development of the technical assignment for the design.

3. Production (erection, construction) of improvements. During the project implementation period, contractors almost completely change all the physical characteristics of the object, with these changes fixed in the inventory and cadastral documents. During the construction of improvements and as a result of fixing the new status of the object, as a rule, the characteristics of the environment that are related to the created object also change.

4. Circulation (purchase and sale, donation, lease, etc.) with the transfer of a property right or with the appearance of an encumbrance on this right. At this stage, operations are carried out with the object and the change in the legal fate of the latter is registered by the state. When buying and selling an object, the subject of ownership changes. When land and/or improvements are leased or rented out by the owner (or, on behalf of the owner, by the management company), the rights of use (and, possibly, possession) are transferred to another entity with the appearance of an encumbrance of the right of ownership.

5. Use (use) of the object for its intended purpose with technical and operational maintenance. At this stage of the life cycle, the manager (or professional management company) organizes the rational use by users of the consumer potential of the facility. Over time, the characteristics of the object undergo changes, because. improvements physically wear out and become functionally obsolete, which is exacerbated by changes in the situation in the economy and in the external physical environment, leading to additional, so-called external obsolescence.

In the process of operation, a technical examination is periodically carried out and Maintenance individual elements of improvements without stopping the use of the object as a whole.

6. Modernization: overhaul, reconstruction, restoration of improvements with a possible re-profiling (change in functional purpose) of the object. This stage begins at the moment when the object in its current state can no longer meet the modern needs of users or (and) if its operation becomes economically inefficient. At this stage, at least a major overhaul is carried out without changing planning solution and functional purpose, but with the elimination of removable physical wear and tear and functional obsolescence.

If the analysis of the best and most efficient use of land and improvements, performed at this moment, shows the feasibility of a partial change in the functional purpose of the improvements, then the latter are reconstructed with a change in the layout of part of the premises. Naturally, at the same time, the functions of overhaul of the elements of improvements that retain their original functionality are also provided.

If the analysis of the use of the object in its current state shows the need for a complete replacement of its functional purpose, then the reconstruction may be accompanied not only by a radical change in the layout, but also by the extension or superstructure of existing buildings and the development of the free part of the land plot.

7. Disposal, demolition of improvements, landfill or recycling of materials. The life cycle ends with the demolition of improvements at the end of their economic life. Management Company prepares proposals for setting deadlines and an economically viable method for the demolition of buildings, taking into account the possibility of selling structural elements and materials of liquidated buildings and communications (the volume of liquidation costs is minimized).

Obviously, some phases are repeated at different stages of the life cycle. So, for example, the idea of a project to create a new facility can arise both at the stage when a piece of land is completely free, and at the stage of the need for reconstruction, partial demolition or completion of buildings. The circulation phase can be realized repeatedly in the process of the object's life, and the circulation moments determine the time boundaries of the periods that form the basis of the so-called investment cycles.

2.3 Real estate life cycle as economic object

real estate property economic

The life cycle of a real estate object is subject to certain patterns and includes the period of economic and physical life

The term of economic life, which determines the period of time during which the object can be used as a source of profit. The economic life ends when the improvements made no longer contribute to the value of the property.

A typical physical life span is the period of real existence of a property in a functionally usable state before its demolition. It is determined by regulatory documents. The physical and economic life of real estate objects are of an objective nature, which can be regulated, but cannot be canceled.

Lifetime is the period of time when an object exists and you can live or work in it.

From the point of view of the period of life of the property, such terms are distinguished as:

b Effective age, reflecting the age of the object, depending on the appearance, technical condition.

ь Chronological (actual) age corresponding to the period of the object being in operation from the moment of its commissioning.

b The remaining period of economic life used for the purpose of assessing the object by an expert appraiser and constituting the period from the date of assessment to the end of the economic life of the object.

The life cycle of real estate as an economic object is as follows:

1. Creation

2. State registration real estate - in the Russian Federation - legal act recognition and confirmation by the state of the emergence, restriction (encumbrance), transfer or termination of rights to real estate in accordance with Civil Code RF.

3. Possession and use; change of owners. Ownership -- in civil law- the authority of the owner; the actual possession of a thing, creating for the owner the possibility of direct influence on the thing.

4. Development

5. Deterioration of consumer properties of real estate

6. End of economic life

2.4 Life cycle of real estate of an enterprise as a property complex

1. An enterprise as an object of rights is recognized as a property complex used for entrepreneurial activities.

The enterprise as a whole as a property complex is recognized as real estate.

2. The enterprise as a whole or part of it may be the object of sale, pledge, lease and other transactions related to the establishment, change and termination of rights in rem.

The structure of the enterprise as a property complex includes all types of property intended for its activities, including land plots, buildings, structures, equipment, inventory, raw materials, products, rights of claim, debts, as well as rights to designations that individualize the enterprise, its products, work and services (company name, trademarks, service marks), and other exclusive rights, unless otherwise provided by law or contract.

The life cycle of an enterprise as a property complex:

1. Creation or privatization of an enterprise

2. State registration of property rights (state, municipal, private, fractional ownership). State registration of rights to an enterprise and transactions with it must be carried out in a special manner, due to the legal specifics of this object. The main feature of the enterprise is the possibility of including land plots and other real estate objects located in different territories, as well as the possibility of excluding real estate from the enterprise.

3. Formation or reaching the design capacity

4. Optimum performance

5. Change of ownership, private and total

7. Reorganization, reformation, reconstruction, merger, acquisition

8. Bankruptcy (optional step)

9. Liquidation (optional step). The liquidation of the property complex is auctions and other mechanisms for the sale of property (including real estate) of a bankrupt organization in accordance with the regulatory legal provisions of bankruptcy proceedings.

10. Termination of functioning: natural non-restorative cessation, physical destruction, conscious demolition.

Conclusion

In any social structure, real estate occupies a special place in the system of social relations, with the functioning of which, in one way or another, the life and activities of people in all spheres of business, management and organization are connected. It is real estate that forms the central link of the entire system. market relations. Real estate is not only the most important commodity that satisfies different needs people, but at the same time capital in real form, generating income.

Real estate is the basis of the country's national wealth, which is massive in terms of the number of owners. Therefore, knowledge of real estate economics is necessary for successful entrepreneurial activity in various types of business, as well as in the life of any family and individual citizens, since real estate ownership is the primary basis for freedom, independence and a decent existence for all people.

Bibliography

1. "Economics of real estate." Textbook. Goremykin V. A., Moscow, 2008.

2. "Economics of real estate." Tutorial. Asaul A.N. Karasev A.V., Moscow, 2009.

3. Ozerov E. S. Economics and management of real estate. St. Petersburg: Izdestvo "MKS", 2006 - 422 p. - ISBN 5-901-810-04-X

4. Ignatov LL Economics of real estate. Teaching aid. - M.: Publishing house of MSTU im. N. E. Bauman, 2008. - 168 p. - ISBN 5-7038-2174-6

5. Tepman L. N. Real estate valuation: Textbook for universities - M.: UNITI-DANA, 2004. - 303 p. - ISBN 5-901-810-04-X

6. Shcherbakova N.A. Property valuation. - M.: "Phoenix", 2008 - 320 p. - ISBN 5-222-02420-2

7. I. I. Mazur, V. D. Shapiro, N. G. Olderogge 2004 , Economics , Moscow, 528p.

8. Marchenko A.V. "Economics and management of real estate", "Phoenix", 2010

Applications

The classification of real estate objects according to various criteria (criteria) contributes to a more successful study of objects. For these purposes, different classification principles can be applied depending on their origin and purpose. However, the definition of real estate involves the allocation of two components in its structure

Life cycle of a property:

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Stages of the life cycle of a property

So real estate objects during their existence are subject to economic, physical, legal changes and go through the following stages of the life cycle:

formation is a construction, i.e., the creation of a new enterprise, the purchase or allocation of a land plot;
operation - includes operation and development, i.e. expansion, reorganization or reconstruction;
cessation of existence is demolition, natural destruction or liquidation.

Real estate life cycle stages:

1. Forming the concept of the project and choosing the option of using a free land plot. During this period, the choice of the best and most efficient use of the land is made. The choice of use case is completed by the development of a specification for the design of improvements.

2. Improvement design. At this stage, based on the technical specifications for the design, a project is developed with the preparation of documentation necessary for obtaining permits and preparing the land plot, as well as laying communications, building buildings and planting new plantings.

3. Manufacturing (erection, construction) of improvements. During the project implementation period, contractors almost completely change all the physical characteristics of the object, with these changes fixed in the inventory and cadastral documents.

4. Appeal (purchase and sale, donation, leasing, etc.) with the transfer of a property right or with the appearance of an encumbrance on this right. At this stage, real estate transactions are carried out.

5. Use (use) of the object for its intended purpose with technical and operational maintenance. At this stage of the life cycle, the manager (or professional management company) organizes the rational use by users of the consumer potential of the facility.

6. Modernization: overhaul, reconstruction, restoration of improvements with a possible re-profiling (change in functional purpose) of the object. This stage begins at the moment when the object in its current state can no longer meet the modern needs of users or (and) if its operation becomes economically inefficient. At this stage, at least a major overhaul is carried out without changing the planning solution and functional purpose, but with the elimination of removable physical wear and tear and functional obsolescence.

7. Disposal, demolition of improvements, landfill or recycling of materials. The life cycle ends with the demolition of improvements at the end of their economic life. The management company prepares proposals for the appointment of terms and an economically feasible method for the demolition of buildings, taking into account the possibility of selling structural elements and materials of the liquidated buildings and communications.