Income Approach                                    Mewakili sudut pandang investor                                    Nila...
Persamaan Sederhana                           Sebagai analog adalah deposito.                                I            ...
Proses Pendekatan Kapitalisasi                           Pendapatan                                    Potential Gross Inc...
Penentuan Tingkat Kapitalisasi                                    Summation Method                                    Comp...
Summation Method                                    “safe rate” disesuaikan atas:                                    –   R...
Comparative Sales Method                                    Menghitung tingkat kapitalisasi berdasarkan                   ...
Band of Investment                                                      Prosentasi Nilai Pengembalian yg Hasil            ...
Teknik Kapitalisasi                                    Tekhnik Penyisaan Properti                                    Tekhn...
Discounted Cashflow (DCF)                                    Mangakomodir pendapatan yang                                 ...
Value   = ∑ discounted NI’s                                             = N I 1 + N I 2 + N I 3 +……… N I n-1 + N I n      ...
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Income Approach

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Income Approach

  1. 1. Income Approach Mewakili sudut pandang investor Nilai properti adalah nilai sekarang dari perkiraan pendapatan yang akan datang sepanjang sisa umur ekonomis properti tersebut. Income approach baik untuk diterapkan terhadap properti yang menghasilkan PIESTA pendapatan (income producing property). in association with FINCH FREEMANInternational Property Consultant
  2. 2. Persamaan Sederhana Sebagai analog adalah deposito. I V = -------; dimana R V = nilai I = pendapatan netto R = tingkat kapitalisasi PIESTA in association with FINCH FREEMANInternational Property Consultant
  3. 3. Proses Pendekatan Kapitalisasi Pendapatan Potential Gross Income Vacancy and Rental Loss Effective Gross Income : Gross Income dikurang Vacancy dan Rental Loss Operational Expenses Net Operational Income : Effective Gross Income dikurang Expenses PIESTA in association with Capitalization Rate FINCH FREEMAN Kapitalisasi pendapatan bersihInternational Property Consultant
  4. 4. Penentuan Tingkat Kapitalisasi Summation Method Comparative Sales method Band of Investment Method PIESTA in association with FINCH FREEMANInternational Property Consultant
  5. 5. Summation Method “safe rate” disesuaikan atas: – Resiko atas pendapatan – Likuiditas – Beban manajemen – Peluang apresiasi dan depresiasi nilai properti – Manfaat Perpajakan PIESTA – Kemampuan sebagai jaminan /. Hipotek in association with FINCH FREEMANInternational Property Consultant
  6. 6. Comparative Sales Method Menghitung tingkat kapitalisasi berdasarkan data transaksi dan data sewa (net income). Paling akurat dalam menghitung tingkat kapitalisasi PIESTA in association with FINCH FREEMANInternational Property Consultant
  7. 7. Band of Investment Prosentasi Nilai Pengembalian yg Hasil diinginkan Pinjaman 70% X 20% = 14.00% Modal Sendiri 30% X 22% = 6.60% Cost of 100% 20.60% Capital Inflasi 10.00% Cap.Rate 10.60% PIESTA in association with FINCH FREEMANInternational Property Consultant
  8. 8. Teknik Kapitalisasi Tekhnik Penyisaan Properti Tekhnik Penyisaan Tanah Tekhnik Penyisaan Bangunan PIESTA in association with FINCH FREEMANInternational Property Consultant
  9. 9. Discounted Cashflow (DCF) Mangakomodir pendapatan yang berubah-ubah Umur ekonomis terbatas Menggunakan discount rate untuk menghitung nilai kini atas pendapatan yad.(bukan cap.rate) PIESTA in association with FINCH FREEMANInternational Property Consultant
  10. 10. Value = ∑ discounted NI’s = N I 1 + N I 2 + N I 3 +……… N I n-1 + N I n (1+ i1) 1 (1+ i2)2 (1+ i3)3 (1+ in-1) n-1 (1+ in)n PIESTA in association with FINCH FREEMANInternational Property Consultant

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