OVERVIEW

The estimation requests connected to a project are inherent to the two fundamental aspects: the cost of construction and the market value. The economic feasibility of an intervention is, in fact, determined by the comparison between the cost value and the market value of the building product.

The appraisal provides the theoretical and operational tools to address and resolve the various estimation requests of a project and allows to evaluate its economic and financial feasibility.

AIMS AND CONTENT

LEARNING OUTCOMES

The course deals with the estimation issues inherent in the processes of building and urban transformation, from the planning phase to the design and execution phase. In particular, the estimation methodologies are addressed: - of the cost of carrying out the interventions; - of the market value of the properties, with particular reference to the methodologies provided by the International Appraisal Standards (IVS).

AIMS AND LEARNING OUTCOMES

The aim of the course is to provide theoretical knowledge and operational tools to be able to address and resolve the estimation questions inherent in projects at the building and urban scale.

 At the end of the teaching the student will be able to:

1. to know which are the performances and the economic costs connected to a building intervention (project);

2. identify the main economic variables that determine the formation of costs and market values of a building intervention;

3. select the appropriate estimation methods for forecasting the costs and market values of a building project;

4. correctly apply the methodologies for estimating costs and real estate property values;

5. analyze the results obtained from the application of the estimation methodologies to issue them in relation to the project objectives.

PREREQUISITES

No educational prerequisites are required on the part of the student.

TEACHING METHODS

The educational path of the teaching is developed according to three levels:

- lessons in the classroom;

- classroom exercises on the topics covered;

- in-depth thematic analysis through the consultation of materials made available online (on Aulaweb of the course) by the teacher;

- practical activity through the elaboration of an exercise concerning an estimate to be carried out individually or in groups.

Students who have a valid certification of physical or learning disabilities on file with the University and who wish to discuss possible accommodations or other circumstances regarding lectures, coursework and exams, should speak both with the teacher and with the Department of Architecture and Design's disability referent.
(https://architettura.unige.it/commissioni_e_referenti_dipartimento).

SYLLABUS/CONTENT

The teaching is divided into two parts:
FIRST PART

- Meaning of evaluation and estimation - definition of valuation - estimation postulates

- Types of costs in construction, synthetic and analytical estimation methodologies of the cost of a building intervention.

SECOND PART

- Definition of market value of a property

- The real estate market: characteristics and main indicators

- Direct and indirect methods of estimating the real estate value of a property. Direct comparison - Direct capitalization

- The International Valuation Standards. Market Comparison Approach.

EXERCISE

The student will develop an exercise of choice on one of the following topics:

1. estimate of the construction cost of a project by a estimative bill of quantities;

2. estimate the market value of a real estate property.

For students of the Landscape curriculum, the exercise will have as its object the estimate of the cost of a green accommodation project proposed by the students and related to a project developed in the design courses.

RECOMMENDED READING/BIBLIOGRAPHY

• Slides of course (available on AulaWeb web site course and on the Team of the teaching).
• AA.VV., 1994, Manuale di progettazione edilizia, Hoepli, Milano. 
• Forte C., De Rossi B., 1996, Principi di economia ed estimo, ETAS, Milano.
• Gabrielli L., Lami I., Lombardi P., 2011, Il valore di mercato. Note di lavoro per la stima del valore di mercato di un'immobile, Celid, Torino.
• Grillenzoni M. e Grittani G., 1994, Estimo: teoria, procedure di valutazione e casi  applicativi, Edagricole, Bologna.
• Michieli I., 1998, Trattato di estimo, Edagricole, Bologna.
• Roscelli R., 2014, Manuale di estimo. Valutazioni Economiche ed esercizio della professione, UTET, Torino.  
• Simonotti M., 1997, La stima immobiliare, UTET, Torino.
• Id., 2006, Metodi di stima immobiliare, Dario Flaccovio Editore, Palermo.
• Utica G., 2008, Ingegnerizzazione e gestione economica del progetto, Maggioli Editore, Santarcangelo di Romagna.
• Id., 2011, La stima sintetica del costo di costruzione, Maggioli Editore, Santarcangelo di Romagna.

TEACHERS AND EXAM BOARD

LESSONS

LESSONS START

Second semester academic year.

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

The exam is in written form. 

The time for the test is two hours. 

The student will have to answer four open quest.ons concerning the topics covered in class.

ASSESSMENT METHODS

The assessment of the learning by the student of the theoretical and operational tools takes place:

• through the evaluation of the written test;
• through the evaluation of the exercises (compulsory).

The written test will allow the student's ability to:

• recognize here the significant economic aspects for the solution of the estimative questions that are faced during the development of a building and urban planning project;
• solve the estimation questions through the use of estimation tools.

The exercise will allow to evaluate the student's ability to use the estimative methodologies learned during the course and related to the estimation of the cost and market value of a project.

The final mark will include the evaluation of the written test and the exercises.

FURTHER INFORMATION

As an alternative to the topics of the exercises proposed by the teacher, students may propose applications relating to the estimation of costs or real estate values ​​of case studies (projects) developed in other courses or the subject of degree theses..

For students in the "Landscape" curriculum the exercise will have as its object the estimation of the cost of a green area project proposed by the student.