[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-40107-en":3,"doc-seo-40107-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},40107,1099513958762,"Logic","https://ap-avatar.wpscdn.com/avatar/1000023916a998db790?x-image-process=image/resize,m_fixed,w_180,h_180&k=1782109480056885918",8,"Research & Report","The Income Approach to Property Valuation Sixth Edition","Income-based property valuation explains how to measure value by converting expected cash flows and other income benefits into present value. The work structures core valuation methods into practical learning paths, from quick-start guidance to deeper financial mathematics and discounted cash flow techniques. It introduces key present value functions, nominal versus effective interest rates, annuities, mortgages, and continuity assumptions, then builds toward NPV and IRR, comparative use, and incremental analysis supported by spreadsheet-based projects.","The Income Approach to Property Valuation  \nSixth Edition  \nThe Income Approach to Property Valuation  \nAndrew Baum, David Mackmin and Nick Nunnington  \nAMSTERDAM BOSTON HEIDELBERG LONDON NEW YORK OXFORD PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO  \nEG Books is an imprint of Elsevier.  \nThe Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK  \n30 Corporate Drive, Suite 400, Burlington, MA 01803, USA Sixth edition 2011  \nCopyright © 2011, Andrew Baum, David Mackmin and Nick Nunnington. The copyright of Chapter 11 is retained by Howard Day. Published by Elsevier Ltd. All rights reserved.  \nThe rights of Andrew Baum, David Mackmin and Nick Nunnington as the authors of this work have been asserted in accordance with the UK Copyright, Designs and Patents Act 1988.  \nNo part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or nay information storage or retrieval system, without permission in writing from the Publisher. Details on how to seek permission, further information about the Publisher’s permissions policies and our arrangements with organizations such as Copyright Clearance Centre and the Copyright Licensing Agency, can be [found at our website: www.elsever.com/permissions](found at our website: www.elsever.com/permissions).  \nThis book and the individual contributions contained in it are protected under copyright by the Publisher (other than is noted herein) .  \nNotices  \nThe Publishers make no representation, express or implied, with regard to the accuracy of the information contained in this publication and cannot accept any legal responsibility or liability for any errors or omissions.  \nThe material contained in this publication constitutes general guidelines only and does not represent to be advice on any particular matter. No reader or purchaser should act on the basis of material contained in this publication without first taking professional advice appropriate to their particular circumstances. The Publishers expressly disclaim any liability to any person who acts in reliance to the contents of this publication. Readers of this publication should be aware that only Acts of Parliament and Statutory Instruments have the force of law and that only courts can authoritatively interpret the law.  \nBritish Library Cataloguing-in-Publication Data: 332.6′324′0941-dc22  \nLibrary of Congress Cataloging-in-Publication Data: 2011920620  \nISBN: 978-0-08-096690-8  \nFor information on all EG Books publications [visit our website at www.elsevier.com](visit our website at www.elsevier.com)  \nPrinted and bound in Great Britain.  \n11 12 13 10 9 8 7 6 5 4 3 2 1  \nContents   \nPreface to the Sixth edition xi  \nAcknowledgements xiii  \n1. Introduction and Quick start to the Income Approach 1  \nIntroduction 1  \nThe income approach – a quick start 5  \n2. Financial Mathematics for Valuers 11  \nIntroduction 11  \nThe six functions of £1 11  \nThe amount of £1(A) 12  \nThe amount of £1 per annum (A £1pa) 13  \nAnnual sinking fund 15  \nThe present value of£1 (PV £1) 16  \nThe PVof £1 pa (PV £1 pa or Years’Purchase) 17  \nPresent Value of£1 pa in perpetuity deferred n years  \n(PV £1 pa in perp defd or YP ofa reversion to perpetuity) 20  \nPV of £1 pa dual rate (YP dual rate) 22  \nAnnuity £1 will purchase (A £1 wp) 24  \nMortgages 29  \nThe Interrelationship of the functions 31  \nProperties ofexponents 32  \nNominal and effective rates of interest 33  \nContinuous compounding 35  \nIncomes in advance and non-annual incomes 36  \nIncomes receivable quarterly or monthly in advance 37  \nHealth warning 38  \nSummary 38  \nSpreadsheet user 40  \nProject 1 40  \nProject 2 41  \n3. Discounted Cash Flow (DCF) 43  \nIntroduction 43  \nNet Present Value (NPV) 43  \nInternal Rate of Return (IRR) 46  \nComparative use of NPV and IRR 49  \nIncremental analysis 51  \nSummary 52  \nSpreadsheet user 52  \nProject 1: Calculating the NPV 52  \nCalculate the NPV of the scheme and the IRR","cbCaijsgS7w1u3QT","https://ap.wps.com/l/cbCaijsgS7w1u3QT","pdf",7144961,4,1,359,"English","en",105,"# Preface to the Sixth edition\n# Acknowledgements\n# Introduction and Quick start to the Income Approach\n# Financial Mathematics for Valuers\n# Discounted Cash Flow (DCF)","[{\"question\":\"What is the purpose of the income approach in property valuation?\",\"answer\":\"It values property by translating expected income or cash flow benefits into present value measures, supporting rational investment decisions.\"},{\"question\":\"Which financial mathematics topics are covered for valuers?\",\"answer\":\"The book covers present value and annuity functions, sinking funds, mortgages, interest rate conventions (nominal vs effective, continuous compounding), and the interrelationship of valuation functions.\"},{\"question\":\"How do NPV and IRR support discounted cash flow analysis?\",\"answer\":\"It explains how to compute and use Net Present Value (NPV) and Internal Rate of Return (IRR), including guidance on their comparative use and how incremental analysis fits the process.\"}]",1783303285,905,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"the-income-approach-to-property-valuation-sixth-edition","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":20},"https://docshare.wps.com/document/the-income-approach-to-property-valuation-sixth-edition/40107/",{"url":52,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19","2026-07-06",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the purpose of the income approach in property valuation?","Question",{"text":75,"@type":76},"It values property by translating expected income or cash flow benefits into present value measures, supporting rational investment decisions.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Which financial mathematics topics are covered for valuers?",{"text":80,"@type":76},"The book covers present value and annuity functions, sinking funds, mortgages, interest rate conventions (nominal vs effective, continuous compounding), and the interrelationship of valuation functions.",{"name":82,"@type":73,"acceptedAnswer":83},"How do NPV and IRR support discounted cash flow analysis?",{"text":84,"@type":76},"It explains how to compute and use Net Present Value (NPV) and Internal Rate of Return (IRR), including guidance on their comparative use and how incremental analysis fits the process.","https://schema.org",{"og:url":52,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":46,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":46,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":46,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":46,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":46,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":46,"category_name":137,"show_sort_weight":106,"slug":138},19,"General","general"]