Parametric measurement of partial damage in building.

The valuation of the property damage is a double appraisal that considers a before situation and an after situation to the damage, reported both to the same moment. An elementary measure of the partial damage is represented, in a first approximation, by the restoration’s cost, when the return of the original situation is possible and economically profitable, this last circumstance imposes that the cost is great or equal to the suffered damage. In the building practice, the restoration of the buildings is often combined with operations of substitution and integration. For the indemnity of the partial damage, the restoration’s cost also includes the lost incomes of the property for the period of the work, supposing a same return of the initial profitability. In the appraisal of the damage to the properties, the implication of time of the interventions impose the construction of a cash flow, represented by the costs of the building interventions, by their duration, by the variations of the income flows and by the discount rates. The present study proposes to define some parametric measures of the discount rate on the appraisal of partial damage in recurrent building situations. The research of the parametric measures is developed through: the yield capitalization approach, that aims to simulate a complete cycle of the real estate investment, from the moment of the initial purchase to that of the final resale; and the cash flows analysis of the damage, including the intermediate occurrences of cycle. The algebra of the cash flows considers the conditions of economic and valuation nature of the real estate damage and the temporal implications of the building interventions through the discount rates. For the economic conditions the situations are worth in law and in fact, the highest and best use of the building and the property and the advantage of the restoration in comparison to adjustment and restructuring. For the discount rate are worth the mathematical conditions of existence and the represented economic measure.