BIM Based Valuation For Real Estate In Construction

Compared to normal real estate valuation, valuation of real estate in construction is with more particularity and complexity. This also led to many problems still exist in valuation process of real estate in construction. Prominent problems in them are the valuation method is controversial and assessment data lack objectivity evaluation.This paper analyzes the variety of traditional methods of real estate valuation, common real estate valuation methods are of limited applicability in the valuation of real estate in construction, sales comparison approach and income capitalization approach cannot be directly applied in the valuation of real estate in construction, hypothetical development approach is only suitable for higher degree of completion of real estate in construction, process of cost approach is relatively complex, data are difficult to be obtained. In these methods, the sales comparison approach and income approach cannot be directly applied in the valuation of real estate in construction since real estate in construction has not been completed, these two methods is difficult to improve applicability; hypothetical development approach only applies to relatively high degree of completion of construction in progress and would be difficult to improve; relatively, cost approach is more likely to be improved, as long as the problem of data acquiring can be solved.Building Information Modeling (BIM) is available to offer the data that is difficult to be obtained from the traditional valuation mode. Cost method combined with BIM can solve the problems in the valuation process. Meanwhile, to obtain information from BIM directly also addresses the problem of insufficient data objectivity. Therefore, BIM-based cost approach was proposed. According to the characteristics of the cost approach and BIM, the paper proposed a feasible route of cost method based on BIM. In addition, it was discussed that problems and countermeasures of application of BIM existed in the process of real estate in construction valuation.Finally, the paper selected the valuation of YX mining building in construction as a case study. In the case study, BIM-based cost approach was used. As the completion degree is relatively high, hypothetical development approach was used as comparing. The case study verified the feasibility of BIM used in real estate valuation and accuracy of valuation results.