Reusing Monastic Properties: Real Estate Valuation

Abstract

A convent is not to be intended as pure private property; it is therefore impossible to define a real estate market for it. Once defined a building renovation project, usually generated by compatible uses expressed by the local social demand for spaces, the value of aconvent in the current state of affairs usually matches the transformation one. Thisis the result of a conceptual elaboration wishing to calculate the final value of a convent, ready to be reused. If we assume that there is no market price for a convent in the current state of affairs, the same concept applies after a restoration. It is possible to grasp only the real monetary worth of the property, which is one of the three variables that build the global economic value of the convent itself, by approximating the appraisal, estimated through a market value typical of private assets similar in size and features. It is necessary to determine instead, through a volumetric plan, the required sums for the transformation. They will then represent the cost of use of the asset, or the investment which is required to be able to use the property. Economic and financial feasibility will be verified when the difference between outlows (investment and management costs) and inflows (lease for surface rights and public contributions) is positive.