An Estate Surveyor and Valuer ESV. Robert Kekong has reiterated that valuation is very important to both private individuals and government.
ESV. Robert Kekong stated this yesterday in Abuja .
He said valuation is the process of estimating the monetary worth of an asset, property, business, or investment.
He said “It’s used in countless situation from buying a home to paying taxes, from investing in stocks to dividing an estate. But valuation isn’t just about numbers it’s about making informed decisions based on real value.
He explained that “In our everyday lives, we make countless decisions involving money, property, and investments. But have you ever stopped to ask, “What is this really worth?” That simple question lies at the heart of valuation a process that helps determine the fair market value of an asset.
“Whether you’re an individual making a personal decision or a government planning public policy, understanding valuation is not just helpful it’s essential”, he said .
He noted that “many people unknowingly make financial decisions without knowing the true value of what they’re dealing with. How valuation directly affects your life .
He value includes
Buying or Selling Property
Imagine selling your house without knowing its current market value. You could sell it for far less than it’s worth—or price it so high that no one buys. A professional property valuation ensures fairness for both buyers and sellers.
Personal Investments
When you invest in shares, real estate, or even a small business, how do you know if it’s a good deal? Valuation gives you the tools to assess whether an investment is overpriced, underpriced, or just right.
Insurance Coverage
If your home or car isn’t properly valued, you could be underinsured—meaning you’ll get less compensation if something happens. Accurate valuation ensures that your insurance coverage truly protects you.
Loan Applications
Banks and lenders often ask for valuations of assets like land or vehicles before giving a loan. He stated that “A proper valuation increases your chances of securing the funds you needand getting better terms”.
He disclosed that governments use valuation every day to ensure fair taxation, responsible budgeting, and effective economic planning.
Fair Taxation
Taxes on land, property, or income often depend on valuations. If values are inaccurate, some people pay too much, while others pay too little. This can lead to inequality and mistrust.
Asset Management
Governments own public assets like roads, buildings, and land. Knowing their value helps in budgeting, leasing, or even selling these assets responsibly.
Planning and Policy
Accurate valuation of housing, natural resources, and businesses helps shape better economic policies—especially in areas like housing, agriculture, and infrastructure development
He stressed that when valuation is ignored, it brings about:
Overpaying or underselling in real estate or investments.
Legal disputes during inheritance, divorce, or business partnerships.
Inaccurate taxation, which hurts both citizens and government revenue.
Poor investment decisions and loss of savings.
Ineffective public planning due to undervalued or overvalued assets.
CONCLUSION
We need to make valuation a regular part of financial thinking—just like budgeting or saving.. Talk to Estate Surveyors and Valuers (professionals) who constitutionally has the right in determining the accurate Worth of your property, and can help you understand the value of what you own or plan to invest in. Ask questions. Before any major purchase or investment, ask: What is this really worth?
Valuation is more than a financial tool it’s a way to protect what’s yours, make smarter choices, and contribute to a fairer society. Whether you’re buying a house, starting a business, or paying taxes, understanding valuation helps you take control and act with confidence.
He advised that both private individuals and governments should value what you own and know what it’s worth, always seek the opinion of a professional Estate Surveyor and Valuer.
