Valuation very important to sale of landed property -ESV Apeh Ojochegbe

An Estate Surveyor and Valuer ESV Apeh Jeremiah Ojochegbe has described valuation as an
importance ingredient for sale of landed properties .

ESV Ojochegbe stated this yesterday in Abuja.

He said that there are many reasons why people invest and own landed properties.
Aside from the fact that it is one investment that holds an advantage over fluctuating inflation, the returns on investment over a period of time can be mind-blowing, especially when such landed properties are sole.
He explained that people sell their properties when there is a need to raise cash, to invest in other ventures, or even when they are relocating from one location or country to another.

“The process of selling a property when not handled by professionals can be demoralizing and sometimes disappointing, especially when it is discovered that such property was sold below the current or prevailing market value. It is not enough to hold an investment or interest in landed properties, but it is important that within reasonable period of times in the life-cycle of the property, the service of a professional is engaged to determine the current market value of such property”.

He reiterated that “In order not to sell below its current market value and to maximize return on investment as an investor or holder of interest in any properties will require a valuation exercise and the right professional to handle such exercise is an Estate Surveyor and Valuer.
“To arrive at the ‘Market Value’ which by context means ‘the estimated amount for which an asset or property should exchange on the valuation date between a willing buyer and a willing seller in an arms’ length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”, he stated .

He said the estate surveyor and valuer must consider the following important factor: The location of the property, The quality of the finishing of the building,
Property Documents, Size of land on which the property is sitting
and Other prevailing economy indices.

He said the estate Surveyor “After a comprehensive inspection taking physical measurement of the structures and land, constructional details, neighborhood details and pictures of the subject property, the Estate Surveyor and valuer will at the course of his analysis and calculations give serious consideration to the above listed factors because they play significance role as to the final value he will consider as being fair market value”.

He added that Property investment, whether in the form of land or developed properties, is capital intensive, and selling such interest below market value after holding it for a long period of time can be painful. I
“In order to avoid such loss which most time is as a result of guess work from non-professionals, an Estate Surveyor and a Valuer is required determine the market value to give the property owner an ideal as to what his property worth”, .