Real Estate – Property Valuation

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When buying or Selling landed properties, carrying out a Valuation exercise is very important because it is the estimation of future benefit to be enjoyed from ownership of a freehold or leasehold interest in land and property,
The expression of those future benefits in terms of present worth.
In this case, the Valuer is trained to isolate the various interest and he is the only one that can apply the most appropriate methodology of assuring the monetary worth or value of the interest.
The Valuation methods depends primarily on the purpose.
There is rental valuation which is different from taxation. Similarly, compensation, rating, or capital valuation for sale are all different from each other and present entirely different problems.
To mortgage a property: The valuation of property is important when a buyer wishes to seek loan against the security of property valuation and its also done in case a loan for construction of a building is required.
– For taxation purpose: Valuation of property is important when calculating the tax on property. Taxes include wealth tax, municipal tax, property tax, vacant land tax, ground rent tax etc, which an individual has to pay to various government departments. Depreciation of structure of a property is taking into consideration in making allowances for purposes of taxation. Just as allowance is so made for plant and machinery, depreciation of buildings are set aside in computing profit for taxation purposes.
– For transfer of property: In case a person wishes to transfer his property, he will need to estimate the value of his or her property. The stamp duty is calculated on the basis of the worth of the property.
– Compulsory Acquisition: In case an individual or an organization declares itself bankrupt and a compulsory acquisition or auctioning off the property is done, in such case the valuation of a property is important.
So, why not consult Gerry Ikputu & Partners to handle all your Valuation needs?
We can be reached on 08033100855