International Journal of Civil Engineering, Construction and Estate Management (IJCECEM)

EA Journals

Valuation

Estate Surveying and Valuation: A Profession Endangered by Quackery in Awka, Anambra State (Published)

This paper aims to investigate the impact of quackery in Estate Surveying and Valuation practice in Awka, Anambra State. The challenges confronting the Estate Surveying and Valuation profession globally are substantial, and the future of the profession, particularly in Nigeria, is being questioned. Data for this study were gathered using questionnaires distributed to twenty-five (25) registered Estate Surveyors and Valuers in Awka. A total of twenty (20) completed questionnaires were returned and analyzed. The collected data were processed using Descriptive Statistics, including Weighted Mean Scores and Frequency Tables. The study found that the Estate Surveying and Valuation profession has significantly contributed to Nigeria’s economic growth. It also highlighted that factors such as the unregulated entry of quacks into the profession and the lack of awareness among clients are contributing to the rise of quackery. The research further showed that quackery undermines the positive role of Estate Surveyors and Valuers in real estate practice, potentially leading to the extinction of their relevance in estate agency and property management if not addressed. The study identified several factors that encourage quackery, including the high earnings from estate agency and property management, client ignorance, the shortage of qualified professionals, and clients’ reluctance to incur additional legal fees in litigation. The paper recommends that all real estate stakeholders and the general public be continuously educated through conferences, seminars, and workshops on the practice of Estate Surveying and Valuation and the dangers posed by quackery. The public should also be sensitized to the roles of Estate Surveyors and Valuers in the real estate market. Additionally, ESVARBON must strengthen its resolve to regulate estate agency and property management in Nigeria and advocate for a bill granting exclusive rights to Estate Surveyors and Valuers in these areas, while also pushing for its passage into law. Furthermore, the process for admitting new graduates into the Institution should be simplified to accommodate the increasing demand for qualified professionals.

Keywords: Anambra State, Awka, Quackery, Valuation, estate surveying

Estimating The Reinstatement Or Replacement Cost In Valuation: A Case for the Estate Surveyor and Quantity Surveyor to Work in Tandem in Perfecting Valuation Briefs When Using the Contractor’s Method (Depreciated Replacement Cost Method) In Determining the Value of Properties (Published)

This paper seeks to highlight the need for Estate Surveyors and Valuers in Nigeria to improve on their current cost estimation techniques when valuing non-rent yielding and specialized properties using the DRC method of valuation and most importantly engage the services of Quantity Surveyors in ensuring that accurate cost estimates are provided for use in the valuation process. The research methodology adopted in actualizing the aim of this work made use of primary and secondary sources of data which included questionnaires and oral interviews. The measurement analysis of data made use of statistical tables and simple percentages. The postulated hypotheses on the other hand was tested and analyzed using the chi-square Statistic technique with a significance level of 5% (0.05). The findings showed that indeed there was a dearth of information on the part of Estate Surveyors and Valuers when it came to the knowledge and use of current cost estimating methods when valuing properties using the DRC method of valuation. These findings also highlighted the fact that the services of Quantity Surveyors most times are not commissioned when these cost estimates are to be determined for valuation, hence leading most times to properties being undervalued or overvalued. In a nutshell, the recommendations postulated dwelt on improving the cost estimating knowledge of Estate Surveyors and Valuers through seminars, symposiums and workshops organized by NIESV and NIQS, awareness of the need for Valuers to work with Quantity Surveyors to perfect valuation briefs involving the use of the DRC method and changes made to the curriculum of the study of the course Estate Management in tertiary institutions.

Keywords: Depreciated Replacement Cost, Estate Surveyors, Properties, Quantity Surveyors, Valuation

Sources of Anchor Data and Adjustment Amounts in the Valuation of Residential Properties (Published)

This paper ascertained how valuers generate anchor data based on past valuations experiences and how adjustments were made on the anchors to obtain capital values of residential properties. From a Total population of 260 registered firms, 164 were located. Yamane’s (1967) formula with 0.05 sampling error was adopted in determining sample size. It was found that sources of anchor and what valuers have been adjusting for varies. Additionally, generating anchor data from local experts was more common than from firms’ records; while general adjustment of anchor for differences in identified attributes has highest adoption rate (92.3%). Previous value experience of subject property is the most common of considered anchor sources. Externally generated anchor ranked higher in use than internally generated anchor; but ranked lower in terms of adjustment. Adjusting without identification of differences in attributes should be avoided to prevent misrepresentation of comparable and loss of clients’ confidence

Keywords: Adjustment, Valuation, anchor, data, residential property

CHALLENGES OF USING THE COST METHOD OF VALUATION IN VALUATION PRACTICE: A CASE STUDY OF SELECTED RESIDENTIAL AND COMMERCIAL PROPERTIES IN AWKA AND ONITSHA, ANAMBRA STATE, NIGERIA (Published)

By Definition, the cost method also known as the Depreciated Replacement Cost (DRC) method of valuation is a method of determining the value of a property or an asset by reference to the cost of replacing the property or asset as new, and then making allowance for depreciation to take care of age, wear and tear and other forms of obsolescence (Ifediora, 1993). In valuation practice, it is usually adopted where there is a lack of data for income method or where the property is new and there is no sufficient evidence of recent property transactions in the open market. The DRC method from the professional view point however relies on a good knowledge of construction costs or unit rates of construction as regards landed property or assets generally. This can pose serious challenges where relevant data is not available. It could in turn result to assumptions which are indefensible in a court of law.

Keywords: Construction Rate, Depreciation, Replacement Cost, Valuation

Scroll to Top

Don't miss any Call For Paper update from EA Journals

Fill up the form below and get notified everytime we call for new submissions for our journals.