₦airaland Forum

Pptyconcession: Miniflat New House .............................Sabo./No Carpark..............380k p.a
Miniflat New House .............................Fola Agoro...../Carpark.......350k p.a
Miniflat New House .............................off Fola Agoro./Carpark.......300k p.a
Miniflat BQ House ................................Shomolu......./Carpark.......250k p.a

(2yrs)

For Inspection call
Sunday;
The Property Concession Company
07051590841 (Glo)
08024772756 (zain)........whatsApp

oselenkejoor: Pls does anyone know of a house rentage around Surulere, Oyingbo, Adekunle, Alagomeji, Sabo, Yaba. I need a room self contained. My budget is 100k.

Pptyconcession: coming to Lagos? Come see our Shortlets on Yaba

Pptyconcession: Don’t Just Sell Your Properties, Value It!!! Valuations

It has become a common practice in our country and mostly in some areas of the country where property values are thriving and becoming more investment option for investors.

Carrying out Valuation of your properties would not only give you an in-depth idea of the Value of your property but will also guide in you in making a real decision as to whether to actually sell or continue with the Investment. Valuations are carried out for a range of purposes such as:

Sales Valuations, Tax, Probate, Mortgage, Insurance , Compensation etc……Business Value i.e
'Business Valuation' This is the process of determining the economic value of a business or company. Business valuation can be used to determine the fair value of a business for a variety of reasons, including sale value, establishing partner ownership and divorce proceedings, going concern etc…...

What's Involved in a Valuation?

Depending on the nature/type of Valuation you wanted to carry out, different processes are involved in carrying out Valuation. One f the key processes are:

Physical inspection of the property.

Access to the interior of the property to take measurements, details and pictures if necessary.

If the valuation is for a parcel of land, site maps will be required.

Type of titles attached to the said Property and if you are unsure of the title of your property (e.g. freehold, leasehold, etc.), please ask your solicitor to check your title deeds for you.

Other questions we might ask include;- When was the property built?
- What type of construction? - Are you located in a flood area?
- Do any rights of way exist on your property?
- Are you aware of any issues that may affect the value of the property - e.g a claim by a 3rd party on your property for instance.

Benefits of Property Valuation

When looking for the accurate value of your home, a Property Valuation report is a good starting point.

Property Valuation report can assist Sellers who are looking for a fair and unbiased OR doubtful value of their property while offering it for sale.

An estimation of your property’s current worth
Municipal valuation of your property
Suburb trends
Ownership Information
Selling history
Transfer history
Comparable Sales in the area

The Property Concession Company offers one of the most comprehensive property valuation reports for you if employed in carrying out Valuation of your property.

Open Market Value.

The Property Valuation gives an estimated market value of a property which is determined using various Valuation Methods;

There are a number of methods of valuing property, each of which has its advantages and disadvantages. Often, the method changes depending on whether you are building, buying or selling the property in question and despite common misperceptions, valuations of a property can alter significantly depending on the valuation method used.

However, before using any methods to value a property, there is a common means of valuation in Nigeria which is known as the Open Market Value. This is not actually a valuation at all but is usually an educated opinion of a property‘s value if it were to be sold on the open market on a given date with reasonable time and conditions to do so. As such, the Open Market Value is not a mathematical calculation of a property’s inherent value using a methodological approach, rather an educated opinion based on assumed market conditions.


Methods of Valuation
Comparison Method of Valuation

Comparison Method of Valuation is the most commonly used and accepted method in ascertaining the market value of properties. Under the Comparison Method, the valuation approach entails comparing the subject property with similar properties that were sold recently and those that are currently being offered for sale in the vicinity or other comparable localities.
Investment Method of Valuation

This method of valuation is usually applied for investment properties. In the Investment Method, the annual rental income presently received or expected over a period of time for the lease of the property is estimated and deducted therefore the expenses or outgoings incidental to the ownership of the property to obtain the net annual rental value. This net annual income is then capitalized by an appropriate capitalization rate or Years’ Purchase figure to arrive at the present Capital Value of the property.
Residual Method of Valuation

The Residual Method of Valuation is normally used for development land or projects. This approach entails estimating the gross development value of the development components and deducting there from the development costs to be incurred, i.e. preliminary expenses, statutory payments, earthworks, infrastructure and building construction costs, professional fees, contingencies, project management fees, marketing and legal fees, financing costs, developer’s profits and other costs (if any) to arrive at the residual value. This residual value appropriately discounted for the period of development and sale is deemed to be the present market value of the subject property.

The gross development value is derived by comparing the development components of the subject property with similar properties that have been sold recently and those that are currently being offered for sale in the vicinity or other comparable localities. The characteristics, merits and demerits of these properties are noted and appropriate adjustments thereof are then made to arrive at the proposed selling prices of the development components. The development costs to be incurred are the actual or estimated costs, fees, etc which are likely to be incurred for the completion of the development components.

Cost Method of Valuation

It is normally used for individually designed properties or specialized properties for which comparisons are not available or in appropriate. In this approach, the value of the land is added to the replacement cost of the building and other site improvements.

The value of the site is determined by comparison with similar lands that were sold recently and those that are currently being offered for sale in the vicinity with appropriate adjustments made to reflect improvements and other dissimilarities and to arrive at the value of the land as an improved site. The depreciated replacement cost of the building is derived from the estimation of reconstructing a new building of similar structure and design based on current market prices for materials, labour and present construction techniques and deducting therefore the accrued depreciation due to use and disrepair, age and obsolescence through technological and market changes.

Profits Method of Valuation

The Profits Method of Valuation is used to determine the market value of properties with special licensing requirements. It entails the use of the trading accounts derived from the business operation of the subject property. The gross receipts are adjusted to cover payments for purchases and stocks to determine the gross profit. The operating expenses are then deducted there to assess the net trading profit. This figure of net trading profit less the remunerative interest on the tenant’s capital is the divisible balance. A percentage of the divisible balance is deemed to be the estimated net annual rental value of the subject property. This estimated net annual income is then capitalized by an appropriate capitalization rate or Years’ Purchase figure to capitalize the income to the present Capital Value of the property.



We utilize a variety of methods to calculate a value including residual, comparable, investment and repayment methods. Our valuations are designed with one purpose in mind –

A CLEAR AND CONCISE VALUATION OF YOUR PROPERTY FOR THE PURPOSE INTENDED.

We charge a low flat fee for valuations of most properties which includes semi-detached, detached, land, townhouses, apartments and cottages…business etc……

Contact us today for your property Valuation!!!

The Property Concession Company
The Property Concession Company
Mobile: 07051590841, 08024772756
Blackberry Pin: 7C1C3E52