Property valuation is generally concerned with ascertaining the current value of any piece of landed property or assets (both manageable and unmanageable) on a given date and for a specific purpose or group of purposes. These purposes cover a wide spectrum, some of which include:
- Accounting i.e liquidation and balance sheet
- Litigation i.e compulsory acquisition/condemnation injurious Affection, fraud cases
- Taxation i.e property taxes, rating
- Business finance, i.e mortgage, takeover, merger, sales goodwill
- Feasibility and viability Appraisal
- Asset register
The purpose or group of purpose for which a valuation report is undertaken usually depends on the peculiar need and instruction of the client. However, based on our experience in valuation matters, it is our submission that our services be required for all or any of the above purposes some of which are further highlighted below:
The method adopted when providing valuation for insurance purpose is usually different from the method adopted when obtaining open market value. The purpose of insurance valuation is to ensure that in the event of destruction by fire or such mishap, the insured should be able to obtain from the insurer the equivalent cost of reconstruction to be put back in as much as possible in his position prior to the mishap.
It has been known that some individuals and companies written down (book value) when insuring their assets. Obviously this is under insurance and at the incidence of a mishap, the resultant claim proves grossly inadequate for the re-instatement of the insured asset.
PLANT AND MACHINE VALUATION
The valuation for plant and machinery is a highly specialized subject and our valuers have acquired tremendous experience over time for this purpose. The useful life of the machines, availability of spare parts, repairs and maintenance carried out, layout of the plant and availability of experienced technicians for the operation of the plant coupled with this are the consideration of the present cost similar plant and machinery