Real Estate Appraisal Lagos Nigeria - Free Property Appraisal Guide. Free Property Valuation Tips.

real estate appraisal lagos nigeria africa

Real estate appraisal Lagos Nigeria - Property appraisal is the process whereby a professional real estate valuer assesses the worth of a property based on certain pre-determined criteria in order to estimate the worth of a property.

Why is real estate appraisal important?

The reason is pretty simple . . . it enables a property seller to determine the true market value of his property.

The last statement above tends to give the impression that only a property seller needs to conduct property appraisal or property valuation. In reality, this not the case.

Real estate appraisal may be initiated by . . .

1. The real estate seller or

2. The real estate buyer

In the case of the real estate seller, he initiates the property valuation to enable him have a fair idea of the market value of his property . . . the true worth of the property. This helps him fix a selling price that is commensurate with what the market is willing to pay so that he can get the best value for his property.

On the other hand, a real estate buyer may initiate a property valuation using his prefer real estate valuer to determine if the selling price fixed by the seller is above the market value for the kind of property in question.

In this case, the potential real estate buyer wants to make sure that he is not paying more than he should rightly pay for the kind of property he wishes to buy.

Bottom line.

The property seller wants to get the best price for his property, he wants to sell as high as possible. On the flip side, the property buyer wants to buy as low as possible.

The real estate appraiser or valuer is then the independent arbiter called in to determine the true worth of the property based on his professional opinion reached after considering all the prevailing market conditions.

Property Valuation And Nigerians

The truth is . . . most people who buy property in Lagos Nigeria do not engage real estate valuers to conduct real estate appraisal for heir property.

They simply talk to fellow property owners in the neighbourhood and real estate agents to determine what prices similar houses have been sold for in recent times. Then they add some amount to the going rate and declare that as their asking price.

In the process, many 'greedy' property owners who set prices so high many real estate agents become apathetic about the possibility of selling the property in good time.

Here's the truth.

If you set the price of the property you wish to sell too high, your property will stay in the market UNSOLD for a long long time.

You must understand that the Nigeria real estate market is an open market. And so forces of demand and supply will push prices up or down. If your price is higher than what the Nigeria property market is prepared to pay, you will either bring your price down or be prepared to leave the property in the market until the market price catch up with your price.

This is obviously not a smart move if you badly need the money.

So, if have a property for sale and you're not sure what price you should sell it to get a good deal, conduct a real estate appraisal or property appraisal using the services of an experienced real estate valuer.

Property Appraisal Initiated By A Bank

Nigerian banks usually demand that a property appraisal be done when you contact them for mortgage loan to purchase the property.

In effect, you have found a property you wish to buy and you have agreed a price with the seller, but the bank will not approve your mortgage loan until they get an independent professional, the real estate appraiser, to give his professional opinion about the true worth of the property.

Get the point?

A professional property valuer's opinion about the worth of the property is worth more than yours and that of the seller.

Why would a bank be this interested in the true worth of the property?

Well, you know that a mortgage loan is secured by the property. So if you ever default, the bank will be able to recover the loan you collected by selling off the house. But if the house is not equivalent to the loan amount you collected, then they cannot recover their money from the sale of the house.

See why a written statement of the true worth of a property is important?

Guess what.

Only a certified real estate valuer is professional qualified to do a real estate appraisal that is accepted to a bank.

In the same vein, if you wish to know the true worth of yoru property before puting it in the market or before concluding the transaction as a buyer, do a property appraisal.

It's so so important.

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Related Content:

Apartment Guide ::: Apartments For Rent

Buying A House ::: How To Build A House

How To Sell Your House ::: Bank Owned Properties

Investing For Income ::: Investing For Retirement

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