Property Appraiser Lagos Nigeria - Free Real Estate Appraiser Guide

property appraiser lagos nigeria africa

Property appraiser Lagos Nigeria - Real estate valuation is usually done by a qualified real estate appraiser. And the goal for conducting a property valuation is to determine the true worth of a property.

In Nigeria, a property appraiser is generally referred to as a real estate valuer. And the institution empowered by law to award the required license to practice as a real estate valuer is the Nigerian Institute of Estate Surveyors and Valuers (NIESV).

A real estate valuer who knows his onions will conduct real estate appraisal based on . . .

  • Globally accepted standards of practice
  • The institutions code of conduct and
  • in compliance with the applicable laws of the land.
  • The above few paragraphs may sound a bit confusing to you if you do not already know the difference between property appraiser and property appraisal or real estate appraiser and real estate appraisal. While the two terms sound alike, they mean different things.

    So, what is the difference?

    By definition, real estate appraisal is the process whereby a professional valuer assesses the true value of a property based on certain defined criteria.

    On the other hand, a property appraiser is the real estate professional who carries out the property valuation.

    In simple words . . . real estate appraisal is the process of conducting the property valuation while the real estate appraiser is the person he conducts the real estate valuation.

    Now that we're clear on that, the next obvious question is, "how do you select the right property appraiser to conduct property valuation for your property?" Free real estate appraiser selection tips. Assessing property valuation reports. Free advice on making the right choice.

    Real Estate Appraiser Selection Tips

    The first thing to remember when thinking of carrying out a property appraisal for a property you wish to buy or sell is this . . . registered real estate valuers have more credibility than self-acclaimed valuers.

    A property appraiser registered with NIESV is a professional adequately trained to conduct a property valuation. As a professional, he's likely to do a better job than some self appointed real estate appraiser.

    Second, visit the office of the real estate valuer you wish to engage to conduct the real estate valuation.

    People say that "a cluttered desk is a cluttered mind". If that is correct, what will a cluttered office tell you about a particular professional?

    Well, your guess is as good as mine.

    One look at a real estate appraiser and his office will tell you whether to proceed with the transaction or not. A properly organized office is a sign of professionalism.

    Analyzing The Valuation Report

    It is customary for a property appraisal to issue a real estate valuation report to the client after the job is completed. That is proof that he actually conducted the property valuation.

    Take reasonable time and care when reading this valuation report. Read and understand the facts, the rational, and the criteria used for the valuation. Then read and understand the conclusion . . . the amount the property valuer says your property is worth.

    Remember that the valuation report is an estimate of what your property is worth based on operating real estate market conditions at a given point in time.

    Therefore, when potential buyers make offers for a property for sale, a property you wish to sell, don't let the number quoted in the valuation report blind you to a good deal.

    My advice?

    Initiate a property valuation. Read the report thoroughly and understand it. Then use common sense.

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