CHAPTER ONE

INTRODUCTION

Preliminaries

Estate surveying and valuation in Nigeria dates back to the beginning of creation. At creation the first estate was established by God in the Garden of Eden, Adam and Eve were put in charged of it. Thus, Adam and Eve were the first estate surveyors and valuers known to man.

However, the evolution of estates surveying and valuation as a distinct and recognised profession brought about the ever increasing challenge of record keeping, booking, accounting and statistical data analyzes.

Thus, to this end, we are concerned in developing a computerized based system that will be used in the estate valuation practice to eliminate the challenges posed by the present manual method used in the esteem profession.

Theoretical background

For an object to have value it must be scared related to the demand. In other word it has to be limited in supply related to the demand. If an object is in it ample supply and there is little or no demand for it then in the economic sense the object has no value. For there to be an increase in the value of an object there must be an increase in the demand or a corresponding decrease in the supply. Thus, valuation is the art, science and practices of determining the value of all the description of property and of all the interest therein. The managing and developing of estates and other business concerned with the management of landed property.

Valuation entails securing of the optimal use of land and its associated resources to meet social and economic needs. Determining the structure and condition of buildings and their services and advising on their maintenance, alteration and improvement.  Valuation entails determining the economic use of land resources by means of financial appraisal for building of industries.

The need for an effective, accurate and efficient valuation method is what every estate firm looks for. The increasing state of data, record generation and the implication of such are becoming more evident as challenges are becoming elaborate with frequent technological innovations.

Estate valuation is the process of valuing real property. The value usually sought is the property market value. Selling (whether by auction or otherwise) and buying or letting (as agent) of real and personal property and that of the interest therein. Valuation is a problem solving process in which the influence of sociological, economic, government and physical forces are analysed in relation to the property. Having an effective valuation calculation system is one of the major challenges facing most of our estate valuation firms, yet most of the firms freely admit they have difficulties handling adequately.

The recent development of course has much emphasis to place on the computerised method of estate valuation. These can be accomplished through some discrete skills that can be learnt by people in the estate management profession.

In valuation, no matter how complex or simple the question, the solution requires the interpretation in terms of money, on the influence of economic, sociological , physical and government forces on the specified property.

The scientific solution to valuation problems is crystallised in an automated valuation process.

A change in these valuable tool will require a conscious departure from the traditional practice, especially the use a computerised method in lieu of the manual method, has valuation is the art of estimating the value for a specific purpose of a particular interest in a property at a particular moment time taking into account all the features of the features of the property and also considering all the underlying economic factors of the market, including the range of alternative investment.

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