Full Project – CHALLENGES ASSOCIATED WITH VALUATION OF SPECIALIZED PROPERTIES
Click here to Get this Complete Project Chapter 1-5
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF STUDY
According to Baun & Mackin define valuation as the act and science of estimating the value of interest in property. Valuation is a science and art: Its is science because it is involves the use of scientific method and technique d it is an art because it is not science and also involves the use, its imagination to express ideal. Valuation involves attributing vale to land and landed property. It involves computation valuation van be required for many purposes. Valuation is carried for specific period so from these facts valuation can be comprehensively defined as the science and art of attributing value to land and landed property through the process of collecting data, and computing it, for specific purpose and for a particular period of time (Ifediora, 1998)
Valuation can be carried out for residential, commercial, agricultural, industrial and specialized properties. Therefore valuation requires expertise’s, skills and technical competence of the practitioner which make the valuation report to be a type of technical report.
As a result of these requirement, a valuer needs to process sound knowledge and undoubted skills, furthermore, substantial portions of the private, corporate and private wealth of the world consist of real estate. The very magnitude of these fundamental resources in our society creates a need for informed valuation to support decision pertaining to the use of and deposition of real estate and the right inherent in the ownership (Olusegun, 2000).
Specialized properties are of various categories depending on the applicable valuation techniques. Profit and account method is normally used for such properties as hotels, cinemas,, town halls, hospitals, while petrol filling station and agricultural properties have their own approaches as well. Other category of specialized property can be valued using replacement cost method.
1.1 STATEMENT OF RESEARCH PROBLEM
Valuation of specialized properties often poses a lot of problems because of its uniqueness in nature and due to the fact that they are not always sold and bought frequently in the market. Apart from these two facts, they still back mental evidence and comparable. As a result of these facts a lot of skills are required in its valuation. And also all the valuation process must be duly and thoroughly followed.
1.2 AIM AND OBJECTIVES
This project work aim at examining the challenges associated with valuation of a specialized property.
OBJECTIVES
- To identify the various type of property in the study area
- To examine the structural component of property in the study area.
- To access suitable method to carryout the valuation of property in the study area.
- To access the problem associated with the valuation of the property and recommend a reasonable subjection in solution to the problem.
1.3 SIGNIFICANT OF THE STUDY
The significant of the study is to find solution to the challenges associated with valuation of specialized property.
Secondly, the recommendation will serve as solution to the problem encountered in the valuation of specialized property.
It’s also a course or research materials for other researchers who want to study on challenges associated with valuation of specialized property.
Furthermore specialized properties valuation involves a lot of challenges and posed a lot of problems for the person and who face the task of estimating its value i.e the valuer.
1.4 SCOPE OF THE STUDY
There is always a limited scope in any research work. The scope of the research is therefore based on the challenges associated with valuation of specialized property using HOPE ALIVE TRUST HOSPITAL Idofian as a point of reference.
1.5 LIMITATION OF THE STUDY
This dissertion has been subjected to a lot of clog and constraint among which are:-
- Lack of adequate fund
- Lack of adequate time for collection of data and analysis.
- Inadequate of previous work on the thesis of data and analysis.
- Lack of proper record.
1.6 STUDY AREA
Ilorin is located about 256km. north east of Lagos and 80km, from the NigerRiver at Jebba. It is strategically located as the “gateway” between the northern and southern part of Nigeria. The city was formally part of the ancient old Oyo Empire (Oyo Ile) under the Alaafin of Oyo.
Ilorin is believed to have been founded between 1600-1700AD there is no element on the origin of the town while some believe it was founded by “Ojo Isekuse” a hunter from Oyo Ile, otherscontended that it was founded by lettering, afonja’s grand father.
The name of the town, Ilorin came from either “Ilo-irin” (sharpening of iron) of from “Ilu-irin” (the town of the elephants). This conjecture is based on the presence of a rock traditionally used for the sharpening of iron in the city and the presence of elephants in the area in the past.
Idofian is a populated placed in Kwara State Nigeria with the region forth code of Africa, middle East. It coordinates are 80 22’60N and 40 43’0E in degree seconds 0r 8.38333 and 4.71664. Idofian is located in Nigeria about 319km west of Abuja the country’s capital town, the local time zone is named Africa/Lagos. Idofian town is first hamlet with few houses before it is developed a little as it is. In Idofian today we can see schools, hospitals, radio station, hotel, guest house, churches, mosques e.t.c that is why Hope Alive Trust word Assembly is choosen as a case study for my project.
Hope Alive trust hospital is located within hope Orphanage Home, an off shoot of word Assembly church in Idofian, Ifelodun Local government area of Kwara state around Ilorin axis. Hope orphanage home is a house provided for the children that are abandoned or that their parent don’t have the power financially to take care of them. This children, some of them have health challenges that is why hospital is built within the Home that is hope orphanage home for the care of the children and it is also a benefit for the town Idofian.
Hope alive trust hospital building, foundation was laid in April 2012 at Idofian, Kwara State Nigeria (a predominantly Muslim community). By April 2015 however, the front half of the hospital was completed and useable stocked with initial medical equipment that same year and medical outreach was held at the hospital using the front half. This hospital is to remain opened post- Hope alive trust mission with volunteer staffing.
Word Assembly itself is a founder of Pastor and Mrs. Omolehin that also have a lot of the church and orphanage home round the globe.
Get the Complete Project
This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.