valuation – 9japroperty http://9japroperty.com.ng All you need to know about properties Fri, 11 Nov 2016 12:00:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.15 Why Road Noise Should Influence Property Valuation http://9japroperty.com.ng/road-noise-influence-property-valuation/?utm_source=rss&utm_medium=rss&utm_campaign=road-noise-influence-property-valuation http://9japroperty.com.ng/road-noise-influence-property-valuation/#respond Fri, 11 Nov 2016 12:00:58 +0000 http://9japroperty.com.ng/?p=5425 Due to the ignorance of Nigerians on the fact that there exist a close nexus between noise pollution and sustainable city, little or no attention is paid to the control of noise pollution in Nigeria. Motor vehicle, a significant symbol of modern civilization, not only brings convenient transportation to our society but also gives off […]

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Due to the ignorance of Nigerians on the fact that there exist a close nexus between noise pollution and sustainable city, little or no attention is paid to the control of noise pollution in Nigeria. Motor vehicle, a significant symbol of modern civilization, not only brings convenient transportation to our society but also gives off unpleasant traffic noise in living environments.

With the development of design and manufacture technologies, current single vehicle does emit less noise than those models manufactured years ago, but tremendous amount of vehicles have dissipated such reduction from single ones and the vehicles on the roads make the traffic noise the main noise source in cities, from towns to metropolitans.

The noise that emanates from vehicular transport and traffic could have devastating effects on an individual’s health status; little wonder the average life expectancy of Nigerians is 54years. In recent times there has been a going concern over the environmental effects of highways to residential buildings. In a country with a teeming population of over 170 million people and with an extensive road network system, the noise from vehicular transport is alarming especially when residences find abode around major highways and busy roads. Worse still vehicles of various sort have little or no restrictions on where to make their passages. Heavy duty vehicles move on any road they deem fit whether its an industrial area or a residential area, they are sometimes even found on busy streets where they intimidate other motorist and even pedestrians that cross their path. Yet there is no legal framework to which this form of environmental menace can be avoided.

Though sound is essential for us to communicate with one another, to enjoy drama and musical performances as well as recorded music and to appreciate countless other sounds we hear daily. The sound that comes from vehicular transport and traffic is not to be enjoyed neither should it even be called sound nor if it is going to be classified as one it should be a harmful sound. Road noise or traffic disturbance is the most disruptive kind of noise pollution. Some loud sounds are necessary to warn us of oncoming potential danger, such as at a train crossing or at a construction site where a backing vehicle may be about to cross our path, however that is all there is that.

Road and traffic noise is provocative and hazardous; it interferes with our ability to communicate and may mask our enjoyment of desirable sounds and may even interfere with our ability to concentrate on a task. Its startling, more horrific than a horror movie, interrupts a serene rest, cause psychological distress and when sustained loud enough, contribute to temporary or permanent loss of hearing, yet these are milder effects.

All of these have a substantial effect on property values. No matter how much you would want to neglect this silent determinant in property valuation. Noise, especially that which may be termed road noise affects the value of properties. The degree of inter and intra-mobility of the population is crucial to property valuation. Freedom of choice among the various alternatives of residential buildings does not however imply that choice is priceless.

Consider a change in the housing market that alters the relative rewards or productivity associated with various sites such as a reduction in the noise level for some segment of the housing stock. Potential owners will bid up prices of relatively quiet houses in an attempt to capture the economic surplus associated with higher productivity and will be willing to pay less for relatively noisy houses. With sufficient mobility any differences in economic surpluses will be capitalized into the value of housing. But the cost of physical relocation of personal belongings and psychic costs would be incurred regardless of whether the location of the population was determined by market forces or by administrative fiat.

While research works have approved that noise may bring negative effects to people physiologically and psychologically. A clear view of the traffic noise level in living environments will certainly help to better understand the actual environment conditions and will indicate whether precautions or certain actions need to be taken the proximity of residential buildings or properties to highways and the constant exposure of same to road noise should be sacrosanct, put into cognizance and immensely evaluated when estimates are made on the value of a property because road noise or noise induced by traffic is a silent killer and hazard.

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’Estate surveyors need international standard valuation framework’ http://9japroperty.com.ng/estate-surveyors-need-international-standard-valuation-framework/?utm_source=rss&utm_medium=rss&utm_campaign=estate-surveyors-need-international-standard-valuation-framework http://9japroperty.com.ng/estate-surveyors-need-international-standard-valuation-framework/#respond Tue, 29 Sep 2015 11:08:06 +0000 http://9japroperty.com.ng/?p=3712 The 1st Vice-President, Nigerian Institution of Estate Surveyors and Valuers, Dr. Joshua Patunola-Ajayi, has said that it has become necessary for members of the body to have a documented standard valuation framework that meets international standards. Patunola-Ajayi spoke at the public presentation of the books: ‘Code of Professional Conduct for Estate Surveyors and Valuers & […]

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The 1st Vice-President, Nigerian Institution of Estate Surveyors and Valuers, Dr. Joshua Patunola-Ajayi, has said that it has become necessary for members of the body to have a documented standard valuation framework that meets international standards.

Patunola-Ajayi spoke at the public presentation of the books: ‘Code of Professional Conduct for Estate Surveyors and Valuers & its explanatory notes’, ‘The Valuation Reporting Template’ and ‘Competency Framework for Registered Estate Surveyors and Valuers’, written by the Estate Surveyors and Valuers Registration Board of Nigeria.

He said there was a need for competency framework and code of conduct that would guide professional surveyors and valuers in the discharge of their responsibilities with best global practices, urging the practitioners to comply with the contents of the books.

The Chairman, ESVARBON, Mr. Williams Odudu, said as a way of conforming to international valuation standards, all the financial institutions in the country and allied agencies of government should adopt the ‘Valuation Reporting Template’ as their guide in valuation matters.

He said, “These books are regulatory nuggets from the stable of ESVARBON to promote ethical conduct, competency and global best practices in the practice of estate surveying and valuation in the country.

“The pitiable gap hitherto provided by the absence of a code of ethics, rules and regulations in the conduct of estate surveying and valuation services has unwittingly offered a channel for quackery and sharp practices to rear their ugly heads in the practice of estate surveying and valuation in Nigeria.”

Odudu said that valuation was a highly distinctive aspect of the profession, and that it was imperative that conformity to international valuation standards be maintained and sustained.

“The ‘Valuation Reporting Template’ is written to fill this need. We are bolstering up efforts at making sure that all financial institutions and other allied agencies of government in the country adopt and put in place the framework as the minimum reporting format for their valuations,” he said.

According to him, estate surveying and valuation services require the exercise of technical skills, appropriate professional knowledge and experience.

“The decision to publish these books, especially the one entitled: ‘Competency Framework for Registered Estate Surveyors and Valuers’, is to curb the activities of quacks in the industry and to widen public understanding of the attributes of estate surveyors and valuers,” he said.

PUNCH.

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