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Real Estate

6 Important Things You Should Know About Real Estate Valuation in Nigeria

Real estate valuation is the process of making a report which contains information about the present monetary value of a landed-property, the size of the building and the structure on it, the general and technical details, the physical status (especially if there are structural flaws) and the cost of properties with similar attributes in the same area.

The position of a real estate property remains the same in every part of the world – An Asset with fluctuating value. Since assets rarely have a fixed value, the burden lies on the holder of the asset to constantly be abreast with its current value.

Considering the number of variables involved, you can only know the true worth of your property when you engage the service of a property valuation firm.

Regardless of the method used in achieving this valuation, you should take note of the following variables as they almost always hold the bigger influence whenever a real estate property is being valued in Nigeria.

6 Important Factors About Real Estate Valuation in Nigeria

6 Important things you should know about Real Estate Valuation in Nigeria
As you cannot certainly know the true value of your asset until you evaluate it, so we present you a real estate valuation guidelines to follow. Here are the six important things you should know before you embark on a real estate evaluation in Nigeria.

1. The present state of the economy

Setting aside the construction and maintenance cost of a property, the present state of the economy is a major determiner of a property’s monetary value. In other words, more money in circulation means that properties will command a higher amount and better purchasing power.

2. Political activities

Politics plays a big role in virtually every stratum of the Nigerian society. A political decision/activity can swing the price of properties in any direction. A case in point is the steep drop in the values of properties in Abuja after the 2015 election.

3. Architectural Design

Properties are created with different architectural aesthetics. While some styles stay longer, others quickly go out of fashion. If your property happens to be one with evergreen or the in-demand style, it will most likely command a higher value.

4. Location

This variable plays a very significant role in determining the value of your property. You can be assured of a steady increase in the value of your property by its mere presence on a particular location. In the same vein, the government or a corporate body’s decision to sight a particular facility (airport, train station, bus parks or industrial site) in your location can also significantly increase the value of properties. A case in point is how the establishment of a train station in Idu terminal significantly increased the value of all landed properties in Idu and its environs.

5. Date

This is one of the factors the owner or the valuer has zero control over. Properties demand varying values at different times of the year. The same property that is valued at a particular figure in January might have significantly increased or decreased before the end of the next month due to a recently perceived flaw or any other subjective or objective reason.

6. The valuing firm

Though the value of most properties are objectively derived by weighing the influence of the above variables and many others, having an experienced real estate valuer can go a long way in wrapping the needed sentiments required to give you a more accurate value of a property.

Conclusion on real estate valuation in Nigeria

The factors that affect the value of a property in Nigeria are obviously more than what is listed above. Also, the influence of any or all of the variables involved can change in a blink. It takes an experienced real estate valuer to quickly recognize these changes and take the corresponding action.

More importantly, property disposal and acquisition are not the only actions that call for property valuation. Taxes, insurance, mortgage application and the need to properly set an appropriate rate for a property are just a few of the reasons why we need the services of a property valuation firm.

Do you have any inquiry about property valuation and why you need it? Contact a reliable real estate valuation expert for an exclusive breakdown of the benefits of property valuation and the important things to note when your property is being valued.

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Blockchain Technology Designs & Invention IoT (Internet of Things) Programming

How is Disruptive Blockchain Technology Reshaping the Legal Industry?

Blockchain technology is revolutionizing various industries and businesses, and legal industry is one of them. It is enticing legal businesses with different characteristics, especially with the feature of securing information in an encrypted and transparent ledger.

Disruptive Blockchain Technology Is Reshaping the Legal Industry

This is how blockchain technology reshaping legal industry
Disruptive blockchain technology has been projected to be the second most popular invention after the internet. It has been reshaping several industries since including the legal industry.

Blockchain technology is termed as a digitized, decentralized and public ledger that can record transactions between two parties efficiently and verifiable with the help of cryptography.

With this technology, the data is stored into blocks containing a hash pointer linking it with the previous block, a timestamp and transaction data. The whole mechanism is designed such that data stored in any particular block cannot be changed or deleted without the alteration of all the successive blocks, which demands collusion of the network majority.

Real-World Application of Blockchain Technology in Legal Businesses 

Blockchain technology is on the pace to disrupt the legal industry. Although not much wide-scale adoption has happened, there are various projects proving how blockchain is transforming the industry; becoming the prime medium to guide and serve the clients with better opportunities and services. Some of the prevalent ways blockchain technology is leaving its imprints in the legal industry are:

Smart Contracts 

Blockchains are already in use for creating smart contracts – the contracts capable of holding records and performing the processes around that without any human intervention. For example, Let’s say you have created a contract that defines that once your patent is approved by the Patent and Trademark Office (PTO), your partners will get a share of 10 percent. Now, the blockchain will continue to check if the patent was approved or not. Once approved, it will initiate a process releasing the shares to the partners.

Due to the least dependency on humans, it is supposed to lessen the delays in the processes and make the legal processes easy and effortless.

Blockchain technology and smart contracts
Smart contracts can be likened to your personal assistant that takes no salary but works around the clock with high efficiency. Blockchain technology makes this happen and it is going to reshape the legal industry like never before Innovate or be replaced, that’s the slogan!

Land registry and deed management 

The blockchain is also being used to meet the most challenging aspect of developing countries, i.e. to get access to the information about who owns a land area. The blockchain is providing a public secure ledger that will be accessible by the government, landowner and all the people involved. The ledger will display information about the ownership along with the date when the ownership was switched. This way, it will help in making the land exchange easier and unbiased; limiting the disputes and frauds associated with land resources.

Several Latin American nations are planning to use blockchain technology as a channel to keep a track of who possesses a piece of land and so on. In some areas in Africa, land disputes have become a general norm due to the falsification of data, centralization, and lack of transparency from the respective issuing parties. But with blockchain technology springing into action, it would be very unlikely for such incidents to repeat itself.

Intellectual Property right management

Likewise, the blockchain can provide a transparent, immutable and secure record of filing for property rights that one can access anytime and anywhere. It can be seen as a way to supply evidence of first use and integrate with different kinds of patents, trademarks, and copyrights – with every process automated.

Public record maintenance 

Blockchain technology is also employed to maintain and secure public records – to manage census data and other related information of the citizens and businesses within its jurisdiction like birth/death record, business licenses, marital status, criminal record, etc.

Various African countries are looking forward to the technology of trust for keeping the census information incorporated with the voter records information to have a central storehouse of eligible citizens.

Wrapping Up 

In a nutshell, the increasing application of blockchain technology is in favor of the legal industry, real estate and other business verticals in the market. Though it is not yet predicted what the future of blockchain technology would be like for the legal industry, one thing that is certain is that the whole world of legal businesses will reach the next level with this technology of trust. The lawyers will work upon becoming blockchain-savvy and including the technology in almost every work process to remain relevant in the legal industry.

Categories
Information and Communication Technology (ICT)

Microsoft Make More Money From Android Phone Than Windows Mobile Phone

The report from The Citi analyst Walter Pritchard informs the public from his research that, it shows that Microsoft Inc. may be making more money from the Google’ Android based operating system phone than from the Microsoft’s own model (Windows mobile platform based operating system).

Pritchard continues that Microsoft makes five times of what they’re currently making from selling Windows operating system apps from the Google’s Android operating system apps.

Another analyst Horace Dediu also estimates that HTC has sold confirmed 30 million+ Android smartphones overall. Horace also states that Microsoft has reported a sales of around 2 million of Windows smartphones.