The next step is to gather data on the property. This data includes the property’s location, the size, age, and condition of the property, as well as the different amenities made available on the property. All of these have a strong role to play in determining the value of a property. Missing out on any of this information is likely to affect the value outcome at the end of the process.

After gathering data on the property, you must conduct a physical inspection. This way, you can carefully assess the condition, layout, and surroundings of the property. This physical assessment is likely to expose you to features of the property that may be beneficial or may result in a loss. You can even go the extra mile by hiring a professional home inspector who has already been trained in what to look out for, what to do, and how to do it.

This is followed by performing a comparative market analysis. This is where you identify other comparable properties in the market, and through the process of that comparative market analysis, you are able to judge and come up with a fair market value for that property. This step should not be overlooked, as it is one that helps your valuation, seeing as your property is not the only property in the market and it is a rather competitive market.

Depending on your property type, you now want to determine the value approach you will be applying in this process. There are different techniques for this, such as the income approach, the sales comparison approach, or the cost approach. You have the luxury of working with whomever you choose, but remember to consider your reason for valuation as well as the type of property you are looking to value.

Be sure to always consider the market standing at the time of this valuation, as this would largely affect the steps you take and the outcome of these steps. You need to assess current market trends, the state of supply and demand as it concerns your property type, and different economic indicators. This would help you arrive at a better market value for your property—one that will stand and yield your desired profit income or desired property choice, depending on whether you are a buyer or a seller.

Although it has been earlier mentioned that this is something you can carry out on your own, you could go a safer way by consulting with different experts, such as agents, lawyers, and other professionals in the field, to assist with the different steps you want to take.

With all of these done, you are set to prepare a comprehensive valuation report. Your valuation reports contain documentation of your findings, methodology, and conclusion. Be sure to review and verify this report to ensure accuracy and completeness before you share it with a prospective buyer or seller.

By following all of these steps, you are set to perform an accurate property valuation in Nigeria.