Open AccessRELIABILITY OF DEPRECIATED REPLACEMENT COST TO OTHER METHODS IN VALUATION OF RELIGIOUS PROPERTY, A CASE STUDY OF ANSARUDEEN MOSQUE, ILORIN METROPOLIS
Author(s) -
Sakariyau Jamiu Kayode,
Ajibade Rasheed Kayode,
AbdulAkeem O. Otunola,
Olatunji Olarewaju Samson
Publication year - 2021
Publication title -
international journal of engineering applied science and technology
Language(s) - English
Resource type - Journals
ISSN - 2455-2143
DOI - 10.33564/ijeast.2021.v06i02.006
Subject(s) - valuation (finance) , renting , real estate , actuarial science , data collection , estate , depreciation (economics) , property market , descriptive statistics , cost approach , order (exchange) , business , operations management , economics , finance , engineering , real estate development , statistics , mathematics , civil engineering , microeconomics , profit (economics) , capital formation , financial capital
Mosque valuation is a highly specializedmethod of real estate appraisal that necessitatesnot only a detailed understanding of the manyconcepts and procedures of general appraising,but also an in-depth understanding and expertisein order to arrive at an accurate estimate ofmarket value. Using cross-sectional statistics, thisstudy investigates the reliability of depreciatedreplacement cost in valuing specialized property.For the purpose of gathering data for thisanalysis, two separate sets of questionnaires wereused. The first questionnaires were distributed toa licensed estate surveying firm in Ilorin, KwaraState. The Mosque Committee, on the other hand,received the other collection of questionnaires.The questionnaire's questions delved into thebiographical details of the Registered EstateSurveyors. Descriptive statistics were used tointerpret the data. Depreciated Replacement Costis the most accurate method of valuation ofSpecialized Property, the Study revealed that, dueto the specific nature of Specialized Property, suchas the lack of rental evidence, the infrequencywith which it is sold or rented, and the fact that itis not commonly used for other purposes. To savevaluers a lot of tears, guidelines on unit cost ofconstruction for buildings and depreciation shouldbe made available.