This is very helpful information for Nairalanders
How many people in Nigeria Value a home before buying it?

In September 2017
Henry Akingbade and his wife were about to relocate. Grace Akingbade was officially posted from Abuja FCT to Jos Plateau State, She work with Federal government. Her posting came with a promotion and a very fat salary increment.

The promotion news thrilled her and Henry who was an successful international lawyer, but their joy was soon truncated, because they couldn't to find a buyer for their Abuja home even at the initial price the couple had bought the home and even though prospective buyers were coming to inspect the house almost every month; nonetheless the couple needed the money urgently, to pay off their Abuja debts.

They received a valuation report which opened their eyes to the hidden truth about their property.
The appraiser informed them that their home has been unsalable at the initial buying price because there were many, less costly options abounding in the district, and that the estate company that sold them their home then had over inflated the price.

The valuer wondered why the couple had not thought of valuing the house before making a buying offer for it two years ago, little wonder why the developer used that opportunity to sell the uncompleted building then to them at an over priced amount.

The Akingbade's confronted the foreign developer said it is not his fault rather it was because of the inflation of late 2015, His explanation to them was that right now house prices in the area were speculating a little less because home developers has now reduced the demand for homes in Asokoro by building more houses than was in demand by the number of upper class people in Abuja that can afford such houses, now resulting in reduction of house prices. That they bought the home at the peak of the market cycle and are trying to sell it at the bottom of the market cycle. Which was a "disposition " for losses!

"Emile Zola said “If you shut up truth and bury it, it will gather such explosive power that the day it bursts, it will blow up everything in its way”

The Akingbades were dumb-folded.
They will have to wait for about 10 years for their investment to worth what with they paid for it.
The couple quickly considered a damage control strategy, they had the house partitioned and rented out the spaces for two years, months into the tenancy the tenants began top nag for maintenance.
The maintenance costs for the house was suddenly hitting the roof.
The couple realized that considering that the building was quickly depreciating, if the tenancy continued they would have to invest much more money into the property to renovate it if they were to fetch a better price when selling the home later, which will result to more severe losses in the long run.
The Akingbade’s came under a lot of financial pressure and accepted their fate.
In March 2018 the property was sold twelve million Naira less than what they paid for it in November 2015.

What happened in this story above is that the Akingbades had made investment in 2015 through guessing figures, house price comparisons and gut feelings about the house real worth.
Is there a way of finding the worth of any house in NIGERIA Before making a buying or selling offer for it?

Watch this video:
https://www.youtube.com/watch?v=IgZTfudP7fM
House Value Evaluator Mobile App available on Google play store.

Things to Remember while using the House Value Evaluator Mobile app App
Turn on your internet data
Provide accurate data
You can play a Fruity Game with the App when you don't have data
You can learn a lot about property appraisal by reading the tutorial on the App
Try to find out much as you can about the property before checking the worth


HOW TO VALUE ESTATE HOME IN LESS THAN TWENTY MINUTES
How much is your house really worth, Can you ever stop Guessing?
SEARCH FOR House Value Evaluator Nigeria Mobile App on Google play store.