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Examining Heuristics for Building - Work-in-Progress Valuations in Niger State Nigeria

Examining Heuristics for Building - Work-in-Progress Valuations in Niger State Nigeria AbstractWhere an investment decision on building work-in-progress (BWIP) is premised on the judgment of value, the technique of assessment must be accurate. The heuristic technique has not been able to achieve this goal. Frequent transactions in BWIP in Niger State necessitate the search for an alternative technique.This paper therefore aims to:– identify and analyze the purposes of BWIP valuations in Niger State, Nigeria,– examine the suitability of using heuristics in determining the cost of building work-in-progress, and– investigate the veracity of the use of the Nigerian Building and Road Research Institute (NBRRI)’s template of elemental percentage rates for the cost of incomplete buildings in the state.Data were obtained from estate surveyors and valuers (ESVs), registered quantity surveyors in the state, the Niger State Housing Corporation and the NBRRI. The analysis showed, among others, that heuristics, although not suitable, was the most prominent technique adopted by the ESVs for costing BWIP. Similarly, the use of NBRRI’s template for costing BWIP for residential bungalows in Minna - the Niger state capital - was validated. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Real Estate Management and Valuation de Gruyter

Examining Heuristics for Building - Work-in-Progress Valuations in Niger State Nigeria

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References (20)

Publisher
de Gruyter
Copyright
© 2018 Isaiah Olajide Babatunde, published by Sciendo
ISSN
1733-2478
eISSN
2300-5289
DOI
10.2478/remav-2018-0019
Publisher site
See Article on Publisher Site

Abstract

AbstractWhere an investment decision on building work-in-progress (BWIP) is premised on the judgment of value, the technique of assessment must be accurate. The heuristic technique has not been able to achieve this goal. Frequent transactions in BWIP in Niger State necessitate the search for an alternative technique.This paper therefore aims to:– identify and analyze the purposes of BWIP valuations in Niger State, Nigeria,– examine the suitability of using heuristics in determining the cost of building work-in-progress, and– investigate the veracity of the use of the Nigerian Building and Road Research Institute (NBRRI)’s template of elemental percentage rates for the cost of incomplete buildings in the state.Data were obtained from estate surveyors and valuers (ESVs), registered quantity surveyors in the state, the Niger State Housing Corporation and the NBRRI. The analysis showed, among others, that heuristics, although not suitable, was the most prominent technique adopted by the ESVs for costing BWIP. Similarly, the use of NBRRI’s template for costing BWIP for residential bungalows in Minna - the Niger state capital - was validated.

Journal

Real Estate Management and Valuationde Gruyter

Published: Jun 1, 2018

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