Journal of Science, Engineering andofTechnology 4(1), June and 2015Technology 1-8. Journal Science, Engineering 4(1), June 2015 ISSN-2315-6708
ASSESSMENT OF DEPRECIATION IN PROPERTY VALUATION: A CASE STUDY OF CROSS RIVER STATE HOUSING ESTATE, NIGERIA 1
Effiong, J. B. & 2Mfam, C. E. 1&2
Department of Estate Management, Cross River University of Technology (Crutech), Calabar, Cross River State, Nigeria Corresponding author:
[email protected]
ABSTRACT In undertaking a property valua'on, the cost method requires an assessment of deprecia'on but the majority of valuers focus only on physical deficiency, neglec'ng other forms of deprecia'on. This is done based on each valuer’s judgement and experience which o/en leads to valua'on variance. The study examined how total accrued deprecia'on can be assessed using the cost method of valua'on. To achieve this, three proper'es were used as case study in Calabar, Cross River State of Nigeria and thorough inspec'ons carried out to assess the rate of deprecia'on in each of the proper'es. The study adopted a non-probability sampling technique and the convenience or purposive sampling method was used in the selec'on of the three proper'es of the case study. A research survey was designed and adopted and a decomposi'onal total deprecia'on approach applied to assess deprecia'on rate for the valua'on of the proper'es. The findings from the study show that total accrued deprecia'on should be considered in valua'ons as it narrows the gap that exists between cost method and investment method; and recommend that the valua'on should be reported as a range and not just a point es'mate. KEYWORDS: Valua on, Cost Method, Deprecia on, Obsolescence, Calabar.
INTRODUCTION In arriving at the real value of property, a number of methods are used such as investment, cost, market comparison, residual and profits methods of valua on. The type of property rights, nature of improvements, the basis and purpose of valua on determine the method of valua on. It is generally stated that the purpose of valua on determines basis and basis determines the method. The purpose of valua on will determine the basis to be adopted in es ma ng the value. The method which is commonly used in situa ons where there is no evidence of market comparables and rent passing is the cost method of valua on. The cost method of valua on is used to determine the depreciated replacement cost of an asset and the principle considers three basic components, namely, the cost of the building, allowance for deprecia on and the value of the land. This is one of the five principal methods of valua on in prac ce and it involves the es ma on of the replacement cost as a new property which is then depreciated at a percentage depending on the state of the property. The allowance made for deprecia on is
very important as this allows for the es ma on of the value which reflects the current state of the property. Several methods can be used in es ma ng deprecia on either for valua on or for accoun ng purposes. Each of these methods has its advantages and disadvantages. It is important to note that unlike deprecia on adopted for accoun ng purposes, the valuer, in adop ng deprecia on in cost method, should arrive at a value that represents the current market value of the property concerned. The approach adopted in most of the valua ons carried out is to examine the property in ques on, taking into considera on its age, level of maintenance and obsolescence. The valuer then makes a judgement based on his/her professional exper se or experience to arrive at the rate of deprecia on (Gyamfi-Yeboah and Ayitey, 2006). Valuers rely on different models or mathema cal calcula ons to guide them in the es maon of the deprecia on rate. However, there is no consensus among the valua on profession about the method of deprecia on, which reduces the level of varia ons in the valuer’s opinion of value. This study
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Effiong, J. B. & Mfam, C. E.: Assessment of Depreciation in Property Valuation...
a9empts to iden fy total deprecia on in a building, evaluate its impact on a property and determine how deprecia on should be treated when using the cost method of valua on in arriving at a fair market value. The case study of this paper comprised three properes, namely, No. 26, St Mary’s Street; Plot 16, Block II, Unit C and Plot 229, Unit D in the Cross River State Housing Estate, Calabar, Nigeria. LITERATURE REVIEW The Concept of Deprecia-on Deprecia on is the loss in the value of property and the causes a9ributed to physical deteriora on, func onal obsolescence or aesthe c obsolescence (Baum, 1991). Property-based deprecia on is the result of two negave processes; physical deteriora on and obsolescence as noted by Mansfield (2000). Another scholar, Barreca (1999) as cited in Gyamfi-Yeboah and Ayitey (2006) classified deprecia on into three classes namely; physical deprecia on, func onal deprecia on and economic loss. Deprecia on draBed by the Accoun ng Standard Commi9ee (1987) is defined as the measure of wearing out, consump on, or other reduc on in the useful economic life of a fixed asset whether arising from use, passage of me or obsolescence through technological or market changes (Regulated Industries Commission, 2005). Deprecia on, according to Kalu (2001), arises out of physical wear and tear and obsolescence. He noted that un l recently, physical wear and tear was largely held accountable for deprecia on but with changing technology, obsolescence is assuming a greater relevance than physical wear, tear and deteriora on. Plimmer and Sayce (2006) recognised that buildings which are to be valued using a Depreciated Replacement Cost approach are unlikely to be newly constructed and as such, an allowance is made from the “as new” costs. This allowance according to them reflects the effects of age, obsolescence on the building and efficiency of use and thus on value. The extent to which age (as a ma9er of principle) can depreciate the value of a property is a debatable point. However, allowances for obsolescence (which to some extent will reflect elements of age) are more clearly iden fied (Plimmer and Sayce, 2006). Baum (1991) has divided deprecia on into two categories as follows: 1) Incurable - in which no amount of capital investment can rec fy the posi on (for example building structural flexibility); 2) Curable – where capital investment can bring the building to a state in which the degree of obsolescence is mi gated (e.g. design, standard of finishes and services). Deprecia on which is caused by curable obsolescence
should be reflected in the es mated future life of the building, as future investment or “retro-fiKng” could extend the life of the building. However, obsolescence is intrinsically, unpredictable and the period of me between revalua ons of the property may see significant changes in the level of both deprecia on and obsolescence (Plimmer and Sayce, 2006). Deprecia on is an a9ribute of all physical objects that are subject to wear and tear whether in use or not in use. Thus, deprecia on is the premium for existence where decay is inevitable (Iroham, Durodola, Akinjare and Mosaku, 2013). All these views of deprecia on have something in common and that is the fact that deprecia on is the result of physical deteriora on, func onal and economic obsolescence. Gyamfi-Yeboah and Ayitey (2006) noted that this is consistent with the provisions in the Guidance Notes on Valua on prac ce in Ghana. The Nature of Obsolescence It is necessary to provide a clear dis nc on between the meaning of deprecia on and obsolescence, a meaning that has emerged in the evolu on of concepts associated with technological developments. Obsolescence is s mulated by exogenous factors, be it technological, economic or func onal (Iroham, Durodola, Akinjare and Mosaku, 2013). According to ThorncroB (1965), the word “obsolescence” comes from a La n word “obsolecere” meaning to grow old. It is not age however, but change that is the chief cause of obsolescence. Obsolescence therefore, is a rela ve term, so also is “obsolete” which indicates that a property has no useful life as it stands; for a building may be obsolete in the context of one me and place, but not in another. Obsolescence can be defined as the loss in the usefulness of a property or asset as a result of wear and tear. This can strike an estate in many ways as old methods or prac ces grow out of date and lose their usefulness (Udechukwu, 2006). Baxter (1971) and Baum (1991) define obsolescence as a decline in u lity which is not caused directly by the physical usage or the passage of me. RaBery (1991) has observed that because there is no single measure of u lity, it is difficult to produce a ra onal, consistent and objec ve measure of obsolescence. Types of Obsolescence Allowance for obsolescence is normally made for physical obsolescence, func onal obsolescence and economic obsolescence. Physical Obsolescence This type of obsolescence is the easiest to appreciate and it relates to wear and tear on the fabric of a building (ThorncroB, 1965). Ifediora (1991) noted that deprecia on in building arising from physical deterioraon is easy to observe in our environment. This deteri-
Journal of Science, Engineering and Technology 4(1), June 2015 ora on, according to him, may be caused by any or a combina on of the following: • Wear and tear through use, and high occupancy density. • Ac on of the elements (including the ravages of storms and extreme temperatures, age and destruc on by termites and other vermin). • Poor construc on, materials and components. • Poor structural quality of components. • Structural impairment through neglect, fire, water, explosion, acts of war and vandalism. Buildings wear out and perish over the course of me. But they do not wear out uniformly, because they are made up of a number of components, each of which has a separate life. Un l buildings reach old age in their life cycle, physical obsolescence is not a severe problem for estate management, as it can usually be taken care of by proper maintenance (ThorncroB, 1965). However, difficul es may arise when it is no longer economically worthwhile to keep the premises in good repair due to obsolescence from other causes. Physical obsolescence reflects wear and tear over the years, which might be combined with lack of maintenance (RICS, 2005). It is recommended that the valuer compare the reduc on in the value of buildings of a similar age for which there is a market, with new buildings in that same market. Thus, physical obsolescence is not viewed in absolute terms, but within a context (Plimmer and Sayce, 2006). Func onal Obsolescence This reflects advantages in technology which allow for a more efficient delivery of services and goods from buildings of different designs and specifica ons. Similarly, changes in legisla ve or regulatory requirements may hinder a building’s performance by impac ng on its actual size thus leaving the valuer with either a larger or smaller structure to handle (Plimmer and Sayce, 2006). ThorncroB (1965) see func onal obsolescence as a deficiency in design, equipment or layout that makes a building less suitable for use than the general run of its contemporaries. He noted that many deficiencies giving rise to func onal obsolescence can be remedied by adapta ons, conversions and the installa on of modern equipment. Ifediora (1991) opined that funconal obsolescence develops when a building no longer fulfils the use for which it was designed. This situa on results from faulty design, inadequacy of structural facili es, super-adequacy of structural facili es and outmoded equipment. In this sec on all the authors have explained the nature of func onal obsolescence technically correctly and within the purpose of this paper. Economic Obsolescence Economic obsolescence arises where there is a loss in
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the usefulness of a building because of changes in the market for its services (ThorncroB, 1965). Ifediora (1991) opined that economic obsolescence is the most intractable of the causes of deprecia on in real property because its causes are outside the control of the property. Thus, while physical and func onal obsolescence can be remedied by appropriate ac ons on the property by the landlord, economic obsolescence results from the impact of changing external macroeconomic condi ons on the property and should not include internal factors which affect the profitability of the occupying business, the wri ng down of such factors which affect the profitability of the business being a ma9er for the occupier. ThorncroB (1965) highlighted the causes of economic obsolescence which include changes in size and age structure of the popula on, migra ons of popula on, and the number and size of households, technological improvements, etc. Within economic obsolescence, the prospect of extending the life of the building by capital investment should be considered, as well as the fact that lack of maintenance can accelerate the rate of deprecia on in a property (Plimmer and Sayce, 2006). Methods of Es-ma-ng Deprecia-on Various methods have been used in the es ma on of deprecia on. These are discussed below: Straight Line Deprecia on Method This method is also known as the age-life method and is based on the assump on of receipts of equal benefit from the asset, each year of the asset’s life. Consequently, the total cost of the asset is allocated over the term of the useful economic life of the asset and the alloca on of each year of the total cost is expressed as an annual percentage (Kalu, 2001). The straight line method es mates accrued deprecia on on the premise that an asset will depreciate by the same amount every year. The method, though straighPorward and simple, has not been found to model the path of deprecia on correctly over the life of the asset. The ques on to pose is whether relying on such a method will assist the valuer to es mate accurately the market value of an asset (Gyamfi-Yeboah and Ayitey, 2006). Hence,
This approach is cri cised as being very simplis c, because it is based on the assump on that the value of the asset erodes evenly over me. Clearly the formula is correct at two points, at the very beginning and the very end of the economic life of the building, but there is no evidence that it is correct at any intermediate point, which is when a valua on is required (Plimmer and Sayce, 2006).
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Effiong, J. B. & Mfam, C. E.: Assessment of Depreciation in Property Valuation...
The Sum of the Year’s Digit Method This method allocates greater deprecia on to early years of an asset life and less to the later years. The method es mates deprecia on on the premise that an asset will depreciate at a higher rate during the ini al years of the asset’s life than at later years. The idea behind this is that more benefits are receivable in the early years of an asset’s life when it is new than the benefits derived when an asset is old (Kalu, 2001; Gyamfi-Yeboah and Ayitey, 2006). The sum of the year’s digit is given as: n(n+1) 2 Where n is the number of years in the asset’s life. Reverse Sum of the Year’s Digit Method The method of deprecia on presupposes that deprecia on is slower ini ally and more pronounced later (Gyamfi-Yeboah and Ayitey, 2006). The model for applying this method is:: Accrued deprecia-on = __2__ n(n+1) This is based on the formula of the Sum of the Year’s Digit method above. The Double Declining Balance Method This method works on the same principle as the sum of the year’s digit method. It involves the alloca on of deprecia on allowance each year in such a way that the balance of the cost of the asset declines precisely to the salvage value of the asset. This method is assessed with reference to factors such as the acquisi on cost, useful life of the asset and the es mated salvage or residual value (Kalu, 2001). The formula is given as: __________1____________ Number of years of useful life
service life at the rate of interest on the capital to replace the depreciable value of the asset (Ifediora, 2005). Declining Balance Deprecia-on This method is also known as the fixed percentage deprecia on (Ifediora, 2005). In declining balance deprecia on, a constant percentage rate of deprecia on is assumed albeit from a reducing base. A constant percentage rate is applied to the residual value of the asset every year, reducing the amount charged as deprecia on over the course of the asset’s life (Ogunba, 2013). METHODOLOGY A research survey was designed and adopted for the study and a decomposi onal total deprecia on approach applied to assess the deprecia on rate for the valua on of the proper es. This study adopted a nonprobability sampling technique. Since it is a case study, the convenience or purposive sampling method was used in the selec on of the three proper es of the case study. The survey design adopted was observa on through physical inspec ons of the three proper es used as case study namely; 26, St Mary’s Street, Calabar, Plot 16 Block 2, Cross River State Housing Estate, Calabar and Plot 229, Unit D, Cross River State Housing Estate, Calabar. An inspec on survey of each of the proper es was carried out to generate the findings.
Dn = (P – L)i {(1+i)n – 1} {(1+i)N – 1}i
Property 1 This is located at No. 26, St Mary’s Street, off Ekpo Abasi Street, Calabar South. The street is tarred but the extension to No. 26 is not tarred but accessible by vehicles. The property is a two-storey building comprising four flats, each with 3 bedrooms.. It is constructed of sancrete block walls, rendered and painted on both surfaces. The roof consists of corrugated iron sheets covered on pitched mber trusses and sealed underneath with asbestos sheets, while the floor is finished with cement screed. Doors are a combina on of flush and panelled types and window shu9ers are louvred panes. The gross built- up area is approximately 593.88m2 . The property is in a poor state of repair. Each flat is fi9ed with only an obsolete toilet which doesn’t sa sfy the requirements of the building and most of the finishes are outdated and faded.
The Annuity Deprecia-on Method Under this method of deprecia on, annual depreciaon allowance is constant over the asset’s service life (Ogbuefi, 2002). Ifediora (2005) sees this to mean that each annual deprecia on allowance comprises the annual sinking fund provided to replace the capital and the interest on the outstanding capital for the year. In other words, each annual deprecia on allowance equals the appropriate annuity for the asset’s total
Property 2 This is located at Plot 16, Block 2, Effanga Mkpa Street, State Housing Estate, Calabar Municipality. The neighbourhood is well planned, developed and the access road is tarred. The property is a two-storey building comprising four flats, each with 3 bedrooms.. It is constructed of sancrete block walls, rendered and painted on both surfaces. The roof consists of corrugated, long -span aluminium sheets covered on pitched mber
Sinking Fund Deprecia-on This type of deprecia on shows that the annual deprecia on allowance is constant over the asset’s service life and equals the annual sinking fund which at a given rate of interest will accumulate to depreciable value, P – L, at the end of the asset’s service life. The formula is as shown below (Ifediora, 2005):
Journal of Science, Engineering and Technology 4(1), June 2015
Plate 1: Front View of Subject Property 1.
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Property 3 This is located at Plot 229, Unit D, Water Street, State Housing Estate, Calabar Municipality. The neighbourhood is also well planned, developed and the access road is tarred. The property is a four-bedroom detached bungalow. It is constructed of sancrete block walls rendered and painted on both surfaces. The roof consists of corrugated iron sheets covered on pitched mber trusses and sealed underneath with asbestos sheets while the floor is finished with vitrified ceramic les. Doors are mber panelled types and window shu9ers are glass louvred panes. The gross built up area is approximately 229.50m2 . The property is also presently in a good state of repair. The building is fi9ed with only an obsolete toilet which doesn’t sa sfy the requirements of the building and most of the finishes are outdated and faded apart from the floor finishes. DATA PRESENTATION AND ANALYSIS
Plate 2: Front View of Subject Property 2.
Analysis of Deprecia-on To assess total accrued deprecia on, considera on was given to physical, func onal and economic depreciaon. To determine physical deprecia on, a schedule of dilapida on and costs of repairs were prepared for each property and the total cost of repairs was divided by the replacement cost new, to arrive at the rate of physical and func onal deprecia ons as shown in Fig. 1. The deprecia on rates (for physical and func onal deficiencies) were determined by the assessment of the replacement cost of current non-func onal facilies. The replacement cost of each item consisted of the market price, transport cost, labour and interest charges. Inspec on surveys were conducted to prepare
Fig. 1: physical and func-onal deprecia-ons . Physical deprecia ons are as follows:
Plate 3: Front View of Subject Property 3.
trusses and sealed underneath with asbestos sheets, while the floor is finished with terrazzo. Doors are a combina on of flush and metal casement types and window shu9ers are louvred panes. The gross built up area is approximately 606.76m2 . The property is presently in a good state of repair. Each flat is fi9ed with only an obsolete toilet which doesn’t sa sfy the requirements of the building and most of the finishes are outdated and faded.
Func onal deprecia ons are as follows:
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Effiong, J. B. & Mfam, C. E.: Assessment of Depreciation in Property Valuation...
schedules of dilapida on and the cost of repairs. Economic Deprecia on is analysed below: Property 1: 26, St Mary’s Street, Calabar Rent passing = N1,000,000 Rack Rental value = N1,200,000 Difference in rent = N200,000 Economic deprecia on = Difference in rent = 200,000 = 20% Rent passing 1,000,000 Property 2: Plot 16, Block II, Cross River State Housing Estate, Calabar Rent passing = N1,200,000 Rack Rental value = N1,400,000 Difference in rent = N200,000 Economic deprecia on = Difference in rent = 200,000 = 17% Rent passing 1,200,000 Property 3: Plot 229, Unit D, Cross River State Housing Estate, Calabar Rent passing = N600,000 Rack Rental value = N700,000 Difference in rent = N100,000 Economic deprecia on = Difference in rent = 100,000 = 17% Rent passing 600,000 The assessment of economic deprecia on is based on the propor on of the fall in rental value of the subject property vis-a-vis its open market rack rent in the locaon. Assessment of Total Deprecia-on Property 1: 26, St Mary’s Street, Calabar Physical = 16% Func onal = 16% Economic = 20% Total = 52% Property 2: Plot 16, Block II, in a prime Housing Estate Physical = 16% Func onal = 15% Economic = 17% Total = 48% Property 3: Plot 229, Unit D, in a prime Housing Estate Physical = 6% Func onal = 10% Economic = 17% Total = 33% Applica-on of Total Deprecia-on Rate to the Valua-on of the Case Study Yields were market-derived based on the authors’ analyses of sale transac ons between 2004 and 2014 in
Calabar. The market-derived yields are within the range of yields for Calabar obtained by NIESV/Igboko Research Report, 1992.
Journal of Science, Engineering and Technology 4(1), June 2015
DISCUSSION OF FINDINGS The reports in Property 1, 2 and 3 above contain the findings from the case study and the major findings are discussed. All the buildings are of permanent construcon but Property 3 has contemporary finishes and is in the healthiest condi on while Property 1 is of lowest quality and in poorest condi on as depicted by the total deprecia on assessed as 52%, 48% and 33% for Proper es 1, 2 and 3 respec vely. Physical deprecia on was assessed directly from schedules of dilapida on/ costs of repairs. But func onal deprecia on was determined by the assessment of the current replacement cost of the facility while economic deprecia on was computed based on the perceived drop in rental value, rent passing and rack rental value of each of the proper es. Investment method of valua on is intended to check valua on by cost method. The applica on of total deprecia on in valua on narrowed the wide gap that usually exists between cost and investment methods of valua on, as shown here between the previous valua on and investment method of valua on, and total deprecia on in cost method of valua on and investment method of valua on. Finally, the results show that the valua on can be stated in a range (N25,000,000 – N26,000,000) or reconciled into a single es mate, say N25,500,000.000 (Property 2). CONCLUSION Total accrued deprecia on has been es mated and applied in the use of the cost method of valua on for valuing proper es in Nigeria. This is very important as it not only helps in arriving at the capital value of a property, but can help in reducing the high degree of valuaon variance which exists among valuers when carrying out valua on assignment for the same purpose and at the same me. The main types of deprecia on have been noted to include physical, func onal and economic deprecia on. From the analysis and applica on of the total deprecia on rate arrived at in the valua on of the three proper es, the impact of deprecia on on each of the proper es impinges on their value. The more the rate of total accrued deprecia on, the more it
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reduces the value of such property. Property One has the highest level of deprecia on with a deprecia on rate of 52%, followed by Property Two with 48% and lastly, Property Three with 33%. This thesis supports the es ma on of total deprecia on that incorporates all the elements of accrued deprecia on which will provide the valuer with the best es mate of the total accumulated deprecia on of each par cular property, rather than the prac ce of assessing only physical deficiency in any valua on. The es ma on of total deprecia on should be taken seriously by valuers in the assessment of all the elements and factors that contribute to deprecia on and obsolescence. Valuers should not only look at the age of a property or its physical state, but should include func onal obsolescence and economic deprecia on before arriving at the rate of deprecia on to adopt in cost method of valua on.
REFERENCES Baum, A. (1991). Property Investment, Deprecia on and Obsolescence. London: Routledge. Barreca, S. L. (1999). Assessing Func onal Obsolescence in a Rapidly Changing Marketplace. Birmingham: Barreca Consul ng & Research Inc. Retrieved from h9p://www.bcri.com/Downloads/Technology% 20Obsolescence.pdf Baxter, W. T. (1971). Deprecia on. London: Sweet and Maxwell. Gyamfi-Yeboah, F., & Ayitey, J. (2006). Assessing Deprecia on for Valua on purposes - A Decomposi onal Approach. Proceedings of the 5th FIG Regional Conference on promo ng Land administra on and good governance (pp. 1-11). Accra, Ghana: Retrieved from: h9ps://www.fig.net/pub/accra/ papers/ts24/ts24_02_gyamfiyeboah_ayitey.pdf Ifediora, B. U. (2005). Valua on Mathema cs for Valuers and other Financial & Investment Analysts. Enugu, Nigeria: Immaculate Publica ons Limited. Ifediora, G. S. A. (1991). Appraisal Framework. Lectures on Theory, Principles, Methods and Prac ce of property valua on. Enugu, Nigeria: Iwuba Ifediora and Associates. Iroham, C. O., Durodola, O. D., Akinjare, O. A., & Mosaku, T. O. (2013). Deprecia on in plant and machinery valua on: A pedagogic framework. The Estate Surveyor and Valuer, 38(1): 7-15. Kalu, I. U. (2001). Property Valua on and Appraisal. Owerri:BON publica on. Mansfield, J. R. (2000). Much discussed, much misunderstood: A cri cal evalua on of the term obsolescence. Proceedings of the RICS CuKng Edge Conference, London. Retrieved from: h9p://irep.ntu.ac.uk/
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R/? func=dbinjumpfull&object_id=181238&sil o_library=GEN01 Ogunba, O. A. (2013). Principles & Prac ce of Property Valua on in Nigeria. Ibadan, Nigeria: Atlan s. Plimmer, F., & Sayce, S. (2006). Depreciated Replacement Cost - Consistent methodology? Proceedings of the Fig XXIII Congress on Valua on Methods (pp. 1-15). Munich, Germany: Retrieved from h9p://www.fig.net/pub/fig2006/papers/ts86/ ts86_01_plimmer_sayce_0268.pdf RaBer, J. (1991). Principles of Building Economics. Oxford: BSP Professional Book. . Regulated Industries Commission. (2005). Approaches to determining regulatory deprecia on allowance. Consulta ve Document. Retrieved from: h9p:// www.ric.org.9/approaches-to-determiningregulatorydeparecia on- allowances/ Royal Ins tu on of Chartered Surveyors. (2005). RICS Appraisal and Valua on Standards. The Red Book. London, United Kingdom: The Royal Ins tu on of Chartered Surveyors. ThorncroB, M. (1965). Principles of Estate Management. London: The Estate Gaze9e Limited. Udechukwu, C. E. (2006). Introduc on to Estate Management. Lagos, Nigeria: TREEM Nigeria Limited.
