RELIABILITY OF DEPRECIATED REPLACEMENT COST TO OTHER METHODS IN VALUATION OF RELIGIOUS PROPERTY, A CASE STUDY OF ANSARUDEEN MOSQUE, ILORIN METROPOLIS

Abstract

Mosque valuation is a highly specialized method of real estate appraisal that necessitates not only a detailed understanding of the many concepts and procedures of general appraising, but also an in-depth understanding and expertise in order to arrive at an accurate estimate of market value. Using cross-sectional statistics, this study investigates the reliability of depreciated replacement cost in valuing specialized property. For the purpose of gathering data for this analysis, two separate sets of questionnaires were used. The first questionnaires were distributed to a licensed estate surveying firm in Ilorin, Kwara State. The Mosque Committee, on the other hand, received the other collection of questionnaires. The questionnaire's questions delved into the biographical details of the Registered Estate Surveyors. Descriptive statistics were used to interpret the data. Depreciated Replacement Cost is the most accurate method of valuation of Specialized Property, the Study revealed that, due to the specific nature of Specialized Property, such as the lack of rental evidence, the infrequency with which it is sold or rented, and the fact that it is not commonly used for other purposes. To save valuers a lot of tears, guidelines on unit cost of construction for buildings and depreciation should be made available.