Why look for Property valuer in Kenya
The reason why property valuation in Kenya is required is that the value of property varies with the purpose. The value of a property for auction may be different with value for a bank loan and vice versa.
All property valuations we do are in conformity with the various legislative requirements such as the Appraisal and Valuation Manuals published by the Institution of Surveyors of Kenya (ISK), Valuation and Estate Management Chapter and the International Valuation Standards (IVS), as well as the VALUERS ACT, CAP 532.
Obtaining the services of a professional property valuer in Kenya is important because a property valuer is graced with a unique understanding of the property market. They are able to forecast what is likely to happen in the property market in the future and how that is likely to affect the prices of properties. Valuers use historical data of the market and the changing trends to forecast the future of the property market.
When you hire a property valuer in Kenya, he is expected to do the following;
- Due Diligence:
A property valuer conducts a due diligence while undertaking the valuation process. This normally involves doing a land search, obtaining map of the area to understand and interpret various elements of the property.
Through the map, a valuer is able to see any form of encroachment to road reserves, boundaries, any illegal title deeds as a result of grabbed land or double registration of title deeds. This is absolutely important as you help whoever need the valuation report to clearly understand the property.
2. Professional advice
The process of property valuer in Kenya and beyond is targeted at establishing the highest and best use of the property. A property valuer has the competence to analyze the market and advice appropriately.
As a property valuation firm in Kenya, West Kenya Real Estate Ltd provides an independent valuation of all types of properties for all purposes anywhere in Kenya. These include, but not limited to, land and buildings, furniture, fittings, equipment and plant and machineries.
We value all types properties for all purposes like;
Real estate assets are to be used as collateral for loan facilities
Where they are to extend mortgage loans for the acquisition of property
This valuation is mainly carried out using the sales comparable approach (market evidence approach) to determine the selling price or purchase price. A valuation will ensure that both the purchaser and the vendor are armed with accurate knowledge as they get in to a transaction.
Valuation for insurance properties is carried out to determine the insurance payable for an asset. The value returned by the valuer should be a representation of the cost that would be incurred to reinstate the property to its current standard taking into consideration the income lost for income generating properties for the period of reconstructing the property. This valuation also allows the parties to determine the monthly premiums payable for the insurance of the property.
- Rental assessments/valuations:
Property Valuation in Kenya for rental assessment is carried out to determine the rent chargeable for rental spaces. This is mostly carried out for commercial, residential or industrial properties.
- Book/Audit/Balance Sheet.
This is carried out by companies or institutions to determine the value of their real estate assets for the purposes of their annual financial report.
- Taxation purposes:
Local Taxation (Rating Assessment) with regard to assessing the Unimproved Site Values for rates calculation.
- Merger and Acquisition:
Merger and Acquisitions of businesses and companies to determine the value of the assets.
- Compulsory acquisition:
Compulsory acquisition is the power of government to acquire private rights in land without the willing consent of its owner or occupant in order to benefit society. Valuation for compulsory acquisition is carried out to determine the value of land and developments that are to be acquired by the government for the designated project.
- Stamp duty purposes:
Valuation for stamp duty purposes is carried out to determine the revenue collected from the sale of a property.
Finally, to arrive at the value of a property, you need to understand the underlying factors that the valuer will use to get the value. These factors include location, size, age, condition, demand and supply of similar property types, economic outlook and income generate from the property.
If you are looking for property valuation service, don’t hesitate to contact West Kenya Real Estate Ltd. Use the form below, email or phone number to reach us.