KEY ASPECTS OF A PROPERTY VALUATION REPORT

Are you looking for property valuation in Kisumu or the opposite place and wondering what to expect within the report? Before we glance into the aspects of property valuation in details, we'll inspect the meaning of property valuation.

In technical approach, a property valuation is establishing this worth of future benefits expected to be derived from the property. In simple explanation, property valuation is that the due to get to know this value of your property.

When contracting a valuer, there are certain things which you think that that that that that about when a report is given to you or even before a report is given to you.

1. Who placed the instruction?

2. Purpose of valuation

3. Identification of the plot or property

-pictures

-Map from lands office

-Google Coordinates

-Landmarks

Let’s inspect these aspects of a property valuation report so as that next time you seek the services of a property valuer in Kenya, you recognize what to expect.

1. What placed the instruction?

It goes without saying that you simply simply simply simply simply simply cannot get a valuation done on any property without someone issuing instructions to urge a report done. The importance of this instruction is that it clearly tells who is vulnerable to meet the instruction cost. So if you'd wish to urge a valuation done, ensure it’s finished you and thus it’s you to satisfy the need that comes with it. If a devotee wants valuation report, allow them to issue instruction or have a gathering where they fund you to place an instruction.

Any of the property valuers in Kenya will believe an instruction order to execute an assignment. It’s the same instruction order which may be a basis for invoicing and payment.

2. Purpose of Valuation

Whenever you look for property valuation, you'd wish to be clear in your mind why you'd like valuation done. There are several reasons why you'll order for a property valuation.

Collateral: land assets are to be used as collateral for loan facilities. A bank or a financial institution is perhaps getting to identity for you a property valuer to value your property and report back to them on the price .

Mortgage: Where they're to extend mortgage loans for the acquisition of property. Here the financial institution advancing the mortgage will identify a property valuer which that that that that that that they had prequalified to value your property and advice on the price .

Disposal/Sale/Purchase: This valuation is particularly administered using the sales comparable approach (market evidence approach) to figure out the selling price or price . this could be ordered by either the customer or the seller . the seller will want to be advised on the right value so because the set the price selling price . the customer will use the valuation to make judgment on whether the asking price is reasonable and use it as a guide to place a suggestion .

Insurance: Valuation for insurance properties is run to figure out the insurance payable for an asset. this is often often often often often often likely to be ordered by the insurance company but even the landowner can order for a valuation to possess an idea of the price of his/her property.

Rental Assessments/valuations: Property Valuation in Kenya for rental assessment is run to figure out the rent liable for rental spaces.

Book/Audit/Balance Sheet: this is often often often often often often administered by companies or institutions to figure out the price of their land assets for the requirements 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 companies and corporations to figure out the price of the assets.

Compulsory acquisition: Compulsory acquisition is that the facility of state to accumulate private rights in land without the willing consent of its owner or occupant so on profit society. Valuation for compulsory acquisition is run to figure out the price of land and developments that are to be acquired by the govt. . . . . for the designated project.

Stamp Duty Purposes: Valuation for stamp duty purposes is run to figure out the revenue collected from the sale of a property.

3. Identification of the property

This is vital . The report should be able to identify the property so clearly that even someone who has never been to the property is during a foothold to use the report back to spot the property. Any property valuer in Kenya who is functioning professionally will confirm that report identifies the said property doubtless . this is often often often often often often through with the help of the following;

(a) Pictures

The pictures must cover all aspects of the property. you'd wish to be able to take the front, back and sideway views of the property. this might enable whichever one that approaches the property to identify it. If it’s a building, you'd wish to capture the name alright . If possible, you'd wish to be able to capture the building in conjunction with any adjacent building thereto .

(b) Map from lands office

The map assists in identifying it from the lands registry. It shows the ends of the property. It can assist you measure the size of the property. With the map, you'll use the roads, rivers, or any water body to locate the property.

If there is a road passing ahead or at the rear of the property, the map should be able to indicate that. Any alterations to the property like subdivision also are going to be seen within the map.

Google coordinates assist in identifying a property with ease. Any land valuer in Kenya will use Google coordinates to pick the various corners of the property and map it out on Google map so as that the shape of the land on rock bottom is clearly capture on the map.

Google coordinates are usually captured in Latitudes and Longitudes. But you'll also capture them in Universal Transverse Mercator or UTM. it is a geographic frame of reference which is used to identify locations on earth in meters, as measured within the hemisphere going North and East from the intersection of the equator and a central meridian assigned to each of 60 longitudinal zones around the earth.

(d) Landmarks

This is also something which assists in identifying a property. The landmarks here include schools, hospitals, rivers, lakes or roads. you'll identify the property by measuring the space from the property to the identified landmark and thus the way you approach it from the landmark.

(e) Search at the lands office

How will we confirm that the property is within the name of the said person? Its through conducting a search from the lands office. The search also will reveal other things slightly a touch just like the dimensions of the land, nature of the title, any encumbrance on the title then on.