Valuation is an art or science of estimating the value of a particular interest in the property for a specific purpose at a particular moment in time taking into account all the features of the property and all market factors.
Valuation is of critical importance to a private investor to make sound investment decisions and to public institutions particularly in policy implementation.
These valuations can be broadly categorized into statutory and non statutory valuation. Statutory valuations are those whose basis of valuation is provided by legislation whereas non statutory valuations stem from natural events whose basis of assessment is governed by the appropriate valuation methods.
The Valuation Department at Neo Westend Limited is headed by Gilbert Kibire – A Full Member of the Institution of Surveyors of Kenya (M.I.S.K) and holds a First Class Honours in Land Economics from the University of Nairobi. He is a Licensed & Gazetted Valuer as well a Registered & Practising Estate Agent.
Key Approaches to Valuation
a) Market Approaches to Valuation
- Income Capitalization Approach
- Sales Comparison Approach
- Cost /reinstatement Approach
- Profits Method
- Residual Method
b) Non-Market Approaches to Valuation
- Travel Cost Method (TCM)
- Hedonic Pricing Method (HPM),
- Contingent Valuation Method (CVM)
Main purposes of Valuation
a) Sale/purchase                         b) Mortgage
c) Insurance                     d) Rating
e) Compulsory Acquisition          f) Mergers
g) Liquidation                                 h) Financial Reporting/Book purposes
i) Auction/Forced sale                   j) Rent determination
Range of Properties we value
1. Residential    2. Commercial    3. Industrial    4. Agricultural      5. Development properties    6. Vacant Land
7. Natural Resources     8. Plant & Machinery    9. Motor Vehicles     10. Going Concerns     11. Goodwill
12. Special purpose properties-cinemas, schools, theaters, hotels, restaurants, petrol stations, recreational facilities, churches, hospitals, golf courses, mineral lands, wildlife, marine & wildlife
14. Leasehold Properties    15. Furniture, Fittings and Stock
