THIS IS HOW MUCH IT COSTS TO GET YOUR PROPERTY VALUED
Property Valuation Cost/ Fees
There exist several purposes for which valuation is carried out. These include and are not limited to for valuation are for sale/buying, loan collateral, insurance, auction, rental assessment and book keeping purposes
Valuation is carried out on different classes of property, the common ones being land and buildings. Other than that, valuation is also carried out on motor vehicles, plant & machinery and movable assets such as furniture, fittings and other equipment.
So, how much does it cost to get my property valued?
Valuers are guided by the Valuers Act Cap 532 of the Laws of Kenya, Third schedule revised in 2011 that provides the scale of fees. The scale is as follows;-
- Urban rating and agriculture
First Kshs. 2,000,000/- at 1.0 per cent
Residue at 0.25 per cent
- Compulsory acquisition
First Kshs. 2,000,000/- at 2.0 per cent
Residue at 0.5 per cent
- Rental Valuation
First Kshs. 400,000 at 10 per cent
Residue at 5 per cent.
- Plant, machinery and automobile,
First Kshs. 5,000,000 at 1.5 per cent
Residue at 0.5 per cent.
- Furniture, fittings, equipment, trading stock and going concern,
First Kshs. 1,000,000 at 5.0 per cent
Residue at 2.5 per cent.
- Minimum valuation fees
Kshs.15,000 for any valuation.
A minimum of Kshs. 5,000/- per hour where such consultancy does not involve carrying out a valuation and compilation of a valuation report or advising on the value of the property.
- Travelling Expenses and disbursements:
These shall be based on the costs incurred in undertaking the valuation.
The above law was made on 13th July, 2011 by the then Minister for Lands, James Orengo.