A property valuation is one of the most important documents in any real estate transaction. Whether you are buying, selling, securing a mortgage or settling an estate, understanding what a valuation involves puts you in a much stronger position.
What Is a Property Valuation?
A property valuation is a professional assessment of a property's market value at a specific point in time, prepared by a registered valuer. In Uganda, valuers are registered with the relevant professional bodies. Their reports are recognised by financial institutions, courts and government bodies.
When Do You Need One?
- Buying or selling — To confirm that the agreed price reflects true market value.
- Mortgage application — Banks require an independent valuation before approving a property loan.
- Estate settlement — When property is being divided or transferred as part of an inheritance.
- Insurance — To determine the replacement value of a property for insurance purposes.
What Happens During a Valuation?
A registered valuer will physically inspect the property, taking note of its size, construction quality, condition, location and any improvements or defects. They will then compare it to recent transactions of similar properties in the area and produce a written report stating their opinion of value.
How Long Does It Take?
For a standard residential property, a valuation report is typically produced within three to five working days of the physical inspection. More complex commercial properties or development sites may take longer.