Get your FREE valuation to determine how much a particular residential property in Singapore is worth. The results are provided in less than a day and will give you a reasonably accurate market value estimate which can be used as a reference.
I’ll be happy to assist you further should you need help to buy/sell your property. Do contact me for more information!
In essence, this is an estimate of the fair market value of a property, whether it’s an HDB flat, private condo, landed housing, retail space, or a factory unit. Valuation is extremely important, especially if you are considering selling your property, as this serves as an essential benchmark through which buyers and sellers negotiate over the price of a property.
Indicative valuation is a simple and rough calculation of your property’s worth. Typically, this can be obtained by averaging the selling prices of similar properties transacted recently within the vicinity of your area.
In comparison, actual valuation is more meticulous as it is carried out by real estate professionals like valuers, who are paid a fee to assess a property’s estimated market price based on: the property location, zoning, condition (age & state), size, number of rooms, etc.
After a valuer or surveyor finishes their job, you will get a comprehensive valuation report describing your property’s land area, structure and status, and market price.
Aside from the factors mentioned above, intangible things also affect the price.
Sentimental value: some homeowners may increase the asking price due to their emotional attachment.
Blood Ties: Inter-family transactions typically don’t reflect the actual value of a property.
Desperation: when the seller is desperate to sell, or the buyer is desperate to buy.
Ghosts and Superstition: In Singapore, home sellers and real estate agents are not required by law to reveal if a property was the scene of a gruesome murder. They also don’t need to disclose if the house is haunted or inhabited by something paranormal. Usually, these stigmatized properties are offered at lower prices and are hard to sell.