Selling your home for top dollar requires the assistance of property appraisal in Singapore, especially with HDB resale flats and private properties hitting record highs. The HDB Resale Price Index recently reached an all-time high of 187. points, marking an increase of 2.3% from the prior quarter. In the same vein, the URA Price Index increased to 206.1 points, a .9% quarter-on-quarter increase. Knowing what your property is worth can help ensure that you sell the property for the best possible price.
What is Property Valuation?
Valuation of Property is the assessment of an HDB flat, private condominium, or commercial property in order to determine its fair market value. This value acts as a key reference point that buyers and sellers can negotiate on.
Key Factors Influencing Property Valuation
- The address is an important consideration. Properties that are you premium locations or near amenities, incurring higher prices.
- The value of the property may be impacted by the use of the property as defined by the URA.
- Bigger properties usually mean a bigger price tag but this does not happen all the time in smaller properties.
- Zoning: The use of the property as defined by the Urban Redevelopment Authority (URA) may have an effect on its value. Â
- Size and Layout: In general, bigger properties command higher absolute prices while smaller ones may command higher prices psf.
A professional valuer will carry out an assessment. Then, you will get a report with its characteristics and market price. Getting more than one valuer to value the property is good. A verager assessment helps to determine the accurate value of an asset.
Obtaining Your Property Valuation Report
It is easy for HDB owners to get a valuation report from the Housing & Development Board. For private property owners, seek a licensed appraiser or property consultancy.
Benefits of Property Valuation
- Financing: Valuation of property is necessary to determine financing by the bank.
- When both parties have a clear valuation report, there is less likely to be a dispute over price.
- Ensures that a seller doesn’t accept an unreasonably low offer and a buyer doesn’t pay too much.
Additional Influencing Factors
There are also many intangible things that can impact property prices.
- Sentimental Value: Sellers place higher prices on the property as they are emotionally attached to the property and it remains unsold for long periods.
- Sellers in urgent circumstances might agree to lower offers, which may impact the market prices.
- Buying things with bad luck or that are unlucky may impact price.Â
Asking around without verifying property values could affect your buying decision.
Contact me today for more details on property valuation in Singapore.
