Property Valuation

As home owners we tend to think that our property is the best in terms of design, layout and location. Therefore we tend to believe that our property is worth a certain value. Unfortunately, what we think is not important, what is important is what the banks think and that is the valuation of the property.

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This is important in so many ways. If you know that the valuation of the property is decreasing, you will want to get out of it before it goes any lower. In the contrary, if the valuation is increasing, you want to cash it out before it starts to go down. 

If you are looking to buy or sell a property, the valuation is extremely important especially when mortgage loans are involved. If the asking or buying price cannot be matched by the bank or HDB, there will be a Cash Over Value (COV).

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COV is the difference in amount between the valuation and the buying or asking price. This amount have to be paid in cash by the buyer and CPF cannot be used. The valuation is often derived from the recent transactions in the area of your property and the property market index. The number of rental or sale transactions in the area or development also plays a big part as far as valuation is concerned.

Want to know what is the valuation of your property? Let me get you a free valuation right now.