There are several reasons why you might need to get your home appraised in order to determine its value.
If you are buying or selling property, getting an accurate price estimate can prevent you from getting ripped off or shortchanged. This is particularly important if you are trying to buy or sell without the help of an agent and need to know the true value of the property.
For HDB buyers taking out a home loan and/or using CPF savings to buy a flat, a home valuation is required.
Here’s how to go about getting your home appraised.
If you are buying HDB property, request a valuation report from the HDB
Buyers of HDB flats will be pleased to know that the HDB maintains its own panel of valuers for your use, so you do not need to source for your own.
Simply submit an online Valuation Request through HDB’s e-services portal. This should be done by the buyer of an HDB flat. You will need to ensure that the seller agrees to let the valuers enter the flat in order to inspect it.
Do note that a Valuation Request can only be granted to buyers who have already obtained an Option to Purchase. If you are selling a property, you cannot use this option.
Engage a licensed appraiser
As a private property owner, you do not have access to HDB’s panel of valuers. You will thus need to engage a someone with a valid appraiser’s licence to do the property valuation for you. Do note that a validly licensed appraiser must be a member or fellow of the Singapore Institute of Surveyors and Valuers.
Be prepared to pay about $500 to $700 for a valuation.
If you are dealing with a very costly property, it is advisable to get a second or even a third opinion, as valuations can differ significantly.
Do note that if you are taking out a home loan from a bank, the bank will also conduct their own valuation. If you are unsatisfied with the valuation provided by a bank, you might want to hire your own valuer or even switch banks until you are able to obtain a valuation you are more comfortable with.
Do your own online research
For the average homeowner or homebuyer, there is enough information online to get a good idea of how much a property is worth without having to pay for a professional appraisal.
URA maintains a database of private residential property transactions, while HDB has its own database of resale flat prices. All this information is made available to the public on their respective websites.
In addition, there are now numerous online resources and property listing websites that enable you to get a better idea of property prices in Singapore at the moment. Don’t forget to take into account factors such as location, connectivity, age and amount of time left on the lease, as these will all have a strong impact on prices.