What is my property worth? This is the most common question asked and the answer is best obtained by having an independent appraisal completed.
By: Hitesh Khan/
An appraisal consists of a thorough property inspection, location analysis and an investigation of relevant market data, and equating that information into an indication of market value for the property.
The property worth is often the cornerstone of your financial well-being and consideration should be given to having its value established by an independent professional.
If you are thinking of renovating to improve your property worth, be mindful that renovating is a complex area and every situation has to be looked at individually. The best return on resale is cosmetic items such as painting and decorating where there is limited capital outlay.
Care should be taken not to overly personalise the renovations and adversely affect the property’s function or market appeal to increase the property worth. Be particularly careful when renovating if the property is in the upper range of value for the area and involves a large capital outlay.
Remember, Location, Location. According to valuers the three most frequent renovation improvements undertaken by homeowners, which provide the highest payback potential are:
- Bathroom Renovation
- Kitchen Renovation
- Painting – Interior / Exterior
This information is also valuable for homeowners to measure what effect home improvement projects may have on the resale value of their homes. Consumers should be aware that home values and returns on renovation investments are dependent on many factors such as the location of the property.
Notably important is the quality of workmanship and materials. Whether you’re planning to sell your home soon or to stay put for a while, you’d probably rather have any improvements you make to your home add as much value as possible.
Top three greatest payback potentials:
- Bathroom renovation (75-100%)
- Kitchen renovation (75-100%)
- Interior painting (50-100%)
A professional real estate appraiser specialises in providing opinions of value of various types of property. They charge a fee based on the type of the property, complexity of the property and purpose of the appraisal assignment. This fee is not based upon a predetermined value estimate and therefore an appraiser can provide you with an objective, independent value of your property.
If you are considering to sell your property, an appraiser will certainly help you in pricing it properly. Although pricing your property is only one component in marketing when it comes to selling real estate, pricing is the most important element. Setting your price depends on your goals and objectives. How you wish to price your property may alter when or if you want to put your home on the market.
Pricing is an art, not a science and much intuition is involved. Having a qualified real estate appraiser to assist can be valuable as you make your pricing decision. A qualified independent real estate appraiser is best equipped to provide detailed information. Evidently the individual with the best information will be the best prepared to achieve maximum value.
An appraiser can provide a written detailed appraisal of the property which includes: a neighborhood analysis (proximity to schools for residential customers, proximity of competitors and other major attractions for the commercial clients); trends in real estate pricing in the neighborhood; a property description and analysis, market trends in general; a comparison of the subject to the most recent relevant sales transactions along with competitive listings, in the marketing area.
The appraiser can also recommend any basic repairs or cosmetic upgrades that maybe advisable before listing the property to increase the property worth. An appraiser may also advise whether or not it would be in your best interest to put your property on the market, at this time. Based on your objectives (a quick sale, maximum return, etc) it may not in your best interest to go to market at a given time. A qualified independent real estate appraiser/consultant works for you. They are well versed in all aspects of real estate.
Do you know enough about how property valuation is done in Singapore?
Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.
Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with iCompareLoan’s loan consultant to help you get the best loan deal at the right price.
The iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.
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Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.
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