What is valuation?

How will it help in purchasing a resale flat?

How much more or less should I pay at the valuation price?

How much does your area around you valuate at?

How to get high valuation?

I'm 31 this year and I'm planning to get a flat with my mother in Kim Keat Ave.

However, some agent told my mother that someone wants to sell their 4 rooms flat at 400k and refuse to do a valuation.

What strategy is the selling playing?

How much do you think the flat ard my area cost?

Pls advice.

Thanks

What is valuation?

How will it help in purchasing a resale flat?

How much more or less should I pay at the valuation price?

How much does your area around you valuate at?

How to get high valuation?

I'm 31 this year and I'm planning to get a flat with my mother in Kim Keat Ave.

However, some agent told my mother that someone wants to sell their 4 rooms flat at 400k and refuse to do a valuation.

What strategy is the selling playing?

How much do you think the flat ard my area cost?

Pls advice.

Thanks

1) It's Mandated by law that when you are purchasing a HDB resale, a valuation is required to complete the sales process.

2) Valuing a property is important because it is a view of how much the property is worth due to it's location, condition, floor, amenities around the area etc.

3) The value of a property is also determined on the buyer's willingness to own that property. There is no hard and fast rule. Some people like a property so much they are willing to pay more. Not for others.

4) There is no magic rule to get a higher or lower valuation. It really depends on the valuer and market sentiment as well as the location etc all mentioned in point 2

I would suggest that you look around a few properties to get a better understanding.

and you can read more here HDB Rules and Regulation

Cheers

What is valuation?

How will it help in purchasing a resale flat?

How much more or less should I pay at the valuation price?

How much does your area around you valuate at?

How to get high valuation?

I'm 31 this year and I'm planning to get a flat with my mother in Kim Keat Ave.

However, some agent told my mother that someone wants to sell their 4 rooms flat at 400k and refuse to do a valuation.

What strategy is the selling playing?

How much do you think the flat ard my area cost?

Pls advice.

Thanks

I pity you and your mother. Kim Keat area is no longer an affordable area to buy flats. In fact, Central Singapore has become an exclusive zone for people who earn more than $10K a month to be able to afford the mortgages. If you have a salary of $8K, you will repaying the loan thru' your nose. DO NOT make an offer for any flat unless you see the valuation report. Many agents are colluding with the sellers to force potential buyers into a situation whereby they put in a price which there is no ceiling !

I must admit that the SISV are themselves very guilty of artificially inflating valuations all over Singapore simply based on location. Many of the flats in the Kim Keat areas are in a state of disrepair. Do you want to pay $400K for a high-rise slum ?

Wind,

When the agent tells you the seller refuses to do a valuation, they're trying to work on your eagerness for the place to get the price they want, at your expense. Regardless whether the owner does a valuation or not, HDB will definitely require a valuation report on the house eventually. If you very much like the house and say you'll pay $400K, and the valuation turns out to be only $350K, then the $50K difference is considered as Cash-Over-Valuation, which will put you in the spot. From the sounds of it, don't think the Agent is one to be trusted.

Best is for you to see other similar units in the same area. From those valuation reports, you'd be able to have a rough gauge in terms of the valuation for the area. Other factors will make plus-minus in a valuation are floor level (higher floor = higher value), facing, proximity to amenities (e.g. food centre, bus stop, MRT), current condition of home, type of flooring (Marble = highest), lift level, upgraded etc.

Hope this helps.

Check out HDB website and look at past resale prices around the area you want to have a better idea of what it will cost