Can I do a Property Valuation myself?
While it might seem feasible to assess the value of a property on your own, there are several reasons why it's generally advisable to have a professional appraisal done:
Accuracy: Professional appraisers are trained and experienced in assessing the value of properties. They have access to databases, market trends, and valuation methodologies that the average person may not be familiar with. Their expertise allows them to provide a more accurate valuation.
Unbiased Opinion: Appraisers are impartial third parties who do not have a vested interest in the outcome of the valuation. This neutrality ensures that the valuation is fair and unbiased.
Complexity: Property valuation involves considering various factors such as the property's location, size, condition, comparable sales, and market trends. It requires a thorough understanding of real estate principles and valuation methods, which may be complex for someone without the necessary expertise.
Legal Requirements: In many jurisdictions, property valuations are subject to legal regulations and standards. Professional appraisers are familiar with these regulations and ensure that their valuations comply with them.
Credibility: A professional appraisal carries more weight and credibility with lenders, buyers, sellers, and other parties involved in real estate transactions. It provides assurance that the property has been valued accurately and impartially.
While you may have a general idea of your property's value based on online estimators or recent sales in your area, these methods often lack the precision and thoroughness of a professional appraisal. Investing in a professional appraisal can help you make informed decisions when buying, selling or financing a property.
In Singapore, aspiring appraisers must become a member with the Singapore Institute of Surveyors and Valuers (SISV) before they can apply to become a licenced appraiser with the Inland Revenue Authority of Singapore (IRAS). There is a stringent process to test for competence. It is a requirement by IRAS that anyone who appraises lands and buildings in Singapore must apply for an Appraiser's Licence.
To find real estate professionals to assist you on matters relating to property investment, you can refer to the official listing of the member firms in the Valuation and General Practice division of SISV.
