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Property valuation in Singapore: Knowing the value of your home
Thinking of making your next move? Then you’d be interested to know how much your current home can fetch on the market. To get an estimation of how much your home is worth, you would need to get a property valuation.
In this article, we hope to help you value your home easily and professionally.
Free online home valuation tools you can use
There are a variety of online home valuation tools which you can use for free. These include:
PropertyGuru’s Property Price and Valuation Tools: You can get an instant indicative valuation of your residential property in Singapore completely free and without any commitments. You can also track the value of your property online and use other Market Tools & Indexes Plan.
EdgeProp’s Edge Fair Value: Lets you calculate the fair value of a property and find properties below market value in Singapore.
SRX X-Value Pricing: Provides different ways to help you price your home. Use X-Value for Real-Time Property Appraisal.
UrbanZoom: Utilises artificial intelligence to value real estate properties and match homeowners or owners-to-be to the ideal real estate agent.
Ohmyhome Valuation Calculator: The Valuation Tool provides an indicative estimate of your home’s value. Simply download the app, and choose “Valuation Calculator” under the Services section.
Something to take note of is that these online tools offer an indicative value, which is an estimation. The value is usually derived by factoring in the average price of properties similar to yours that have been bought and sold in your area.
HDB dwellers, you can conduct also an indicative valuation on your own by researching historical transaction data of properties (using tools such as URA’s Private Residential Property Transactions e-service and HDB’s Resale Flat Prices e-service).
If you want more certainty, you can get an actual value of your house by engaging a professional and licensed surveyor or valuer who will come down to your house to study it and appraise its market value.
Why pay a fee for such professional property valuation? Well simply put, it will help you to price your property fairly and not over or undersell it.
The report can also help potential buyers feel more assured that they are paying a fair price for your house; they can also use the report as a supporting document to get a bank loan.
HDB valuation vs private property valuation
For actual valuations, qualified surveyors and valuers generally base their assessment of your house on a series of quantifiable metrics such as its:
Location
Urban Redevelopment Authority Zoning
Land size
Built-up area
Building structure (number of levels)
Orientation and location in the block
Number of rooms
Vehicle accessibility
Age and condition
Interior furnishings
After the session, your valuer will provide you with a valuation report detailing his/her findings, as well as how much they have assessed your house to be valued at.
Of course, valuations can be subjective. So if you want the valuation of your house to be as accurate as possible, you should engage three different valuers to get three separate quotes. This way, you’ll be able to narrow down the range and get the average. The fee valuators charge is usually in the $200 to $500 range, depending on the property type.
Generally, most homeowners rely on their property agents to engage a surveyor or valuer for them. But you can also find and engage one from the Singapore Institute of Surveyors and Valuers. Big real estate firms such as Savills and Knight Frank also offer valuation services; you can also get a full valuation report from SRX property valuation.
For HDB flats, you can obtain a valuation report directly from the Board for a processing fee of $120. If HDB requires a valuation of the flat, HDB will assign any of the private valuation firms on its Panel of Valuers to conduct the valuation.
So, what’s the “annual value of home” in Singapore?
Annual value (AV) of your home is often used as a yardstick for many government subsidies.
The AV is the estimated annual rent your house could fetch if it were to be rented out. It is used to calculate the property tax of your home and can be found on the property tax bill that the property owner receives each year.
It is simple to check the AV of your residence, just log in to myTax Portal using your SingPass/IRAS PIN > Messages > Correspondence & Notices > Property Tax > Letters/Notices.
Your house’s AV provides an indication of how much the property is worth, and serves as a proxy for you and your household’s wealth.
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