How To Find Your Property Value
In order for you to find the value of your property in Malaysia you have to go through a different process than what you might in other countries. You’ll have to use what is known as a licensed valuer. These are professionals who are skilled at looking at a property and determining what it’s worth. Here are some additional points to consider about valuing a property in Malaysia.
When you’re trying to find the value of your property, don’t rely on the bank specifically to do it. The reason for this is because banks themselves aren’t in the business of coming up with valuations for real estate. The job of a bank is to determine risk and make loans based on it. What they do is employ licensed professionals in order to do the work for them.
Banks will determine what the value of a home is based on what the paid professional they hire comes up with in their report. Understand that the final amount they come up with isn’t designed to take advantage of you, but to minimize the risk on behalf of the bank. The valuation report a licensed professional comes up with is pretty accurate.
What does a valuer check for when they are trying to come up with a report for how much a property is worth?
The primary thing that will be looked at first is going to be any and all official documentation, which is going to include the land title for the property. The main reason for this is so that a valuer can make sure that the property matches the specifications detailed in the title.
After this first step, then the property is going to undergo a thorough physical inspection. The purpose of this physical inspection is to determine how good of a condition the property is in. During this stage several things will be looked at. Some examples of things that would be looked at would include fixtures, various fittings, defects and other potential problems.
Along with this some of the important things that will factor into how a property gets valued would include where it’s located, how accessible it is, what type of amenities it has, as well as whether or not there are plans for future developments within the area. If this is the case, then the value of the property would be higher.
Keep in mind that the above information can apply to someone who is looking to get a house as well as someone who already has one. If you’re in the buying stage, then the cost to hire a licensed valuer can be passed on to you. If you already have a home, then you can decide to hire one of these professionals for yourself. In fact it might be in your best interest to do this if the goal is to ultimately sell the home in the future or do a refinance.
In this case you have the chance to take measures in order to increase the value of your property. You can decide to make certain renovations that you know will add value. If you already own a home, then determining what the value of it is can also help you to determine if you’re paying way too much due to the home value going down significantly. Once again refinancing would be the option you’re looking at in this case.
One last thing to remember here is that your property value doesn’t necessarily represent what you’d be able to sell it for. It is more likely to be used by banks though.