Valuation of condo?

[YellowFlash]

hmm, any bros/sis knows anything about valuation of condo?...like wat factors to consider to know the price per sq ft?

[YellowFlash]

eg: like facing swimming pool, or closest blk to mrt, higher floor affects pricing?

[Kelpie]

Ask the bank. FOC advice and more accurate.

 

Regards,

[Galantspeedz]

call bank and ask lor..... just give them the condo name can liao...

 

but is it renovated or not plays a part in the valuation....

 

you can also check those last transcated in URA webbie

[Chowyunfatt]

The person you should be looking for is NKPS...He's the Guru on this here...

[Nkps]

sorry, i have let many down... forget about me

Edited April 18, 2008 by Nkps

[Ario]

hmm, any bros/sis knows anything about valuation of condo?...like wat factors to consider to know the price per sq ft?

 

Basically is

1)project name including Flr no.

2)Size PSF

3)reno done when and how much.

4)asking price if theres any.

5)poolview or not.

6)if got patio for 1st flr size? if penthhse roof size?

 

can only call banks to check.

Edited April 18, 2008 by Ario

[Kelpie]

These days, Banks don't even bother whether you have 6 stars or 2 stars renovation .

 

Regards,

[Ario]

not true bro..bank's dun do valuations but their valuer agencies. renovation if spent alot and within 2-3yrs ago adds to higher valuation..

[Galantspeedz]

den maybe different. for landed if the age is old they will want to know, was reno done before they give a quote. anyway not necessary banks, those big property agency like knight frank, etc also can

[Kelpie]

Too many common condo already, they don't have the time. Whether or not the renovation can fetch money is up to the buyer to decide not the seller, banks or the agent. Having said that, reno does help but don't expect that you can fetch a dollar to dollar compensation.

 

Regards,

[Galantspeedz]

then might as well say dun need valuation since price is buyer decide price not bank

[Billcoke]

hmm, any bros/sis knows anything about valuation of condo?...like wat factors to consider to know the price per sq ft?

 

Actually, they refer to the last transaction price, using that as a quick guide, then plus or minus depending on other factors such as:

 

1. Facing

2. MRT

3. Leasehold / Freehold

4. Market demand/ supply

5. Facilities

6. High floors etc...

 

If there are new condo developments in your area, be prepare to face price competition. Depending on the property cycle that you are going in, the newer projects could price lower than the older estates.

 

From my personal experience, renovation cost is just like car prices, the market value will depreciate over time, so I would usually discount renovation cost when negotiating with the sellers. For example, if your seller throws in a plasma TV that was paid $10k one year ago, would it still worth $10k in today's market???

Edited April 18, 2008 by Billcoke

[YellowFlash]

hey thx all for the replies...btw does property agent does valuation??

[YellowFlash]

call bank and ask lor..... just give them the condo name can liao...

 

but is it renovated or not plays a part in the valuation....

 

you can also check those last transcated in URA webbie

 

hmm, bro do u mind putting the link here for the ura webbie? thx

[Billcoke]

hey thx all for the replies...btw does property agent does valuation??

 

No problem.

 

Agent can give you a estimated valuation, though they can also consult their valuer, but ultimately, the housing loan comes from the bank, so must check with your banker. Eg: if the seller's asking price is $100k but your bank valuation is $70k, then the difference of $30k must come from your own pocket.

 

This is my understanding in layman term, but for details, you need to check with your bank.

[Galantspeedz]

http://www.ura.gov.sg/realEstateWeb/realEs...eController.jpf

 

http://www.ura.gov.sg/real_estate/main.jsp

Edited April 18, 2008 by Galantspeedz

[Throttle2]

hmm, any bros/sis knows anything about valuation of condo?...like wat factors to consider to know the price per sq ft?

 

If you have exact address and unit no., just call up any reputable property company, etc JLW or DTZ and they can give you a verbal valuation. Take a 5% cut from that to be conservative then you should be quite safe.

 

I recently sold my property slightly below valuation but buyer and myself are both satisfied with the deal. So it's a win-win.