The price of your house changes according to its market value which is influenced by many factors such as types of title, market sentiment, location, condition of the property and more. Hence, you would need a professional property valuer to provide an accurate valuation of your house.
Property valuers in Malaysia
In Malaysia, the property valuation profession is regulated by the Valuers, Appraisers and Estate Agents Act 1981. Besides the relevant professional qualifications, one would also need to register with the Board of Valuers, Appraisers and Estate Agents Malaysia, acquire at least two years’ working experience and pass a board examination before one can get a licence to practice as a Registered Valuer.
There are many companies which provide property valuation services. For a comprehensive list of these companies, you can check out http://www.lppeh.gov.my/browsecompany.php.
Reasons to hire a property valuer
The services of a property valuer may be required in the following situations:
- You want to buy a house and need to apply for a bank loan
- You want to put up your house for sale
- You want to lease out your property and need to set an appropriate rental rate
- Settlement of property between members of the family, matrimonial settlement and litigation settlement
- Valuation of a property for the purpose of insurance claims
Benefits of valuation
Professional valuers provide an objective assessment of a property’s value based on many parameters. This information is advantageous to both property buyers and sellers:
Buyer’s viewpoint – With the input of a professional valuer, you can be assured that you are getting a fair price for the property of your interest. Based on this unbiased report, you can negotiate with the seller if the property is overpriced.
Seller’s viewpoint – A professional valuer can provide a comprehensive and fair valuation of your property. This information will allow you to price your property wisely in order to get the best chance of sale and the best deal at the time of sale.
Bank vs professional
When you apply for a housing loan, the bank requires a valuation to be done on the house that you wish to purchase. The amount of loan that you are eligible to borrow from the bank will be based on the property valuation report.
In Malaysia, most banks already have a panel of property valuers which they will use for the purpose of loan processing. Most of the banks will not allow you to appoint your own valuers. The main concern in some of these cases is that the valuers may undervalue the property, and this puts the borrower in a disadvantage as the eligible loan amount will be reduced.
However, if you are not applying for a housing loan, you can hire a professional property valuer to do the valuation. That way, you can ensure that the valuer will be free from any influence to do a proper job.
How much does a valuation cost?
In Malaysia, valuation fees are regulated. The general fee structure for a house valuation is as follows:
Fee for other capital valuation/rating valuation services based on an “Improved Value” basis.
1/4 % on the first RM 100,000
1/5 % on the residue up to RM 2 million
1/6 % on the residue up to RM 7 million
1/8 % on the residue up to RM 15 million
1/10 % on the residue up to RM 50 million
1/15% on the residue up RM200 million
1/20% on the residue up to RM500 million
1/25% on the residue over RM500 million
Minimum Fee: As above, subject to a minimum fee of RM400 per property.
Source: The Board of Valuers, Appraisers and Estate Agents Malaysia
Besides the above fees, additional claims may include printing cost, travelling expenses and others. For more details on valuation fees, you can visit http://www.lppeh.gov.my/fees.html.
Via
https://blog.propertyguru.com.my/7115/know-value-house.html
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