Officially registered Property valuator in the city hall of Szeged
Why Checking the Valuation of a Property is Vital
Obviously, you don’t want to be caught in a scenario like the above – retired with minimal income and facing the possibility of being evicted (or at least being forced to downgrade).
But checking on the valuation of the property you’re buying is important for a few other reasons:
- It impacts the maximum loan you can take out. Whether you’re getting a loan from HDB or a bank, your loan will be capped at a percentage of the official valuation figure.
- It impacts the amount of cash you’ll need to pay. A purchase price far above the valuation means you can’t use CPF to cover everything – you’ll have to make up for the difference in cash.
- It impacts your future Return on Investment (ROI) if you ever plan to sell or upgrade your home. You want to buy low and sell high – not buy high and sell low.