If you are looking to sell or buy a property, hiring a property valuer in Malaysia can help make your property journey easier.
Performing a property value check in Malaysia is not easy, especially for first-time homeowners. When researching properties to buy or sell, one of the primary issues many face is determining a property’s asking price or selling price.
This has led to concerns of overspending on or underselling a particular property, making homeowners less likely to complete their purchasing or selling decisions.
Read further to learn more about property valuers in Malaysia, what they do and how they can help you.
What is a Property Valuer in Malaysia?
A property valuer is a real estate appraiser who helps property owners determine the value of their land or building to help them maximise their profit from a sale or rental agreement.
Choosing the Right Property Valuer in Malaysia
Here are four tips to keep in mind when looking for a qualified and experienced property valuer to work with.
1. Do Thorough Research
When searching for a property valuer, don’t just settle on the first company you see. Make sure to review their website and go through their credentials. Try looking for their competitors and consider them as well.
2. Look Through Customer Reviews And Testimonials
Another essential tip you should do is to look through a property valuer’s reviews and testimonials on their webpage. You can also ask your friends and family for references to get more reliable assessments.
If you want to be extra careful, contact a local real estate agent you trust and ask them to connect you with dependable property valuers they have personally worked with.
3. Ask About Their Experience
When you have found a property valuer you like, it’s essential to learn a little more about their history before hiring them. Find out the types of property they have experience in valuing and how long the company has been in business.
A reputable and trustworthy valuer would have no problem providing you with this information.
4. Compare Multiple Valuers
Before hiring a property valuer, it’s important to remember that there can be a wide range in the cost of their services.
Ask potential valuers about their fees, whether the quoted price is fully inclusive or if there are added costs for other enquiries that have to be made.
Why Should You Hire A Property Valuer in Malaysia?
Homeowners looking to refinance require the assistance of a property valuer to get an appraisal. They also provide professional advice for property owners who wish to determine the selling value of their property and what areas of their property need insurance.
Here are some examples of roles and responsibilities a property valuer may have:
- Conducting research on the market value of land, buildings, and commercial (real estate) properties
- Writing detailed reports with the notes and photos taken at the property
- Carrying out business and insurance valuations
- Resolving disputes around land and property sales
When Would You Need A Property Valuer?
1. Home Loan Refinancing
A property valuer is necessary if you intend to refinance your home. This is because lenders usually carry out a property valuation as part of the application process.
Depending on your property’s value, you might be able to increase your borrowing power and use the extra cash for renovation or any other purposes.
2. When Selling Your Property
A property valuation is also helpful if you are thinking of selling your property. A property valuer will give you an idea of your home’s market value and not provide an understated value to a potential buyer.
Hiring A Property Valuer In Malaysia
In Malaysia, the property valuation is conducted by a firm recognised by the bank you’re taking a loan from. The property valuation firm must also be registered with the Malaysian Board of Valuers, Appraisers and Estate Agents (BOVAEA).
Moreover, it is essential to know that the bank will only loan you 80% of the amount based on the valuation and not the agreed price between the seller and buyer.
For example, the buyer and seller have agreed on RM600,000. However, the property valuer finds that the sum for the property is only RM500,000.
Therefore, the purchaser can only obtain a loan of up to 80% of RM500,000 and not 80% of RM600,000.
How Bluebricks Can Help You
Bluebricks is a trusted financial consultancy agency in Malaysia with over 10 years of experience. Our financial consultants will evaluate each bank and their loans to propose an optimal loan scheme to help you make the smartest choice.
Refinance Housing Loan Rejected Services
As a leading loan rejected service provider, Bluebricks offer comprehensive refinance housing loan rejected services. We have the knowledge and expertise to help our clients with complicated loan application issues to help them secure their desired loans.
Our experts can identify why your application was rejected and increase your chances of approval through our effective loan strategies. Find out how our refinance housing loan rejected services can help you with your loan applications today!
Property Valuers in Malaysia – FAQs
As a happy homeowner, you’d most likely stay put in your home until the time comes for you to explore bigger, pricier options.
From there, you might consider selling your property to upgrade or even downgrade to something simpler. However, if you want to get your property ready to be sold, it is essential to know more about property valuers in Malaysia and how they help.
Once complete, residential property valuations are usually valid for 3 months. In most cases, the valuation validity can be extended for another 3 months.
To do this, a property valuer must conduct an additional inspection within 2 weeks of the original expiry date.
Generally, you can expect a house valuation to last anywhere from 15 minutes to an hour. It varies according to the size and layout of the property.
A property valuer will usually ask you to allow an hour for the inspection, so they have time to discuss the details of the property and your price expectations with you.
A property valuer will examine your property’s exterior and interior condition, assess any renovations or extensions and look for any potential issues, such as electrical problems and missing roof tiles.