Home Valuations

When you do a valuation on your residential property, it is usually to obtain an opinion of the market value of your property to help you in your sales negotiation. This differs from the property valuation conducted by the local government’s valuers whose objectives are for assessment purposes.

Why is it important?

• The need to have such an appraisal or valuation done on is because each property differs from one other in terms of location and other factors such as renovation cost.

• In the absence of a market-based pricing mechanism, there is a need to get an expert valuation of your property or home that is in tandem with the current state of the market.

• Financial institutions require that you submit a property valuation report by a valuation firm to help them assess if your property has adequate collateral security for the loan given to you.

Where to go?

Always seek the services of a professional property valuer, appraiser and real estate agent to do a valuation of your property.

The ethics of these three professions are regulated by the Board of Valuers, Appraisers and Estate Agents Malaysia or Lembaga Penilai, Pentaksir & Ejen Hartanah (LPPEH).

LPPEH keeps and maintains a register of valuers, appraisers and estate agents, probationary valuers and estate agents as well as the firms of valuers, appraisers and estate agents at its website, www.lppeh.gov.my. It is governed by the provision of Valuers, Appraisers and Estate Agents Act 1981.

Property valuers are trained to not only determine the value of your property by interpreting the market forces and conditions but they can also do feasibility studies and give expert advice on property related matters.

How do they charge?

Set up in 1981 under the Finance Ministry’s purview, one of LPPEH’s functions is to prescribe a scale of fees. Visit its website for details on how the fees are charged.