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The Art and Science Behind Landed Property Valuation
The value of landed properties in Singapore has risen and held steady post pandemic as home buyers desire space, the combination of indoor and outdoor living and privacy. Analysing the value of landed property involves a comprehensive evaluation of various factors. These factors can include location, land size, condition of the property, market demand, and comparable sales in the area. To provide potential property buyers with a clear understanding, here are some key considerations in analysing the value of landed property:
1. Location
One of the primary factors influencing the value of a landed property is its location. The desirability of the neighbourhood, proximity to amenities such as schools, parks, transportation, and commercial areas can significantly impact the value.
2. Land Size
The size of the land is a crucial determinant of a property’s value. Generally, larger land sizes command higher prices, as they offer more development potential and space for various uses.
3. Condition of the Property
The overall condition of the property plays a crucial role in its valuation. Well-maintained properties with minimal repairs or renovations needed usually have higher values compared to those requiring significant investment in restoration or modernisation.
4. Market Demand
The level of demand for similar properties in the market can influence their value. Areas experiencing high demand due to factors like infrastructure development or job opportunities often see an increase in property values.
5. Comparable Sales
Comparing the property in question to similar properties that have recently sold in the area is essential for assessing its value. Sales of similar landed properties provide valuable insights into prevailing market prices and allow for a more accurate valuation.
6. Potential for Redevelopment
Properties with development potential may have higher value due to the possibility of constructing additional buildings or subdividing the land for future use. The planning and zoning regulations of the area play a crucial role in determining the development potential.
6. Economic Factors
External economic factors such as interest rates, the stability of the real estate market, and general economic conditions can also impact the value of landed property.
Summary
It is important to note that analysing a landed property valuation involves a combination of professional expertise, local market knowledge, and an understanding of the various factors discussed above.
The information presented herein this article is for discussion purposes only. If you require a property valuation or appraisal, it is advisable to consult with a professional property appraiser or real estate agent with experience in the local market.
Do you intend to buy or sell your property?
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When is the best time to sell and can I sell for a better price than my neighbours?
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