6 simple ways to know how much your house is worth
By Felicia Tan
/ EdgeProp Singapore |
Photo: Samuel Isaac Chua/EdgeProp Singapore
SINGAPORE (EDGEPROP) - Selling your house isn’t like selling your second-hand clothes on an online selling platform like Carousell, in view of the high price of a property which can constitute a big part of your salary or your savings even if paid over a period of time.
One of the most difficult things to determine, after you have decided to list your home for sale in the market, is the asking or selling price. Obviously, you don’t want to ask for something too low that might put you in the red, especially if you need the money to buy another place. You also don’t want to ask for a price that’s too high; you may have to lower your expectations if there are no takers.
How do you decide on the right price, you ask. Well, consider the following factors:
Photo: Samuel Isaac Chua/The Edge Singapore
1. Location, location, location
Prices vary depending on where your house is located. Properties located within Singapore’s Core Central Region (CCR), which includes Orchard Road, the CBD and Sentosa, tend to be the most expensive.
The Rest of Central Region (RCR) covers areas such as Bugis, Paya Lebar, Buona Vista, Little India and Tiong Bahru, which are convenient and priced at a higher value as well. Lastly, you have the Outside Central Region (OCR) which encompasses Bedok, Hougang, and Upper Bukit Timah.
Other factors such as proximity to MRT stations, shopping malls and supermarkets, also contribute to the value of your home.
Photo: EdgeProp Singapore
Click here to find properties that are near MRT stations.
For families with school-going children, proximity to good schools and institutions of higher learning is a key factor. For instance, properties in the Bukit Timah area are in demand, partly due to the presence of well-sought-after schools such as Nanyang Girls’ High School, Hwa Chong Junior College, Singapore Chinese Girls’ School, Anglo-Chinese School and Methodist Girls’ School.
Click here to find properties that are near primary and secondary schools.
Photo: Samuel Isaac Chua/EdgeProp Singapore
2. Size and age matter
The bigger the house or apartment, the better. Of course, the layout of the residence plays a part, too. The value of your residence will be affected if yours is an older design that doesn’t maximise the space to its fullest potential.
Not all homes age like fine wine. As most leaseholds are 99 years old, the closer your property is to its due date, the lower the prices will go. Freehold property will naturally fetch higher prices, as there isn’t a deadline to surrendering your property. There are also not as many freehold landed properties or condo developments in Singapore compared to non-freehold ones.
However, older residences do command a premium if there is en bloc potential. If you are living in a condominium, and want to see if it will be going en bloc soon, take a look at our en bloc calculator.
HDB terraces at Jalan Bahagia. Photo: Albert Chua/EdgeProp Singapore
3. Look at your neighbourhood
A quick search on the Internet will show you the rough value per square foot you can expect to receive. Depending on market sentiments, the prices may vary.
Not sure whether your neighbourhood is popular? Check out our Heatmap to find out.
View of East Coast Park from around 60m (about 15 floors) above the site of Seaside Residences
4. What’s the view like?
Traditionally, units on higher floors fetch higher prices. Not only do you enjoy a better view, you will also get to enjoy a nice cool breeze during most times of the day.
You should also keep in mind the orientation of your house. East-facing homes tend to enjoy more light earlier in the day, whereas west-facing homes can get warmer from midday onwards.
5. Use online evaluation tools
One of the more accurate ways of determining the value of your place is online evaluation tools that take into consideration all the factors of your property.
Even if you aren’t fully on board with the idea of selling, and want to find out how much you can fetch for your home, online evaluation tools are your best bet. These tools can be found easily, at no charge. For instance, EdgeProp’s Fair Value Tool does the legwork for you and calculates an estimate, based on the factors you key in.
The Find your Property Agent tool is available at EdgeProp.sg.
6. Seek professional help
Once you have made the decision to sell your home, seek help from a trusted property agent who will be able to help you get an accurate valuation of your property. A good agent will also help you obtain the best price possible for your home.
Find your agent here.
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