Anytime you buy or sell property, you need a valuation. The primary
purpose is to find out exactly how much your property is worth. Banks
and similar lending companies often require it, before a buyer can
obtain a mortgage. The financial institution requires a valuation to
ascertain whether the property provides sufficient security for the loan
given. It also provides an indication that the property is worth what
you are paying for.
A valuation is an “educated and trained opinion” on the value of the
property. It also, in some circumstances, may ascertain the best use of
the property, garnering the best selling price. For example, a long-time
residential property may be in an area that has been rezoned for
commercial activity, which could potentially bring in a higher sales
price than marketing the real estate to potential residential buyers.
Check on the
Malaysia Property Valuer portal to find out more information
about property valuation.