A property valuation can help you with a fairer separation
If you and your partner have property, you may consider using an independent valuation consultant to help you agree on its value.
This can be an input to your separation agreement. Whether you and your partner decide to sell it and split the money, or one party buy it out from the other, is up to you.
If you own property without your partner, it still may be useful to get a valuation. Because the court may decide on the fate of this asset for you both. So, in a best case scenario, you will want that value is considered fairly.
Remember to list your property in our Questionnaire, along with your other assets.
Do I even need a valuation?
As with all other support services you engage in your separation, they are simply there to reduce stress that may come throughout the process.
In the case of valuation, it may help:
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1. Understanding your property value, and therefore overall financial well-being.
2. Give independent evidence of your property value.
3. A basis for a separation agreement between you and your partner.
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Registered Valuers are regulated by the Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEH), and follow a standard industry fee structure. For most properties, a valuation fee should cost < RM 5,000
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The valuer will most likely visit your house
A check of your physical property will be done, seeing the condition, property site, location access and surrounding areas.
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They will also do some research
The valuer will look at the size of your property and check whether it is freehold, leasehold and what zoning it is in. They may also look at the town planning for your area.
They will check for similar properties sold in your area recently as a comparison.
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A valuation report will give the final price of your property
Based on the above information, and adding in any particular items specific to your property, the valuer will be able to put a market price on your property.
Can I value my own property?
In theory, yes. You can go on PropertyGuru or iProperty to see what similar properties in your area are being currently sold at. However, this only gives you a general range; because those properties are not your specific one.
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Your self discovered market figure may also not necessarily be taken into account by the Court.
You could also ask your bank to do a valuation. However, as a bank, they may view your property from a risk perspective, and not necessarily give a true market value.
A real estate appraisal could also be possible. Again, it may be viewed from another perspective, which may or may not be accurate.