thickbie

our house valuation went up ! :)

Yes, this means a good thing for us ! Why is that so ? For those who are not familiar with HDB Housing in Singapore, HDB stands for Housing Development Board and what they do is basically build apartments or flats like what they like to call it here and sell it to the people with a subsidised rate. Oops, correction subsidised rate to Singaporean (not PR.. boohoo!). Anyways, in order for you to buy a resale flat like what we are doing, you will need to obtain a valuation of the house from HDB. What they do is send someone over to your house, view the house, take pictures etc and determine what should be the value of the house at that time. Now the valuation price fluctuates and not very stable, based on what you might ask, I wouldn't know too.

Comes the story of our house which we recently agreed to purchase, the valuation that the owner did (normally owner will do the valuation first so that they know at what price they should market the house). But the thing for our house is that the valuation the owner did was back in April so it has just expired. So when we agreed on the price, it was actually based on the expired valuation. We had to another valuation as soon as we purchase it and we did exactly that. 2 weeks later we were utterly dissapointed to know that our house valuation has dip by 2k. Quite unhappy, as the difference between valuation and transacted price here has to be paid in cash. Meaning the lower the valuation, the more cash we have to fork out. So we decided, to risk another 180 dol for another valuation report to be done. And our bid paid off! We just got our valuation report today and it increases by 3k !! Yeay !!!

posted by thickbie @ 4:41 AM