The large variation in valuation estimates ($4 million vs $7 million) for the HDB shophouse you're interested in can stem from several factors:
Valuer Expertise and Methodology:
Different valuers might have varying levels of experience and expertise in valuing HDB shophouses, which can influence their final valuation.
Valuation methodologies can differ. Some valuers might rely more on recent transactions of similar HDB shophouses in the area, while others might consider additional factors like potential future development or unique features of the shophouse itself.
Market Conditions and Data Availability:
The HDB shophouse market is likely less frequently traded compared to regular HDB flats. This can lead to limited data for valuers to draw upon, potentially impacting the accuracy of the valuation.
Fluctuations in the overall property market can also affect valuations. Some valuers might incorporate broader market trends into their estimates.
Purpose of Valuation:
The purpose of the valuation can also influence the outcome. For example, a valuation for loan purposes from a bank might be more conservative compared to an estimate for insurance purposes.
Here's what you can do to get a more accurate picture of the HDB shophouse's value:
Get quotes from multiple valuers: Don't rely solely on the initial quotes you received. Reach out to a few more qualified valuers specializing in HDB shophouses for their estimates.
Understand the valuation methodology: When obtaining quotes, ask the valuers about their methodology and the factors considered in their valuation. This can help you understand the rationale behind the varying figures.
Consider a Comparative Market Analysis (CMA): A property agent specializing in HDB shophouses can conduct a CMA. This involves analyzing recent sales of similar HDB shophouses in the area to get a better sense of market value.
By gathering multiple quotes, understanding the valuation methodology, and potentially considering a CMA, you can obtain a more comprehensive picture of the HDB shophouse's true market value.
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