Property Valuation is a Profession. It is part Science and part Art.
The Science of Property Valuation involves technical surveys and investigative work that a Property Valuer carries out to get the information he needs to understand the physical and related characteristics of the property to be valued.
The Art of Property Valuation involves the Property Valuer's experience and his skills when he analyzes and interprets the information including prices recently paid for similar properties in the vicinity that ultimately leads him to form his "Considered Professional Opinion" on the Subject Property's Market Value.
What is Market Value ?
Market Value is the main focus of most Property Valuation Assignments. The definition of "Market Value" as adopted by the Board of Valuers, Appraisers and Estate Agents, Malaysia is as follows:
"Market Value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion."
For more information on "Fundamental Principles of Property Valuation", please refer to attached Seminar Brochure
ERNEST CHEONG PTL CHARTERED SURVEYORS
Tel: 03-7980 4512, Fax: 03-7980 4519, Web/Mail: www.ecptl.com, firstname.lastname@example.org