How to get best valuation for this property how much might that be?

[spludgey]

I bought this place for $206k in August and I'm looking to refinance to 90% LVR (currently at 80%).
What would be the best way about getting a good valuation?
I was thinking of passing on that I'm looking for $230k and also that this property sold for $235k in December. It's got an extra bedroom, but it's on a smaller block.

Thoughts? Am I being a bit too optimistic?

 

[Rolf Latham]

Your best bet could be to use a lender that allows up front vals.

At least that way if the val is rubbish,you can have another bite.

We have seen variances of up to 28 % on valuations on the same property, across 3 valuers in the same week.

5 to 10 % variance is not uncommon, and is an acceptable spread.

ta
rolf

 

[Corey Batt]

Rolf's suggestion is very practical and quite effective.

Have you run a report on the property yet (ie Residex)? This will give you all the sales data in the area, which will give you a better understanding of the potential value? Generally valuers will compare against three properties, which will show the price variances between comparable, inferior and superior properties.

 

[Mick C]

Choose the lender carefully...even if the val stacks up given you want to carry out an equity release /cash out- some lenders have limitation on cash out amount and reasons...especially above 85% LVR.

1. Carry out upfront value with 1-2 banks that uses diff valuers
2. Make sure the lender's cash out policy/equity policy at 90% is suitable for your file

Cheers

 

[MIW]

I bought this place for $206k in August and I'm looking to refinance to 90% LVR (currently at 80%).
What would be the best way about getting a good valuation?
I was thinking of passing on that I'm looking for $230k and also that this property sold for $235k in December. It's got an extra bedroom, but it's on a smaller block.

Thoughts? Am I being a bit too optimistic?

25 Cindy Street may be better comparison as you are comparing 2B, 1Bath, 1 Car, with 3B/4B, 1BATH, 2 CAR?
Also, it would be best to talk with the financier's valuator prior to valuation and provide your research (comparable latest sales - at least few) why you think your property is worth that much. Presentation also helps....
Was there much movement in the last 6 months in the suburb, since your purchase?
We cannot force equity release it it didn't happen to duplicate, so sometimes it takes a bit longer. Also, if you go to 90% it will be more likely you would need to factor the cost now for LMI. It really depends on your reason, as sometimes it's worth the effort if you need a LOC for some buffer in tough times, or if you wish to duplicate?
Good Luck though! I always find out and use the valuator from the bank/financier's panel and I use them by getting involved!

 

[Aaron_C]

Just get a bank valuation and see how you go. Then refi/loan increase.