Hi All,
I have a question. I am considering renovating the outside of a property that I have. I have already done the inside. The outside really needs a paint and I want to paint the roof and put in a new shower inside.
Now I don’t want to do the work at this point in time unless I know that I can get a reasonable revaluation done after the work is complete. The thing is Im having trouble deciding whether the reval will come in at a good price or not. Here are some of the things that are influencing me,
Pro's
- The market where the house is located is currently still strong. Dunno for how long though. A strong market will help the valuer to come to a better valuation than a downward trending market
- Currently there is a tenant in the property (coming to the end of their first 6 month lease and they are happy to allow me to do the work while they are there
- The tenants really wants the new shower
Cons
- I called up a heap of real-estate agents and I got all different ideas about what it might be worth after the work. When I look on line at similar properties that are selling at about the price I want my reval to come in at, I find that many are better than mine in terms of renovations (i.e. new kitchen etc) mine has an older kitchen). So I look at those and think, that I may be a little over zealous with regards to what my target revalue is. However, my place is normally always in a better location and its a corner block (which seem to be worth a little more).
Ive already lifted the rent from $80 pw when I bought it to $150 now. Will that assist me in my valuation? I believe that this will have little to no bearing.
I don’t really want to get a valuer in their now to give me an estimate before the work is done as I don’t think that they will envisage the end product and I think they would be conservative under these conditions.
I suppose the down side is not that bad i.e. low reval. However, I'm doing this to take advantage of another opportunity so I sort of need to be careful how I allocate these funds at this point in time.
What do you guys think.
Any suggestions greatly appreciated.
Cheers,
Panda
I have a question. I am considering renovating the outside of a property that I have. I have already done the inside. The outside really needs a paint and I want to paint the roof and put in a new shower inside.
Now I don’t want to do the work at this point in time unless I know that I can get a reasonable revaluation done after the work is complete. The thing is Im having trouble deciding whether the reval will come in at a good price or not. Here are some of the things that are influencing me,
Pro's
- The market where the house is located is currently still strong. Dunno for how long though. A strong market will help the valuer to come to a better valuation than a downward trending market
- Currently there is a tenant in the property (coming to the end of their first 6 month lease and they are happy to allow me to do the work while they are there
- The tenants really wants the new shower
Cons
- I called up a heap of real-estate agents and I got all different ideas about what it might be worth after the work. When I look on line at similar properties that are selling at about the price I want my reval to come in at, I find that many are better than mine in terms of renovations (i.e. new kitchen etc) mine has an older kitchen). So I look at those and think, that I may be a little over zealous with regards to what my target revalue is. However, my place is normally always in a better location and its a corner block (which seem to be worth a little more).
Ive already lifted the rent from $80 pw when I bought it to $150 now. Will that assist me in my valuation? I believe that this will have little to no bearing.
I don’t really want to get a valuer in their now to give me an estimate before the work is done as I don’t think that they will envisage the end product and I think they would be conservative under these conditions.
I suppose the down side is not that bad i.e. low reval. However, I'm doing this to take advantage of another opportunity so I sort of need to be careful how I allocate these funds at this point in time.
What do you guys think.
Any suggestions greatly appreciated.
Cheers,
Panda
