Revalue and Refinance/Line of Credit

[mech81]

Hi ppl,

I currently own my first IP for a little over a year now. Been rather happy with it and things are puttering along with a few improvements made to the IP in between tenants.

I'm just wondering when would be a good time to revalue an IP to see the amount of equity I have available. And how would one go about starting the revaluation process.

I'm thinking of setting a line of credit too if there is enough equity. Is there things I should watch out for? I currently have a home loan with a 100% offset facility with ANZ. Slowly learning bits and pieces and trying to tie a whole jigsaw picture together. Thanks in advance

 

[Aaron_C]

You should get the valuation done when you are confident that you have some good sales data to back up your (presumably) higher valuation. Plus you should only do it if you feel that disturbing the status quo is worthwhile

 

[Rolf Latham]

Hi Mech

Ask your banker or broker to provide you with a Residex CMA report or a similar RP data report

This will give you an indication of where the market may be.


ta
rolf

 

[virgo]

Revalue

Hiya

Yep! Just revalued my IP in Greystanes Sydney; bought 385K March 2010; spent 23 K reno and my latest reval came in at 460K (UBanak)...

i am currently with CBA which is a pain in the @@%%% when it comes to reval (pardon moi French) and am thinking of locking in the revaluation and having some extra funds on the sideline...

Gotta build those buffers up; i figure all those admin costs are a small price to pay.....for eg. i just bought a dual occupancy 300K 520 rent and if i didn't have funds ready, i couldn't have transacted...

 

[virgo]

Revalue

Hiya

BTW, i find that the valuation is usually mid point in the RP Data CMA figure..

anyone share the same experience?

 

[Propertunity]

Hiya
BTW, i find that the valuation is usually mid point in the RP Data CMA figure..
anyone share the same experience?

Considering that valuers get their comparable sales data from the same source, not surprising really

 

[virgo]

Revalue figure

Hiya Alan

Does it mean that if i purchase a property price 300K and RP Data showed range of 320-390 K, i've got myself a deal??

 

[mech81]

Thanks for all your replies. I'll definitely try to get my broker to get a copy of the residex report.

 

[Propertunity]

Hiya Alan

Does it mean that if i purchase a property price 300K and RP Data showed range of 320-390 K, i've got myself a deal??

Hi Jen,

No, you know it does not mean that
It may mean that you have some non-comparable comparables.

 

[virgo]

Deal or no deal?

Hi Alan

Let's try again:

Penrith NSW 4 bedroom house split into 2; rented to 2 bachelors since 2005; market rent $230 EACH; double garage rented to 2 trademen $40 EACH

Zoning 2c (can put attached duplex in future); corner block (can put dual occupancy granny flat atm); distressed sale 300K; needs a new coat of paint tho'

Similar COMPARABLE sales 350 in that same street; round the corner house just listed 450K.

I am tired of doomsayers....lets have something to cheer about eh???