We are having a unit valued by the bank and I wondered if there anyone had tips on maximising the potential of the property and what information to make available to the valuer. I read the article in API so I know about not getting in the way, and making the property look amazing, etc. I wondered how much of an impact a unit in the same block which sold 6 months ago for a bargain price would have on the valuation of our place. We have added a storage cage, air conditioning, new carpet, paint, curtains, 3 skylights, have an additional security carspace, and decorated the unit to a high standard. Any advice?
Valuation -advice needed
- Thread starter salla
- Start date
There have been posts on this in the past but, to reiterate:
Do the valuer a favour and do up a couple of typed sheets of information that will assist and make his job easier, with the following:
Purchase price of your unit and cg rates since then (API or Residex)
Improvements made and approximate costs
Recent sales in building as well as similar units in immediate area (within 1km)
Unfortunately, though the recent "bargain" sale may have been just that, it will be taken into consideration. Have there been any other more recent sales that will demonstrate that this sale was an anomaly or "one off"?
If so, then use these in your comparables list- best of luck!
Do the valuer a favour and do up a couple of typed sheets of information that will assist and make his job easier, with the following:
Purchase price of your unit and cg rates since then (API or Residex)
Improvements made and approximate costs
Recent sales in building as well as similar units in immediate area (within 1km)
Unfortunately, though the recent "bargain" sale may have been just that, it will be taken into consideration. Have there been any other more recent sales that will demonstrate that this sale was an anomaly or "one off"?
If so, then use these in your comparables list- best of luck!
Recent sales will definately have an effect on your valuation.
Banks are famous for "drive by" evaluations, so as already mentioned, insist that the valuer comes inside.
Do your own "fact sheet" pointing out any improvements you have made, and explain why you think these would add value.
Obtain the rental vacancy rates for your area, this paints a picture of the potential income producing power of the unit.
is the valuation for you? are you paying for it? if so ask to see it first, before the bank if they are using an independant contractor.
cheers
Banks are famous for "drive by" evaluations, so as already mentioned, insist that the valuer comes inside.
Do your own "fact sheet" pointing out any improvements you have made, and explain why you think these would add value.
Obtain the rental vacancy rates for your area, this paints a picture of the potential income producing power of the unit.
is the valuation for you? are you paying for it? if so ask to see it first, before the bank if they are using an independant contractor.
cheers
Similar to the above. I had a val done in December on an existing property whilst refinancing to buy another. I wasn't able to attend the valuation and I was horrified when the valuation came 50-60k under what I knew was market val. There is no way he could have entered the property.
This time around I went in with the heavy artilery including, council plans for a future bypass that directly and very favourably affects my property, same street sales from RP data, also, 2 houses had sold in my street very recently and that data was only available through the selling agent (takes a while to reach RP data). Most importantly get all the info you can on what YOU believe are comparible properties. The examples the valuer bought where IMHO not at all comparible. Most of all be polite and charm the pants off them, I let my girlfriend take care of that side of things and the val came up 70K. Not bad in 6 months.
The valuer did mention that he could only use sales data from the previous 3 months, you should check this out as it may negate that "bagain" in the same building. Gotta keep 'em honest!
Good luck
Slingshot
This time around I went in with the heavy artilery including, council plans for a future bypass that directly and very favourably affects my property, same street sales from RP data, also, 2 houses had sold in my street very recently and that data was only available through the selling agent (takes a while to reach RP data). Most importantly get all the info you can on what YOU believe are comparible properties. The examples the valuer bought where IMHO not at all comparible. Most of all be polite and charm the pants off them, I let my girlfriend take care of that side of things and the val came up 70K. Not bad in 6 months.
The valuer did mention that he could only use sales data from the previous 3 months, you should check this out as it may negate that "bagain" in the same building. Gotta keep 'em honest!
Good luck
Slingshot
