Valuation charges in Perth

[jazzeddie1234]

Hello, this is my first post although I have been reading for a while. Finally plucked up the courage to buy an IP and was wondering if I should use a registered valuer as part of the offer conditions rather than depend on recent sale stats? Also what is the typical cost of using one and any recommendations. I'm looking in Halls Head Mandurah since the market is really depressed and vendors are willing to look at much less than intitally asked (which I know is no indication of value). I assume the sales stats will take a while to trend down whereas a valuer would also look at current rate of sales?

Also I am using nearby land prices and house construction costs to compare - the theory being that if I can't build down the road for the price that a house is advertised for, I am in the ballpark. Does this make sense?

Any advice appreciated

 

[gooram]

Hi,

I've recently had some valuations done in Perth and found the price to vary considerably. At the top end, you have the likes of the Hegney Property Group who will charge you about $700 per property, at the bottom end you have some 'hacks' that will do it for about $250.

These are first ones I've done, so I don't have alot of experience, we chose Hegney because of their reputation, and the report was very thorough. Incidentally, one came in above what we expected and one below.

If you are doing them for the bank, then you may need to find out whose valuation they will trust. i.e. Johnny no reputation's valuation may not hold any weight with the bank. Hegney's certainly will.

 

[Rixter]

Hegney's certainly will.

Dont mean to rain on your parade, but I wouldn't count on it if Hegneys are not on the Banks panel of valuers.

Bank policy is bank policy when it comes time to fit pegs into corresponding holes.

 

[burty85]

I was thinking about getting a valuation done on my IP in the next up and coming months just for peice of mind, I belive it should come in at the mid 300's.

Is there any think you guys do to the place before a valuation is done, bearing in mind its interstate and the place is only 5yrs old.

The only thing i would consider would be to have the wood chips in the front yard replaced to give the house a fresher look, would anyone differ?

 

[LynnH]

jazzeddie

I agree with Rick. If you are going to pay for a valuation to be done, ring the Bank and find out which valuers are on their panel - no point in paying for a valuation which won't be accepted by your bank.

Cheers
LynnH

 

[jazzeddie1234]

Thanks for that, I guess I was also fishing for opinions about the useful ness of valuations when determining the amount to offer - rather than just for supporting the load application. So will they tell me any more than I can figure for myself (using recent sales data?)

Looks like Hegneys is around $450 in Mandurah