I'm going to turning my PPOR to IP in 7 days time. I will rent elsewhere to live in .The valuation of the home is important on the day when I move out. I'd like to get a high evaluation price for CGT purpose.
I want to get this done in 7 days if possible because I don't want to bother tenants.
I searched the forum and found 3 options below. Plan A seems to be the easiest way and cost nothing. Is Plan A sufficient for CGT calculation? I would be grateful if I could get your valuable opinion. Thanks.
A: get 3 x REAs written appraisals of market worth
http://www.somersoft.com/forums/showthread.php?t=55067
B: registered evaluator
Cost : $300
C: Bank evaluation
the valuation they ask the Valuer to do is usually for mortgage lending purposes, to securitise their money. So the evaluation price might be lower than the market price.
I can get it from my mortgage lender for free. But no sure
1) whether they can do this in 7 days
2) whether I can get a copy of the evaluation
Appendix:
http://www.somersoft.com/forums/showthread.php?t=55294&highlight=valuation+CGT
From the ATO website:
How do you obtain the market value?
You can choose to:
obtain a valuation from a professional valuer, or
work out the market value yourself using reasonably objective and supportable data - such as the price paid for very similar property that was sold at the same time in the same location.
If you do go with the latter method, just make sure it does pass the "reasonably objective and supportable" test.
I want to get this done in 7 days if possible because I don't want to bother tenants.
I searched the forum and found 3 options below. Plan A seems to be the easiest way and cost nothing. Is Plan A sufficient for CGT calculation? I would be grateful if I could get your valuable opinion. Thanks.
A: get 3 x REAs written appraisals of market worth
http://www.somersoft.com/forums/showthread.php?t=55067
B: registered evaluator
Cost : $300
C: Bank evaluation
the valuation they ask the Valuer to do is usually for mortgage lending purposes, to securitise their money. So the evaluation price might be lower than the market price.
I can get it from my mortgage lender for free. But no sure
1) whether they can do this in 7 days
2) whether I can get a copy of the evaluation
Appendix:
http://www.somersoft.com/forums/showthread.php?t=55294&highlight=valuation+CGT
From the ATO website:
How do you obtain the market value?
You can choose to:
obtain a valuation from a professional valuer, or
work out the market value yourself using reasonably objective and supportable data - such as the price paid for very similar property that was sold at the same time in the same location.
If you do go with the latter method, just make sure it does pass the "reasonably objective and supportable" test.