valuations after reno's

I know forumites here do renos then have new valuations done for the extra equity but what I'd like to know is whether you request for the valuer to do an internal inspection to value these improvements.

I've had a few valuations now and at no time has any bank or valuer requested to enter my properties.

We have done significant renovations and improvements on our PPOR in very recent years both externally and internally and believe the new value based just on the reno would be much greater.

So do you just tell the bank and they up the valuation or do they request to enter?

This is more curiosity as I have more than enough equity to work with. It's the servicability on borrowing on the lot that's the problem :(.
 
I know forumites here do renos then have new valuations done for the extra equity but what I'd like to know is whether you request for the valuer to do an internal inspection to value these improvements.
I commission my own valuation and always get the valuer to come inside. Then I have the val reassigned to my lender of choice (assuming the valuer is on their panel of valuers)

I've had a few valuations now and at no time has any bank or valuer requested to enter my properties.
You are having 'drive-by' or 'desk-top' valuations done which is OK for low LVR loans but I am getting max LVR available to me and as such need a 'walk-thru' done.

So do you just tell the bank and they up the valuation
Yeah - right :rolleyes: No, unfortunately you have very little input here except that you can of course request a 'walk-thru' val.

or do they request to enter?
They'll ring and make an appointment if they need to come thru.

This is more curiosity as I have more than enough equity to work with. It's the servicability on borrowing on the lot that's the problem :(.
Talk to a good MB - that's why they earn the big bucks :D
 
ROFL Prop, the BIG bucks :), thats seriously funny :) , just finished the figures for last year and our business is on a BIG diet to get costs down by a fraction of the income loss that cuts in margins have brought.

Anyways, sounds like you might be stuck with either wesuck or NAB that luv to save 80 bucks on a full val.

We simply ask for a full val to be done. If the RA comes back short then we force a full anyways

The assignment of own val works with some lenders some times, they have become extremely princess like, especially where LMI is involved.

If you are having servicing issues in the lenders eyes, there are often structural ways to overcome that. If you are having repayment issues, that is you cant afford the loans, then thats altogether different

ta
rolf
 
ROFL Prop, the BIG bucks :),

The assignment of own val works with some lenders some times, they have become extremely princess like, especially where LMI is involved.


ta
rolf

Rolf, I've never had any success with this method? Is there any questions I'm not asking to have one of the banks valuers do a private val and then convert to an upstamp for the bank?

I'm just about to apply for an upstamp via opportune homeloans ( ING )

Cheers
Andrew
 
You are having 'drive-by' or 'desk-top' valuations done which is OK for low LVR loans but I am getting max LVR available to me and as such need a 'walk-thru' done.
Sheesh, we had the valuer come through BOTH houses, was in each for like half an hour, taking photos etc. I swear it was more thorough than a structural inspection.

What's a 'low' LVR? 20%? We were 60%.
 
Sheesh, we had the valuer come through BOTH houses, was in each for like half an hour, taking photos etc. I swear it was more thorough than a structural inspection.What's a 'low' LVR? 20%? We were 60%.

RumpledElf, I would have thought 60% LVR was low enough for a drive by val.

But perhaps in your own particular case it may be the postcode that makes them nervous and requires the full val.
 
Thanks Propertunity, that was pretty much what I wanted to know.

Rolf, Yes I'm with NAB. I have all loans with them so I suppose as they already knew my LVR was low thought a drive by was adequate as well as a savings.

Servicing would only an issue if I was to purchase too many negatively geared IP's. At this stage I prefer buying at a steady pace concentrating on buying well, decent yields and the ability to attract better rents through minor improvements.
 
But perhaps in your own particular case it may be the postcode that makes them nervous and requires the full val.
They did a driveby when we bought the new house and simply accepted what I said house A was worth and used the value we paid for house B.

When we got extra loan for the renovations on house B they valued them both. House A came up as exactly what I said it was worth, and house B came up 50% higher than what we bought it for and by the time they valued it we'd torn out the entire kitchen and some of the floors.

A year later post reno, House B is now worth twice house A and 3 times what I paid for it, and I'm looking at selling house A for pretty much what the bank valued it at a year ago.

House A has the 'bad postcode'. House B is in an area they'll throw money at.
 
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