What method do you use to value a property?

When you're researching a property:

- Do you commission a valuer to value the property?
- Do you go to sites like myRPData and get a Desktop Valuation EVR (Electronic Valuer Report)?
- Residex report?

I'm researching at the moment and currently using onthehouse.com.au to see how much the properties have sold in the past, and more importantly, comparative sales of the area.

There are some cases though that onthehouse doesn't have up to date information, so I'm wondering what your opinions were on using automated reports like the ones in rpdata.

What methods do you use that you find most accurate?
 
Attending inspections and then getting the prices they sell for.

Without actually seeing the properties, I find it difficult to compare (other than just a ball park figure).

So when you get to the propoerty you are interested in, you look back too a similar property in the area that you previously saw, and find out what price it sold for (adjusting for minor things like repairs, improvements).

Cheers,

The Y-man
 
^ITA. Stats are useful but you really need to hit the pavement. How many times have you turned up at OFIs and noticed things that - surprise! - were not in the ad? Like the fact that a livingroom window looks directly into the flat next door, etc.
 
I've just been looking at what houses sell for to compare with. But I'm looking at the very low end of our local market because I neeeeeeeeed a 4 bedroom house. Sadly, I haven't seen any cheap 4br houses to compare against if one actually does come up.
 
Posted a similar question in another thread, I have been tossing up getting a valuation done and ensuring I pay less to try and get some easy equity. At this early stage I am beginning to realise just how important to me these valuers are!

Scott
 
I have been tossing up getting a valuation done
Scott, in your early investing life because you have not done enough of your own research over time and do not feel comfortable yet in arriving at a value for any property you inspect, a valuer can assist you here. I remember doing the same when I started out.:)

and ensuring I pay less to try and get some easy equity.
Well that is a big ask. You have to find a vendor who is willing to sell to you below a conservative valuation figure. Good luck - you're going to need to pay for a lot of vals to find a vendor desperate enough. The selling agent will also be advising their vendor against selling too low - just bear that in mind. :confused:

At this early stage I am beginning to realise just how important to me these valuers are!
Maybe at the beginning. Then at the end, sometimes you know your values better than they do and you end up challenging the price they come up with. :p
 
I have a house I'm looking at that I'd love to get valued too, because I can't for the life of me work out what it should be worth. There's just nothing remotely comparable to .. er ... compare it to.

But I'd be at the mercy of a bank valuer if I attempted to buy it so a formal valuation would be crucial.
 
Thanks Propertunity I find your points particularly useful, I was wondering just how "real life practical" this approach would be :eek:

learning learning

Scott
 
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