Hi,
I bought my first home in July last year. It's a 2BR villa in Mount Druitt. Purchase price was $190k (deposit was 5%). I did renovations to the property like replacement of the kitchen and laundry tiles, repainting the whole place, new blinds and other maintenance work. Spent around $5k all up doing the property. I rented it out in April 2011 on $310 per week - which I find might have been be the highest rent I could get at the time (perhaps still is). The property is 10 minutes walk from the Westfield and 15 minutes from the station.
I understand the comparables for the property might be going around $220k - $230k. I wanted to go to the bank for a re-val to top up the loan so I can take out around $18k or so for the next investment property.
I wanted to know what the thoughts are about the re-val of this property? I'm reading how the valuers have been very negative and conservative. What do you think?
I'm 25 and am on very close to a six figure income. I was thinking of getting a re-val anyway regardless of how it goes, because it will give me some idea of my next steps (either being able to use that 18k to buy the next one or saving up more and getting a re-val).
Appreciate your opinions!
I bought my first home in July last year. It's a 2BR villa in Mount Druitt. Purchase price was $190k (deposit was 5%). I did renovations to the property like replacement of the kitchen and laundry tiles, repainting the whole place, new blinds and other maintenance work. Spent around $5k all up doing the property. I rented it out in April 2011 on $310 per week - which I find might have been be the highest rent I could get at the time (perhaps still is). The property is 10 minutes walk from the Westfield and 15 minutes from the station.
I understand the comparables for the property might be going around $220k - $230k. I wanted to go to the bank for a re-val to top up the loan so I can take out around $18k or so for the next investment property.
I wanted to know what the thoughts are about the re-val of this property? I'm reading how the valuers have been very negative and conservative. What do you think?
I'm 25 and am on very close to a six figure income. I was thinking of getting a re-val anyway regardless of how it goes, because it will give me some idea of my next steps (either being able to use that 18k to buy the next one or saving up more and getting a re-val).
Appreciate your opinions!
