Your guess at the valuation for this property?

[Tim86]

I've put 3 years of work into this property, I'm now looking to refinance. So currently stressing a bit about what valuation I'm going to get.

Wondering what your thoughts are for this property.

Purchased January 2012 median back then was $420 000 ? current median $475 000 (rpdata) ~12% increase for the suburb (Salisbury Brisbane)

Original purchase price $412 000
Current rates land valuation $370 000
Value of work done to house if I paid someone to do all the work approx $350 000
So purchase plus value add plus capital growth in area of 12%= $811 440

I highly doubt I?ll get that much for the valuation. But anything $600 000+ I?ll be happy with.

House is 5 bed, 2 bath, 2 kitchens, dual living setup, on 809m2 block. It is in a 1 in 100 year flood zone, so that may negatively affect the valuation. However house is built above the potential flood height.

The most comparable sales I can find in my suburb are (these are a bit old) but they have similar styles of house, similar number of beds and bath, and the same 809m2 block size:

http://www.realestate.com.au/property-house-qld-salisbury-106318035

http://www.realestate.com.au/property-house-qld-salisbury-107392383

http://www.realestate.com.au/property-house-qld-salisbury-108611776

most recent similar property:

http://www.realestate.com.au/property-house-qld-salisbury-115805211

This one is pretty recent, but much smaller

http://www.realestate.com.au/property-house-qld-salisbury-118000807

Some pictures of my house here:

upstairs kitchen: http://somersoft.com/forums/attachment.php?attachmentid=12817&d=1408446237

medium sized bedroom: http://somersoft.com/forums/attachment.php?attachmentid=13688&d=1419330080

larger bedroom: http://somersoft.com/forums/attachment.php?attachmentid=13690&d=1419330186

hallway: http://somersoft.com/forums/attachment.php?attachmentid=13736&d=1420262953

heaps more pictures here: http://somersoft.com/forums/showthread.php?t=92426&highlight=ppor&page=8

And pictures attached. The first picture is of the house when I first purchased it.

What's your guess at the value of the property?

Thanks

Tim

 

[Rolf Latham]

if you can get 80 % lvr you can have a go with 2 or 3 valuers

ta
rolf

 

[Mick C]

Go with few valuer + Desk top valu lenders + Drive by val if you must....

 

[scha9799]

It's easier to get 3 different real estate agents into your property and ask for their opinion. also ask how they arrive their price.

In this way, your credit file will not be touched and you can get a rough idea about how much it's currently worth.

Then used the agent's opinion and their back up ( likely they will give you some most recent sold properties from their book) to a broker, like Mike, Rolf or some other good broker to help you with refinance.

 

[Jess Peletier]

If the val is for refinance purposes, there's no point getting a REA through, as what they think makes no difference to the bank at all.

They're only relevant if you're looking to sell.

A bank val won't mark your credit file, so that's not a problem either.

 

[dontask]

Valuation

I'm no valuer, but I would have thought that anything double block was 550-600 by itself in that area. Put a fancy house on it and you'd be 650+, I'd hope.

Plenty of rental demand too, esp with the nearby university.

Nice renovation mate!

 

[Corey Batt]

Bite the bullet, if you have dropped any money into LMI on the property shop the val with 2-3 lenders and try your luck. Give a generous estimation of val (you've mentioned being happy with 600k+) so you don't knee cap yourself.

 

[Tim86]

Thanks for the feedback so far.

Just to give some more background.

Currently Peter from Sage Lending is putting together the refinance.

I've already had 2 credit hits this year from 2 purchases. So this will be the third credit hit.

The property is currently with Westpac, and to refinance with them we need to do a full application as they don't do upfront vals. So that's going to be a third credit hit, if it's a bad val and I want to shop elsewhere, after 3 credit hits my options will be limited.

Peter has talked about other lenders if Westpac fails.

Alternatively we could try a lender like NAB instead of westpac as they have upfront vals so no credit hit if the val is rubbish and we shop elsewhere, however I am planning to use NAB for another refinance on another property in 2-3 months... so don't want to become too reliant on NAB.

So there is still scope to shop around, but things are getting a little limited.

Plus westpac doesn't like it when you have more rental income then job income, so that might make things interesting...

Fun times


--- Also no LMI currently on the loan, I borrowed 100% but that was with a gaurantor from my parents. Just going for an 80% lend this time around.

 

[Tim86]

I'm no valuer, but I would have thought that anything double block was 550-600 by itself in that area. Put a fancy house on it and you'd be 650+, I'd hope.

Plenty of rental demand too, esp with the nearby university.

Nice renovation mate!

Thanks mate, I'm thinking the same way as you, hopefully the valuer does too!