I have recently sold an investment property.
It was a unit I have brought, lived in for a while, renovated and then rented out.
My problem is that I now need to calculate whether I have to pay any capital gains. However, due to inexperience and stupidity I didn't get a formal valuation when I moved out. As I had done substantial renovations it was worth lot more than I paid for it.
I did refinance soon after I moved out, but the bank won't give me the valuation. I have also asked the estate agent who sold it and he seems unwilling/unable to help.
Any idea how I can get a retrospective valuation.
I have thought about getting a street sales report from RP Data as I know the unit next door that was also renovated was sold soon after I moved in. Any idea if it would be good enough to use comparitive sales data ?
Thanks
Just an idea – maybe a valuer can help you see http://www.nationalpropertyvaluers.com.au/services.asp for an example.
Some valuers have really good data bases that have the records of what a house in your area sold for. I am not sure if a valuer has past sales prices but it wouldn't hurt to ask them if they can help you.Check your Rates notices from that time as the property value is listed also.
If you have the $ and details of the work you've done over time, a valuer can create a retrospective val. of the pre-reno worth.
Ryder wrote:I did refinance soon after I moved out, but the bank won't give me the valuation.
But surely they will tell you what it was valued at even if they are not willing to give you the valuation itself.
As most valuations are undertaken without full access to a property it shouldn't be an issue to establish the value of the property at a point in time. You have basic information – purchase price, reno costs, dates etc. go for it.
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