Hi all
I recently bought a renovated property in sydney in inner west region.Its a double bedroom unit around 400K.now iam refinancing with a other bank and this bank is going to reevaluate it again.
Is there anythign i can do to increase the valuation of the property?
Any tips???
I’m only a beginner, but I would have thought it the scope for improvement would largely depend on just how renovated the property already is. Is it just painted with areas that still need attention?
Hiya there,
Absolutely, the cheapest way that I’ve done is to get a feng shui expert to go through the house, this may cost $500 – $2000 maybe even upto $300 extra on suggested upgrades. But in the end it could add up to 40K to your home [
]So spend $500 – $5000 to get possible 440K for your home, who knows you sell it for 20% more as I did from my first & second.
Good Luck
Michael
just ber u really serious about it michael ???[?]
michael – great idea.
I’m fscked if I can remember where but
there was a post going around about a
year ago (not on PI.com) which was titled
something like “top 10 things to increase
the value of your IP.”On the list were things like:
– replace powerpoint covers and switches,
these cost a few bucks each and make it
look like the house has been rewired
– replace internal door handles with
shiny new ones.
– obviously, coat of paint is good bang
for buck.Can’t remember the rest but if anyone
has a link I’d appreciate it.andy
– replace internal door handles with
shiny new onesthats a real good idea.
sat2003, try this link, i think it is aimed at sellers but it has some good tips which would also help with valuation.
http://www.mortgagefreeaustralia.com/ebook/ebook01.pdf
BC
I just did a search in Google…
These may help for ideas…
http://www.home-improvement-living-finance.co.uk/improve.html
http://pchase.fws1.com/increasevalue.html
http://www.co.el-dorado.ca.us/assessor/propass.htm
[8D][8D]
Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)sat2003
Who are you refinancing with? I ask because I am with the NAB and we recently had out house valued to set up our LOC. I asked the NAB who their panel of valuers was and was told that they use personel who aren’t necessarily qualified valuers, hmmm[?]
Anyway, I was told that the NAB would accept a private valuation so long as it was by a registered valuer, not real estate agent, and the report had to be addressed to the NAB and stating for morgagee purposes.
We gained about 20k on top of what the bank said it was worth.
Cheers
Leigh K[]Read, learn, grow but most of all do it.
Hi Sat2003
It’s hard to throw in ideas because we don’t know how far the previous owner had renovated the unit.
I renovated a 2 br unit recently which includes thick new carpets, new blinds, new paint with designers colours. I gave it a good clean up, re-sealed & re-grouted the bathrooms, kitchen. Displayed nice vases with flowers. The unit looks as new, beautiful and luxurious. I did lots of work myself & enjoyed it tremendously. It works well for me.
You can temporary put in some nice furniture, stainless steel kitchen appliances, flower vases …
Michael, I don’t know what you expect from the expert Feng shui master. As I know he only can advise before you buy or renovate the place.
Good luck
Huey
hi guys
another idea to massively increase the value is to buy the property next door for 600k suddenly yours apears to be worth a lot more[]
regards westanHello TheENJOLady,
i am refinancing with NAB too.
do u say i should get a valuation done separetly by a registrered valuer.
can u suggest some good ones in sydney (inner west region)
can u help me in this regard in detail
hi sat2003
when i’ve refinanced with NAB i’ve always got a valuation the same as i asked (my figure were realistic) because as enjolady said a bank employee does a drive by valuation, so support your valuation with comparable sales in the area and you shouldn’t need a valuation unless your trying to get a higher than market value.
westanHi westan,
My property is fully renovated with designer kitchen and tiles in the main living room and fully painted and the unit is 125 sqm slightly bigger than normal 2 bedroom units around
the unit has beautiful views and no building on all four sides.
one unit in the same building which was almost run down with tiles coming out and horrible place recntly was sold for 350K .This was few months ago.
i bought mine for 370K becoz of reno.now i look at other places and i feel it should be worht 400K
now how should i convince the valuer that??
as valuer can only go on the current value which is acheived by looking at what prices comparable properties are selling for. i’d talk to a value and ask them what they think ?
westan
Hi westan
is there any way of finding which valuer is coming from th epanel in NAB
how to know that ?
should we ask the bank?
and when talking to the valuer instead of just saying is there any other effective way of proving it ?
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