Forums / Property Investing / General Property / Finding the market value of a property before and after renovating

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of brondtbrondt
    Participant
    @brondt
    Join Date: 2018
    Post Count: 1

    I’m thinking of renovating my unit. I’d like to get an idea of its current market value and how much it would be worth after the renovations. Do I just speak to a few real estate agents to get an idea?

    Profile photo of AdelaideBrokerAdelaideBroker
    Participant
    @adlbroker
    Join Date: 2017
    Post Count: 5

    I’d definitely just have a chat with a real estate agent to determine potential value post renovations. Keep in mind they will always give a rosey appraisal compared to a property valuer so take the figures with a grain of salt.

    I’ve written an article about renovating and how to avoid overcapitalising that may be useful for you.

    AdelaideBroker | Adelaide Broker
    http://adelaidebroker.com.au/
    Email Me | Phone Me

    Adelaide based mortgage broker

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,064

    You’ve got a couple of options.

    As above – you could engage an REA and get their opinion.

    Otherwise – you could get a valuation done now and another done after the work is complete.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: info@passgo.com.au

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 275

    Agree with the comments above, I would just add that the most accurate method would probably be to engage a valuer to provide you with current valuation AND end valuation (based on the schedule of work you plan to do).

    Banks use such end valuations all the time (mainly when financing construction loans).

    Hope this helps? 👍😎

    Cheers,
    Ethan

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.