Hi all, I was just wondering how you go about getting your property portfolio valued when you are purchasing more property. Do you have to get each property revalued each time you purchase one more property? My bank charged $150 for each of my four properties when I refinaced with them. If you had say 30 properties, and you are trying to finance a 31st, do you have to pay the bank $4,500 to value each property you own?
If you have 130 properties?!!…..
Jim.
What a b…… The bank insisted I get one of my properties valued and the valuer charged me $337. Still the property (nowhere in sight of the sea) in an average sized NZ provincial city has increased in value by 20% in 12 months.This has pleased the bank anyway.
1. Don’t have loans cross collateralised so that you don’t have to revalue all properties.
2. Most professional packages will not charge for this (e.g. Westpac, ANZ, CBA, NAB). Most allow you to do at least 1 revaluation per year at no cost… CBA & NAB are unlimited.
The Big 4 are by far the most competitive in this market.
Thanks all. The charge I incurred was from Westpac in setting up my professional package. I haven’t tried to buy any more properties since. I guess I’ll find out everything when I do.
Regards, Jim.
PS any loan costs have to be depreciated prime cost at 20%, ie over 5 years. I was allowed to write off the written down value of all previous loan costs immediately when I refinanced however.
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