All Topics / The Treasure Chest / How to increase the property value within 4 months

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  • Profile photo of sat2003sat2003
    Member
    @sat2003
    Join Date: 2003
    Post Count: 8

    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???

    Profile photo of slatzagainslatzagain
    Member
    @slatzagain
    Join Date: 2003
    Post Count: 43

    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?

    Profile photo of Most excellentMost excellent
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    @most-excellent
    Join Date: 2003
    Post Count: 100

    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 [:O]

    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 be

    Profile photo of sat2003sat2003
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    @sat2003
    Join Date: 2003
    Post Count: 8

    r u really serious about it michael ???[?]

    Profile photo of aussierogueaussierogue
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    @aussierogue
    Join Date: 2003
    Post Count: 983

    michael – great idea.

    Profile photo of ajwansajwans
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    @ajwans
    Join Date: 2002
    Post Count: 45

    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

    Profile photo of sat2003sat2003
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    @sat2003
    Join Date: 2003
    Post Count: 8

    – replace internal door handles with
    shiny new ones

    thats a real good idea.

    Profile photo of bcbc
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    @bc
    Join Date: 2003
    Post Count: 85

    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

    Profile photo of ArtyArty
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    @arty
    Join Date: 2003
    Post Count: 884

    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)

    Profile photo of The DIY Dog WashThe DIY Dog Wash
    Member
    @the-diy-dog-wash
    Join Date: 2003
    Post Count: 696

    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[:D]

    Read, learn, grow but most of all do it.

    Profile photo of HueyHuey
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    @huey
    Join Date: 2003
    Post Count: 213

    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

    Profile photo of westanwestan
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    @westan
    Join Date: 2002
    Post Count: 1,950

    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[:D]
    regards westan

    Profile photo of sat2003sat2003
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    @sat2003
    Join Date: 2003
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    Hello 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

    Profile photo of westanwestan
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    @westan
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    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.
    westan

    Profile photo of sat2003sat2003
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    @sat2003
    Join Date: 2003
    Post Count: 8

    Hi 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??

    Profile photo of westanwestan
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    @westan
    Join Date: 2002
    Post Count: 1,950

    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

    Profile photo of sat2003sat2003
    Member
    @sat2003
    Join Date: 2003
    Post Count: 8

    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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