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?
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 MeAdelaide based mortgage broker
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 MeMortgage Broker assisting clients Australia wide Email: [email protected]
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,
EthanEthan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
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