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I use SGIO. Their quote was cheaper than AAMI.
Mt Magnet W.A.
Booming, new mines opening up.
Positively geared.
I own a property there.Depends what state you are in. I can help you if you are in NSW.
What colour are the bricks, what style is the outside of the house? I have studied construction in NSW for dwellings bult since the 1900’s. Besides that, it hard for the average person to work out the age of a dwelling. If you have the deposited plan and have the registration date, this can help also.Rule of thumb for NSW is $1200/m2 for brick veneer dwellings. Project homes are around $800/m2.
We use these rates to determine costs of new constructions. Some builders do vary so just use this as a rule of thumb.
Full brick rates are about $1500/m2.Property value would not increase just because the name of the suburb changed.
Just look at Kellyville and Kellyville Ridge. Two different council areas next door to each other with about a $30,000 difference in land values. It’s still Kellyville.And Bella Vista has a ‘rich’ side and a ‘poor’ side. It wouldn’t matter if Crestwood was called Bella Vista. Values would remain the same.
You could call East Ryde ‘Mosman Heights’, it wouldn’t make a difference, except to your mailman.
A properties value is determined by its proximity to the city centre.What if Mount Druitt changed its name to Malibu? Well I guess there would be plenty of cheap properties in Malibu then hey?
A carport adds about $10,000 to the value of a home and a garage adds $20,000 in Sydney. So yes you are adding value.
Not sure about council approvals in your area though. I do know that you need to apply for it if you are building a new garage, but to add onto the carport; phone the council and ask.I bought a +cf property with a friend 3 years ago.
The loan and the title (contract)of the property go into the four of your names. You get the conveyancer to make the four of you as ‘tenants in common’ which means you each get an equal share of 1/4 of the property and can pass that share on to a person of your choosing should you die god forbid.
Whereas with ‘joint tenants’ your share would be divided equally between the other three owners.
You can keep your finances separately, but the loan for the property will be in a bank account with all your names on it, so every month you will all have to deposit the money for the loan in equal amounts.Valuers have access to information on what you prevoiusly bought the unit for. If the Valuer didn’t know that you had renovated it, then she stupidly did you a diservice. A good Valuer would know the difference in value between an unrenovated unit value and a renovated unitsvalue. Unbelievable.
I also can’t believe that any Valuer would not take into consideration the value of the improvements ! If you had seen the mortgage valuation, it states the value of the land and the value of the improvements and the two are added together to give the total value.
Sorry but some of you have been done like a dinner.[thumbsdownanimOriginally posted by Dazzling:Geez…..sounds like most of the Broker’s don’t like any of the big guys….walking from N, C and A.
That only leaves W…..hopefully we don’t put them in the same pot, otherwise the whole thing turns into a big WANC ?? [blink]
For me, I’m happy with the “drive by”, as it’s the dirt I concentrate on.
We got a valuation done just 2 months ago on our PPoR. It’s a 5×2 with a major reno happening right now.
A drive by was done, and then the value proferred was identical to the 2×1 1940’s house sold 3 doors down the week before. Same land size, aspect etc.
Then, a month ago, a vacant block sold (same land size, same aspect, one street across on a busier street) for the same price.
In my unlearned opinion the bricks and mortar occupying the dirt, regardless of how flash, how big, or how much you’ve spent doing it up, aren’t worth 2c and never have been. Hence, my opinions of units and apartments aren’t too high, unless you own the entire block of dirt underneath them all.
It appears a few of the Big Banks agree with my view……hang on…..maybe I’m in the wrong business ?? [biggrin]
Ok. Now I totally disagree with the valuations you received. They were done in error obviously if the valuer didn’t consider how many bedrooms your property had compared to the 2 bedder !
The improvements on the land make a BIG difference.
Drive by or desktop valuations are a load of rubbish…….
You heard it from an expert.Originally posted by Manoj:Its not so easy to get the valuation to match your expected figure but doing things may get answers right for you. I did massive reno on my property to increase value to get more loan thru equity and greater rental potential..The bank valuation came close to my expectation..firstly make sure the valuer or the bank you going with does inspect the property inside out. Arrange a time when you are availabe to take the valuer through the property..please be friendly and make them feel interested in what you say ..can be anything. The house should be neatly presented as if u getting a buyer in..initial photos can be of great help when justifying your effort s to bring the property to a newer look. In detail show everything that has been done regardless of how small it can be.. Keep reciepts for all the expenses. Talk about condition of the property when you bough the place and compare . Have few appraisals done by the realestate sales people and have a written valuation ready for the valuer. Compare your property with the one sold close to yours. You will be surprised. If possible do a profile for your property an d include every detail about the property including photos..This can be time consuming but can bring big dollars back. Hope all goes well..cheers
Manoj
I’ve been doing alot of valuations lately for people who take my valuation to the bank. Yes I agree bank valuations are conservative but when another valuer sees my valuation they tend to trust in it or come pretty close to what I’ve estimated a property to be worth.
As for being overly friendly to the valuers……..[inlove] what can I say…………..
I would love people to have a list of what has sold in the area within the last 3 months and provide before and after photos. It all helps.With $190k you can buy 8+cf properties !
Broken Hill is excellent for +cf property.
I had a look at allrealestate.co.nz and saw the houses for sale in Hamilton with a minimum asking price of $355,000. I am not a Valuer in NZ but I recommend you email Ray White Real Estate in Hamilton and get their opinion on whether it represents market value.
[email protected]
Be careful of a rental guarantee, it generally means you will get that rental for a specified time, then the market rent may actually be lower when the guarantee is up. Ask Ray White.Sounds too risky. Who would give someone $50,000 on the promise of a 62% return? I’ve known of schemes in the past and sorry to say I do smell a rat on this one.
Hi,
I am a Valuer and I’m not clear on whether you have a commercial/residential property that you are trying to strata title? (subdivide).
Your post states What is a property worth?
If you are going overseas shortly, you are better off selling the building rather than mess with subdivision of title.
I recommend you get a valuation of the building. There are many good valuation companies in Melbourne.Ok I am answering Lee’s question on HOW to buy your first +cf.
1.Save up $9000 (20% deposit)
2.Buy a property in Queenstown or Zeehan or Rosebery in Tasmania for $45,000. Rent it for $90 per week.
3.Save up the stamp duty and conveyancing cost during the 6 week settlement.
4.I recommend buying sight unseen. I have bought 10 properties this way.
5 Good luck, there are tons of +cf all around Australia. Don’t listen to the negative people that say Queenstown is too risky. If you are buying to hold and not sell then there is nothing to worry about.
6 Your investment will go up in value.
I should know, I’ve been a Valuer in Sydney for 20 years.
And I’m female, incase you were wondering….Eight inches.
Wow Scott,
I’m impressed.
I just want someone to have the exterior of the house already measured and drawn up for me.
Ahhhh, one can dream.And I went to the trouble of buying Country Link street directories for every state and territory in Australia. Go figure. Does anyone know of a free aerial photography site for each state? I know RPData has aerial photos but I pay for that service.
You are limited to what you can do. You must check the zoning guidelines, sometimes they will allow a childcare centre to be built, which is very profitable if you can find a tenant. Or you can just put one big fat house on it and rent it out.Council zoning guildelines or Local Environmental Plan dictates what can and can’t be built.
