Hi
I purchased my first IP about a year and a half ago. We have been living in it for the past 12 months and are about to move out.
My question is around when and how to value the property.
Because it was my PPOR for 12 months does this alow me to claim the 12 tax free? If so then i would imagine i would need to get the place valued when i move out to make sure i maximise the amount i can claim. If not should i still get it valued and for what reason?Also what sort of valuation should i be getting, a realestate agent or an independant valuer?
Regards
chrisA friend of mine is in a similar situation, and was looking at an independent valuer. Everything we read and everyone we spoke to advised us that real estate agents will over value and banks will undervalue. The cost of valuers will range a little bit, I just had a 2BR unit in Melbourne valued and it cost $185, but my friend was quoted between $400 and $770 to value a 3 BR house (again a Melbourne property). I'm not sure but prices may vary state to state. Now a real estate agent will value it for free, but you get what you pay for.
I think if you do a few searches for similar properties in the same and neighbouring suburbs and look at the VERY recent sales data it will give you a good idea, but it wont be completely accurate.
Hope this helps,
Mark
Hi Mark
hmm didn't think that the price to value a property would vary that much. I would not imagine that the time and effort to value a 3BR would be more than a 2BR.
I have had a realestate agent in and have looked around at the lastest sales however i was not sure if the realestste agents valuation was worth the paper it was written on.
Who do you use to value your property in Melbourne?
Regards
chrisI guess the question i should be asking is who is a good valuer in Melbourne?
Carna20, what you should do is ask your bank which 3 agents are currently on their panel of valuers. If you then get a valuation from any of those valuers, this can be applied to your property for up to 6 months should you wish to access equity from it. Not only a good idea to find out from the bank as whatever you pay for a valuation now is saved when approaching the bank within the 6 months.
Hope that helps.
DD
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