Hi!
I was just wondering, what does a valuer take into account for a house valuation
besides:
– number and size of rooms
– comparible sales
– age of fixtures fittings and upgradesDo they take into account cosmetic things such as paint, carpet etc
i am thinking of doing some cosmetic upgrades such as carpet, paint and new light fittings to my PPOR and was wondering if this would increase my valuation?
Amanda
It will depend upon the instructions that you provide to the valuer: ie if the valuation is for insurance purposes, asset valuation purposes, divorce/property settlement, sale, rental value, mortgage purposes etc – each will result in a different outcome as different criteria are used.
i find that ridiculous. A valuation is a valuation
mine was so i could refinance and use equity for an investment propertyIf you want a valuation speak to a valuer, if you want a guesstimate speak to a dozen real estate agents.
Does anybody know the 'reason/purpose' that gets the highest valuation?
Andrew
itsandrew
Go as far as you can see and you will see further.
Hi GOldies,
They will nearly always look inside now, so a tidy / fresh clean place has more appeal than a slum. Other things looked for by the valuer are sales activity in the area, environmental impact and issues (noise, power lines or HV cables nearby, outlook, distance from road) land value, and improvements done (such as fencing,shedding, location/side of street/aspect, pergola or patio etc) It all adds up to the final figure.
The days of $50k for paint and carpet are gone, but a cosmetic reno certainly won't do you any harm on the average place that's for sure. What was the main reason you were doing the improvements for? Just a higher val?Cheers
Banks will always give you a conservative valuation if you are wishing to re-finance. They have to do this, I guess it's so that the bank will get their money back if you can't make the payments and they have to sell the property. If they give a low valuation then the bank isn't exposed to much risk. They look at where the property is in relation to transport and services as well as the condition of the property and comparative sales data.
Even if the valuation does come in low, if you were to sell you'd probably get more for the property than what the valuation says.
We've noticed that all of our valuations have come in aprox $20,000 more than the value on our rates notices. I don't know if this is coincidence or something to do with the way it's done?
The only way to get a true valuation is to sell. ( I don't recommend this tho)
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