All Topics / Help Needed! / Valuation of existing PPR & renos

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  • Profile photo of chrisc83chrisc83
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    @chrisc83
    Join Date: 2007
    Post Count: 9

    Wondering whether bank valuers take into consideration extensions that are not approved through council?

    I want to put a 4th bedroom on and wondering what the implications are for tapping into equity in the next 5 years if I do the extension myself. I also have plans on a garage granny flat conversion that I can do myself. Obviously getting DA’s & drawings, etc for both projects, etc is quite costly

    IF the answer is no, that’s funny as to the contrary I bought same property where agent marketed property to me 3 bedroom and I know for a fact that the existing 3rd bedroom is not council approved.

    Profile photo of chrisc83chrisc83
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    @chrisc83
    Join Date: 2007
    Post Count: 9
    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    I’ve had a 3 bedroom unit counted as a 2 bedroom because the 3rd bedroom was a converted living room. Then taking it to a different valuer it was valued as a 3 bedroom.

    • This reply was modified 8 years, 10 months ago by Profile photo of Terryw Terryw.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    IF the answer is no, that’s funny as to the contrary I bought same property where agent marketed property to me 3 bedroom and I know for a fact that the existing 3rd bedroom is not council approved.

    Depends on how diligent the valuer is I suppose – some might not realise/mention it whilst others will.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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