Cost effective valuation

Discussion in 'Development' started by ADLO Projects, 9th Apr, 2017.

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  1. ADLO Projects

    ADLO Projects Active Member

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    Vic
    Hi,

    What is the most cost effective way to have your property valued?

    I have an investment property in Victoria that I developed 2 years ago that I would like to have valued.

    What is a reasonable price to value a 2 bedroom unit?

    Appreciate your time,

    Thanks
     
    ADLO Projects, 9th Apr, 2017
    #1
  2. Ross Forrester

    Ross Forrester Well-Known Member

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    It depends on what the valuuation is for. A valuation for matrimonial is different to one for tax purposes which is different for one for bank lending which is different for one determining if you are a sophisticated investor.

    So the cheapest way a property valued is to get 3 agents appraisals for free and then take the mid-point.
     
    Ross Forrester, 9th Apr, 2017
    #2
  3. ADLO Projects

    ADLO Projects Active Member

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    Location:
    Vic
    Hi Ross,

    Thanks for your reply.

    The valuation is to access equity in the property.

    I assume this would be conducted by the bank at a cost?
     
    ADLO Projects, 9th Apr, 2017
    #3
  4. Ross Forrester

    Ross Forrester Well-Known Member

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    More than likely
     
    Ross Forrester, 9th Apr, 2017
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  5. tobe

    tobe Well-Known Member

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    See a broker. Many lenders provide upfront 'free' valuations.

    For many, the valuation result has a big impact on lender selection.
     
    tobe, 9th Apr, 2017
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
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    many banks will do an upfront, some at nil cost

    In general, any val you commission yourself for the use of a mortgage security can not be assigned

    If you need the highest val outcome then a valuer shop by a broker may yield a better outcome, but be quick........... ASIC are seeing things like this as a conflict of interest and APRA see it as increasing systemic risk.

    ta
    rolf
     
    Rolf Latham, 9th Apr, 2017
    #6
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