How long after settlement do you ask for another valuation?

More tears than blood with mine.
Sweaty, sweaty tears...

 

If not doing any renos but bought under market, can you list which lenders tend to be open to revals straight away?

How do valuers look at properties, what tools do they use?
Most recent comparable sales? Land size? bedrooms?
What are the major factors they use to compare your property to another?

 

In a way - your recent purchase price sets the new market value.

Typically valuers will value the property at the recent purchase price for the next 6-12 months after settlement if there's been no significant changes to the property. I see it quite a bit.

Cheers

Jamie

 

We just had a valuation done on a property we did a minor reno on and got a decent valuation about 12 months ago...
Came back the same even though there's been 13+% growth for the suburb.

 

This is why 6 months is common. You need some comparables after your BMV purchase to demonstrate it was BMV.

 

I just settled on my most recent purchase two weeks ago - I purchased for $253K.
Had a full valuation done today. Came back at $300K.

I was very happy with the almost $50K increase, considering the minimal length of time between settlement and valuation. I still believe it's a conservative val so will revisit in 6 months time and re-value and pull more equity out.

Time to go shopping again

 

Nice one Taku, that's a really good purchase.
Which area was this one in?

 

Cheers @Azazel. Was in the Moreton Bay region

 

Good stuff.
Seems to be a fair bit of talk of this area at the moment.
Hopefully the train line isn't delayed by too much.