Is it worth waiting for bank valuation after minor renovation ?

Discussion in 'Renovation & Home Improvement' started by oneone, 31st May, 2017.

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  1. oneone

    oneone Well-Known Member

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    I have a small 1 bdr apartment IP which I plan to do some renovations at some stage - repaint all rooms, change kitchen floor (small area), change kitchen cabinets/benchtop/sink, buy new stand alone stove, new screen for shower, maybe new toilet. But no structural changes or retiling bathroom etc.

    Question is, will the value add from these renovations be worth waiting for it to be completed before asking bank to send valuers ?

    Because the alternative is to do valuation now (make most of low IR now for another IP and not waste time) and renovations can till later, like when current tennant want to leave or lease expires.
     
  2. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Do vals now and see what comes back. Its possible to get a few vals done and pick the best one.

    Do the reno and repeat the above.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    I agree - do a desktop first to see how it comes back, then a full if necessary. If neither are good, look to do a reno then. Don't annoy your tenant unnecessarily.
     
  4. oneone

    oneone Well-Known Member

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    Thanks both for the practical advice
     
    Colin Rice likes this.