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Preparing for valuation

Discussion in 'General Property Chat' started by JZ93, 2nd Apr, 2016.

  1. JZ93

    JZ93 Well-Known Member

    Joined:
    29th Jan, 2016
    Posts:
    64
    Location:
    Melbourne
    Hi guys
    Looking at getting my first property revalued and wondering the best way to approach it..

    Cosmetic Renovations and general clean up are near completion. May be wasting my time as im not sure what credibility REAs market appraisal holds, but I have gathered a few of those that come up around +50k more than what I paid a month ago. Which is promising.

    I'm wondering what else I can do that might sway a valuer in my favour. I have potential tenants that will boost my yield to close to 8% when average in the area is 6% not sure if that plays apart? And if I should wait to secure a tenant before approaching the bank

    Will documenting all this help me at all? Or do I just wing it
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
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    2,150
    Location:
    Canberra and Sydney
    Declutter and have it look nice and presentable - if you've got direct comparable sales it wouldn't hurt to have them available.

    Cheers

    Jamie
     
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  3. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Location:
    NSW
    Also it it is only 1 month since you purchased the Valuer may ask you for a list of what you have done and purchased to make it worth more in just 4 weeks.
     
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  4. SirDingo

    SirDingo Well-Known Member

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    Location:
    SA
    Before and after photos to show capital improvement ;)
     
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  5. Marg4000

    Marg4000 Well-Known Member

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    Location:
    Qld
    Market appraisals are not much use. Sold prices are hard evidence.
    Marg
     
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  6. JZ93

    JZ93 Well-Known Member

    Joined:
    29th Jan, 2016
    Posts:
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    Location:
    Melbourne
    @Jamie Moore @Marg4000 okay great! What period of time from sold date would be considered a direct comparable? Obviously most recent is favourable but would 6 months be too long?