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Preparing for valuation

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

  1. JZ93

    JZ93 Well-Known Member

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    29th Jan, 2016
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    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

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    Canberra and Sydney
  3. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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  4. SirDingo

    SirDingo Well-Known Member

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

    Marg4000 Well-Known Member

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    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
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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?