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Preparing your home for Valuation

Discussion in 'The Buying & Selling Process' started by eng, 16th Jul, 2015.

  1. eng

    eng Well-Known Member

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    I had the valuer come to our PPOR today. We prepared the home and cleaned up so it looked nice and tidy (and threw all the dirty washing into the empty cupboards).

    I had the home owners manual and a few recent sales records printed out. He didn't look at the later, and I didn't press him because he said he lived close by and he did lots of valuations in our neighborhood. I did however, make it clear to him that we had a few extensions/improvements done.

    I've got another valuer coming over tomorrow. How do you prepare your ppor for valuation?
     
    Last edited: 16th Jul, 2015
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  2. Rixter

    Rixter Well-Known Member

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    Dont really do too much at all, other than keep up routine maintenance so the place doesn't look tired & run down.

    The valuer will be comparing it with recent sales in the area with same property parameters .
     
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Do as you have done, do a bit of a valuer shop, thats probably the most valuable in terms of outcome

    most valuers are pretty unemotional about what they ,and its hard to engage them on anything other than comparables.


    ta
    rolf
     
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  4. mini2

    mini2 Well-Known Member

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    I thought they just wanna come and confirm there's actually a house at an address...
     
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  5. Rixter

    Rixter Well-Known Member

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    Some times they do with a desktop valuation and they have no need to go inside. Can depend on the circumstances for the valuation.
     
  6. eng

    eng Well-Known Member

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    Even though the valuer said he had seen similar houses in our street, he said that he still had to look at the condition of the house. i.e. There might be a hole in the wall or fire damage somewhere.

    They'll even come to the same house, and recheck everything after 3+ months if we had to get it revalued again.
     
  7. Dan Donoghue

    Dan Donoghue Well-Known Member

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    We had someone in to value ours recently and i got chatting to him about this a bit, we live a minimalist lifestyle so there really is very little clutter but he said that was the best thing, the less clutter, the more of the house they can see, they are not valuing your possessions but the structure around them.

    Neat and Tidy without clutter is what he recommended to me.
     
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  8. mini2

    mini2 Well-Known Member

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    That's what I've said to mine - my val wasn't done that long ago and there's been little to no reno done to the property so it's a waste of time. They insist on a full val. Different lenders, different policy I guess. They've already stamped my file no desk val will be accepted as the stakes is getting higher and I've made it pretty clear to them I won't stop buying till you guys stop lending...
     
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  9. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Before I get a valuer over I always make sure the house is neat and lawns trimmed. I also prepare a 1 page report of recent sale comparables and give my recommendation. Will never know if it makes much difference but cant hurt. In most cases I have always gotten a value back very close to my recommendation. One valuer in the past said to me I did her job for her and she was chuffed. That valuation came back only $2,000 under my recommendation. Does it all make a difference..? don't know. Can't hurt though.
     
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  10. Bran

    Bran Well-Known Member

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    I mentioned my three valuations with different banks within a week.

    All the same valuer. He came inside and measured the same things each time!!
     
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  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Tidy and no clutter helps heaps.

    If you don't get the result you're after - and if you're able to switch within the costs being too high (ie. your LVR is sub 80% and loan is variable) then best to order another upfront val with a different lender.....hopefully you'll land a different valuer.

    Cheers

    Jamie
     
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  12. eng

    eng Well-Known Member

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    What surprised me was the valuer saying that 3 months is a long time, and prices can insignificantly increase within that time.
    They would rather do more frequent valuations, because he said that houses in South West Sydney are selling like hotcakes.
     
  13. weejimmy

    weejimmy Well-Known Member

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    How do you actualy get a valuation done?
    Just ask a bank to value it?
    Dose it cost anything?
     
  14. eng

    eng Well-Known Member

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    In my case, I'm trying to pull equity out of our PPOR. So a revaluation is needed.

    Don't get the banks to do it, they'll give you a crappy figure. i.e. our home cost $330k in 2009, Bankwest revalued it at recently at $340K (their desktop valuation)...I couldn't stop laughing :D
     
    Last edited: 16th Jul, 2015
  15. Biz

    Biz Well-Known Member

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    Makes me wonder.... I have a property I got valued last year that came back very low, the tenant living there is messy. I'm getting it valued again now, will be interesting to see if it is still low.
     
  16. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Some banks offer upfront valuations (ie. upfront before submitting an application) for free. I'm not sure how you arrange them when dealing with the bank direct. If you're using a broker - ask them if it's possible to order one on our behalf.

    Cheers

    Jamie
     
  17. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I had some students living in an IP - valuation came back pretty average. They were.....well....typical students.

    They moved out - young couple with nice taste in furniture, etc moved in. They had the place looking awesome on the first inspection......so I ordered another val and it came back $50k higher :)

    Granted it was a different valuer the second time but I do feel the appearance the second time around had an impact.

    Cheers

    Jamie
     
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  18. mini2

    mini2 Well-Known Member

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    I might evict my tenants...I'm sure their AC/DC paraphernalia isn't helping.
     
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  19. wombat777

    wombat777 Well-Known Member Premium Member

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    That has happened for my location. Valuer visited in April and it came in at $250k to $300k below a single recent sale. Since then there have been 2 similar properties sell much closer to my expectation. Another is also just on the market. Hoping that my next valuation will be at least $250k higher.
     
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  20. WattleIdo

    WattleIdo renovating Premium Member

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    I prepared my first valuation by making a list of the renos I'd done and how much they'd cost and put receipts behind the list. Came back pretty good. Still, I reckon bank valuations are always 10% under current market value.
     
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