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Valuer for Reno suggestion

Discussion in 'Renovation & Home Improvement' started by cherubym, 16th Mar, 2016.

  1. cherubym

    cherubym Well-Known Member

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    Hi PCers,
    As I'm pretty much out of equity, the only thing I can see that is feasible at the moment is to manufacture it. I'm in the process of planning to see what to renovate in my own PPOR. As it's not a typical home in the area, the trick of looking at other renovated houses that have been sold recently doesn't work.

    So I'm wondering if I should engage an independent valuer, see what he thinks could add value and find out pre- and post- reno values. Is it how you would do if you were in my situation?

    Thanks in advance!
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    What I would do in your situation is get some desktop vals done first - they can be quite generous, no reno required (assuming LVR is sub 80) :)
     
    Azazel and Prosperous like this.
  3. cherubym

    cherubym Well-Known Member

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    I did my last valuation with a bank last December, so the only way to add value more is by renovating it.

    Do you know how much does it normally cost for a valuer to come over?
     
  4. cherubym

    cherubym Well-Known Member

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    Would love to hear other PCers' feedback here.
     
  5. Prosperous

    Prosperous New Member

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    $400-$500 for an independent residential valuation
     
  6. cherubym

    cherubym Well-Known Member

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    Thanks!

    I am still wondering if it is a good technique to ask an independent valuer to suggest which renos I should do to add value in the eyes of a bank valuer.
     
  7. Azazel

    Azazel Well-Known Member

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    If you speak to a mortgage broker like Jess above, they might be able to order desktop valuations from several different banks.
    They often come back with different values, so you could choose to go with the one with the higher valuation.
     
  8. Jane Eyles-Bennett

    Jane Eyles-Bennett Member

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    I think a valuer is really just going to give you very general advice. I agree with Prosperous; that if you can add or change the use of a room (but without necessarily extending on the current footprint). This might be to turn the laundry in to a study (and put the laundry in the garage or elsewhere). Open up to the exterior to create a larger use-able living space. Pull out a wall between kitchen and dining. Put up a wall to create another small bedroom if you have a large lounge or dining area and the layout is suitable. Make a separate dining room into a bedroom. etc etc.

    However, not only do you need to be concerned with what adds value; it's about how much it cost you to add that value. No point spending $20k on your reno when you only add $20k to the value.

    There are definitely some great tricks you can utilise so that it looks like you spent more than you did - that is the trick! eg (a few before and afters from clients of mine):

    Beenwerrin Cres - Before
    [​IMG]
    Beenwerrin Cres - After
    [​IMG]

    Grevillea Street kitchen - Before
    [​IMG]
    Grevillea Street kitchen - After
    [​IMG]

    Haslingfield Way bathroom - Before
    [​IMG]
    Haslingfield Way bathroom - After

    [​IMG]
     
  9. cherubym

    cherubym Well-Known Member

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    I did with CBA and NAB already. They both came back on par. So went with CBA. I won't pass with Westpac with my personal circumstances.

    Also, I don't think the current market will lift the value that much without renovating it. So I am assuming only a valuer can tell me which renos could add value.
     
  10. cherubym

    cherubym Well-Known Member

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    This is the reason why I am planning this very carefully. Every $1 spent should at least add $2 to the value. I have a budget of $20K and would like to see $40K-$60K increase in value after spending $20K. Will it be possible? I guess only a valuer can tell.

    The only things that I currently have in mind that can add value is
    1. Kitchen update
    2. Exterior render (Front and left-side of the property)
    3. Add Solar

    BTW, your renos look really good.
     
  11. Azazel

    Azazel Well-Known Member

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    Ah right.
    Some of them have a minimum time between giving another valuation as well - I think.