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Is it worthwhile getting a valuer

Discussion in 'Real Estate' started by revart, 31st Aug, 2010.

  1. revart

    revart New Member

    Joined:
    19th Aug, 2010
    Posts:
    4
    Location:
    sa
    Hi Everyone,

    I've just settled on a property a few months ago and renovated it so i know there's some equity in there which i want to use and move forward to purchasing another one. I was just wondering whether it is worthwhile getting a valuer to determine how much it's now worth or should i not bother since the bank is going to get their own valuer in anyway?

    It's not a huge cost to get it valued but I was thinking I could just get a few realestate agents to do free appraisals to get an indication on how much it's worth and present something in between to get finance.

    Can anyone give me any advice on this?

    Regards
    Viet
     
  2. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Hi Viet

    You're right in that the bank will conduct their own valuation. However, it can't hurt to be prepared by getting a couple of RE appraisals and doing your own research to determine value. Make it easier for the valuer by listing the comparables down, as well as the features and improvements to the property, so that it's more happily accepted. Best of luck :)
     
  3. revart

    revart New Member

    Joined:
    19th Aug, 2010
    Posts:
    4
    Location:
    sa
    Thanks Jacque,

    Always the first to reply. Really appreciate your help. I really should have posted this before I had a valuer come in today. Didn't realise until after that I could have had the process done for free by getting a few agents in and getting an estimate. Oh well, now i know for next time
     
  4. bsta030

    bsta030 New Member

    Joined:
    15th Mar, 2010
    Posts:
    1
    Location:
    Melbourne, VIC
    Hi Viet,

    Congratulations on the renovation work. While it may be a good idea to get a couple of RE appraisals to get a rough idea, it maybe be worthwhile for you to get an independant valuer to value your property.

    Alot of the time, when Mr and Mrs Smith do renovations to their property, what they have spent on renovating etc doesn't necessarily equate to added value of the improvements when it comes to valuing the end product. Quite a hard concept to grasp, but hopefully someone out there can vouch for me.

    In lay terms, spending $45,000 on an inground swimming pool isn't necessarily going to increase the property's value by $45,000 and so on.