澳洲Australia property Valuations - How Often? | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Hello to all, my first post!

A question for the more experienced posters.....As one develops their IP portfolio, how often would you require valuations on the properties? As this would be the only way to have a TRUE valuation on the entire portfolio at any particular time I gather this would have to be done somewhat regularly..... Opinions please.

thanks!:D  

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Hi Nelson,

Welcome to the forum.

I tend to have valuations done when I know the market has moved upward and I am likely to get an increase on the valuation large enough to set up a Line of credit and borrow some money to buy another property with the increased equity.  

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I only get the free valuations which the bank does when I want to borrow more money. Then I just have to belt the manager to find out the amounts.
Sometimes they don't want to tell you.  

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nelson muntz said: ↑
As this would be the only way to have a TRUE valuation on the entire portfolio at any particular time I gather this would have to be done somewhat regularly.....Click to expand...

As the others have stated above, it really comes down to why you would want to know the value of your portfolio....

I suspect that most of the experienced players would have done their own "valuation" through researching similar sales etc, before they even got a formal bank valuation.

Cheers,

The Y-man  

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Just email agents in the area and say you want a valuation. Some will even give you RPdata extracts of nearby sales.

If you keep an eye on the market you should know the rough value anyway. Remember it doesn't mean anything until you actually do a bank val to borrow more money.
Alex  

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When the boom was in full swing, I tried to get a reval on a property I knew had performed well. But the bank had just recently changed their policy- they only allowed a reval at least 12 months after thre previous reval.  

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nelson muntz said: ↑
Hello to all, my first post!

A question for the more experienced posters.....As one develops their IP portfolio, how often would you require valuations on the properties? As this would be the only way to have a TRUE valuation on the entire portfolio at any particular time I gather this would have to be done somewhat regularly..... Opinions please.

thanks!:DClick to expand...
Nelson, it would also help if you told us a bit about yourself. Do you already have a portfolio and are looking to refinance? Or is it a more general question?
Alex  

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alexlee said: ↑
Nelson, it would also help if you told us a bit about yourself. Do you already have a portfolio and are looking to refinance? Or is it a more general question?
AlexClick to expand...
Alex,
mainly a general question, but in the last year I have purchased a PPOR inner west Sydney, and have owned an IP in Woolongong (my first purchase) for the past 4 years. Would like to start expanding upon that base. Thinking a little more in the sydney area, and then interstate. Opinons?

Nelson M:)  

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nelson muntz said: ↑
Alex,
mainly a general question, but in the last year I have purchased a PPOR inner west Sydney, and have owned an IP in Woolongong (my first purchase) for the past 4 years. Would like to start expanding upon that base. Thinking a little more in the sydney area, and then interstate. Opinons?

Nelson M:)Click to expand...
A few internet searches should tell you roughly what the market value is, which will tell you whether you have enough equity for refinancing.

Really depends on what you are comfortable with doing. There are always more good areas for buying than there is money. If I was living in Sydney I'd hit the mortgagee sales out West and SW.
Alex  

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Cheers Alex, thanks for your advice...  

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We've been having market appraisals done every 4-6mths over the last few years because property prices were moving up so fast during the boom it was hard to keep up. We're always getting letters from REA offering to do free market appraisals, no obligation etc so we take them up on it if it suits. Our bank requires valuations everytime we apply for a new home loan or adjustment to LOC. We've had 4 done over the last 18 mths. We're hoping to buy another couple of IP's this year and have just given our broker instructions to seek pre-approval for us so I guess we'll have another round of banks vals soon. The broker has access to the valuations and always rings us to let us know what they came in at.

Flatout  

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I find it quite frustrating trying to get the financial institutions to reveal their vaulations. In the end, I have paid for this service, so don't understand why they just give me "it was satisfactory" instead of the actual dollar amount. Any clues? Any ideas how I can get this information?  

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Hiya Sailor et al

Most people look at doing a reval 6 to 12 mths if there is some obvious market movement - forward.

Most lenders will give you the dollar amount, some lenders will give you the full val even.

The reasons they wont generally give you the whole valuation is that there are PI considerations that arent obvious AND the lender actually owns the valuation :O) even where we believe we have paid for a valuation, the banks legal people will convince you that you have paid for an application process, and part of that at the banks option is to get a valuation.

If the val comes up short , they will soon let you know :O)...........

ta
rolf  

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Rolf, thanks for that. Do the brokers get a cc of the evaluation? If not, are they informed of what the valuation is?  

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Hiya Sailor

In general, we know what the $ amounts are, if the vals have come in low, we can usually extract a copy of the valuation for the comparative sales used. A few lenders allow choice of valuer, and a couple allow you to order and RECEIVE them :)

One silly lender used to try and cloak valuations, well Rolf, ummmmmmmm we cant tell you what the val was, but at 80 % you can borrow X.
Duh, ok .....................Year 7 Algebra...............

ta
rolf  

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