澳洲Australia property Getting a valuation after purchase?? | Sy


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


i hear both in person and on this forum a fair bit, i just bought this property for xxx and ive had it revalued higher at yyy, im happy. does that mean that people once they have bought the property have paid for a valuer for their own piece of mind???  

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normally they should revalue if they think it is worth more to release the equity to use a deposit for another property  

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Truly Exotic said: ↑
i hear both in person and on this forum a fair bit, i just bought this property for xxx and ive had it revalued higher at yyy, im happy. does that mean that people once they have bought the property have paid for a valuer for their own piece of mind???Click to expand...
Yeah, most people get revals done after a period of CG or after a reno, in order to draw down some of the equity to use as deposits for more IPs.  

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i cant remember the exact numbers but there was a buyers agent on here not that long ago that negotiated a piece of commercial property at 575ish, and the unimproved land value came in at 900kish, if i can find the post ill post it. it was a serious amount of equity gain  

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Revalue

Hiya

That's what i have been doing; revaluing after purchase and all mine have gone up :p

BUT, i am thinking that this is after all increasing your buffer /value/bank loan...it is not real money...not until you sell and pocket it.....

Doubt is creeping in...can someone give me a wake up call? Really, can this be done indefinitely???!!!!  

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Virgo, no money is real money. Money is just a concept. It only has value because most people say it has value.

If I buy a house for say $300K and 7 years later the bank says it is worth $600K and lets me drawn down $200K of that equity in cash, and I then go out and buy a new Mercedes with that money then:
1. Why is my house worth double what I paid for it when I did nothing to it at all?
2. Where did my new Mercedes come from?
Answer to both Qs: Why do I care? I am driving my new Merc.
That's just how the system works. Why question it? ;)  

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sorry to bring up my own old thread,

Im just trying to see what the value of my property is that I purchased in Dec 11 (so just one month ago), im seeing many similar properties to mine whose asking price is about 5% less then what I paid for mine,

is there a way to find out the true value of my property without having to pay someone $500 just for piece of mind or curiosity  

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Truly Exotic said: ↑
is there a way to find out the true value of my property without having to pay someone $500 just for piece of mind or curiosityClick to expand...
True value? Sell it, that's the only way to be sure of the true value!  

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Truly Exotic said: ↑
Im just trying to see what the value of my property is that I purchased in Dec 11 (so just one month ago)Click to expand...

You need to get a hobby or something to occupy your mind. :D

The property "value" is only an issue when you sell.  

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ha ha, some of the comments I was expecting

Part of the reason is that Im looking at buying another one in the same area

Hence I am psychologically comparing every property that I look at with the one I purchased, obviously a danger if the price is too high/low  

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Truly Exotic said: ↑
sorry to bring up my own old thread,

Im just trying to see what the value of my property is that I purchased in Dec 11 (so just one month ago), im seeing many similar properties to mine whose asking price is about 5% less then what I paid for mine,

is there a way to find out the true value of my property without having to pay someone $500 just for piece of mind or curiosityClick to expand...
Do you own rough valuation - find recent comparable sales (say in last 3 months) and compare them to your place. I'd ignore other peoples asking prices.

Regards,

Jason  

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Only one month? Don't be silly, you can't have it realistically valued any higher than what you bought it for. Just be patient.  

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Truly Exotic said: ↑
ha ha, some of the comments I was expecting

Part of the reason is that Im looking at buying another one in the same area

Hence I am psychologically comparing every property that I look at with the one I purchased, obviously a danger if the price is too high/lowClick to expand...
My thoughts, the market can vary 5-10% simply on minor things. Mood of the market, street, actual land size/shape, quality of interior fittings etc etc.

In a month yours won't have changed enough to draw down any equity so it becomes a curiosity thing and that won't help you in negotiations on another house.

So if you just want to know then pay and find out, if you want to know because you are thinking of buying another, just do your DD and buy the best that is available now.  

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If you are a reasonably experienced property investor, and have done your DD, you should be able to guesstimate it's value to within 5% or so anyway. And that's near enough to make plans on anyway.  

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VYBerlinaV8 said: ↑
If you are a reasonably experienced property investor, and have done your DD, you should be able to guesstimate it's value to within 5% or so anyway. And that's near enough to make plans on anyway.Click to expand...

Experienced: No!
DD: Absolutely!

Probably inspected 100 houses, knew what every house in the area with similar criteria sold within the last 5-7 months, the reason why I purchased it was I saw it as a good buy, not a bargain, but a good buy,

most properties were being advertised for between $350 and $390, and consistently selling for about the asking price, I made an offer of one that I thought was slightly overpriced at $375k, offered $350k, based on a similar sale a few 100m down the road just the previous week, agent wouldnt' even entertain the offer. (this was around Sep 11)

Then my one came along, asking price $335-$355k, fitted my criteria, got it for $335k, Dec 11, pretty happy

whilst negotiations, saw 2-3 other properties, very similar characteristics, not quite as good, eg bigger land, crappier house, or smaller land, better house, one advertised for $320k, one for $310-$320, $330-$340k,

the $310-$320k one has sold last week for $308k,
the other 2 are still on the market,

Just trying to work out whats happened/happening,

the one that sold for $308k, had I spent $20k on it rennovating, it was in quite poor condition would have ended up being very nice looking!  

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