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Valuation for Refinance

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  • Valuation for Refinance

    Hi guys!

    A big thank you in advance for anyone that has any tips for me!

    My partner and I are looking at purchasing another property to add to our portfolio. We currently have 2 units in Mangere East and we're now looking for a more central property (possibly Mt Wellington or Ellerslie). Our strategy will be simple. We'll search for a propertry under value, add value by renovating and adding rooms etc, then revalue and refinance to retrieve some of our deposit money back.

    I'm wondering at the moment. When the valuer comes to do their valuation, how far do they look for comparable sales? Is it approximately a maximum of 1.5km? When we revalued our units, the valuer's furthest property was approximately 1.5km away but most were within 1km. I want to understand the valuation process so it can help us with choosing the right property.

    Thanks in advance! Any and all tips are highly appreciated! And if anyone has any tips about getting a higher valuation for refi purposes please don't hesitate to throw some knowledge my way!

  • #2
    Originally posted by Kangaroo_Lover View Post
    Hi guys!

    A big thank you in advance for anyone that has any tips for me!

    My partner and I are looking at purchasing another property to add to our portfolio. We currently have 2 units in Mangere East and we're now looking for a more central property (possibly Mt Wellington or Ellerslie). Our strategy will be simple. We'll search for a propertry under value, add value by renovating and adding rooms etc, then revalue and refinance to retrieve some of our deposit money back.

    I'm wondering at the moment. When the valuer comes to do their valuation, how far do they look for comparable sales? Is it approximately a maximum of 1.5km? When we revalued our units, the valuer's furthest property was approximately 1.5km away but most were within 1km. I want to understand the valuation process so it can help us with choosing the right property.

    Thanks in advance! Any and all tips are highly appreciated! And if anyone has any tips about getting a higher valuation for refi purposes please don't hesitate to throw some knowledge my way!
    Don't be too reliant upon the valuers opinion .
    Use your gut call too.
    The valuers rely upon actual sales to show market prices
    You want to obtain value for money
    Just because people are not paying what you are paying does not mean you have overpaid.

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    • #3
      Thanks for the advice Beano. We're trying to learn the areas at the moment, so hopefully we'll have good instinct soon!
      The problem is we have limited funds, so we need to try and refi out as much of our deposit as possible. That's why we're trying to learn more about the valuation process.

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      • #4
        Why not pay for a 1 hour meeting with your valuer to go through the process with them. Then you will find out exactly what sales and information they use, and probably what items they feel add value too.

        Ross
        Book a free chat here
        Ross Barnett - Property Accountant

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        • #5
          Good idea Valuers do do these meetings or chats on the phone

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          • #6
            I know how my valuer looks at a property because I asked him, then I bought another do-up based on that info. It can be done. Just follow through and give them the work :-)
            Originally posted by Rosco View Post
            Why not pay for a 1 hour meeting with your valuer to go through the process with them. Then you will find out exactly what sales and information they use, and probably what items they feel add value too.

            Ross
            Free online Property Investment Course from iFindProperty, a residential investment property agency.

            Comment

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