{"id":10115,"date":"2016-12-14T10:00:32","date_gmt":"2016-12-13T23:00:32","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10115"},"modified":"2016-12-14T10:00:32","modified_gmt":"2016-12-13T23:00:32","slug":"how-to-tickle-the-banks-fancy-andrew-mirams","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-tickle-the-banks-fancy-andrew-mirams\/","title":{"rendered":"How to tickle the banks fancy – Andrew Mirams"},"content":{"rendered":"

 
\nFinance broker Andrew Mirams<\/strong><\/a> tells us what valuers look for in a property and his thoughts may just help you get your next investment property over the line with the lender.<\/p>\n

<\/h4>\n

Transcript:<\/strong><\/h4>\n

Kevin<\/b>:\u00a0 Earlier in the show, we were talking to Gavin Hulcombe from Herron Todd White, who was talking about what improvements to a property actually add value. There is another aspect about values, and I want to ask this question of a financier, and that is what, in his opinion, do valuers look for in a property, and what are the key things that he\u2019ll look at.
\nAndrew Mirams from Intuitive Finance joins us.
\nAndrew, thanks again for your time.
\nAndrew<\/b>:\u00a0 My pleasure Kevin. Thanks for having me.
\nKevin<\/b>:\u00a0 In your experience, what is it that valuers look for? What\u2019s going to impact the valuation of a residential property?
\nAndrew<\/b>:\u00a0 There are a couple things that a valuer would look at. Probably the first key is the way it\u2019s presented, it\u2019s aspect, is it neat and tidy, is it in a good state of repair, or is it run down, does it need work? All that sort of things a valuer will look at.
\nIf instructed from a bank, they\u2019re looking at how do they get out? If the client can\u2019t meet their payments and they have to sell it, what\u2019s their get out? How do they realize the property to get their funds back?
\nThe first thing to get a great valuation is present your property really well. Tart it up. Make it neat and tidy, as if you\u2019re almost preparing it for sale. So that\u2019s probably the first tip: when someone\u2019s having a valuer come around present the property as if you\u2019re going to go sell it.
\nKevin<\/b>:\u00a0 That\u2019s a very good point. I just pick you up on that, too, I think valuers will look at it very, very commercially so you take the emotion out of it and they\u2019ll look at it as a buyer will look at it.
\nAndrew<\/b>:\u00a0 Absolutely \u2013 and\/or an agent would want to sell it to attract the best possible price. If you\u2019re trying to get a premium for your property, please present it in a great manner. Also, it doesn\u2019t hurt to have some evidence with you of how you might have arrived at that sales figure.
\nKevin<\/b>:\u00a0 Yes.
\nAndrew<\/b>:\u00a0 I guess in terms of getting to a figure, just what do they look at? There are a couple of methods they\u2019ll use. The first one\u2019s called a comparable or comparison method. The second one is called a summation method.
\nWith the first one, really what they\u2019re looking at is your property might be a three-bedroom, two-bathroom, two-car-space in a suburb in Melbourne, Brisbane, Sydney, wherever it is. They look at like properties that are selling as yours, with a similar aspect, similar finishes, and what sort of market or what sort of salability they\u2019re going for in your market. That\u2019s pretty much how they get to a comparable.
\nOn occasion when we get a difference of opinion, I guess it always comes down to a valuer\u2019s opinion of what a comparable is and what a client and\/or financier\u2019s opinion of what a comparable might be.
\nThe second method I said was a summation method. Really, that takes into effect the value of your land, the value of the improvements \u2013 it\u2019s the house, pool, garage, landscaping, anything that might be in nature architecturally or anything else like that in relation to the property.
\nFor example, in Melbourne, you can often get a great premium for your Edwardian, Victorian places with the beautiful lattice and things like that, if they\u2019re presented really well because they\u2019re unique and they have a rarity or scarcity factor.
\nThey\u2019re the two methods that people look at, Kevin, when all the value they look at when they\u2019re looking to make a decision.
\nKevin<\/b>:\u00a0 Do they use a combination of both of those methods or is it one and\/or the other?
\nAndrew<\/b>:\u00a0 It\u2019s probably fair to say a combination, but that\u2019s really property specific, then. It\u2019s probably fair to say they\u2019ll use the summation to look at what they think it would cost you to buy that land and put those improvements on it.
\nI think that needs to be supported by \u201cDoes that stack up in the market in terms of what other places that are similar to these level of improvements and features that are getting in the market, as well?\u201d It will generally be a combination.
\nKevin<\/b>:\u00a0 Yes. That second one that you mentioned is something you can have very little influence over is. The size, the shape, the location, the views \u2013 all of those are built into the property, you can\u2019t change them. But you certainly can have some impact on that comparison method.
\nAndrew<\/b>:\u00a0 Absolutely. The level of your improvements and how you maintain them, as I said earlier, is probably the real key that you can have an impact over.
\nJust because you\u2019ve had your first and second child there, and that\u2019s emotional for you, that doesn\u2019t matter to the valuer. People aren\u2019t going pay a premium for your memories; they\u2019re going to pay a premium for the level of features and what the market is dictating at the time.
\nWhen a valuer does go in, if you said, \u201cWell, how then does a valuer arrive at this decision?\u201d
\noften before they even go to a property, in terms of a residential property, they\u2019ll do some research on the land, what size, and they\u2019ll have an idea of what like properties are doing.
\nThen they\u2019ll generally visit a property, if they\u2019re doing a full valuation, go around take some photos. That\u2019s where I have plenty of examples of valuers, if they think it\u2019s a bit short of what a client\u2019s opinion is, they\u2019ll take a photo of a crack in the wall or the dishes lined up on the sink, mate. So that\u2019s why I\u2019m saying, have it cleaned up.
\nKevin<\/b>:\u00a0 Yes. Good stuff.
\nAndrew<\/b>:\u00a0 They\u2019ll measure the allotment of the land, they\u2019ll look at other physical improvements, and the level of the finish, and then they\u2019ll generally prepare and provide their report on their assessment. That\u2019s how they arrive at a residential valuation.
\nKevin<\/b>:\u00a0 Very good insight there from Andrew Mirams at Intuitive Finance; and a great website, too. You can always link to that through Real Estate Talk, the website there. Andrew, of course, has his own channel and that will take you through to Intuitive Finance where you\u2019ll find a lot more blogs and articles, as well.
\nAndrew, thank you so much for your time.
\nAndrew<\/b>:\u00a0 My pleasure, Kevin. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Finance broker Andrew Mirams tells us what valuers look for in a property and his thoughts may just help you get your next investment property over the line with the lender. 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