Bank ordered valuation inspection.

JohnHenry · 31st May, 2012

Ok, so my bank has decided to do my investment property inspection in rural area to do the property inspection for valuation purpose, it is two bedroom town house. My question is that, what can be considered as overcrowded unit ?

Because I got two bedrooms in which has one person in the bedroom and one person living in the living room so the total amount is just three people.

Is that ok or shall I ask my tenant in the living room to hide the bed on the garage ?

Thanks,

John

Rolf Latham · 31st May, 2012

All cool I would have thought

Ta
rolf

JohnHenry · 31st May, 2012

Rolf Latham said:
All cool I would have thought

Ta
rolf

That's what I thought so, as long as I do not make it overcrowded like in Sydney CBD style then all should be fine.

RightValue · 31st May, 2012

The valuer is valuing the property. The land and the structures attached to the land.

You could have 6 people living there and it should not affect the valuation..

I counted 13 beds in one 4 bedroom house recently. It did not change the location, the siize of the land, the size and quality of the dwelling nor the additional imporovements. It had no effect on the valuation and I did not mention the overcrowding to anyone.

PS. The "Bank" is not valuing anything, a valuer is doing the valuation and unless it is the NAB, the valuer does not even work for the bank.

JohnHenry · 31st May, 2012

RightValue said:
The valuer is valuing the property. The land and the structures attached to the land.

You could have 6 people living there and it should not affect the valuation..

I counted 13 beds in one 4 bedroom house recently. It did not change the location, the siize of the land, the size and quality of the dwelling nor the additional imporovements. It had no effect on the valuation and I did not mention the overcrowding to anyone.

PS. The "Bank" is not valuing anything, a valuer is doing the valuation and unless it is the NAB, the valuer does not even work for the bank.

Ah I see, so I do not need to worry about hiding my tenant stuff into the garage

So yes what would NAB valuer do ? I'm curious because luckily my bank is not with NAB

Aaron_C · 31st May, 2012

RightValue is correct. However, the only exception is if the valuer deems your property to be student accommodation or some other purpose-built security. This may affect the value, but more importantly, it will affect the proposed LVR as well.

JohnHenry · 31st May, 2012

Aaron_C said:
RightValue is correct. However, the only exception is if the valuer deems your property to be student accommodation or some other purpose-built security. This may affect the value, but more importantly, it will affect the proposed LVR as well.

Hopefully Not :-/
What is purpose built security means ?

pennyk · 31st May, 2012

why is the bank doing a valuation?

If you want to get a high valuation, then it can be worthwhile to look at how the property presents, and make sure it is at its best.

Valuers are only human, and although they shouldnt really take any notice of cleanliness and things like overgrown gardens, I think often they do, and valuation is low as a result.

Bank ordered valuation inspection.

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