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Valuation frequency/strategy


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Hi All,

 

I'm interested to understand the strategy used by the majority (and minority for that matter) regarding valuations and the frequency of them. I've got a property letting at the moment, valued at £80,000, however the valuation was completed by a guy my mortgage advisor described as "ludicrously and famously stingy" and since then we've made some improvements, such as upgrading the 22 year old heating with a modern combi and upgrading the interior, largely with cosmetic changes.

 

Obviously a re-valuation is going to be something I'll undertake in a couple of years to identify if I can withdraw a few thousand in equity to help speed along the next purchase, but I am just wondering what the standard is in this area? Do people have a strategy in place for continually reviewing their valuations and adjusting their investment level accordingly (for equity release or adjustment on the LTV for the mortgage)?

 

Keen to hear some discussion...

 

Jamie

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  • 1 month later...

Hi Jamie,

 

I keep an eye on how the market is moving in the local area. I look at comparables which are very similar (ideally same building / same street / same size / same condition). I do it regularly, whenever I inspect my properties I do a quick scout about of whats for sale around the property and then note it down and do some research on those properties later.

 

I also keep an eye on the asking rents for surrounding properties as well, because you will only be able to remortgage so far as your rental income allows.

 

I always make notes of comparable evidence, dates, and try and verify the evidence as well, I think that's the surveyor in me, but it's always super useful when getting a re-mortgage as I can use this as leverage as well when speaking to the lender and their surveyor. It also means I know what to expect. 

 

Natasha  

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