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I am coming to the end of my first BTL renovation which I used a Bridge To Let product through Precise but now have the dreaded valuation which I need for refinancing. What I like to like to know is whether I should Dress the property and which appliances I should have in the property.

 

I have read other topics online that recommend a description of the works, invoices and pictures but it would be good to great to find out if should have furniture present for the valuation?

 

Thank you in advance.

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I normally do a 'pack' for the surveyor which includes before and after pics as well as a detailed 'schedule of works' that justify the difference between the purchase price and value i use in my mortgage application. My properties are usuall tennanted by the time i revalue (9-12 months) so not sure about 'dressing' - though i doubt it will make much difference. Obviously you need to be with the surveyor at the time

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Hi Zeon, i was on a course last weekend and they suggested getting an independent valuation before your mortgage valuer comes round, you can hopefully (by being helpful with your pack) get a good figure from the independent as he will not be pressured from any lender, then you can show the mortgage surveyor the latest figure which he cannot then dispute as its from a fellow professional.

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Hi Zeon, if you want the independent valuation to carry any weight then it will most certainly need to come from an RICS Registered Valuer.  Estate Agent "valuations" are conflicted by their desire to win a potential sales mandate.  You ought to be able to do a fairly decent job of estimating the value yourself by looking at sale prices of similar properties, and asking local agents their opinion of the value along the sales they have achieved to support it.  

 

Regarding "dressing" - furniture shouldn't make a difference to the valuer's opinion as these items would not usually be included in comparable purchases.

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with the Precise Bridge to Let product, don't you get two value at the beginning, the current and end value. So, based on the work you told the surveyor you were about to embark on

n, they would have already submitted the end value to Precise and now just come round the check you carried out the work


Kevin Wright

Positive Property Finance

Telephone: 01206 586586

Email: inspireme@thinkpositively.co.uk

Brokerage website: www.positivepropertyfinance.co.uk

Workshop website: www.ninjainvestorprogramme.co.uk

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Hi Kevin,

 

Thank you for your response, I am a HUGE fan who has listened to a number of your interviews. Yes I received a "Reinstated Cost" which I now realise is the renovated value of the property. I have done the amount of work that I presented in the schedule (if not more) so should achieve my intended value.

 

Thank you for your help and I hope that your health in doing well.

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